Daily Current Affairs 27 June 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Banks Request Clarity from Reserve Bank of India Regarding Credit Card Network Regulations

• Several banks have sought clarity from the Reserve Bank of India (RBI) regarding the implementation of guidelines issued on March 6,2024 which mandate offering customers the option to choose from multiple card networks for credit cards.
• The RBI’s directive requires banks and non-banking financial companies (NBFCs) to provide this choice both at the time of issuance and renewal.
• Objective of the Guidelines: To promote customer choice and eliminate exclusive agreements between card issuers and networks.
• This directive will take effect from September 6, 2024.

Key Highlights :

• Applicability:The RBI guidelines will be applicable to only those credit card issuers with a number of active cards issued greater than 10 lakh and exempt card issuers who issue credit cards on their own authorised card network.
• Provisions of the Guidelines:Card issuers must allow eligible customers to choose from multiple card networks (e.g., Diners Club International, MasterCard, NPCI-Rupay, Visa) at the time of initial issuance.
• For existing cardholders, the choice of network may be provided during the renewal process.
• Major issuers like HDFC Bank, SBI Card, ICICI Bank, and Axis Bank fall under this category.
• American Express, operating on its own authorized network, is excluded from these norms.
• Implementation Challenges:Banks are concerned about the operational disruptions and logistical challenges of implementing these guidelines, especially for existing cardholders.
• Impact on Co-Branded Cards:The RBI circular did not clarify whether the guidelines apply to co-branded cards, which are typically offered on a single platform.
• Industry Statistics: As of February 2024, the total number of credit cards issued in India exceeded 100 million, with a monthly addition of 1.1 million cards.

ICICI Bank Market Cap Surpasses $100 Billion, Becomes 6th Indian Company to Achieve Milestone     

• ICICI Bank’s market capitalization crossed the $100 billion mark for the first time.
• It became the 6th Indian company to achieve this milestone.
• ICICI is the second-largest bank in India by market capitalization, after HDFC Bank.
• It is also the fifth-largest entity by market value.
• In December 2020, ICICI Bank’s market capitalisation crossed $50 billion, and within 10 months, it exceeded $75 billion in October 2021.
• Currently, Reliance Industries is leading the list with a market capitalisation of $236 billion, followed by TCS with a market value of $166 billion.

Other Companies in the $100 Billion Club:

• ICICI Bank joins Reliance Industries, Tata Consultancy Services, HDFC Bank, Bharti Airtel, and

Key Highlights :

• Share Price Performance:ICICI Bank shares hit a record high of Rs 1,207 and last closed at Rs 1,199, up 2.5%.
• This valuation places the firm at Rs 8.44 trillion ($100 billion).
• Over the past year, ICICI Bank’s share price has risen nearly 29%, surpassing the NSE Nifty 50’s 27% gains and the Bank Nifty’s 20% gain.
• Dividend Declaration:The Bank declared a dividend of Rs 10 per equity share of face value Rs 2 each.

About ICICI Bank :

• Established : 5 January 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sandeep Bakhshi

Reserve Bank of India Reports 2.1 Percentage Point Decline in Short-Term Debt’s Share of Total External Debt  

• At the end of March 2024, India’s external debt was US$ 663.8 billion, an increase of US$ 39.7 billion over the end of March 2023.
• Excluding the valuation effect of US$ 8.7 billion due to the appreciation of the US dollar, the external debt increase would have been US$ 48.4 billion.

Key Highlights :

• Debt to GDP Ratio:The external debt to GDP ratio declined to 18.7% at the end of March 2024 from 19.0% at the end of March 2023.
• Long-Term Debt:Long-term debt (original maturity above one year) was US$ 541.2 billion at the end of March 2024, an increase of US$ 45.6 billion over the end of March 2023.
• Short-Term Debt:The share of short-term debt (original maturity up to one year) in total external debt declined to 18.5% at end-March 2024 from 20.6% at end-March 2023.
• The ratio of short-term debt to foreign exchange reserves declined to 19.0% at the end of March 2024 from 22.2% at the end of March 2023.
• Short-term debt on a residual maturity basis constituted 42.9% of total external debt and 44.1% of foreign exchange reserves at the end of March 2024, down from 44.0% and 47.4%, respectively, at the end of March 2023.
• Currency Composition:
• US dollar-denominated debt: 53.8% of total external debt.
• Indian rupee-denominated debt: 31.5%.
• Yen-denominated debt: 5.8%.
• Special Drawing Rights (SDR): 5.4%.
• Euro-denominated debt: 2.8%.
• Debt by Sector:
• The share of outstanding debt for non-financial corporations: 37.4%.
• Deposit-taking corporations (except the central bank): 28.1%.
• General government: 22.4%.
• Other financial corporations: 7.3%.
• Debt Components:
• Loans: 33.4% of total external debt.
• Currency and deposits: 23.3%.
• Trade credit and advances: 17.9%.
• Debt securities: 17.3%.
• Debt Service:Debt service obligations (principal and interest payments) increased to 6.7% of current receipts at the end of March 2024 from 5.3% at the end of March 2023.

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

Ixigo and PhonePe Expand Partnership to Include Flight and Bus Booking Services   

• Travel booking platform ixigo has expanded its exclusive partnership with PhonePe to offer flight and bus bookings on the fintech platform’s app.
• Previously, the partnership focused on providing booking services for trains.

Key Highlights :

• Enhanced Travel Booking Services:The expanded partnership aims to provide a more comprehensive travel booking experience for over 54 crore PhonePe users.
• ixigo will exclusively power flight bookings through ixigo flights, bus bookings through AbhiBus, and continue its partnership with ConfirmTkt for train bookings on the PhonePe platform.
• Benefits for Users:Travellers, especially from tier-II/III cities, will benefit from enhanced access to travel booking services tailored for the next billion users.
• PhonePe’s extensive reach in smaller towns and its fintech expertise will complement ixigo’s travel products and offerings.
• Payment and Offers:The collaboration promises simpler payment processes and offers exciting discounts and deals on flight, train, and bus bookings.
• PhonePe users can access advanced features and value-added services provided by the ixigo group, enhancing their booking experience.

About ixigo :

• Founded : June 2007
• Headquarters : Gurugram, Haryana, India
• Chairman, MD & Group CEO : Aloke Bajpai

About Phonepe :

• Founded : 2015
• Headquarters : Bengaluru, Karnataka, India
• CEO : Sameer Nigam

Securities and Exchange Board of India Releases Guidelines on Structure and Responsibilities of Market Infrastructure Institutions Committees    

• Markets regulator Securities and Exchange Board of India (SEBI) revised its oversight framework for stock exchanges and other market infrastructure institutions (MIIs), defining the structure and responsibilities of various statutory committees to enhance governance.
• These guidelines are on the recommendations of Sebi’s Committee on Strengthening Governance of MIIs.

