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CURRENT AFFAIRS: BANKING & FINANCE

RBI monitoring F&O frenzy in India along with Sebi: Shaktikanta Das

The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) are keeping a close watch on the surging volume in the equity derivatives segment whose volumes have even dwarfed the nominal GDP of the country.
Options and futures volumes are larger than the nominal GDP of the country stated RBI Governor Shaktikanta Das.
He further highlighted the fact that SEBI is actively addressing the issue and will take appropriate actions if needed. The discussions took place within the framework of the Financial Stability and Development Council (FSDC), he stated.

Key highlights:

India’s nominal GDP or GDP at Current Prices was estimated to be Rs 295.36 lakh crore in the year 2023-24, according to the Ministry of Statistics and Programme Implementation website.
The combined average F&O turnover for BSE and NSE stood at Rs 362 trillion in FY24.
Incidentally, the RBI Governor’s comments come when the derivatives volume on the Indian stock exchanges is on a steady rise and the Indian bourses account for more than 80 percent of the global equity derivatives volume.
Data from the Futures Industry Association (FIA), a global trade organisation for the derivatives market, shows that India’s National Stock Exchange (NSE) occupies the numero uno position in terms of the number of options contracts traded only to be followed by another Indian bourse – BSE.
In April 2024, NSE saw a total of nearly 8,494 million contracts being traded with options contracts accounting for the bulk of the share. BSE, on the other hand, saw 2,224 million contracts being traded in April.
Incidentally, the combined volume of the two Indian bourses accounted for almost 81% of the global volume, which was pegged at 13,255 million

Changes in regulations:

Meanwhile, a recent SEBI discussion paper suggested that the regulator has proposed stricter eligibility criteria for stocks in the futures and options segment, aiming to update a framework unchanged since 2016.
SEBI’s discussion paper has further proposed new criteria for selecting stocks in futures and options trading, aiming to ensure sufficient liquidity and market interest.
The SEBI discussion paper proposed that stocks must have traded on 75 percent of trading days, with at least 15 percent participation from active derivatives traders.
Additional requirements included daily turnover thresholds and limits on open contracts to mitigate risks like market manipulation and volatility.

What is F&O (Futures and Options)?

Futures and options are financial derivatives that allow traders to speculate on the price movements of an underlying asset without actually owning it.
Futures contracts obligate the buyer to purchase an underlying asset, while the seller must deliver it at a predetermined price and date.
In options contracts, the buyer has the right, but not the obligation, to buy or sell the underlying asset at a predetermined price and date, while the seller must honour the contract if the buyer chooses to exercise their option.
The trading of futures and options can be complex and involves significant risk. The value of these derivatives can be affected by a range of factors, including market volatility, changes in interest rates, and fluctuations in currency exchange rates.
Traders may face substantial losses if their positions move against them.

About RBI :

Established : 1 April 1935
Headquarters : Mumbai, Maharashtra, India
Governor : Shaktikanta Das
Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

About SEBI :

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

Budget to usher in minimum corporate tax rule under ‘Pillar-2’

The Central government is likely to announce India’s adoption of the “Pillar-2” tax regime anchored by the Organisation for Economic Cooperation and Development (OECD) in the coming Budget, as part of the country’s efforts to support and benefit from the global system combating tax avoidance.
The Finance Bill, 2024, passed after the interim Budget presentation, will be amended after the tabling of the full Budget in the second half of July to this effect, an official said, on condition of anonymity.

Key Highlights:

The Pillar 2-GloBE Rules – which provides for a global minimum tax for “multinational enterprises” (MNEs), aims to deter profit shifting by ensuring that these firms maintain a minimum Effective Tax Rate (ETR) of 15% across all jurisdictions in which they operate.
MNEs, as per the rules, are defined as those entities with a global turnover exceeding 750 million euros.
To make Pillar 2 operational in India, the Centre would have to amend the tax laws to include the rules, namely Qualified Domestic Minimum Top-up Tax (QDMTT), Income Inclusion Rule (IIR), Undertaxed Profits Rule (UTPR), and Subject to Tax Rule (STTR).
Essentially, all these rules enable countries, in this case, India, to impose a ‘top-up tax’ on either the intermediate parent entity (IPE) or the ultimate parent entity (UPE) of a company that artificially reports profits in a low-tax jurisdiction.

