Daily Current Affairs 28 June 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

State Bank of India Secures ₹10,000 Crore Through 15-Year Infrastructure Bonds at 7.36% Interest Rate

• The State Bank of India (SBI) has raised Rs 10,000 crore through 15-year infrastructure bonds to fund projects in sectors like power, roads etc.
• The coupon rate for bonds is 7.36%.
• With the current issuance, the total outstanding Long-Term Bonds issued by the country’s largest bank is at Rs 49,718 crore.
• The issuance will help in developing a long-term bond curve and encourage other banks to issue bonds of longer tenor.

Key Highlights :

• Interest Rate Spread : The coupon of 7.36 represents a spread of 21 bps over the corresponding government bond yield curve.
• Ratings and Previous Issuance:The instrument is rated AAA with a stable outlook.
• In September 2023, SBI placed a 15-year infrastructure bond at a coupon of 7.49%.
• Oversubscription and Investor Interest:The bond issue was oversubscribed by around 4 times the base issue size of ₹5,000 crore, attracting bids in excess of ₹19,884 crore.
• A total of 143 bids were received, indicating wide participation from various investors including provident funds, pension funds, insurance companies, mutual funds, and corporates.
• Regulatory Exemptions:The funds raised through infrastructure bonds are exempt from regulatory reserve requirements such as Statutory Liquidity Ratio (SLR) and Cash Reserve Ratio (CRR).

Recent News :

• In June 2024, SBI, announced that its board has approved a plan to raise to $3 billion through debt in the current financial year.

About SBI : 

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

Securities and Exchange Board of India Provides Flexibility, Eases ‘Trading Plan’ Regulations for Insiders

• The Securities and Exchange Board of India (Sebi) has made it significantly easier for insiders to trade in shares of their companies by amending the Prohibition of Insider Trading (PIT) regulations.
• The amended norms provide flexibility in the ‘trading plan’ of a company’s key managerial personnel and will come into effect after 3 months.

Definition of Insiders:

• Insiders are individuals within a company who have access to Unpublished Price-Sensitive Information (UPSI), typically senior management and officials.

Key Amendments:

• Reduction in Cooling-Off Period: The time required for insiders to inform the board about their buy/sell decision has been reduced from six months to four months.
• Price Limits: Insiders can now set price limits within a range of 20% (both upper and lower) from the closing price on the day they submit the trading plan.
• Cancellation of Trading Plan: Insiders have the flexibility to cancel the trading plan.
• Execution Flexibility: They can choose not to execute trades if the execution price falls outside the predetermined limits set in the trading plan.
• Compliance Requirements:According to Sebi guidelines, these insiders have to get approval for the ‘trading plan’, which specifies the share price, amount and transaction date in advance so as to not coincide with any news leaks.
• If trades are not executed as per the plan, insiders must inform the company’s compliance officer within two trading days after the plan ends, providing reasons and supporting documents.

DBS Group Forecasts India’s Gross Domestic Product Growth of 7.1% in 2024  

• DBS Group expects India’s Gross Domestic Product (GDP) growth to be resilient at 7.4% for the April-June 2024 quarter.
• This forecast is higher than the RBI’s projection of 7.3% for the same period.
• For the entire calendar year 2024, DBS Group forecasts India’s GDP growth at 7.1%.

Key Highlights :

• Factors Influencing Moderate Growth (April-June 2024):The expected slight slowdown in GDP growth is attributed to deterioration in industrial production, credit, freight traffic, and government capital expenditure.
• Current Account Trends : Narrowing Deficit (FY23 vs. FY24): DBS Group notes India’s current account deficit narrowed to -0.7% of GDP (approximately $23 billion) in FY24, an improvement from -2.0% of GDP (around $67 billion) in FY23.
• Recent performance: A current account surplus of $5.7 billion (+0.6% of GDP) was recorded in Q4 FY24 (Jan-Mar 2024), driven by improvements in the goods trade balance and services trade surplus.
• Forecast for FY25:For FY25, DBS Group expects the current account deficit to widen to approximately -1 to -1.2% of GDP.

