Daily Current Affairs July 23 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Sells $406 Million in Indian Bonds Amid Index Inclusion-Driven Inflows: Bloomberg Report

• According to a Bloomberg report, India’s central bank Reserve Bank of India (RBI) sold ₹34 billion ($406 million) of bonds in the secondary market, likely to absorb excess cash in the banking system resulting from inflows into the nation’s debt after being included in a global index.
• The RBI’s bond sales occurred over four days, as reported in the RBI’s weekly statistical supplement.

Key Highlights :

• Impact of Index Inclusion:India’s inclusion in JPMorgan Chase & Co.’s flagship emerging market bond index led to increased foreign investments.
• Foreign investments in local bonds surpassed $1 billion in July following the inclusion.
• The RBI absorbed the inflows to boost its reserves, adding $9.7 billion in a week.
• Liquidity in the Banking System:The banking system liquidity shifted to a surplus after being in deficit for most of the year.
• Government spending post-elections and the RBI’s actions contributed to this shift.
• Excess liquidity deposited by banks with the RBI stood at 1.4 trillion rupees.
• Global Index Inclusion:India became the 25th market to be included in the index since June 2005.
• The inclusion is expected to attract global inflows of $20 billion to $25 billion into the Indian bond market.
• Government Borrowing:The Indian government plans to borrow 14.1 trillion rupees through bonds in the financial year starting April 1.

About RBI :

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

Navi Mutual Fund Unveils Nifty 500 Multicap 50:25:25 Index Fund

• Navi Mutual Fund has launched Navi Nifty 500 Multicap 50:25:25 Index Fund, the first-ever index fund to track the Nifty 500 Multicap 50:25:25 index.
• The new fund offer will close on July 30, 2024.

Key Highlights :

• Allocation:
• 50% in large-cap companies.
• 25% in mid-cap companies.
• 25% in small-cap companies.
• Diversification: Provides diversified exposure across large, mid, and small-cap companies.
• Risk Mitigation: Reduces concentration risk by having fixed weights across different market caps.
• Comparison:Versus Nifty 500 Index: The Nifty 500 Multicap has a more balanced allocation compared to the Nifty 500 Index, which has about 72% allocation in large-cap stocks.
• Investment Details:Minimum Application Amount: ₹10, with subsequent investments in multiples of ₹1.
• Expense Ratio: The fund has the lowest expense ratio compared to active funds in the multi-cap category.
• Growth Potential:Long-term Growth: The fund provides exposure to mid and small-cap companies, which have the potential for higher growth over the long term.

About Navi Mutual Fund :

• Established : 2018
• Headquarters : Bangalore, Karnataka
• Founder : Sachin Bansal

Arka Fincap Enters Co-Lending Partnership with Central Bank of India to Offer MSME Loans

• Non-bank financial company Arka Fincap, a part of Kirloskar Group, announced that it had partnered with the Central Bank of India to offer Micro, Small and Medium Enterprises (MSME) loans.
• Under the co-lending arrangement, Arka will offer loans to MSMEs at competitive rates and further expand its reach across India.
• As part of the collaboration, Arka will originate and process loan proposals for the MSME sector as per jointly formulated credit parameters and eligibility criteria.
• The Central Bank of India will take 80% of the loans into its books under mutually agreed terms. Arka will service the accounts throughout the life cycle of the loans.
• Arka operates in 4 main business segments:

1. MSME & SME Lending
2. Corporate Lending
3. Real Estate and Urban Infrastructure Financing
4. Syndication

What is meant by co-lending?

• Co-lending is an arrangement where multiple lenders partner to provide loans to borrowers.
• This helps increase lending capacity and reduces risk for individual lenders.

About Central Bank of India :

• Founded : 21 December 1911
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Matam Venkata Rao

Fintech Startup TechFini Secures National Payments Corporation of India Certification to Operate as UPI Provider

• Fintech startup TechFini has received final certification from the National Payments Corporation of India (NPCI) to operate as a Unified Payments Interface (UPI)-based payment infrastructure provider for banks and fintech companies.
• This approval enables the Mumbai-based startup to function as a UPI issuer 2.0, UPI acquirer 2.0, issuer and acquirer of credit lines on UPI, and enabler of RuPay credit cards, among others.
• Additionally, the company has been certified for UPI Unified Dispute and Issue Resolution (UDIR), making it one of the few platforms capable of addressing the complexities involved in dispute resolution.

What is UDIR?

• The Unified Dispute and Issue Resolution (UDIR) is a comprehensive framework designed by the NPCI to tackle the complexities involved in resolving disputes within the realm of UPI payments

About TechFini:

• Founded : 2023.
• Provides payment infrastructure solutions to banks, fintechs, and other financial services companies.
• Aims to integrate and simplify payment systems.