Key Highlights :

• Categories of Statutory Committees: Statutory committees of MIIs are categorized into functional, oversight, and investment committees.
• Functional committees include Member Committee, Nomination and Remuneration Committee, Oversight Committees, Standing Committee on Technology Regulatory Oversight Committee, Risk Management Committee, and Investment Committee.
• Composition Guidelines:Committees should include Key Management Personnel (KMP), Non-Independent Directors (NIDs), Independent External Professionals (IEPs), and Public Interest Directors (PIDs).
• Each committee must be chaired by a PID with relevant expertise, and PIDs should constitute at least half of the committee members.
• Voting on resolutions requires PID participation equal to or greater than all other members combined.
• Responsibilities and Terms of Reference:Specific responsibilities and terms of reference are outlined for each statutory committee.
• Functions or terms of reference of these committees cannot be delegated, except for certain operational activities of the Member Committee (MC).
• Compliance Requirements:MIIs must establish mandatory committees as required by applicable laws.
• PIDs are limited to serving on a maximum of 5 statutory committees.
• Independent External Professionals must demonstrate integrity, a sound reputation, and no conflict of interest.
• Implementation Timeline:The new guidelines will be effective within 30 days of the issuance of the circular by Sebi.

Recent News :

• In May 2024, The SEBI issued guidelines for calculating the “unaffected price” after a listed entity verifies market rumours.
• In May 2024, The SEBI introduced amendments to the Infrastructure Investment Trust (InvIT) regulations to permit the issuance of subordinate units by privately placed InvITs.

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), GoI.

Reserve Bank of India Reports Current Account Balance Records Surplus of 0.6% of GDP in Q4 FY24 

• India’s current account recorded a surplus of $5.7 billion, equivalent to 0.6% of gross domestic product (GDP), in the January-March 2024 quarter.
• This marks a significant improvement from a deficit of $1.3 billion (0.2% of GDP) in Q4 FY2023 and a deficit of $8.7 billion (1% of GDP) in Q3 FY24.

What is the meaning of current account deficit?

• The current account deficit is the difference between exports and imports of goods and services.
• It is a key indicator of the country’s external sector.

Key Highlights :

• Full-Year Current Account Deficit (FY24):For the full fiscal year FY24, India’s current account deficit moderated to $23.2 billion, or 0.7% of GDP, down from $67 billion (2% of GDP) in FY23.
• The improvement was driven by a lower merchandise trade deficit throughout the year.
• Merchandise Trade Deficit:In Q4 FY24, India’s merchandise trade deficit stood at $50.9 billion, lower than $52.6 billion in the same period a year ago.
• This reduction contributed significantly to the overall current account surplus.
• Components of Current Account:Services exports grew by 4.1% year-on-year in Q4 FY24, driven by software, travel, and business services.
• Net services receipts were higher at $42.7 billion compared to $39.1 billion a year ago, contributing to the current account surplus.
• Private transfer receipts, mainly remittances, amounted to $32 billion, up 11.9% from the previous year.
• Investment Flows:Net foreign direct investment (FDI) flows declined to $2 billion in Q4 FY24 from $6.4 billion a year ago.
• Foreign portfolio investment (FPI) recorded a net inflow of $11.4 billion compared to a net outflow of $1.7 billion in Q4 FY23.
• External commercial borrowings saw a net inflow of $2.6 billion in Q4 FY24, up from $1.7 billion a year ago.
• Non-resident deposits recorded a higher net inflow of $5.4 billion than $3.6 billion.
• Foreign Exchange Reserves:India’s foreign exchange reserves increased by $30.8 billion in Q4 FY24 on a balance of payments basis, reflecting a robust accretion.

Co-Lending Committee Set to Submit Report to Finance Ministry in July 2024

• The Department of Financial Services (DFS) under the finance ministry instructed the State Bank of India (SBI) to form a committee on co-lending in May 2024.
• The committee aims to encourage co-lending partnerships between commercial banks and non-banking financial companies (NBFCs) by addressing business model issues.

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.
• Each lender sets their own terms and conditions.
• Co-lending is used in various industries like real estate, small business loans, and personal loans.

Key Highlights :

• Composition and Leadership:The committee is chaired by Surender Rana, Deputy Managing Director of SBI.
• It includes representatives from Punjab National Bank, Union Bank of India, Central Bank of India (from the banking sector), and 3 NBFCs.
• Meetings and Timeline:The committee held its first meeting on May 31,2024 and has scheduled another for June 28, 2024.
• It plans to submit its recommendations to DFS by next month (July,2024).
• Focus Areas:The primary focus is on enhancing co-lending, particularly for MSMEs (Micro, Small, and Medium Enterprises).
• The report will identify bottlenecks and propose regulatory and policy adjustments to improve credit access.
• Regulatory Framework:RBI permits banks to co-lend or co-originate loans with NBFCs to increase credit flow to underserved sectors.
• NBFCs are required to retain a minimum of 20% share of individual loans on their books as per regulatory norms.
• Expected Guidelines:Post-committee report submission, DFS is expected to formulate guidelines to boost the co-lending segment.
• Market Predictions:CRISIL Ratings forecasts co-lending portfolios of NBFCs to reach Rs 1 trillion by June 2024, with an annual growth rate of 35-40% over the medium term.
• Challenges and Recommendations:The committee will examine reasons behind banks’ hesitancy to enter the co-lending space.
• Suggestions include providing first loss cover to banks to mitigate risks, with 80% of funding from banks and 20% from NBFCs.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State: Pankaj Choudhary
• Finance Secretary : T. V. Somanathan

S&P Maintains India’s FY25 GDP Growth Projection at 6.8%, Below RBI Forecast     

• S&P Global Ratings retained India’s Gross Domestic Product (GDP) growth forecast for the current financial year (FY 2024-25) at 6.8%.
• High interest rates and lower fiscal spur are tempering demand in non-agricultural sectors, influencing the growth forecast.
• This forecast is lower than the Reserve Bank of India’s (RBI) projection of 7.2% growth for the same period.

Key Highlights :

• Previous Fiscal Year Performance:India’s economy grew by 8.2% in the fiscal year 2023-24, exceeding expectations.
• Future Projections:For FY 2025-26 and FY 2026-27, S&P projected growth rates of 6.9% and 7%, respectively.
• Comparison with Other Agencies:
• Fitch estimates India’s growth at 7.2% for FY 2024-25.
• The Asian Development Bank (ADB) estimates a 7% growth rate.
• Moody’s Ratings and Deloitte India project a 6.6% growth rate.
• Morgan Stanley forecasts a 6.8% growth rate.
• Inflation Projections:S&P projected India’s retail inflation at 4.5% for FY 2024-25, aligning with the RBI’s forecast.
• RBI’s quarterly inflation projections for FY 2024-25 are 5%, 4%, 4.6%, and 4.7%.
• China’s GDP Forecast:For comparison, S&P raised its 2024 GDP growth forecast for China to 4.8% from 4.6%, despite expecting a sequential slowdown in the second quarter.
• RBI Policy Rate : S&P expects the RBI to reduce its policy rate to 6% in the current financial year from 6.5% at present.
• Further cuts in the lending rate are anticipated: 5.5% in FY 2025-26 and 5.25% in FY 2026-27.