About DBS Bank Limited :

• Founded : 16 July 1968
• Headquarters : Singapore
• Chairman : Peter Seah
• CEO : Piyush Gupta

RBI Introduces ‘Finquiry’ Initiative for Direct Engagement of Fintechs with Regulator  

• The Reserve Bank of India (RBI) has launched an exclusive 2-hour window called ‘Finquiry’ for fintechs to visit the FinTech department of the RBI in Mumbai, Maharashtra.
• Aim : To provide a platform for fintechs to seek clarity and discuss fintech-related queries directly with RBI officials.
• RBI has opened the window from 26th June and this will be available on the last working Wednesday of every month from 3 to 5 pm.

Benefits of the Initiative :

• Foster better communication and understanding between RBI and fintech companies.
• It will help fintechs navigate the regulatory landscape, clarify compliance queries and further discuss innovation related concerns.

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

Federal Bank Introduces UPI-Enabled RuPay Wave Credit Card  

• Federal Bank, in partnership with the National Payments Corporation of India (NPCI), has launched the RuPay Wave Credit Card, which will allow customers to utilise Unified Payments Interface (UPI)-powered transactions on the RuPay network.
• This card combines the features of RuPay credit cards with the functionality of UPI payments.
• Cardholders can link the RuPay Wave Credit Card to their UPI applications, enabling transactions via mobile devices.

Card Features

• Fed Mobile Application: Offers a simple 2-click journey for transactions via mobile banking.
• Fees: No Annual Maintenance Charges (AMC) or joining fees.
• Cashback: Provides 10% cashback on the first five UPI transactions made using the Wave Credit Card.
• Reward Points: Earns 1,000 bonus reward points upon quarterly spends of Rs 50,000 as a milestone benefit.
• In August 2023, SBI Card announced linking its credit cards on the RuPay platform with UPI, in collaboration with NPCI.

About Federal Bank :

• Established : 23 April 1931
• Headquarters : Aluva, Kochi, Kerala, India
• MD & CEO : Shyam Srinivasan
• Tagline : Your Perfect Banking Partner

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.

ACE Collaborates with Bank of Baroda for Construction Equipment Financing    

• Action Construction Equipment Limited. (ACE), a prominent player in India’s construction equipment manufacturing sector, has entered into a Memorandum of Understanding (MoU) with Bank of Baroda (BoB) to facilitate financing solutions for construction equipment businesses.
• The MoU was signed by Mr. Manish Handa, VP & Business Head of the Earthmoving Equipment Division at ACE, and Mr. Dhrubashish Bhattacharya, Head of MSME & Co-Lending at Bank of Baroda.

Purpose and Benefits:

• Objective: To facilitate financing solutions for construction equipment businesses.
• Customer Access: ACE customers will have access to tailored financing options provided by Bank of Baroda.
• Support for Businesses: The agreement aims to support construction equipment businesses, local entrepreneurs, and startups by offering seamless access to financing.

What is meant by Equipment Financing?

• Definition: Equipment financing is a credit facility that helps businesses finance equipment and machinery needs.
• Uses: Funds can be used to buy, lease, upgrade, or repair equipment quickly.

About Action Construction Equipment Limited :

• Founded : 1995
• Headquarters :Faridabad, Haryana, India
• Chairman & MD : Vijay Agarwal

About BoB :

• Established : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India’s International Bank

SEBI Constitutes 15-Member Working Group to Review Derivative Trading Norms

• The Securities and Exchange Board of India (Sebi) has formed a working group to review derivatives trading norms with an aim of enhancing investor protection and risk management.
• The 15-member panel will be headed by G Padmanabhan, former executive director of Reserve Bank of India (RBI).