About NPCI :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organization for operating retail payments and settlement systems in India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

Tata AIG Teams Up with Mahindra Finance to Expand Distribution of Non-Life Insurance Products

• Tata AIG General Insurance tied up with Mahindra Finance to distribute non-life insurance products through Mahindra Finance’s customer network.
• Under this partnership, Tata AIG, a joint venture company between Tata Group and American International Group (AIG) will offer a range of general insurance products, including motor, health, personal accident, and other non-life insurance solutions to over 10 million customers of Mahindra Finance.
• Through partnering with Tata AIG, Mahindra Finance can expand its offerings to include a broader range of financial products, offering customers a more complete financial solution.
• This collaboration has the potential to enhance customer satisfaction and foster greater loyalty.
• Tata AIG General Insurance Company Limited has an AUM of Rs 26,854 crore and a distribution network in 220 locations.

About TATA AIG General Insurance :

• Founded : 2001
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Neelesh Garg
• It is a joint venture between the Tata Group and American International Group (AIG).
• Tata Group holds a 51% stake in the insurance venture with AIG holding the balance of 49%.

About Mahindra Finance :

• MD & CEO : Raul Rebello

CURRENT AFFAIRS: NATIONAL NEWS

ICSI to launch Stewardship Code for Responsible Investment

• The Institute of Company Secretaries of India (ICSI) is set to introduce a Stewardship Code in September
• This initiative aims to foster responsible investment practices among institutional investors by focusing on compliance with environmental, social, and corporate governance (ESG).

Key Features:

• Scope: The Code will apply to both domestic and foreign institutional investors.
• Focus Areas:
  • Environmental Sustainability: Emphasis on sustainable investment practices.
  • Social and Governance Factors: Incorporates principles related to social responsibility and corporate governance.

Voluntary Nature:

• Not Mandatory: The Stewardship Code will be voluntary, not compulsory for investors.
• Encouragement: Institutional investors are encouraged to adhere to the Code’s principles.

Significance:

• Pioneering Move: ICSI will be the first Indian institution to introduce such voluntary stewardship principles.
• Future Impact: Indian companies are likely to be assessed and ranked based on their adherence to these stewardship principles and ESG performance.

Interest subvention scheme: Government looks to raise the limit of crop loans from Rs 3 lakh to Rs 5 lakh

• The Centre is considering raising the upper limit for short-term crop loans under the Modified Interest Subvention Scheme (MISS) from ₹3 lakh to ₹5 lakh.
• This move aims to allow farmers to access larger loans at concessional interest rates.

Key Details:

• Current Limit: ₹3 lakh, unchanged since the launch of the original Interest Subvention Scheme in 2006-07.
• Proposed Limit: ₹5 lakh.
• Interest Rates:
  • Standard Rate: 7% per annum.
  • Prompt Repayment Rate: 4% per annum.

Rationale:

• State Government Demand: State governments, including Uttar Pradesh, have been advocating for an increase in the loan ceiling.
• Recent Advocacy: On July 10, Uttar Pradesh Agriculture Minister Surya Pratap Shahi requested Union Agriculture Minister Shivraj Singh Chouhan to raise the limit to ₹5 lakh.

Historical Context:

• Scheme Origins: The Interest Subvention Scheme, the predecessor to MISS, was introduced by then Finance Minister P. Chidambaram in 2006-07.

CURRENT AFFAIRS : INTERNATIONAL NEWS

China Reveals Comprehensive 60-Point Policy Plan to Address Economic Challenges     

• China has unveiled an extensive 60-point policy document aimed at enhancing various sectors, including advanced industries and the business environment.
• The document was released after a significant meeting of the Communist Party Central Committee led by President Xi Jinping.
• The meeting, known as a plenum, occurs roughly every five years and took place from July 15-18, 2024.

Key Highlights :

• Economic Context:The document comes at a critical time for China’s economy, which is facing a prolonged property crisis, mounting debt, low consumer sentiment, and escalating trade tensions.
• Global leaders are increasingly wary of China’s export dominance.
• Policy Goals:The document includes goals for fiscal, land, and financial reforms but lacks specific implementation details.
• It emphasizes the significance of markets in resource allocation and the government’s commitment to enhancing conditions for private enterprises through legislative reforms.
• Key Policy Targets:
• Increasing affordable housing availability.
• Expanding job opportunities for young people.
• Enhancing the standard of living for the elderly.
• Historical Context:In 2013, Beijing introduced a similar policy agenda with goals to liberalize financial markets and promote domestic consumption.
• Challenges Acknowledged:The document acknowledges the necessity of navigating contradictory policies to achieve the outlined targets.

About China :

• Capital : Beijing
• Currency : Renminbi

External Affairs Minister S. Jaishankar Inaugurates India’s First International Jan Aushadi Kendra in Mauritius

• External Affairs Minister S. Jaishankar inaugurated India’s first overseas Jan Aushadi Kendra in Mauritius.
• The inauguration took place with the presence of Mauritius Prime Minister Pravind Kumar Jugnauth.
• This event marked one of the initial international visits of S. Jaishankar in his current term.

Key Highlights :

• Purpose of Jan Aushadi Kendra:The Jan Aushadi Kendra is a health partnership project designed to provide cost-effective, Made-in-India medicines.
• Its goal is to enhance public healthcare and well-being in Mauritius.
• Fulfilment of Promise:The inauguration fulfils a promise made by Prime Minister Narendra Modi earlier in the year.
• Mediclinic Project:S. Jaishankar also inaugurated the Mediclinic project at Grand Bois village, Mauritius.
• It is funded by Indian assistance, the project will offer secondary healthcare services to approximately 16,000 people in the area.