About S&P Global Ratings :

• Headquarters : New York City, New York, United States.
• President : Martina Cheung
• S&P Global Ratings, previously known as Standard & Poor’s, is an American credit rating agency (CRA) and a division of S&P Global.
• It publishes financial research and analysis on stocks, bonds, and commodities.

CURRENT AFFAIRS: NATIONAL NEWS

India is hosting the 64th ISO Council Meeting from 25th-27th June 2024

• India is hosting a significant global event in the sugar sector, the ‘ISO Council Meeting,’ in New Delhi from June 25th to 27th, 2024.
• This gathering will see delegates from over 30 countries and representatives from numerous international organizations come together to discuss critical issues related to the sugar and biofuel sectors.

India Named Chair of ISO for 2024

• Given its status as the world’s largest consumer and the second-largest producer of sugar, India has been nominated as the Chair of the International Sugar Organization (ISO) for 2024.
• To kick off the event, international delegates will tour a grain-based distillery in Muzaffarnagar, Uttar Pradesh on June 24, 2024.
• This visit aims to showcase India’s adoption of the latest technology in biofuel production and other by-products.

Workshop on Sugar and Biofuels

• A workshop titled ‘Sugar and Biofuels – Emerging Vistas’ will be held on June 25, 2024, at Bharat Mandapam.
• Shri Pralhad Joshi, Union Minister of Consumer Affairs, Food and Public Distribution, and New & Renewable Energy, will inaugurate the event.
• The workshop will feature participation from international delegates, top management of Indian sugar mills, industry associations like ISMA & NFCSF, and technical experts.

Platform for Global Collaboration

• This forum offers an opportunity for over 200 delegates from various organizations and regions to discuss the future of the global sugar sector, biofuels, sustainability, and the role of farmers.
• It also aims to strengthen the Global Biofuel Alliance, an initiative by Prime Minister Shri Narendra Modi, promoting the development and adoption of sustainable biofuels worldwide to reduce greenhouse gas emissions.
• Many member countries of ISO and the Global Biofuel Alliance overlap, providing a platform to expand the alliance and promote biofuels further.

About the International Sugar Organization (ISO)

• The International Sugar Organization (ISO) is a UN-affiliated body headquartered in London, with about 85 member countries accounting for nearly 90% of the world’s sugar production.
• The ISO aims to bring together major sugar-producing, consuming, and trading nations to foster mutual understanding and a progressive approach to sugar sector issues.
• The organization also focuses on biofuels, particularly ethanol, as sugarcane is the second major feedstock for ethanol production globally.

India Hosts ‘India Africa Postal Leaders Meet’ to Strengthen Postal Sector Ties

• The ‘India Africa Postal Leaders Meet’ took place in India from June 21st to 25th, 2024.
• This event aimed to fortify relationships between postal administrations of African nations and India.
• Initiative Under Universal Postal Union: This meeting was part of the “South-South and Triangular Cooperation” program by the Universal Postal Union, supported by India Post and the United States Postal Service.
• Backdrop of Strategic Initiatives: This significant gathering comes on the heels of India’s strategic initiatives, such as the ‘Voice of Global South Summit,’ the India-Africa Forum, and the inclusion of the African Union in the G20 during India’s 2023 Presidency.
• African Participation: Postal organizations from 22 African countries participated, with 42 heads of postal administrations and senior management personnel attending as delegates.
• Key Theme: Capacity Building: The meet focused on capacity building through study visits. These visits highlighted India’s successful service delivery model via its extensive post office network.
• India Post’s Unique Approach: India Post’s innovative approach of integrating digital services with traditional postal delivery to maintain a human touch has drawn global attention. This approach inspired the Universal Postal Union to coordinate this event.
• Notable Attendees: Senior representatives from the Ministry of External Affairs, Ministry of Commerce, Directorate General of Foreign Trade, Customs, UIDAI, NPCI, India Post Payments Bank, and Members of the Postal Services Board attended the event.

Dr. Jitendra Singh Launches “One Week One Theme” Campaign to Showcase India’s Scientific Achievements

• Union Minister Dr Jitendra Singh, holding multiple significant portfolios, launched the “One Week One Theme” (OWOT) campaign.
• This initiative highlights India’s recent accomplishments across various scientific and technological domains.
• Campaign Objective: It aims to integrate the efforts of all CSIR labs working on similar projects to reduce overlap and optimize resources.
• The OWOT initiative under the Council for Scientific and Industrial Research (CSIR) aims to make innovation inclusive for all.
• Background of OWOT: OWOT is the brainchild of Dr. Jitendra Singh and builds on the success of last year’s ‘One Week One Lab’ (OWOL) initiative, also guided by him. OWOL achieved notable success with around 24 technology transfers, product launches, and MoUs signed in the presence of Dr. Singh.
• CSIR’s Historical Journey: Tracing CSIR’s history, Dr. Singh noted that while CSIR’s origins pre-date India’s Independence, significant industry linkages were not established until recently. In the past decade, efforts have been made to integrate industry, academia, research, and entrepreneurship.
• Prime Minister’s Vision: Singh emphasized Prime Minister Narendra Modi’s vision to empower farmers and common citizens by extending science beyond labs to promote ease of living.
• Eight Key Themes: The campaign focuses on eight major themes:

1. Energy and Energy Devices
2. Chemicals and Petrochemicals
3. Aerospace, Electronics, and Strategic Sectors
4. Civil Infrastructure and Engineering
5. Agriculture, Nutrition, and Biotech
6. Healthcare
7. Mining, Minerals, Metals, and Materials
8. Ecology, Environment, Earth, Ocean Sciences, and Water

Integration Efforts: The initiative aims to integrate CSIR lab efforts to streamline projects and optimize resources, fostering collaboration and reducing redundancies across various scientific fields.

Launch of 4th Tranche Auction of Critical Minerals by Union Minister of Coal and Mines

• Union Minister of Coal and Mines, Shri G. Kishan Reddy, along with Minister of State for Coal and Mines, Shri Satish Chandra Dubey, launched the 4th tranche of the auction of critical and strategic minerals at Scope Convention Centre, CGO Complex, New Delhi.

Key Highlights:

• Blocks Auctioned: The 4th tranche includes 21 blocks of critical minerals. This comprises 11 fresh blocks across Arunachal Pradesh, Chhattisgarh, Jharkhand, Karnataka, Rajasthan, and Uttar Pradesh, featuring minerals like Graphite, Glauconite, Phosphorite, Potash, Nickel, PGE, Phosphate, and Rare Earth Elements (REE).
• Second Attempt Blocks: Additionally, 10 critical mineral blocks from previous tranches are re-offered, located in Andhra Pradesh, Arunachal Pradesh, Chhattisgarh, Karnataka, Maharashtra, and Tamil Nadu, containing minerals such as Tungsten, Vanadium, Graphite, Glauconite, Cobalt, and Nickel.
• Other Events: The program included announcing preferred bidders for 6 blocks from the 1st Tranche, certification of 2 newly Notified Private Exploration Agencies (NPEAs), issuance of sanction letters to R&D institutes, and introduction of a scheme for partial reimbursement of exploration expenses by exploration license holders.
• Research and Development Support: The Ministry of Mines allocated funds for R&D projects in the mining and metallurgy sector, disbursing grants to 24 R&D institutes and 10 startups, totalling ₹12.37 Cr. and ₹11.26 Cr., respectively.