Key Highlights :

• Tasks Assigned : It will be tasked with market development and regulation to enhance risk architecture of exchange-traded derivatives and investor protection.
• Composition of the Working Group : The working group has representatives from the market ecosystem like the exchanges, brokers and academicians.

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.

CURRENT AFFAIRS: NATIONAL NEWS

Urban Affairs Ministry to revamp affordable housing scheme

• The Pradhan Mantri Awas Yojana (Urban), launched in 2015, is set to be revamped with new features.
• The scheme aims to provide affordable housing for the urban poor and will continue until December 2024.

Three New Categories for Assistance

• The revamped PMAY-U 2.0 will include three categories: Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG).
• A key focus will be ensuring timely assistance to beneficiaries to avoid past delays.

Expected Changes in PMAY-U 2.0

Income Category Reassessment

• The Middle Income Group (MIG) category might be simplified or revised to better target beneficiaries.

Budget Allocation

• The upcoming Union Budget for 2024-25 is expected to allocate funds for PMAY-U 2.0, emphasizing continued commitment to affordable housing.

Achievements of PMAY-U

Housing for Millions

• Over 1.14 crore houses have been grounded for construction, with more than 84 lakh completed and delivered.

Empowering Women

• The scheme prioritizes women’s ownership, with over 94 lakh houses registered in the name of female members or under joint ownership.

Innovative Construction

• PMAY-U promotes new construction technologies through Light House Projects (LHPs), showcasing affordable housing solutions built using innovative methods for faster completion times.

Trained cops, new apps: Centre readies for the rollout of three criminal laws

• Parliament passed three new laws in its winter session: Bharatiya Nyaya Sanhita (BNS) 2023, Bharatiya Nagarik Suraksha Sanhita 2023, and Bharatiya Sakshya Adhiniyam 2023.
• These laws, replacing the Indian Penal Code, the Code of Criminal Procedure, and the Indian Evidence Act respectively, are set to be implemented from July 1, 2024.

Preparatory Measures

• The Centre has undertaken extensive preparations, including the training of nearly four million grassroots functionaries and half a million police and prison personnel.
• This training aims to ensure a smooth transition and effective implementation of the new laws.

Technology Integration

• The laws emphasize the use of technology in the criminal justice system.
• The National Informatics Centre (NIC) has developed three apps — eSakshya, NyayShruti, and eSummon — to facilitate electronic videography, photography of crime scenes, judicial hearings, and delivery of court summons.

Opposition and Parliamentary Review

• Members of the parliamentary standing committee on home, from the Opposition, expressed dissent in their final report on these laws.
• Recently, there have been calls for a parliamentary review of the laws, with West Bengal Chief Minister Mamata Banerjee urging Prime Minister Narendra Modi to halt their implementation.

NHAI lowers construction target by 22% for FY25

• The National Highways Authority of India (NHAI) aims to construct 5,000 km of highways in the current financial year(2024).
• This target is 22% lower than the 6,444 km constructed last year.

Previous Performance

• In the previous financial year, NHAI constructed 6,444 km of highways, a 20% increase from the 5,544 km built in 2022-23.
• So far, NHAI has completed 762.3 km of highways, with a total of 1,288 km constructed in April-May 2024, compared to 1,465 km in the same period last year.

Reasons for Target Reduction

• The slowdown in construction and awarding new projects can be attributed to the model code of conduct in force during most of the first quarter.
• No new projects were awarded in April-May 2024, whereas 382 km were awarded in the same period last year.

Budget and Project Award Restrictions

• The Finance Ministry directed the Ministry of Road Transport and Highways (MoRTH) in October to halt new works and contracts under the Bharatmala programme due to budget overruns and missed deadlines.
• NHAI has not yet finalized the target for awarding new projects, though bids for eight highway stretches totalling 297 km have been invited.
• To attract private developers, MoRTH has introduced a new Model Concession Agreement (MCA).