About Mauritius :

• President : Prithvirajsing Roopun
• Capital : Port Louis
• Currency : Mauritian rupee

CURRENT AFFAIRS : STATE NEWS

Bihar Government Greenlights First Film Promotion Policy to Support Filmmakers and Cinema Enthusiasts

• The Bihar government has introduced its first film promotion policy to support filmmakers and cinema enthusiasts.
• The decision was taken during a Cabinet meeting chaired by Chief Minister Nitish Kumar.
• The proposal was initiated by the Art, Culture, and Youth Affairs department of the state government.

Policy Features:

• Single Window Clearance: The policy provides a single-window clearance for all government permissions.
• Security and Safety: Ensures adequate security and safety arrangements for filmmakers
• Institutional Support:The policy includes support for feature films, documentaries, TV serials, and OTT films.
• Special financial grants and incentives will be offered to filmmakers.
• Regional Films:Financial incentives are available for regional films in languages such as Maithili, Bhojpuri, Magahi, Angika, and Bajjika.
• Financial grants up to ₹4 crore are provided for producing films, documentaries, and serials in regional languages.
• Cultural Heritage Promotion:The policy includes assistance for making movies that showcase Bihar’s rich cultural heritage.
• Film Facilitation Cell:A Film Facilitation Cell will be established to provide support for financial aid, shooting permissions, and other assistance.

About Bihar :

• Governor : Rajendra Arlekar
• Chief Minister : Nitish Kumar
• Capital : Patna
• National Parks : Valmiki National Park
• Wildlife Sanctuaries : Bhimbandh Wildlife Sanctuary, Pant Wildlife Sanctuary, Udaypur Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Economic Survey 2023-24: Key Highlights and Analysis

• The Economic Survey 2023-24, presented by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman provides a detailed overview of India’s economic performance and future outlook.
• Here are the key highlights, organised by thematic chapters:

Chapter 1: State of the Economy – Steady as She Goes

• GDP Growth Projection: The Economic Survey projects India’s GDP growth  at 6.5-7% for FY24. This conservative estimate accounts for balanced risks despite higher market expectations.
• Real GDP Growth: India’s economy saw a significant growth of 8.2% in FY24, maintaining momentum from FY23.
• GVA Growth: Gross Value Added (GVA) grew by 7.2% in FY24, indicating strong economic activity.
• Inflation Management: Effective policies reduced retail inflation from 6.7% in FY23 to 5.4% in FY24.
• Current Account Deficit (CAD): The CAD improved to 0.7% of GDP in FY24 from 2.0% in FY23, showing better external balance.
• Tax Collection: Direct taxes contributed 55% of total tax collection, while indirect taxes made up 45%.
• Welfare Programs: The government ensured the provision of free food grains to 81.4 crore people and progressively increased capital expenditure.

Chapter 2: Monetary Management and Financial Intermediation – Stability is the Watchword

• Banking Sector Performance: India’s banking sector performed exceptionally well, with stable growth and improved asset quality.
• Policy Rate: The Reserve Bank of India (RBI) maintained a steady policy repo rate at 6.5%, ensuring monetary stability.
• Credit Growth: Credit disbursal by Scheduled Commercial Banks (SCBs) grew by 20.2% to ₹164.3 lakh crore by March 2024.
• Non-Performing Assets (NPA): Gross and net NPAs were at multi-year lows, indicating better health of the banking sector.
• Capital Markets: Primary capital markets facilitated capital formation of ₹10.9 lakh crore, supporting economic growth.
• Financial Inclusion: Digital Financial Inclusion (DFI) remains a key challenge for sustainable economic growth.

Chapter 3: Prices and Inflation – Under Control

• Retail Inflation: Maintained at 5.4% in FY24, the lowest since the pandemic, due to timely policy interventions.
• Fuel Prices: The government announced price cuts for LPG, petrol, and diesel to keep retail fuel inflation low.
• Core and Food Inflation: Core services and goods inflation reached multi-year lows; food inflation increased due to extreme weather events affecting farm output.

Chapter 4: External Sector – Stability Amid Plenty

• Current Account Deficit (CAD): Improved to 0.7% of GDP in FY24 due to moderated imports and rising services exports.
• Global Export Share: India’s share in global goods exports was 1.8% in FY24.
• Services Exports and Remittances: Services exports grew by 4.9% to USD 341.1 billion; India received USD 120 billion in remittances.

Chapter 5: Medium-Term Outlook – A Growth Strategy for New India

• Policy Focus Areas: Job and skill creation, addressing MSME bottlenecks, facilitating green transition, and managing geopolitical relations.
• Amrit Kaal Strategy: Focuses on private investment, MSMEs, agriculture, green transition, bridging education-employment gap, and building state capacity.

Chapter 6: Climate Change and Energy Transition: Dealing with Trade-Offs

• Climate Action: India aligned with a 2-degree centigrade warming target.
• Renewable Energy: 45.4% of installed capacity from non-fossil sources.
• Emission Reduction and Energy Savings: Achieved significant emission reductions and annual energy savings of ₹1,94,320 Crore.