Example:

Consider for instance, an MNE group headquartered in India, pays corporate tax at a rate of 9% in UAE through its subsidiary.
This would mean the remaining 6%, it will have to be paid as a top-up tax, if India implements the pillar-2 regime.

Pillar-2 regime:

The pillar-2 regime, in simple words, aims to prevent MNEs from shifting profits to low-tax jurisdictions.
Since January 1, 2024, over 27 countries (of 130 that signed the multilateral convention) have incorporated the pillar-2 rules in their domestic laws.

CURRENT AFFAIRS: NATIONAL NEWS

Indian Railways Sets Record in Limca Book of Records

Indian Railways has achieved a significant milestone by entering the prestigious Limca Book of Records for organizing the largest public service event across multiple venues in India.
The event, orchestrated by the Ministry of Railways garnered participation from an impressive 40,19,516 people spread across 2,140 venues
This recognition not only celebrates Indian Railways’ organizational capabilities but also commemorates its ongoing efforts to enhance connectivity, infrastructure, and public services across the country under the leadership of Prime Minister Narendra Modi.

Event Details:

Purpose: The event was convened for the inauguration of road over/road under railway bridges and for laying the foundation stones of railway stations. It was graced by the presence of Prime Minister Shri Narendra Modi, underscoring its national importance and scale.
Organizational Effort: Indian Railways orchestrated a mammoth effort to coordinate simultaneous events across numerous locations, showcasing its logistical prowess and operational capabilities.
Recognition: The meticulous planning and successful execution of this expansive event have earned Indian Railways a distinguished entry into the Limca Book of Records, highlighting its commitment to public service and infrastructure development.

Significance:

National Impact: The record-breaking event underscores Indian Railways’ integral role in India’s infrastructure development and public service initiatives.
Limca Book of Records: Being featured in the Limca Book of Records acknowledges Indian Railways’ achievement as a remarkable feat in the realm of public service events.

NHAI to Enhance Green Cover Along the National Highways with Miyawaki Plantations

The National Highways Authority of India (NHAI) has embarked on a pioneering initiative to establish Miyawaki plantations along various stretches of National Highways, aimed at enhancing ecological restoration and biodiversity.

Objective and Method:

Miyawaki Plantation Method: NHAI will implement the Miyawaki method, a Japanese technique for creating dense, native forests in a short span of time. This approach is renowned for its ability to foster biodiversity, enhance groundwater recharge, and serve as effective barriers against sound and dust.
Benefits: By focusing on indigenous plant species adapted to local climate and soil conditions, NHAI aims to maximize the environmental benefits of these plantations. These forests are expected to grow ten times faster than traditional forests, thereby accelerating the restoration process.
Locations: NHAI has identified over 53 acres of land adjacent to National Highways in and around Delhi-NCR for Miyawaki plantations. Key sites include:
- 4.7 acres along the Haryana section of Dwarka Expressway
- 4.1 acres near Sohna on the Delhi – Vadodara section of Delhi-Mumbai Expressway
- Approximately 5 acres each at Chabri and Kharkhara interchanges on NH 152D (Ambala – Kotputli corridor)
- Over 12 acres at Shamli bypass on NH-709B
- 9.2 acres at Duhai interchange on the Eastern Peripheral Expressway near Ghaziabad
- 5.6 acres near the Meerut-Najibabad section of NH-34 in Uttar Pradesh

Implementation Timeline:

Ground Preparation: Preparation work has already commenced at the selected sites.
Plantation Schedule: NHAI plans to undertake the plantation activities during the upcoming monsoon season, with completion targeted by the end of August 2024.

Environmental Impact:

Water Conservation: Miyawaki plantations are expected to contribute significantly to groundwater recharge due to their dense and diverse vegetation cover.
Ecological Restoration: These initiatives align with NHAI’s broader environmental goals, promoting sustainability and biodiversity along the National Highway corridors.

Conclusion: NHAI’s initiative to establish Miyawaki plantations marks a significant step towards enhancing green cover, biodiversity conservation, and ecological resilience along India’s National Highways. By leveraging innovative afforestation methods, NHAI aims to contribute positively to environmental sustainability and community well-being across these regions.