Road Construction Outlook

Future Projections

• Analysts predict that India’s road construction will grow by 5%-8% to 12,500 km-13,000 km in fiscal 2025, following a 20% expansion in fiscal 2024.
• This growth will be supported by a healthy pipeline of projects, increased government capital outlay, and a focus on project completion by MoRTH.
• As of March 2024, MoRTH’s project award pipeline remains strong, exceeding 45,000 km despite the FY 24 slowdown.

I&B Ministry looking to simplify the self-declaration certificate process for ads

• The Information & Broadcasting Ministry is addressing challenges raised by industry bodies regarding the mandatory self-declaration certificate (SDC) for advertisements.
• A meeting held recently with industry representatives highlighted difficulties in obtaining SDCs, including portal glitches and procedural complexities.

Proposed Actions

• Formation of Committee: The Ministry is likely to establish a committee to gather industry feedback, which will inform submissions to the Supreme Court.
• Consultation with Solicitor General: Views from the Solicitor General of India may be sought to address legal aspects of the issue.

Industry Challenges

• Implementation Issues: Self-declaration norms, effective since June 18, have faced implementation hurdles, hindering the release of new advertisements.
• Portal Glitches: Technical issues on the SDC generation portals have been cited as major impediments.
• Confidentiality Concerns: Industry stakeholders have expressed concerns about confidentiality and ambiguities in certain procedural aspects.

Way Forward

• The Ministry aims to streamline the SDC process to facilitate smoother compliance for advertisers.
• By incorporating industry feedback and legal perspectives, efforts are underway to resolve operational challenges and ensure clarity in regulatory requirements.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Finland to Launch World’s First Bird Flu Vaccinations for Humans   

• Finland is the first country to start offering preemptive bird flu vaccinations to certain workers exposed to animals.

Key Highlights :

• Target Population: Vaccines will be administered to workers at fur and poultry farms, lab technicians handling bird flu samples, veterinarians working as animal control officers, and people working in sanctuaries for wild birds, livestock farms, and animal by-product processing plants.
• Age Group: The vaccine is available to those aged 18 and over who are at higher risk of contracting avian influenza.
• Number of Vaccines Secured: Finland has secured vaccines for 10,000 people through a joint EU procurement effort.
• Source of Vaccines: The joint EU procurement effort included up to 40 million doses for 15 nations from CSL Seqirus.
• Start Date: Vaccinations will begin next week in some parts of Finland.
• Past Outbreaks: Significant bird flu outbreaks occurred last year among mink and foxes at Finland’s fur farms, leading to the culling of about 485,000 animals.

About Bird Flu (Avian Influenza) :

• Bird flu is widespread globally.
• Among the many strains of bird flu, H5N1 is a significant one, circulating among birds.
• The viruses have caused outbreaks in poultry flocks and mammals.
• The disease causes influenza A virus.
• As per the US Centers for Disease Control and Prevention (CDC), the symptoms can range from mild such as cough, headache, sore throat and fever, to severe conditions like pneumonia requiring hospitalisation in humans.

About Finland :

• President : Alexander Stubb
• Prime Minister : Petteri Orpo
• Capital : Helsinki
• Currency : Euro

Apple Becomes 1st Company Charged With Violating EU’s Digital Markets Act Rules   

• The European Union (EU) has initiated a new investigation into Apple’s support for alternative iOS marketplaces in Europe under the Digital Markets Act (DMA).
• The investigation focuses on Apple’s App Store “steering” policies, which allegedly violate the DMA aimed at promoting competition.
• Apple is the first company to be charged with violating the DMA, a law enacted in 2022 to empower EU regulators to mandate changes in business practices of major online platforms.
• The European Commission is expected to open a separate investigation regarding Apple’s support for alternative iOS marketplaces in Europe.