Telecom Act gets partially notified, govt can now intercept, and stop messages

• Certain sections of the Telecommunications Act, of 2023 from 26th June 2024, will be enforced, focusing on public safety, emergency response, and regulatory enhancements.

Interception and Control Measures:

• Message Interception: Section 20 (2) grants authority to the government to intercept messages during public safety emergencies, expanding interception capabilities across government agencies.

New Rules and Penalties:

• Telecom Infrastructure Rights: Authorities can install telecom infrastructure on private land under specific conditions, even if the landowner objects.
• Advertisement Consent: Telecom companies must obtain user consent for receiving advertising messages, with penalties for unauthorized commercial messages potentially leading to telco suspensions.
• SIM Ownership: Possessing more than 9 SIM cards incurs fines up to Rs 2 lakh.
• Digital Bharat Nidhi: The Universal Service Obligation Fund transitions to Digital Bharat Nidhi, emphasizing digital connectivity initiatives.

Upcoming Provisions:

• Delayed Implementation: Administrative allocation of satellite spectrum, biometric user verification, and enhanced telecom dispute resolution mechanisms will be implemented later.

Innovation and Technology Focus:

• Regulatory Sandbox: Introduced to foster innovation and trial new technologies within the telecom sector, promoting growth and development.

Satellite-Based Toll Collection Initiative on Indian National Highways

• The Ministry of Road Transport and Highways aims to implement satellite-based toll collection across all national highways in India in the coming years.
• By December 2024 , the Global Navigation Satellite System (GNSS) framework will be operational on 5,000 kilometres of national highways.

Pilot Project and Rollout Plans:

• Pilot Phase: The government plans to establish a case study with the initial 5,000-kilometer pilot by the end of FY25 to assess feasibility and effectiveness.
• Expression of Interest: The Indian Highways Management Company Ltd. has issued an expression of interest for implementing GNSS across the country, aiming to cover 50,000 kilometers of national highways within 24 months from the contract award.

Implementation Details:

• Tender Requirements: As per tender documents, the implementation will involve deploying GNSS technology for toll collection, enhancing efficiency and transparency in highway management.
• Current Toll Revenue: Presently, 75% of the National Highways Authority of India’s (NHAI) toll revenue of Rs 54,000 crore is generated from commercial vehicles, with the remaining from personal vehicles.

Strategic Goals: This initiative underscores the government’s commitment to modernizing toll collection systems, leveraging satellite technology to improve accuracy, reduce congestion, and enhance user convenience on national highways.

What is GNSS?

• Global navigation satellite system (GNSS) is a general term describing any satellite constellation that provides positioning, navigation, and timing (PNT) services on a global or regional basis.

Revamped Affordable Housing Scheme in Union Budget Focuses on Urban Areas

• Government Initiative: The upcoming Union Budget is expected to introduce a reworked affordable housing scheme targeting Economically Weaker Sections (EWS), Low Income Group (LIG), and Middle Income Group (MIG) in urban areas, according to sources from the Housing and Urban Affairs Ministry.

Expansion of PMAY:

• Cabinet Approval: The Cabinet, under Prime Minister Narendra Modi’s leadership, approved an additional three crore houses under the Pradhan Mantri Awas Yojana (PMAY), with one crore allocated for urban areas (PMAY-Urban).
• PMAY-U 2.0: The new scheme, tentatively named PMAY-U 2.0, will build upon the experiences and outcomes of the current PMAY, operational since June 2015 and ending in December 2024.

Focus and Objectives:

• Targeted Beneficiary Reach: The revamped scheme aims for improved targeting of beneficiaries to ensure all eligible individuals receive housing assistance promptly.
• Timely Completion: Emphasis on disbursing completed homes in a timely manner to meet the housing needs of urban EWS, LIG, and MIG segments.

Implementation and Budget Allocation:

• Budget Funding: PMAY-U 2.0 is expected to be funded through the upcoming Union Budget, aligning with the government’s commitment to affordable housing initiatives.
• Launch Timeline: Anticipated launch before December 2024 to continue addressing urban housing challenges effectively.

India’s Nuclear Power Capacity To Cross 13 GW By 2029

• India’s nuclear power generation capacity is poised to cross 13 GWe by 2029, according to Dr. Jitendra Singh, Union Minister of State (Independent Charge), Department of Atomic Energy.
• Jitendra Singh, Union Minister of State (Independent Charge), Department of Atomic Energy, revealed key developments and projections regarding India’s nuclear power capacity during a recent high-level meeting on June 25, 2024.

Projected Capacity Increase

• Current Capacity: India’s installed nuclear power generation capacity stands at 7.48 GWe.
• Future Projection: Expected to increase to 13.08 GWe by 2029.
• New Reactors: The commissioning of seven new reactors will contribute to this capacity expansion.

Innovative Projects and Technologies

• Pressurized Heavy Water Reactor (PHWR):
  • Designing a 220-MW PHWR to incorporate Bharat Small Reactor (BSR) for captive nuclear power generation.
• Bharat Small Modular Reactor (BSMR):
  • Development of a 220-MW BSMR utilizing light water-based reactors, replacing Calandria with a pressure vessel design.

Fast Breeder Reactor Progress

• Prototype Fast Breeder Reactor (PFBR):
  • BHAVINI, a public sector undertaking, is advancing towards completing initial fuel loading.
  • Expected to achieve its first approach to criticality soon, marking a milestone as India’s first fast-breeder reactor to produce more fuel than it consumes.

CURRENT AFFAIRS : STATE NEWS

Telangana to Establish Integrated Gurukul Schools in Every Assembly Constituency for Modern Education   

• The Telangana government is planning to set up ‘integrated residential campuses’, comprising Scheduled Castes (SC), Scheduled Tribes (ST), Backward Class (BC), and minority residential schools, in all assembly constituencies.
• The decision to establish integrated campuses instead of separate SC, ST, BC, and minority residential schools.
• Chief Minister A Revanth Reddy, who held a meeting with his deputy Mallu Bhatti Vikramarka and officials, saw models prepared by architects for the construction of the integrated campuses.

About The Proposed Integrated Residential Campuses

• The integrated campuses would be set up as pilot projects in Kodangal (CM’s assembly segment) and Madhira (represented by deputy CM).
• They would be constructed in all assembly segments in a phased manner.
• The campuses would have modern facilities for students, comparable to the private international schools in existence.
• The campuses would come up in an area of 20-25 acres.

About Telangana :

• Governor : C. P. Radhakrishnan
• Chief Minister : Anumula Revanth Reddy
• Capital : Hyderabad
• National Park : Mrugavani National Park, KBR Park
• Wildlife Sanctuary : Pranahita wildlife sanctuary, Shivaram wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Upcoming Budget Likely to Revise India’s Nominal GDP Growth Forecast

• The finance ministry is poised to revise upwards its nominal gross domestic product (GDP) growth forecast for 2024-25 in the upcoming Budget, indicating robust economic expansion.
• Originally set at 10.5 per cent in the interim budget, the revised projection may range from 10.5 per cent to 11 per cent, driven by accelerated growth trends.