Chapter 7: Social Sector – Benefits that Empower

• Welfare Impact: Digitization has increased the impact per rupee spent.
• Welfare Expenditure Growth: Welfare expenditure grew at a 12.8% CAGR between FY18 and FY24.
• Ayushman Bharat: 34.7 crore cards generated, covering 7.37 crore hospital admissions.
• Early Childhood Education: The ‘Poshan Bhi Padhai Bhi’ program aims to develop a high-quality preschool network.

Chapter 8: Employment and Skill Development: Towards Quality

• Labour Market Improvement: Unemployment rate declined to 3.2%.
• Urban and Youth Unemployment: Significant declines observed.
• EPFO Membership and Factories Growth: Steady growth in EPFO membership and number of factories employing over 100 workers.

Chapter 9: Agriculture and Food Management – Plenty of Upside Left If We Get It Right

• Agriculture Growth: Averaged 4.18% annual growth over the last five years.
• Agricultural Credit: Total credit disbursed to agriculture amounted to ₹22.84 lakh crore.
• Micro Irrigation: 90.0 lakh hectares covered under the ‘Per drop more crop’ initiative.

Chapter 10: Industry – Small and Medium Matters

• Industrial Growth: 9.5% growth rate, supporting overall economic growth.
• Manufacturing Sector: Achieved an average annual growth rate of 5.2% over the last decade.
• PLI Schemes: Attracted significant investment and generated employment.

Chapter 11: Services – Fuelling Growth Opportunities

• Services Sector Contribution: 55% of overall GVA.
• Global Services Exports: 4.4% of world’s commercial services exports.
• Aviation Sector Growth: 15% YoY increase in air passengers.

Chapter 12: Infrastructure – Lifting Potential Growth

• Public Sector Investment: Significant in funding large-scale infrastructure projects.
• National Highway and Railway Development: Increased construction and capital expenditure.
• Clean Energy Investment: ₹8.5 lakh crore invested between 2014 and 2023.

Chapter 13: Climate Change and India

• Global Climate Strategies: Emphasizes India’s harmonious relationship with nature.
• Mission LiFE: Focuses on mindful consumption to address global climate change.

Five-year action plan in the works to boost exports to $2 trillion by 2030

• The Department of Commerce is developing a comprehensive five-year action plan to achieve $2 trillion in exports of goods and services by 2030. This plan will build on the current 100-day agenda and extend beyond it.

Key Focus Areas:

• Expansion and Diversification: Broadening the range of export products and exploring new markets.
• MSME Export Facilitation: Supporting small and medium enterprises in accessing international markets.
• E-commerce Growth: Enhancing the role of digital platforms in exports.
• Services Sector Boost: Strengthening the export of services.
• Logistics Improvement: Enhancing infrastructure and reducing transaction times and costs.
• Ease of Doing Business: Streamlining processes to make exporting easier.

Goals:

• $2 Trillion Target: Achieve $1 trillion in goods exports and $1 trillion in services exports by 2030.
• Increase Global Share: Improve India’s current share in global trade (1.8% in goods and 2.8% in imports, as per WTO).

Stakeholder Engagement:

• Consultations: The Commerce Department has engaged with export promotion and industry bodies to refine the action plan.
• Public Release: The final plan will be shared publicly once completed.

Recent Export Performance:

• 2023-24 Data:
  • Goods Exports: Declined by 3% to $437 billion.
  • Service Exports: Increased by 4.9% to $341.1 billion.
• Current Fiscal Year:
  • Goods Exports (Q1 2024-25): Increased by 5.84% to $109.96 billion.

Outlook:

• International Predictions: Steady growth in world trade is anticipated in 2024, as per the WTO.
• The five-year action plan aims to address the challenges faced by India’s export sector and ensure sustained growth towards the $2 trillion target.

Exports to top-10 nations grow faster than overall figures in Q1 FY25

• India’s top-10 export destinations saw a growth rate of 16.5% during the April-June quarter, surpassing the overall merchandise export growth of 5.8%.
• Top Export Destinations:
  • United States: 10.4% growth
  • United Arab Emirates (UAE): 17.6% growth
  • Netherlands: 41.3% growth
  • United Kingdom (UK): 21.9% growth
  • Singapore: 26.55% growth
  • Saudi Arabia: 4.9% growth
  • Bangladesh: 10.5% growth
  • Germany: 3.4% growth
  • Malaysia: 81.8% growth
  • China: 2.8% contraction
• Contribution: The top 10 countries accounted for 52% of India’s total export value during the first quarter of this financial year.
• Performance Trends:
  • April 2024: 2% growth
  • May 2024: 13% growth
  • June 2024: 2.5% growth (slowdown due to muted demand and logistics issues)

Import Performance:

• Growth Rate: Imports from the top-10 partner countries grew by 12%, higher than the overall import growth of 7.6%.
• Top Import Partners:
  • United States: 5.4% growth
  • UAE: 35.7% growth
  • Iraq: 27.6% growth
  • Indonesia: 17.9% growth
  • South Korea: 7.2% growth
  • Russia: 19.7% growth
  • China: 8.3% growth
  • Singapore, Saudi Arabia, and Switzerland: Limited or negative growth
• Notable Trends:
  • Imports from Russia: Grew 19.7% to $18.36 billion, driven by crude oil dependency, making Russia India’s second-largest import partner after China.
  • Imports from Switzerland: Contracted 10.5% to $4.56 billion, primarily due to reduced gold imports.