Centre Approves ₹50 Lakh Grants Each For 7 Startups In Technical Textiles To Boost Innovation And Sustainability

The Ministry of Textiles is advancing its agenda in Technical Textiles by endorsing startups to propel innovation and sustainability, emphasizing transformative developments for the sector’s future.
Rachna Shah, Secretary of the Ministry of Textiles, articulated this during the 7th meeting of the Empowered Programme Committee of the National Technical Textiles Mission in New Delhi.

Key highlights of the initiative include:

National Technical Textiles Mission (NTTM):
- The mission aims to stimulate innovation and entrepreneurship in Technical Textiles.
- It supports young innovators, scientists, technologists, and startup ventures to translate their ideas into commercial products.
- Focus areas include developing functional prototypes and commercializing technologies to enhance India’s self-reliance in Technical Textiles.
GREAT Scheme:
- The Empowered Programme Committee has approved 7 startup proposals under the GREAT (Grant for Research and Entrepreneurship across Aspiring Innovators in Technical Textiles) scheme.
- Each startup can receive a maximum fund support of Rs 50 lakhs from the government.
Approved Startups and Focus Areas:
- Under the NTTM, a total of 8 startup proposals have been sanctioned.
- These startups are dedicated to various domains such as sustainability, composites, high-performance textiles, Meditech (medical textiles), and smart textiles.
- The goal is to drive substantial advancements in these critical sectors through innovative solutions and entrepreneurial initiatives.

CURRENT AFFAIRS: STATE NEWS

Karnataka Governor inaugurates National Yoga Olympiad 2024 in Mysuru

Karnataka Governor inaugurated the ninth National Yoga Olympiad (NYO) 2024, at the convocation hall of Karnataka State Open University (KSOU), in Mysuru.
Yogahas been a part of Indian culture and tradition since ancient times.
The importance of yoga is mentioned in our scriptures and it is a part of the whole world today. That is why India is considered as ‘Guru of Yoga’, stated Governor of Karnataka Thawar Chand Gehlot.
On September 27, 2014, Prime Minister Narendra Modi called upon all the countries of the world to adopt yoga and proposed to celebrate Yoga Day every year.
The proposal was adopted and implemented by the United Nations General Assembly in 90 days.
Since then, International Yoga Day has been celebrated on June 21, in our country and the world, Gehlot stated.
More than 400 students and 100 teachers are participating in the three-day NYO, at the Regional Institute of Education (RIE) of National Council National Council of Educational Research and Training (NCERT),
The theme for NYO 2024 is ‘Yoga for Self and Society’.
It is an inclusive event and the students are selected in the district-level and they participate in the state-level to participate in the state-level to reach the national-level.
Professor Dinesh Prasad Saklani, Director, NCERT, RIE Principal Y Sreekanth and others were present.
The students also demonstrated yoga as part of the programme.

CURRENT AFFAIRS: INTERNATIONAL

China has 500 nuclear warheads according to SIPRI Report

Chinahas beaten its fellow superpowers when it comes to growing its stockpile of nuclear warheads, a European think tank stated in a report.
According to SIPRI, China has increased its nuclear warheads from 410 in 2023 to 500 at the start of this year.

Key highlights:

But China, Kristensen stated, isn’t the only country that’s been busy expanding its nuclear arsenal.
North Korea has increased its warheads by two-thirds over the past year, going from 30 in 2023 to 50 this year, per the think tank.
To be sure, China’s and North Korea’s growing nuclear stockpiles still cannot compare to what the US and Russia have.
In terms of total inventory, the US has 5,044 warheads while Russia has 5,580, and their combined stockpile makes up almost 90% of the world’s nuclear weapons, per
China could have over 1,000 warheads by 2030
Expanding its nuclear arsenal isn’t China’s only military goal.
The country has also been focused on bolstering its naval capabilities.
According to a 2021 US Navy Institute report, China has the world’s largest navy, with over 355 vessels in its fleet.
In July, leaked US Navy intelligence revealed that China’s shipbuilding capacity is 232 times greater than the US.