Previous Fine and Potential Penalties

• Previous Fine: Apple was fined €1.84 billion (approximately $2 billion) by the EU’s antitrust regulators in a previous case related to the App Store’s anti-steering practices.
• This case predates the DMA.
• Potential Fine: Under the DMA, Apple could face fines of up to 10% of its annual global revenue for infringement. Based on last year’s figures, this could amount to $38 billion.
• Repeat infringements may lead to fines up to 20% of annual global revenue.

About Apple Inc :

• Founded : April 1, 1976
• Headquarters : California, United States
• Chairman : Arthur Levinson
• CEO : Tim Cook

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

S N Subrahmanyan takes over as Chairman of LTIMindtree following A M Naik’s resignation

• Global technology consulting and digital solutions company LTIMindtree has appointed veteran S N Subrahmanyan, (Vice-Chairman) as Chairman with effect from June 27,2024.
• He succeeds A M Naik, who announced his decision to step down at the company’s 28th Annual General Meeting.

About S N Subrahmanyan :

• Subrahmanyan joined the board of L&T Infotech in 2015 and became Vice Chairman in 2017.
• He played a crucial role in the acquisition of Mindtree in 2019 and the subsequent merger of L&T Infotech and Mindtre.

About A M Naik :

• Naik served as Chairman of the National Skill Development Corporation from November 2018 to April 2022.
• He was also Chairman of the board of governors at the Indian Institute of Management – Ahmedabad from 2012 to 2016.
• His contributions to society were honoured with the Padma Vibhushan, one of India’s highest civilian awards, in 2019.

About LTIMindtree Limited :

• Founded : 23 December 1996
• Headquarters : Mumbai, Maharashtra

Om Birla, National Democratic Alliance Candidate, Re-elected as Lok Sabha Speaker   

• Om Birla, a member of the National Democratic Alliance (NDA) and MP from Kota, has been re-elected as the Speaker of the Lok Sabha.
• He previously served as the Speaker in the previous Lok Sabha term.
• Om Birla’s re-election makes him the first person in 25 years to hold the position for a second term.
• The motion for his election, moved by Prime Minister Narendra Modi and seconded by Defence Minister Rajnath Singh, was adopted through voice votes.
• B Mahtab, serving as the Pro-tem Speaker, made the official announcement after the Opposition, which had put forward Congress MP Kodikunnil Suresh as its candidate, chose not to press for votes.
• The election of Om Birla as Speaker marks a significant moment in the ongoing session of the 18th Lok Sabha, which commenced on June 24 and is scheduled to conclude on July 3, 2024.

About Om Birla :

• In 2024, he became the first person in 20 years to be re-elected as an MP to the lower house, after serving as the Speaker of the Lok Sabha, and also the one of the only two MPs to be appointed the speaker twice.
• He was also a member of the Rajasthan Legislative Assembly representing Kota South Assembly constituency from 2003 to 2014.

About Lok Sabha :

• The Lok Sabha is the lower house of India’s bicameral Parliament.
• It represents the people of India and has significant legislative and oversight functions.
• The upper house is known as the Rajya Sabha.

Aditya Birla Sun Life Asset Management Company Reappoints Balasubramanian as Managing Director

• A Balasubramanian has been reappointed as Managing Director (MD) and Chief Executive Officer (CEO) of Aditya Birla Sun Life Asset Management Company (ABSL AMC) for three years, starting from 25th July, 2024.

About A Balasubramanian :

• He has over three decades of experience and has been associated with ABSL AMC since 1995.
• Before becoming CEO in 2009, he served as Chief Investment Officer from 2006 to 2009.
• As MD & CEO, he oversees assets worth over Rs 3.20 lakh crore at ABSL AMC.

About Aditya Birla Sun Life AMC :

• Founded : 1994
• Headquarters : Mumbai, Maharashtra, India
• Ownership: Co-owned by Aditya Birla Capital and Sun Life (India) AMC Investments Inc.
• Primary Role: ABSL AMC functions as the investment manager for Aditya Birla Sun Life Mutual Fund.