EPFO adds 19.5 lakh net members in May 2024, the highest since April 2018

• In May 2024, the Employees Provident Fund (EPF) scheme added 19.5 lakh net new members.
• This is the highest number of net new additions recorded in a single month since the introduction of the payroll data in April 2018.
• Compared to May 2023, the number of new EPF members grew by 19.62%. This growth suggests a positive trend in formal sector employment and increased participation in social security programs.

Factors Contributing to Growth:

The surge in EPF membership can be attributed to:

• • Increased Employment Opportunities: More jobs are leading to more enrollments in EPF.
  • Growing Awareness: There is greater understanding among employees about the benefits of EPF.
  • Effective Outreach Programs: The EPFO’s efforts to reach out to potential members have been successful.

EPF Scheme Details:

• Legal Basis: The EPF is governed by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
• Management: Managed by the Employees’ Provident Fund Organization (EPFO).
• Coverage: Applies to establishments with 20 or more employees, or others as notified by the government.
• Pay Ceiling: Employees earning up to Rs. 15,000 per month are covered.

New Member Enrollment:

• New Additions in May: 9.85 lakh new members joined in May, marking an 11% increase from April and an 11.5% increase from the previous year.
• Age Demographics: More than 58% of these new members are between 18 and 25 years old, reflecting the entry of younger workers into the formal sector.

Gender Distribution:

• New Female Members: Out of the new additions, approximately 2.48 lakh were female, indicating progress toward a more inclusive and diverse workforce.

State-wise Analysis:

• Top States: Maharashtra, Karnataka, Tamil Nadu, Gujarat, and Haryana had the highest net additions, contributing to 58.24% of the total new members.
  • Maharashtra: Led with a 18.87% share of the new net members.
• Geographical Distribution: The data shows that these states are leading in terms of EPF membership growth.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Sanjeev Krishan Reappointed for Second Term as PwC India Chairperson

• PwC India announced that Sanjeev Krishan, 53, has been re-elected for a second term as Chairperson of PwC in India, for a four-year period beginning on April 1, 2025.
• As Chairperson, Krishan will continue to lead PwC in India, representing them externally and internally.
• He will also continue to serve on the PwC Global Strategy Council.
• Krishan’s first term as chairperson started on January 1, 2021.

About Sanjeev Krishan :

• He joined PwC in 1991 as an articled trainee.
• In 2006, he became a partner and led the firm’s Deals, Transactions, and Private Equity business.
• He is also a part of FICCI’s National Committee on Stressed Assets and a member of the CII Corporate Governance Council as well as the CII Economic Affairs Council. Sanjeev is also a member of the SEBI Primary Market Advisory Committee.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy Rescues 9 Crew Members, Including 8 Indians, from Capsized Oil Tanker Off Oman Coast

• The Indian Navy’s warship INS Teg rescued 9 crew members, including 8 Indians, who went missing after an oil tanker capsized off the coast of Oman.
• The navy warship has been deployed for Search and Rescue assistance for the capsized oil tanker.

Key Highlights :

• Details of the Incident:The Comoros-flagged oil tanker MV Prestige Falcon had a total of 16 crew members, including 13 Indians and 3 Sri Lankans.
• The tanker capsized about 25 nautical miles southeast of Ras Madrakah.
• The vessel was en route to the Yemeni port city of Aden.
• Search and Rescue Efforts:INS Teg and a P-8I maritime patrol aircraft have been deployed for the search and rescue operation.
• The mission was conducted to assist in locating and rescuing the missing crew members.

About INS Teg:

• INS Teg (F45) is the first of three guided missile frigates of the modified INS Talwar-class.
• Built by Russian shipyard Yantar under Project-17 A.
• Other frigates in the class are INS Tarkash and INS Trikand.
• Commissioned into the Indian Navy on 27 April 2012.

About Indian Navy :

• Headquarters : New Delhi, Delhi
• Chief of Defence Staff : General Anil Chauhan
• Chief of the Naval Staff : Admiral Dinesh K Tripathi

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Institute of Chartered Accountants of India Partners with OpenAI to Create CAGPT, a Secure GPT Without External Resource Access

• The Institute of Chartered Accountants of India (ICAI) has collaborated with OpenAI to develop the CAGPT, a fenced GPT that operates without external resources.
• This tool, after successful beta testing, is now officially launched and available to ICAI members.
• Another version of the GPT, tailored for students pursuing CA courses, has also been introduced.

Capabilities of CAGPT :

• The CAGPT is equipped with data accumulated by ICAI over the past 75 years, enabling it to provide answers to a wide range of questions, both simple and complex.
• Training Initiatives :
• To facilitate this, ICAI has launched an 18-hour, three-day certificate course to train members in using GPT and other AI tools.
• Future Developments : The institute is also in discussions with the Ministry of Electronics and Information Technology (MeitY) to develop an AI Audit tool aimed at monitoring corporate books and detecting potential fraud.