CURRENT AFFAIRS: BUSINESS NEWS

IFC To Invest $105m In Brookfield’s Bikaner Solar Power Project

The International Finance Corporation (IFC) has committed $105 million to partially finance a significant solar power project in Bikaner, Rajasthan.
This investment by IFC underscores its commitment to fostering sustainable development through renewable energy projects in India, leveraging innovative financing mechanisms to drive impactful outcomes in the energy sector.

Project Details:
- The solar power project is being developed by Brookfield Asset Management.
- It aims to generate 550 MW of solar power.
- The project’s special purpose vehicles, responsible for implementation, will receive funding through long-term non-convertible debentures from IFC.
Innovative Offtake Structure:
- This investment by IFC marks its first in Asia and the Pacific using a hybrid offtake structure.
- The structure involves selling the power generated to Commercial and Industrial (C&I) consumers under long-term corporate Power Purchase Agreements (PPAs).
- Additionally, the project will sell electricity on the merchant market via exchanges, enhancing revenue streams and market participation.
Connection to Green Energy Corridor:
- The solar project will be integrated with India’s inter-state transmission system within the green energy corridor.
- This connection facilitates the efficient distribution of renewable energy across regions, supporting India’s renewable energy goals.
IFC’s Commitment to Renewable Energy in India:
- Since 2010, IFC has invested $2.79 billion in various projects aimed at bolstering India’s renewable energy and energy efficiency sectors.
- These investments are pivotal in advancing sustainable energy solutions and reducing carbon emissions.
About International Finance Corporation (IFC):
- Established in 1956, IFC is a member of the World Bank Group.
- It supports private sector development in developing countries by investing in equity and debt instruments of private enterprises.
- IFC’s initiatives contribute to economic growth, job creation, and environmental sustainability in its member countries.

CURRENT AFFAIRS: AWARDS AND HONOURS

Vinod Ganatra Receives Nelson Mandela Lifetime Achievement Award

Vinod Ganatra, a distinguished children’s filmmaker from India, has been honoured with South Africa’s prestigious ‘Nelson Mandela Lifetime Achievement Award’ for his exceptional contributions to children’s cinema.
The award was bestowed upon him at the 7th Nelson Mandela Children’s Film Festival, making him the first Indian to receive this esteemed recognition.
Vinod Ganatra’s receipt of the Nelson Mandela Lifetime Achievement Award underscores his significant impact on children’s cinema and his dedication to storytelling that inspires and educates young audiences.
His contributions have not only enriched Indian cinema but also resonated globally, earning him acclaim and admiration across borders.

Background and Achievements:

Based in Mumbai, Vinod Ganatra is globally recognized for his work as a filmmaker and editor.
He has edited and directed approximately 400 documentaries and newsreels throughout his career.
Ganatra has produced 25 multilingual television programs aimed at children and youth.
His first television program, ‘Baingan Raja,’ was awarded the ‘Janakinath Gaur Award’ by Doordarshan.
His Gujarati film, ‘Harun Arun,’ filmed on the India-Pakistan border, received the prestigious ‘Liv Ullmann Peace Prize’ at the 26th Chicago International Children’s Film Festival, making him the sole Indian recipient of this honor.
Ganatra has garnered 36 national and international awards in recognition of his cinematic achievements.
He was honored with the ‘Dadasaheb Phalke Lifetime Achievement Award’ by the Association of Film and Video Editors for his significant contributions to the field.
Ganatra has served as a jury member for over 100 national, regional, and international film festivals globally.

About the Nelson Mandela Lifetime Achievement Award:

Named in honor of Nelson Mandela (1918-2013), the first black President of South Africa.
Mandela was a pivotal figure in the fight against apartheid, dedicating his life to promoting peace, equality, and justice.
He spent 27 years in prison for his activism before becoming South Africa’s President in 1994, symbolizing the end of apartheid.
Mandela’s legacy includes his leadership in reconciliation and advocacy for human rights worldwide.
The award named after him recognizes individuals who have made profound contributions to their fields and society at large, embodying Mandela’s spirit of perseverance and dedication to positive change.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Sudhakararao Papa going to be the next Director (Enterprise) of BSN

Sudhakararao Papa is set to be the next Director (Enterprise) of Bharat Sanchar Nigam Limited (BSNL).
He has been recommended for the post by the Public Enterprises Selection Board (PESB) panel on June 15.
Presently, he is serving as Chief General Manager (Chennai Telecom District Circle) in the same organisation.
As Director (Enterprise) of BSNL, Papa will be a member of the Board of Directors and reports to the Chairman and Managing Director (CMD).
He will act as head of the Enterprise Business unit and will be responsible for business from big corporate customers and small & medium enterprises (SMEs).
He will be responsible for all aspects of the business including product design, product pricing, sales, marketing, customer service etc.