Significance of Nominal GDP

• Metric Definition: Nominal GDP at current market prices accounts for inflationary effects, influencing key macroeconomic indicators like tax buoyancy, fiscal deficit, revenue deficit, and debt-to-GDP ratio.
• Fiscal Implications: A higher nominal GDP forecast could potentially allow for a narrower fiscal deficit target, enhancing fiscal flexibility.

Historical Context and Trends

• Budget Track Record: Analysis shows previous budgets often adjusting nominal GDP projections, with instances of both overestimation and underestimation.
• Example: In FY20, the final budget raised the nominal GDP growth target to 12 percent from an interim 11.5 percent, demonstrating flexibility in economic planning.

RBI’s Economic Assessments

• Recent Revisions: The Reserve Bank of India (RBI) has also revised its forecast for real GDP growth in FY25 to 7.2 percent, up from an earlier 7 percent estimate.
• Real GDP Calculation: Derived by adjusting nominal GDP with the GDP deflator, emphasizing inflation impacts, primarily through data like the Wholesale Price Index (WPI).

Adani Green Energy’s Ambitious Investment Plans for Renewable Expansion

• Adani Green Energy, a prominent player in renewable power, has announced plans to invest Rs 2 trillion by 2030 to expand its capacity
• Current Capacity:9 GW
• Targeted Expansion: To increase capacity to 50 GW by 2030

Funding Details:

• Equity Contribution: Already secured 25% equity contribution
• Debt Financing: Remaining funds tied up with lenders, including revolving facilities

Financial Strategy:

• Adani Family Investment: Already invested Rs 2,338 crore, with further commitments expected over the next 18 months.
• Debt Management: Ensured financing to fully redeem a Holdco bond of US$ 750 million due in September 2024, alongside equity injections for sustainable growth.

International Financing Expansion:

• Construction Facility Pool: Expanded from $1.64 billion to $3.4 billion, bolstering financial flexibility and support for achieving the 2030 expansion goals.

25% share by Indian liners could save $50 billion annually, says FIEO

• Exporters recently met with Finance Minister Nirmala Sitharaman to present their key requests and priorities ahead of Budget 2024, Aim for a 25% share by an Indian shipping line to potentially save $50 billion annually by 2030 reported by the Federation of Indian Export Organisations(FIEO)

1. Creation of an Indian Shipping Line:

• Objective: Address the rising outward remittance on transport services due to increasing exports.

2. Duty Cuts on Imports:

• Targeted Products: Including wet blue leather.
• Purpose: Reduce import costs, enhancing competitiveness in global markets.

3. Extension of Export Credit Scheme:

• Scheme: Extend pre- and post-shipment rupee export credit for small exporters.
• Importance: Ensure continuous financial support throughout the export process.

4. Duty Drawback for Platinum Jewellery:

• Request: Seek duty drawback benefits to support platinum jewellery exports.
• Benefit: Enhance export incentives and competitiveness in the jewellery sector.

Additional Industry Requests:

• Interest Equalisation Scheme Extension:
  • Scope: Request for higher incentives under the interest equalisation scheme beyond its current validity till June 30.
  • Impact: Support exporters across various sectors, including MSMEs.
• Nasscom’s Requests:
  • Transfer Pricing Regime: Seek simplification to facilitate ease of doing business.
  • Deep Tech Policy: Call for clarity and guidance on the proposed policy.
  • Safe Harbour Regime: Propose increasing the threshold limit to ₹2,000 crore to benefit global capability centres.

About FIEO:

• Founded: 1965
• President: Ashvini Kumar
• Vice President: Khalid M Khan
• Director General & CEO: Dr. Ajay Sahai
• Headquarters: New Delhi

Businesses in Tamil Nadu, Uttar Pradesh, Maharashtra lead in GST return filing

• According to the data from GSTN, Uttar Pradesh (UP), Tamil Nadu, and Maharashtra are the top states in filing GST returns every month, showcasing robust economic activity and compliance levels:

1. Uttar Pradesh (UP):
   1. Reported over 908,900 GST returns in April (GSTR-3B).
   2. Demonstrates significant transaction volume and economic activity.
2. Tamil Nadu:
   1. Recorded over 880,200 GST returns in the same period.
   2. Strong industrial base contributing to regular GST filings.
3. Maharashtra:

1. Positioned third with over 798,600 GST returns filed in April.
2. Leads in filings during the last month of every quarter, including smaller businesses under special schemes.

Economic Implications

• Economic Strength and Compliance:
  • Monthly return filings reflect economic vigor, compliance levels, and administrative efficiency.
  • More than 93% of registered businesses in these states are compliant with GST regulations.
• Revenue Generation and Tax Administration Efficiency:
  • States like Maharashtra, Tamil Nadu, and Gujarat lead in revenue collection potential, highlighting their economic prowess and demand for goods and services.

Quarter-end Trends

• Maharashtra’s Quarterly Performance:
  • Reported 1.46 million GST returns in the March quarter of FY24, leading nationally.
  • Indicates robust business activity and substantial revenue contributions.

Sectoral Insights

• Automobile Sector Contribution:
  • Maharashtra, Uttar Pradesh, Karnataka, Odisha, and Tamil Nadu are key states for GST cess collection on automobiles.
  • Signifies these states as major markets for the automobile industry.
• Inter-state Trade and GST Revenue Collection:
  • Maharashtra, Haryana, Delhi, Karnataka, and Gujarat are prominent in IGST collection, reflecting high inter-state trade volumes.
  • Maharashtra tops in overall GST revenue collection, followed by Tamil Nadu, Gujarat, Karnataka, and Uttar Pradesh.

Visa, Mastercard $30 billion swipe-fee deal blocked by US judge

• A US District Judge, Margo Brodie, has rejected a proposed $30 billion antitrust settlement involving Visa and Mastercard, aimed at addressing fees charged to merchants who accept their credit and debit cards.
• The announced decision significantly affects ongoing litigation and negotiations between the card networks and merchants.

Key Points

• Antitrust Litigation Background: The settlement was intended to resolve litigation dating back to 2005 concerning interchange fees, also known as swipe fees, paid by merchants to accept Visa and Mastercard.
• Terms of the Proposed Settlement:
  • Fee Reductions: Visa and Mastercard agreed to reduce the average swipe fee by at least 0.04 percentage points for three years.
  • Fee Cap: Fees were also capped below current averages for the subsequent five years.
  • Provisions: Anti-steering provisions were to be removed, allowing merchants more flexibility in offering discounts or surcharges.
• Judge’s Rationale: Judge Brodie indicated that she was unlikely to grant final approval to the settlement, prompting the denial of preliminary approval. She plans to issue a written opinion after allowing input from merchants, Visa, and Mastercard on potential redactions.
• Separate Settlement: A $5.6 billion class-action settlement involving Visa, Mastercard, and approximately 12 million merchants remains unaffected by this decision. This settlement, upheld by a federal appeals court in March 2023, addresses similar issues but on a different legal track.