About ICAI :

• Established: July 1, 1949.
• Headquarters: New Delhi, Delhi, India.
• President: Ranjeet Kumar Agarwal.
• Role: ICAI is India’s largest professional accounting body under the Ministry of Corporate Affairs, Government of India, and was established under the Chartered Accountants Act, 1949.

About OpenAI :

• Founded : December 11, 2015
• Headquarters : San Francisco, California, U.S
• Chairman : Bret Taylor
• CEO : Sam Altman
• President : Greg Brockman

CURRENT AFFAIRS: SPORTS NEWS

Leander Paes and Vijay Amritraj were Inducted into the International Tennis Hall of Fame

• Legendary Indian tennis players Leander Paes and Vijay Amritraj became the first Asian tennis players to be inducted into the International Tennis Hall of Fame.
• Leander Paes:
  • Category: Inducted in the ‘Player Category.’
  • Achievements:
    • Bronze medal in men’s singles at the 1996 Atlanta Olympic Games.
    • Eight men’s doubles and ten mixed doubles Grand Slam titles.
    • Several notable Davis Cup victories.
  • World Rankings: Spent 37 weeks as World No. 1 in doubles.
  • Grand Slam Record: One of only three men to achieve a career Grand Slam in both men’s and mixed doubles.
  • Olympics: Competed in seven consecutive Olympic Games from 1992 to 2016.
• Vijay Amritraj:
  • Category: Inducted in the ‘Contributor Category.’
  • Achievements:
    • Reached the men’s singles quarterfinals at Wimbledon and the US Open twice.
    • Led India to Davis Cup finals in 1974 and 1987.
  • World Rankings: Achieved a career-high of World No. 18 in singles and No. 23 in doubles.
  • Hall of Fame Induction: Inducted along with Richard Evans, recognizing their contributions to the sport.
• International Tennis Hall of Fame:
  • Inductee Total: With the addition of Paes, Amritraj, and Evans, the Hall of Fame now honors 267 legends from 28 nations.
  • Categories Explained:
    • Player Category: For players with outstanding achievements in the sport.
    • Contributor Category: For visionary leaders, pioneers, or individuals who have made a significant impact on tennis.

India’s Best Performance Ever at the International Mathematical Olympiad (IMO) 2024

• A six-member student team from India achieved the country’s best-ever performance at the 65th International Mathematical Olympiad (IMO) held in Bath, United Kingdom.

Key Highlights:

• Team Achievements:
  • Global Rank: 4th place
  • Medal Tally:
    • Gold Medals: 4
    • Silver Medal: 1
    • Honourable Mention: 1
• Individual Performances:
  • Gold Medalists:
    • Adhitya Mangudy (Grade 11, Pune)
    • Ananda Bhaduri (Grade 12, Guwahati)
    • Kanav Talwar (Grade 10, Noida)
    • Rushil Mathur (Grade 12, Mumbai)
  • Silver Medalist:
    • Arjun Gupta (Grade 12, Delhi)
  • Honourable Mention:
    • Siddharth Choppara (Grade 12, Pune)
• Historical Context:
  • This performance surpasses India’s previous best ranks of 7th at IMO 1998 and IMO 2001.
  • The total score for the Indian team was 167, just one mark behind South Korea (3rd place) and significantly behind the winning team USA with a total score of 192.
• Global Performance:
  • Top Three Teams:
    • 1st Place: USA
    • 2nd Place: China
    • 3rd Place: South Korea
  • Total Participants: 609 students (528 male, 81 female) from 108 countries
• Notable Individual Achievement:
  • Adhitya Mangudy’s performance secured him an overall ranking of fifth, the best performance by an Indian team member ever.

Lallianzuala Chhangte and Indumathi Kathiresan Named AIFF Best Players of the Year at Star-Studded Award

• In a star-studded event held in New Delhi, Lallianzuala Chhangte and Indumathi Kathiresan were named the AIFF Best Men’s and Women’s Players of the Year 2023-24.
• The awards night saw the presence of many distinguished guests, including Union Ministers, Olympic medalists, and prominent sports personalities.
• The event celebrated outstanding contributions to Indian football across various categories.
• Chhangte, who plays for Mumbai City FC, scored 11 goals and assisted seven in all competitions, becoming the highest-scoring Indian in the ISL. He also scored against Qatar in the FIFA World Cup Qualifiers.
• Indumathi Kathiresan, who plays for Odisha FC, won the 2023-24 Indian Women’s League title and scored five goals in the competition. She also represented India, scoring against Estonia in the Turkish Women’s Cup.