Dhanlaxmi Bank appoints Ajith Kumar KK as MD and CEO

Private sector Dhanlaxmi Bank stated it has appointed Ajith Kumar KK as Managing Director (MD) of the bank.
He will take charge on June 20, Kerala-based Dhanlaxmi Bank stated in a regulatory filing.
The board at its meeting approved the appointment of Ajith Kumar KK as Managing Director & CEO of the bank for a period of three years with effect from June 20, 2024, and on such remuneration as approved by RBI vide letter dated April 18, it stated.
The bank will seek approval of the shareholders for the stated appointment within the prescribed time period in accordance with the applicable provisions of the Companies Act, 2013 and SEBI regulations, it stated.
He is a seasoned banker with over 36 years of experience with the Federal Bank in various facets of banking including Credit, Human Resources, Business, Branch Banking etc.
He is presently the Chief Human Resources Officer at Federal Bank in the cadre of president, it stated.

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

Catalytic boost for cheaper biodiesel production

A team of scientists from Assam, Odisha, China, and the United Kingdom have developed a water-repellent catalyst that can cut the cost of producing “environmentally benign” biodiesel substantially from the current levels.
The process of arriving at the “spherical superhydrophobic activated carbon catalyst” to withstand water by-product during the production of biodiesel – pursued as a substitute for diesel, an exhaustible fossil fuel – has been published in the latest issue of the peer-reviewed Advanced Functional Materials, a high impact journal of the international materials science community.
The authors of the study are Arpita Das, Kangkana Saikia, and Samuel Lalthazuala Rokhum of Southern Assam’s Department of Chemistry, National Institute of Technology (NIT) in Silchar, Chandrakanta Guchhait and Bimalendu Adhikari of NIT Rourkela in Odisha, Da Shi of the University of Cambridge in the United Kingdom, and Hu Li of the Guizhou University in
Superhydrophobic catalysts, imitating the anti-wetting or water-repulsing properties of natural surfaces such as lotus leaves, are deemed crucial for their ability to prevent the poisoning of active sites by water, produced in situ or as a by-product.
The catalyst, derived from biomass (cellulose), is ecologically benign, abundant, and highly affordable.
At present, the cost of biodiesel in India is about ₹100 or UD$1.2 per litre.
Using the superhydrophobic activated carbon catalyst can bring down the cost to about 37 cents per litre. A litre of less fuel-efficient diesel costs at least ₹87 in India.

Google brings Gemini mobile app to India with support for 9 Indian languages

Google has launched the Gemini app in India, supporting 9 Indian languages.
The AI chatbot, which was only available in English, now lets users type or talk in Hindi, Bengali, Gujarati, Kannada, Malayalam, Marathi, Tamil, Telugu and Urdu.
To get Gemini on Android, users can either download the app from the Play Store or opt-in using Google Assistant.
As for iOS, Gemini will be accessible from the Google app in the coming weeks.
Similar to Google’s previous voice assistant, which appears as an overlay, you can summon Gemini by saying ‘Hey Google’.
Just like OpenAI’s ChatGPT,you can use the Gemini app can help you draft messages, help write emails, analyse images and upload files and ask questions about them.
The chatbot can also search the internet for information on your behalf and is integrated with various Google services like Gmail and Maps.
Powered by Gemini 1.0 Pro, the free-to-use AI chatbot also offers a paid option that gives access to Gemini Advanced based on Gemini 1.5 Pro, an advanced large language model with a 1 million token context window.
The tech giant says Gemini 1.5 Pro will be able to “understand vast amounts of information, from lengthy documents and emails to even hours of video and extensive codebases” in the near future.
The company also announced that it is rolling out Gemini into Google Messages in English for Indian users today.
Bottom of Form
At the Google I/O developer conference last month, Google showed how it is planning to integrate Gemini into apps like Gmail, YouTube, Google Messages and Android.
Apart from India, Google also launched the Gemini app in Bangladesh, Pakistan, Sri Lanka and Turkey.