CURRENT AFFAIRS: AWARDS AND HONOURS

RailTel Receives ET Government PSU Leadership & Excellence Award 2024

• RailTel was honoured with the ET Government PSU Leadership & Excellence Award 2024 in the ‘Leadership in Digital Transformation’ category.
• The award ceremony took place during the 5th ET Govt National PSU Summit 2024, where Dr. Jitendra Singh presented the prestigious accolade.
• Achievements Recognized: The award acknowledges RailTel’s exceptional contributions in digital transformation within the public sector.
• RailTel was recognized for successfully implementing the Hospital Management Information System (HMIS) across 709 healthcare facilities of Indian Railways.

Impact of HMIS Implementation:

• Enhanced Hospital Administration: HMIS has streamlined hospital operations and improved patient care through electronic medical record management.
• Innovative Solutions: RailTel developed teleconsultation and beneficiary apps integrated with HMIS, empowering medical beneficiaries with seamless access to healthcare services.
• Integration with ABDM: HMIS integration with Ayushman Bharat Digital Mission (ABDM) has further augmented healthcare capabilities within Indian Railways, enhancing efficiency and service delivery.

GRSE Ltd. Receives Sustainable Governance Champion Award

• Garden Reach Shipbuilders & Engineers (GRSE) Ltd. was honoured with the “Sustainable Governance Champion Award” at the Outlook Planet Sustainability Summit & Awards 2024.
• Commitment to Sustainability: This accolade underscores GRSE’s steadfast dedication to sustainable practices and governance excellence.
• The award recognizes GRSE’s proactive efforts in embedding sustainability into its core operations, fostering innovation, and promoting environmental stewardship, particularly within the maritime and defence sectors.

Achievements in Sustainability:

• Innovative Practices: GRSE has pioneered sustainable practices by integrating advanced technologies and eco-friendly measures into its shipbuilding processes.
• Environmental Stewardship: The company’s initiatives set new benchmarks in promoting environmental responsibility and sustainability across its operations.

Significance of the Award: The Sustainable Governance Champion Award from the Outlook Planet Sustainability Summit & Awards reflects GRSE’s leadership in driving sustainable development and its role as a model for integrating sustainability into corporate governance.

Platform for Sustainability Advocacy: The Outlook Planet Sustainability Summit & Awards serves as a prestigious platform uniting industry leaders, policymakers, and sustainability advocates to celebrate and advance sustainable initiatives globally.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Tata Electronics and Synopsys Collaborate on Semiconductor Technology

• Tata Electronics has entered into a memorandum of understanding (MoU) with US-based chip design leader Synopsys to enhance process technology and foundry design capabilities at India’s first semiconductor fab in Dholera.

Areas of Collaboration:

• Technology CAD Flow: Establishing a robust Technology Computer-Aided Design (TCAD) flow for precise technology transfer.
• Process Design Kits (PDK) and Design Enablement: Developing essential kits and enabling designs for efficient semiconductor manufacturing.
• Intellectual Property Development: Creating foundational and analog intellectual properties crucial for semiconductor design.
• Design Technology Co-optimization: Implementing methodologies for optimizing design and technology integration.

Strategic Utilization of Expertise: Synopsys’s expertise in chip design will play a pivotal role in Tata’s semiconductor ventures in Gujarat and Assam, contributing to technological advancement and operational efficiency.

Tata Electronics Initiatives:

• Dholera Fab Facility: Tata Electronics plans India’s first fab in Dholera, Gujarat, with an investment of Rs 91,000 crore.
• Jagiroad Facility: Investing an additional Rs 27,000 crore in a greenfield facility in Jagiroad, Assam, for semiconductor assembly and testing.

Synopsys’s Presence in India:

• Earlier this year, Synopsys launched a semiconductor chip design center at DLF Tech Park in Noida, the company’s second-largest design center in India. It is expected to employ 6,000 engineers, representing 27% of Synopsys’s global design workforce.

IIT-Madras and University of Leeds launch Joint Centre of Excellence in Sustainability

• The Indian Institute of Technology Madras (IIT Madras) and the University of Leeds, UK have signed a Memorandum of Understanding (MoU) to establish the Joint Virtual Centre of Excellence on Sustainable Development (VCoE-SD).
• This collaborative initiative aims to foster impactful research and innovation towards achieving sustainable development goals.

Objectives

• Network Development:
  • Create a self-sustaining network of high-quality staff to drive collaborative research.
  • Identify opportunities for joint projects and initiatives.
• Academic Collaboration:
  • Facilitate collaborative research projects between IIT Madras and the University of Leeds, UK.
  • Engage in joint academic activities such as new courses, conferences, seminars, symposia, and lectures.

Impact Areas

• Knowledge Enhancement:
  • Enhance knowledge and innovation in critical fields related to sustainable development.
  • Address global challenges through interdisciplinary research and innovation.

Sri Lanka To Sign Debt Restructuring Agreements With India & Japan

• Sri Lanka is set to sign agreements with India and Japan to restructure bilateral debt, marking significant progress in its economic recovery efforts.
• Sri Lanka’s Foreign Minister, M.U.M. Ali Sabry, was quoted by agencies as saying that Sri Lanka President Ranil Wickremesinghe had given an update on the progress in the matter to all members of the Cabinet

Negotiations and Agreements

• Current Status: Sri Lanka has been in negotiations with the Paris Club, India, and China since declaring sovereign default in 2022.
• In-Principle Deals: In-principle agreements were reached last year, paving the way for formal restructuring with bilateral creditors.
• Financial Support: India’s substantial assistance of over USD 4 billion was pivotal during Sri Lanka’s economic crisis, addressing forex shortages and essential supply disruptions.

Economic Stabilization Efforts

• IMF Financing: Assurance from India and other creditors facilitated approval of IMF financing in March last year, crucial for Sri Lanka’s economic stability and recovery.

Terms of Restructuring

• Provisions: Includes maturity extensions and a moratorium without a debt haircut, maintaining ‘Net Present Value’ calculations.
• Presidential Address: President Wickremesinghe will deliver a special national address, likely focusing on the details and implications of the debt restructuring plans.

Future Outlook

• Project Resumption: Signing agreements will enable the resumption of loan-funded projects critical for Sri Lanka’s development and infrastructure enhancement.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Constructs 150-Foot Suspension Bridge in 48 Hours  

• Indian Army engineers constructed a 150-foot suspension bridge in north Sikkim in less than 48 hours.
• The bridge was built over a river with water flowing at speeds exceeding 20 knots.

Key Highlights :

• Impact on Connectivity:The bridge re-established connectivity to border villages that were cut off due to heavy rains in parts of Sikkim.
• It provided crucial relief to the local population by restoring access to essential resources.
• Challenges Faced:The construction took place under challenging conditions, including adverse weather and fast-flowing river waters.
• Despite these challenges, the Indian Army engineers showcased exceptional technical proficiency and capability.
• Humanitarian Relief:The bridge’s completion ensured that residents of isolated border villages could receive necessary support and resources during the severe weather conditions.
• It facilitated the movement of people and the delivery of essential relief materials to the affected areas.
• Strategic Importance:The suspension bridge serves a vital strategic role by maintaining connectivity to critical border regions, enhancing logistical capabilities during emergencies.