Key Highlights:

• Dignitaries Present: The event saw the presence of notable personalities, including:
  • Union Minister for Youth Affairs and Sports, Dr. Mansukh Mandaviya
  • Union Minister for Parliamentary Affairs, Mr. Kiren Rijiju
  • Olympic medalist Mr. Yogeshwar Dutt
  • India’s Davis Cup captain, Mr. Rohit Rajpal
  • AIFF President Mr. Kalyan Chaubey and other senior officials
• Other Award Winners:
  • Best Men’s Coach: Khalid Jamil
  • Best Women’s Coach: Sukla Dutta
  • Promising Men’s Player: David Lalhlansanga
  • Promising Women’s Player: Neha
  • Best Referee: Ramachandran Venkatesh
  • Best Assistant Referee: Ujjal Halder
• Special Recognitions: Several organizations and associations were recognized for their contributions to promoting football in India, including:
  • Government of Arunachal Pradesh and Arunachal Pradesh Football Association: For hosting the Santosh Trophy Final Round.
  • Government of Odisha and Football Association of Odisha: For hosting multiple events including the FIFA World Cup Qualifiers and the Kalinga Super Cup.
  • Football Sports Development Limited and Nivia: For their support in promoting football.
  • Ministry of Youth Affairs and Sports and Sports Authority of India: For their contributions to football development.

List of all AIFF Award Winners for 2023-24:

• Men’s Player of the Year: Lallianzuala Chhangte
• Women’s Player of the Year: Indumathi Kathiresan
• Promising Men’s Player of the Year: David Lalhlansanga
• Promising Women’s Player of the Year: Neha
• Men’s Coach of the Year: Khalid Jamil
• Women’s Coach of the Year: Sukla Dutta
• Referee of the Year: Ramachandran Venkatesh
• Assistant Referee of the Year: Ujjal Halder
• Most Successful MA (Club Competitions): Indian Football Association (West Bengal)
• Most Successful MA (NFC Competitions): All Manipur Football Association
• Best MA – Supporting Women’s Football: Punjab Football Association
• Best MA for hosting most AIFF competitions: Football Association of Odisha and Goa Football Association
• MA with most player registrations (men’s): Kerala Football Association
• MA with most player registrations (women’s): Western India Football Association (Maharashtra)
• Special Award for MA launching new projects: Gujarat State Football Association
• MA with most Grassroots activities: Gujarat State Football Association
• MA with most Youth tournaments conducted: Karnataka State Football Association
• MA with most Coaching courses: Punjab Football Association
• MA with most Refereeing courses: Gujarat State Football Association

Awards in recognition of outstanding support in promoting football in India:

1. Football Sports Development Limited
2. Nivia
3. Ministry of Youth Affairs and Sports
4. IndiGo
5. Sports Authority of India
6. Performax

AIFF Appoints Manolo Marquez as Head Coach of Indian Men’s Football Team

• The All India Football Federation (AIFF) has named Manolo Marquez, the coach who led Hyderabad FC to an Indian Super League (ISL) title, as the new head coach of the Indian men’s football team.
• Marquez will be replacing Igor Stimac, who was dismissed following India’s exit from the FIFA World Cup qualifiers.

Key Highlights:

1. New Appointment:
   • Manolo Marquez has been appointed as the head coach of the Indian men’s football team.
   • He will succeed Igor Stimac, who was removed after the team’s elimination from the FIFA World Cup qualifiers.
2. Current Role:
   • Marquez is also the head coach of FC Goa, a position he has held since 2023.
   • He will continue his responsibilities at FC Goa until 2025 while managing the Indian national team concurrently.
3. Previous Achievements:
   • At Hyderabad FC, Marquez led the team to their first ISL Trophy in 2022.
   • He also achieved two runner-up finishes in the ISL Shield during his tenure.
4. Collaborative Effort:
   • The AIFF, FC Goa, and Marquez will work together to balance his dual roles effectively.
   • The goal is to ensure that Marquez can deliver optimal results for both the national team and his club.

Yuki Bhambri and Albano Olivetti Win ATP Swiss Open Men’s Doubles Title

• Indian tennis player Yuki Bhambri and Frenchman Albano Olivetti secured the men’s doubles title at the ATP Swiss Open, held in Gstaad.
• The duo defeated the French pair Fabrice Martin and Ugo Humbert with a score of 3-6, 6-3, 10-6.

Key Highlights:

• Bhambri and Olivetti won the ATP Swiss Open men’s doubles title.
• The final match was a challenging contest lasting one hour and six minutes.

1. Previous Achievements:
   • This is Yuki Bhambri’s third ATP title, all of which have been in the 250 series.
   • The win is Bhambri’s second title of the year, following their victory at the Bavarian Championships (BMW Open).
2. Doubles Pair Success:
   • Bhambri and Olivetti, who were seeded third at the Swiss Open, clinched their second title together.
   • They had previously won the Bavarian Championships earlier in the year by defeating Andreas Mies and Jen-Lennard Struff.
3. Performance at the Swiss Open:
   • The Indo-French pair entered the final undefeated in sets, but faced a tough challenge from the unseeded Martin-Humbert duo.
   • Despite losing the first set 3-6, Bhambri and Olivetti made a strong comeback to win the match in a tie-break.
4. Impact on Rankings:
   • Bhambri’s ATP title will improve his position in the doubles rankings, where he reached the top 50 on June 24, 2023

Kush Maini Wins Maiden Formula 2 Sprint Race at Hungarian Grand Prix

• Indian driver Kush Maini clinched his first Formula 2 Sprint Race victory at the Hungarian Grand Prix after initial winner Richard Verschoor was disqualified due to a technical infringement.
• This win marks a significant achievement for Maini, who is 23 years old and drives for Invicta Racing.