CURRENT AFFAIRS: DEFENCE NEWS

Anil Chauhan releases India’s First Joint Doctrine for Cyberspace Operations

The Chief of Defence Staff General Anil Chauhan released India’s first joint doctrine for cyberspace operations, acknowledging that cyberspace has emerged as a crucial and challenging domain in modern warfare.

What is Cyber Warfare?

Cyber warfare is actions taken in cyberspace (dynamic and virtual space that connects the different computer systems) by state or non-state actors that
Are conducted in response to a perceived threat against a nation’s security.
Unlike territorial limits in the traditional domains of warfare (such as land, sea, and air),cyberspace is a global common and hence has shared sovereignty.
Hostile actions in cyberspace can impact the nation’s economy, cohesion, political decision-making, and the ability to defend itself.

Cyber Security Measures Taken by the Indian Government:

The Indian Computer Emergency Response Team (CERT-In):It acts as the central agency for incident response, vulnerability handling, and security management in India’s cyberspace.
Cyber Surakshit Bharat: It was launched by the MeitY with the National Electronic Governance Division (NeGD) to ensure more awareness about the latest cybercrimes and the cybersecurity challenges of India.
Cyber Swachhta Kendra:It provides free tools for malware analysis and helps improve the security of systems and devices.
National Cybersecurity Policy 2013:It provides a framework for creating a secure cyber ecosystem and aims to protect information and other critical infrastructure.
NCIIPC:The National Critical Information Infrastructure Protection Centre (NCIIPC) was established for the protection of critical information infrastructure in the country.
Indian Cyber Crime Coordination Centre (I4C):The Central Government has rolled out a scheme for the establishment of I4C to handle issues related to cybercrime in the country in a comprehensive and coordinated manner.

India’s First Joint Doctrine for Cyberspace Operations:

Chinahas built major capabilities in the cyber warfare domain, including cyberweapons to degrade or destroy an adversary’s military assets and strategic networks.
India has been lagging far behind in this arena, with the government only approving the creation of a small tri-service Defence Cyber Agency in 2019 instead of the full-fledged Cyber Command that the armed forces wanted.
The doctrine comes at a time when the Army is operationalising dedicated specialised units in each of its six operational or regional commands to handle the cyberspace domain.
The doctrine will guide tri-services in planning and conducting cyberspace operations in the current complex military operating environment.
It will give impetus to the ongoing process of integration being actively pursued by the Army, IAF and Navy.
Significance of the doctrine:This doctrine –
Lays emphasis on understanding military aspects of cyberspace operations,
Provides conceptual guidance to commanders, staff and practitioners in the planning, and conduct of operations in cyberspace, and
Raise awareness of the Indian warfighters at all levels.

Indian Army launches first skin bank for advanced care of personnel and families

The Indian Army announced the opening of a state-of-the-art skin bank facility at the Army Hospital (Research & Referral).
The facility offers the latest modern treatment for severe burn injuries received by armed forces personnel and their families.
This will be the first of its kind to be established within the Armed Forces Medical Services to cater to the three kinds of patients the Army hospitals see: injuries from domestic fire accidents, electrical incidents, and kerosene warmers jawans and officers use to keep themselves warm at high altitudes.
The skin bank will be staffed by highly-trained medical professionals, including plastic surgeons, tissue engineers, and specialised technicians.
The MoD stated that the facility will adhere to the highest quality control and safety standards, ensuring the integrity and reliability of the skin grafts.

Quality care

DGMS(Army) & Colonel Commandant General Arindam Chatterjee termed the launch of the skin bank as a testament to the unwavering commitment to the health and well-being of service members as it would enhance the quality of care.