Recent News :

• In June 2024, The Indian Army inducted Nagastra-1, India’s first indigenous loitering munition developed by Nagpur-based Solar Industries.

About Indian Army :

• Founded : 26 January 1950
• Headquarters : New Delhi
• Chief of Defence Staff (CDS) : General Anil Chauhan
• Chief of the Army Staff (COAS) : General Manoj Pande

Defence Services Staff College, Wellington and Defence Services Command and Staff College, Dhaka Partner in Strategic and Operational Studies   

• Defence Services Staff College (DSSC), Wellington,Tamil Nadu (TN) and Defence Services Command and Staff College (DSCSC), Mirpur, Dhaka,Bangladesh have inked a Memorandum of Understanding (MoU) for cooperation concerning Military Education in the field of Strategic and Operational Studies.
• Aim : To enhance bilateral engagements and cooperation between the two military colleges.
• The MoU was signed during the official state visit of PM Sheikh Hasina of Bangladesh to India on 22nd June 2024, highlighting its significance in bilateral relations.

Key Highlights :

• Training Objectives:Both colleges provide training to officers of the tri-services, preparing them for higher staff and command responsibilities.
• They share a common ethos, training curriculum, methodology, and face similar challenges in military education.
• Benefits of the MoU:The MoU will enhance professional acumen among student officers and faculty members.
• It aims to provide deep insights into strategic affairs and share best practices and expertise between the two institutions.
• The collaboration will augment the academic capabilities through training packages, joint seminars, faculty exchanges, and reciprocal instructor visits.

About DSSC :

• Established : 1905
• Location :Wellington Cantonment, Nilgiris district, Tamil Nadu, India
• Commandant : Lieutenant General Virendra Vats

About DSCSC :

• Established : 1977
• Location : Mirpur, Dhaka, Bangladesh
• Commandant : . Faizur Rahman

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Biocon Receives European Medicines Agency Approval to Manufacture Bevacizumab for European Market    

• Biocon Biologics Limited. (BBL), a global, integrated biosimilars company and a subsidiary of Biocon Limited., has received approval from the European Medicines Agency (EMA) to manufacture biosimilar Bevacizumab at its new, world-class, multi-product monoclonal antibodies (mAbs) drug substance facility at Bengaluru, Karnataka.
• This approval would provide significant additional capacity to address patients’ needs across markets in Europe.
• Bevacizumab Usage : Bevacizumab is used to treat various forms of cancer, including colon and rectal cancer (cancer that begins in the large intestine), non-small cell lung cancer (NSCLC), glioblastoma (a type of cancerous brain tumour), and cervical cancer.
• The Bengaluru facility had previously been approved to manufacture biosimilar Trastuzumab in September 2022.

GMP Certification:

• EMA renewed its Good Manufacturing Practice (GMP) certificate of compliance for BBL’s biosimilar manufacturing facility in Bengaluru.
• The insulin manufacturing facility in Malaysia also received GMP certification renewal following routine inspections.
• These certificates were issued by the Health Products Regulatory Authority (HPRA), Ireland, on behalf of EMA.
• CEO & Managing Director, Biocon Biologics Limited : Shreehas P Tambe

Recent News:

• In June 2024, Biocon announced that the US Food and Drug Administration (USFDA) had issued 3 observations following a GMP inspection at its active pharmaceutical ingredients (API) manufacturing facility in Visakhapatnam, Andhra Pradesh.

About Biocon Limited :

• Founded: 1978
• Headquarters: Bangalore, Karnataka, India
• Executive Chairman: Kiran Mazumdar-Shaw
• MD & CEO: Siddharth Mittal
• Subsidiaries: Syngene International Limited (Syngene) is a publicly listed subsidiary, operating in the contract research and development organization sector.

About European Medicines Agency (EMA) :

• Formed : 1 January 1995
• Headquarters : Amsterdam, Netherlands
• Executive Director : Emer Cooke
• Chairperson : Christa Wirthumer-Hoche
• Function and History:EMA is an agency of the European Union (EU) responsible for the evaluation and supervision of pharmaceutical products.
• Prior to 2004, it was known as the European Agency for the Evaluation of Medicinal Products or European Medicines Evaluation Agency (EMEA).

CURRENT AFFAIRS: SPORTS NEWS

Indian Wrestlers Shine at Under-17 Asian Wrestling Championships

• India concluded their campaign at the Under-17 Asian Wrestling Championships in Amman, Jordan, with an impressive tally of 11 medals: four gold, two silver, and five bronze.

Women Wrestlers Dominate:

• Gold Medalists: Dipanshi (46 kg), Muskan (53 kg), Rajnita (61 kg), and Mansi Lather (69 kg) showcased exceptional performances in their weight categories, securing gold medals.
• Silver Medalist: Raja Bala displayed determination in the 40 kg category, earning a silver despite fierce competition.

Men’s Achievements:

• Silver Medal: Samarth Gajanan Mhakave demonstrated skill in the 55 kg category, claiming a silver medal.
• Bronze Medalists: Akash (65 kg), Sachin Kumar (71 kg), Bikash Kacchap (48 kg), Tushar Tukaram Patil (60 kg), and Ronak (110 kg) exhibited their prowess with bronze medal victories.

Anush Agarwalla to Make Historic Olympic Debut in Dressage  for India

• Anush Agarwalla, an Asian Games medallist, has been chosen by the Equestrian Federation of India (EFI) to represent the nation in the dressage event at the upcoming Paris Olympics.
• His selection came after edging out competitor Shruti Vora with superior average scores.
• Historic Milestone: This decision marks a historic moment for India, as it signifies the country’s inaugural entry into the Olympic dressage competition.
• About Anush Agarwalla: Anush Agarwalla’s selection underscores his prowess in the sport and his significant achievements, including past success at the Asian Games.
• EFI’s Decision: The Equestrian Federation of India’s selection process emphasized performance metrics, with Agarwalla’s consistent excellence earning him the opportunity to represent India on the global stage in Paris.

IOA’s Enhanced Cash Awards for Paris Olympic Games 2024

• The Indian Olympic Association (IOA) has announced substantial cash awards for Indian athletes achieving medals at the Paris Olympic Games, scheduled from July 26 to August 11, 2024.
• Gold Medalists: Rs 1 crore
• Silver Medalists: Rs 75 lakh
• Bronze Medalists: Rs 50 lakh

Comparison with Government Awards:

• These awards are in addition to the government’s existing scheme:
  • Gold Medal: Rs 75 lakh
  • Silver Medal: Rs 50 lakh
  • Bronze Medal: Rs 30 lakh

Historical Context:

• IOA’s cash awards have seen a significant increase since their inception:
  • In 2018 Asian Games: Gold (Rs 5 lakh), Silver (Rs 3 lakh), Bronze (Rs 2 lakh)
  • Tokyo Olympics 2021: Gold (Rs 75 lakh), Silver (Rs 40 lakh), Bronze (Rs 25 lakh)

Recognition and Motivation:

• IOA aims to recognize and incentivize Indian athletes with enhanced awards, reflecting their dedication and achievement on the global stage.