Key Highlights:

1. Victory Details:
   • Kush Maini secured his maiden Formula 2 Sprint Race win at the Hungarian Grand Prix, held at the Hungaroring.
   • The disqualification of Richard Verschoor allowed Maini to ascend to the top of the podium.
2. Points and Rankings:
   • The win added 10 points to Maini’s season tally, bringing his total to 66 points.
   • With this victory, Maini moved up to P8 in the Formula 2 Drivers Standings, surpassing Mercedes junior driver Kimi Antonelli.
3. Race Performance:
   • Starting ninth on the grid, Maini faced a challenging beginning on hard compound tyres, losing a position on the opening lap to Antonelli.
   • Despite this setback, Maini demonstrated resilience and skill, closing the gap and regaining P2 by lap 17.
   • In the final 11 laps, he defended his position robustly and continuously challenged Verschoor, showcasing his ability to handle the demanding Hungaroring circuit.

CURRENT AFFAIRS: IMPORTANT DAYS

National Broadcasting Day 2024: July 23

• Every year National Broadcasting Day is celebrated in India on July 23rd to commemorate the first-ever radio broadcast that took place in the country on this day in 1927.
• The Indian Broadcasting Company (IBC) was established in 1927 after the success of BIBC. IBC had to shut down in 1930 due to financial problems.
• The Government of India took over the broadcasting service and created the Indian State Broadcasting Service (ISBS) in 1930.
• The broadcasting industry in India has grown significantly over the years, with numerous private and public broadcasters offering radio, television, and online streaming services.

Daily CA One-Liner: July 23

• The Institute of Company Secretaries of India (ICSI) is set to introduce a Stewardship Code in September
• The Centre is considering raising the upper limit for short-term crop loans under the Modified Interest Subvention Scheme (MISS) from ₹3 lakh to ₹5 lakh.
• The Economic Survey 2023-24, presented by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman provides a detailed overview of India’s economic performance and future outlook
• The Department of Commerce is developing a comprehensive five-year action plan to achieve $2 trillion in exports of goods and services by 2030. This plan will build on the current 100-day agenda and extend beyond it
• India’s top-10 export destinations saw a growth rate of 16.5% during the April-June quarter, surpassing the overall merchandise export growth of 5.8%.
• In May 2024, the Employees Provident Fund (EPF) scheme added 19.5 lakh net new members.
• Legendary Indian tennis players Leander Paes and Vijay Amritraj became the first Asian tennis players to be inducted into the International Tennis Hall of Fame
• A six-member student team from India achieved the country’s best-ever performance at the 65th International Mathematical Olympiad (IMO) held in Bath, United Kingdom
• In a star-studded event held in New Delhi, Lallianzuala Chhangte and Indumathi Kathiresan were named the AIFF Best Men’s and Women’s Players of the Year 2023-24.
• The All India Football Federation (AIFF) has named Manolo Marquez, the coach who led Hyderabad FC to an Indian Super League (ISL) title, as the new head coach of the Indian men’s football team.
• Indian tennis player Yuki Bhambri and Frenchman Albano Olivetti secured the men’s doubles title at the ATP Swiss Open, held in Gstaad
• Indian driver Kush Maini clinched his first Formula 2 Sprint Race victory at the Hungarian Grand Prix after initial winner Richard Verschoor was disqualified due to a technical infringement
• According to a Bloomberg report, India’s central bank Reserve Bank of India (RBI) sold ₹34 billion ($406 million) of bonds in the secondary market, likely to absorb excess cash in the banking system resulting from inflows into the nation’s debt after being included in a global index.
• Navi Mutual Fund has launched the Navi Nifty 500 Multicap 50:25:25 Index Fund, the first-ever index fund to track the Nifty 500 Multicap 50:25:25 index.
• Non-bank financial company Arka Fincap, a part of Kirloskar Group, announced that it had partnered with the Central Bank of India to offer Micro, Small and Medium Enterprises (MSME) loans.
• Fintech startup TechFini has received final certification from the National Payments Corporation of India (NPCI) to operate as a Unified Payments Interface (UPI)-based payment infrastructure provider for banks and fintech companies.
• Tata AIG General Insurance tied up with Mahindra Finance to distribute non-life insurance products through Mahindra Finance’s customer network.
• China has unveiled an extensive 60-point policy document aimed at enhancing various sectors, including advanced industries and the business environment.
• External Affairs Minister S. Jaishankar inaugurated India’s first overseas Jan Aushadi Kendra in Mauritius.
• The Bihar government has introduced its first film promotion policy to support filmmakers and cinema enthusiasts.
• PwC India announced that Sanjeev Krishan, 53, has been re-elected for a second term as Chairperson of PwC in India, for four years beginning on April 1, 2025.
• The Indian Navy’s warship INS Teg rescued 9 crew members, including 8 Indians, who went missing after an oil tanker capsized off the coast of Oman.
• The Institute of Chartered Accountants of India (ICAI) has collaborated with OpenAI to develop the CAGPT, a fenced GPT that operates without external resources.
• Every year National Broadcasting Day is celebrated in India on July 23rd to commemorate the first-ever radio broadcast that took place in the country on this day in 1927.