Skin bank

The skin bank now completes the organ donation programme the Army is pushing to save the lives of its soldiers and their families.
The Army Hospital (R&R) already has a set of skin, donated on May 29, in its bank.
A doctor explained that only a few millimetres from the top layer, not the entire skin, is scalped through an instrument, ‘electrical dermatomes’.
To keep the sensitivity of family members of organ donors, the Army doctors take out skin only from the lower limbs and back and leave hands and other portions of the dead to avoid the body getting mutilated.
The skin is then immersed in 85% glycerol solution and kept at a certain desired temperature in a refrigerator so that it’s alive for grafting or transplant, Army hospital sources pointed out.
The Army believes that more awareness of skin donation must be created in the country to bridge the demand and supply gap.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and Gambia Extend MoU on Personnel Administration and Governance Reforms

The Department of Administrative Reforms and Public Grievances (DARPG), under the Ministry of Personnel, Public Grievances and Pensions, Government of India, has extended its Memorandum of Understanding (MoU) with the Public Service Commission of the Republic of the Gambia.
The extension, effective from July 8, 2024, continues the collaboration for another five years.
This extended partnership aims to enhance governance and administrative efficiencies, drawing from India’s policy initiatives and digital transformation strategies.

Key Details:

MoU Extension: Originally signed on July 8, 2021, for three years, the MoU focuses on refurbishing personnel administration and governance reforms.
Signing Ceremony: The extension was signed by Shri V. Srinivas, Secretary of DARPG, and H.E. Mr. Mustapha Jawara, High Commissioner of Gambia, in a ceremonial function held at CSoI, New Delhi.
Objectives: The agreement aims to:
- Strengthen bilateral partnership through sharing best practices in administrative reforms and good governance.
- Conduct webinars, research publications, and capacity building programs.
- Implement good governance practices such as performance management systems, contributory pension schemes, and e-recruitment in government.
Joint Working Group: A Joint Working Group on Public Administration and Governance Reforms will outline the roadmap for collaboration under the MoU.
Indian Vision: During the event, India presented its vision of “Maximum Governance – Minimum Government,” emphasizing a “Digitally Empowered Citizen” and a “Digitally Transformed Institution,” reflecting Prime Minister Modi’s Next Generation Reforms.

About The Gambia:

Location: A small West African country, bounded by Senegal, with a narrow Atlantic coastline.
Capital: Banjul.
Currency: Gambian Dalasi.

CURRENT AFFAIRS: RANKING AND INDEX

Virat Kohli is the most valued celebrity with a brand value of $227.9 million

Kroll, a leading global risk and financial advisory solutions firm, has unveiled the ninth edition of its Celebrity Brand Valuation Study, ‘Brands, Business, Bollywood.’
The study reveals significant shifts in the brand values of India’s top celebrities for 2023.

Top 5 Celebrity Brand Values:

Virat Kohli: The Indian cricketer has reclaimed the top spot with a brand value of $227.9 million.
Ranveer Singh: Bollywood star Ranveer Singh takes second place with a brand value of $203.1 million.
Shah Rukh Khan: The iconic actor secures third place with a brand value of $120.7 million, boosted by three blockbuster hits in 2023.
Akshay Kumar: Dropping to the fourth position, Akshay Kumar has a brand value of $111.7 million.
Alia Bhatt: Rising to fifth place, Alia Bhatt’s brand value stands at $101.1 million.

Overall Market Growth: The combined brand value of the top 25 Indian celebrities in 2023 is estimated at $1.9 billion, an 18% increase from the previous year.
Top Digital Platform Advertisements:
Pepsi: Endorsed by Ranveer Singh.
Livspace: Endorsed by Anushka Sharma and Virat Kohli.
JioCinema: Endorsed by Alia Bhatt, MS Dhoni, and Sachin Tendulkar.
Notable Movements:
- Kiara Advani: Jumped from rank 16 to rank 12, showcasing a significant rise in brand value.
- Katrina Kaif: Re-entered the list of India’s most valued celebrity brands after a five-year hiatus.

Study Basis:

The rankings are based on the celebrities’ brand endorsement portfolios and their relative presence on social media, reflecting their influence and marketability.
This edition of Kroll’s Celebrity Brand Valuation Study underscores India’s dynamic nature of celebrity brand values, driven by endorsements, media presence, and recent professional successes.

CURRENT AFFAIRS: SPORTS NEWS

Neeraj Chopra Wins Gold medal at Paavo Nurmi Games

India’s Olympic and world champion javelin thrower, Neeraj Chopra, claimed his maiden gold medal at the Paavo Nurmi Games, showcasing his dominance upon returning to competitive action after a month-long break.