CURRENT AFFAIRS : OBITUARIES

Frank Duckworth, Co-Inventor of the DLS Method and Renowned English Statistician, Passed Away    

• English statistician and one of the inventors of the Duckworth-Lewis-Stern (DLS) method, Frank Duckworth passed away at the age of 84.
• Duckworth was born in 1939 in Lytham St Annes, Lancashire, England.

What is meant by the Duckworth-Lewis-Stern (DLS) method?

• The Duckworth-Lewis method, devised by Duckworth and fellow statistician Tony Lewis, was introduced to determine results in rain-affected cricket matches.
• The method was first used in international cricket in 1997 and was formally adopted by the ICC as the standard method for setting revised targets in truncated games in 2001.
• The method was renamed the Duckworth-Lewis-Stern method after the retirement of Duckworth and Lewis, followed by some modifications by Australian statistician Steven Stern.
• Recognition and Awards : Duckworth and Lewis were both awarded MBEs (Member of the Order of the British Empire) in June 2010.
• Functionality of the DLS Method : The DLS method is based on a complex statistical analysis that considers many factors like wickets remaining and overs lost, among others, to set a revised target for the team batting second.

Daily CA One-Liner: June 27

• India is hosting a significant global event in the sugar sector, the ‘ISO Council Meeting,’ in New Delhi from June 25th to 27th, 2024.
• The ‘India Africa Postal Leaders Meet’ took place in India from June 21st to 25th, 2024.
• Union Minister Dr Jitendra Singh, holding multiple significant portfolios, launched the “One Week One Theme” (OWOT) campaign.
• Union Minister of Coal and Mines, Shri G. Kishan Reddy, along with Minister of State for Coal and Mines, Shri Satish Chandra Dubey, launched the 4th tranche of the auction of critical and strategic minerals at Scope Convention Centre, CGO Complex, New Delhi
• Certain sections of the Telecommunications Act, of 2023 from 26th June 2024, will be enforced, focusing on public safety, emergency response, and regulatory enhancements
• The Ministry of Road Transport and Highways aims to implement satellite-based toll collection across all national highways in India in the coming years.
• The upcoming Union Budget is expected to introduce a reworked affordable housing scheme targeting Economically Weaker Sections (EWS), Low Income Group (LIG), and Middle Income Group (MIG) in urban areas, according to sources from the Housing and Urban Affairs Ministry
• India’s nuclear power generation capacity is poised to cross 13 GWe by 2029, according to Dr. Jitendra Singh, Union Minister of State (Independent Charge), Department of Atomic Energy
• The finance ministry is poised to revise upwards its nominal gross domestic product (GDP) growth forecast for 2024-25 in the upcoming Budget, indicating robust economic expansion
• Adani Green Energy, a prominent player in renewable power, has announced plans to invest Rs 2 trillion by 2030 to expand its capacity
• Exporters recently met with Finance Minister Nirmala Sitharaman to present their key requests and priorities ahead of Budget 2024, Aim for a 25% share by an Indian shipping line to potentially save $50 billion annually by 2030 reported by the Federation of Indian Export Organisations(FIEO)
• According to data from GSTN, Uttar Pradesh (UP), Tamil Nadu, and Maharashtra are the top states in filing GST returns every month, showcasing robust economic activity and compliance levels
• A US District Judge, Margo Brodie, has rejected a proposed $30 billion antitrust settlement involving Visa and Mastercard, aimed at addressing fees charged to merchants who accept their credit and debit cards
• RailTel was honoured with the ET Government PSU Leadership & Excellence Award 2024 in the ‘Leadership in Digital Transformation’ category
• Garden Reach Shipbuilders & Engineers (GRSE) Ltd. was honoured with the “Sustainable Governance Champion Award” at the Outlook Planet Sustainability Summit & Awards 2024
• Tata Electronics has entered into a memorandum of understanding (MoU) with US-based chip design leader Synopsys to enhance process technology and foundry design capabilities at India’s first semiconductor fab in Dholera.
• The Indian Institute of Technology Madras (IIT Madras) and the University of Leeds, UK have signed a Memorandum of Understanding (MoU) to establish the Joint Virtual Centre of Excellence on Sustainable Development (VCoE-SD).
• Sri Lanka is set to sign agreements with India and Japan to restructure bilateral debt, marking significant progress in its economic recovery efforts
• India concluded their campaign at the Under-17 Asian Wrestling Championships in Amman, Jordan, with an impressive tally of 11 medals: four gold, two silver, and five bronze.
• Anush Agarwalla, an Asian Games medallist, has been chosen by the Equestrian Federation of India (EFI) to represent the nation in the dressage event at the upcoming Paris Olympics
• The Indian Olympic Association (IOA) has announced substantial cash awards for Indian athletes achieving medals at the Paris Olympic Games, scheduled from July 26 to August 11, 2024
• Several banks have sought clarity from the Reserve Bank of India (RBI) regarding the implementation of guidelines issued on March 6,2024 which mandate offering customers the option to choose from multiple card networks for credit cards.
• ICICI Bank’s market capitalization crossed the $100 billion mark for the first time.
• At end-March 2024, India’s external debt was US$ 663.8 billion, an increase of US$ 39.7 billion over end-March 2023.
• Travel booking platform ixigo has expanded its exclusive partnership with PhonePe to offer flight and bus bookings on the fintech platform’s app.
• Markets regulator Securities and Exchange Board of India (SEBI) revised its oversight framework for stock exchanges and other market infrastructure institutions (MIIs), defining the structure and responsibilities of various statutory committees to enhance governance.
• India’s current account recorded a surplus of $5.7 billion, equivalent to 0.6% of gross domestic product (GDP), in the January-March 2024 quarter.
• The Department of Financial Services (DFS) under the finance ministry instructed State Bank of India (SBI) to form a committee on co-lending in May 2024.
• S&P Global Ratings retained India’s Gross Domestic Product (GDP) growth forecast for the current financial year (FY 2024-25) at 6.8%.
• The Telangana government is planning to set up ‘integrated residential campuses’, comprising Scheduled Castes (SC), Scheduled Tribes (ST), Backward Class (BC), and minority residential schools, in all assembly constituencies.
• Indian Army engineers constructed a 150-foot suspension bridge in north Sikkim in less than 48 hours.
• Defence Services Staff College (DSSC), Wellington,Tamil Nadu (TN) and Defence Services Command and Staff College (DSCSC), Mirpur, Dhaka,Bangladesh have inked a Memorandum of Understanding (MoU) for cooperation concerning Military Education in the field of Strategic and Operational Studies.
• Biocon Biologics Limited. (BBL), a global, integrated biosimilars company and a subsidiary of Biocon Limited., has received approval from the European Medicines Agency (EMA) to manufacture biosimilar Bevacizumab at its new, world-class, multi-product monoclonal antibodies (mAbs) drug substance facility at Bengaluru, Karnataka.
• English statistician and one of the inventors of the Duckworth-Lewis-Stern (DLS) method, Frank Duckworth passed away at the age of 84.