Ministry of Home Affairs Appoints Manish Kumar Gupta as Principal Secretary (Home)   

• Manish Kumar Gupta, a senior IAS officer of the 1991-batch AGMUT cadre, has been appointed as Principal Secretary (Home) by the Ministry of Home Affairs (MHA).
• He succeeds Ashwani Kumar, another AGMUT cadre officer, who has been appointed as the Commissioner of the Municipal Corporation of Delhi (MCD).

Significance of Principal Secretary (Home) Post :

• Principal Secretary (Home) is one of the two posts in addition to the Chief Secretary of Delhi reserved for Centre-appointed bureaucrats on the three-member National Capital Civil Services Authority that was created following the enactment of the Government of National Capital Territory of Delhi (Amendment) Act, 2023.
• The body, which is chaired by the Delhi CM, has the power to recommend transfer, posting and vigilance matters related to all IAS and DANICS officers in the Capital.
• However, given its composition, IAS officers appointed directly by the Centre hold more sway in it compared to its Chairperson.

About MHA :

• Union Minister : Amit Shah
• Minister of State : Nityanand Rai, Bandi Sanjay Kumar

CURRENT AFFAIRS : DEFENCE NEWS

DRDO Transfers Medium Range-Microwave Obscurant Chaff Rocket to Indian Navy

• The Defence Research and Development Organisation (DRDO) handed over the Medium Range-Microwave Obscurant Chaff Rocket (MR-MOCR) to the Indian Navy at a ceremony held in New Delhi.

What is meant by Microwave Obscurant Chaff?

• MOC, a niche technology developed by DRDO’s Defence Laboratory in Jodhpur, obscures radar signals and creates a microwave shield around platforms and assets, thus reducing radar detection.

Key Highlights :

• Rocket Functionality : Special types of fibres, with a diameter of a few microns and unique microwave obscuration properties, have been assembled in the medium-range chaff rocket.
• The rocket, when fired, forms a microwave obscurant cloud in space spreading over a sufficient area, with adequate persistence time, creating an effective shield against hostile threats having radio frequency seekers.
• Trials and Demonstrations : The Phase-I trials of MR-MOCR were successfully conducted on Indian Navy ships, demonstrating the MOC cloud blooming and being persistent in space.
• In Phase-II trials, the Radar Cross-Section (RCS) reduction of an aerial target to the extent of 90% has been demonstrated and cleared by the Indian Navy.
• Handover Details : The number of MR-MOCR, meeting all the qualification requirements, have been successfully handed over to the Indian Navy.
• Secretary, Department of Defence R&D and Chairman DRDO, Dr. Samir V Kamat, handed over the MR-MOCR to Rear Admiral Brijesh Vashistha, Director General of Naval Armament Inspection, Indian Navy.

About DRDO :

• Formed : 1958
• Headquarters : New Delhi,India
• Chairman : Sameer V. Kamat
• The DRDO is an agency under the Department of Defence Research and Development in the Ministry of Defence of the Government of India.

About Indian Navy :

• Headquarters : New Delhi, Delhi
• Chief of Defence Staff : GeneralAnil Chauhan
• Chief of the Naval Staff : AdmiralDinesh K Tripathi

Mazagon Dock Shipbuilders Granted “Navratna” Status by the Department of Public Enterprises    

• Mazagon Dock Shipbuilders has been granted “Navratna” status by the Department of Public Enterprises.
• It has become the country’s 18th PSU to have been accorded this status.
• With this, Mazagon Dock joins the likes of Engineers India Limited (EIL), Container Corporation of India (CONCOR), Bharat Electronics Limited (BEL), Hindustan Aeronautics Limited (HAL), Rashtriya Chemicals and Fertilizers (RCF), National Aluminium Company (NALCO), NMDC Limited (formerly National Mineral Development Corporation), Rail Vikas Nigam Limited (RVNL), Indian Railway Construction Company Limited (IRCON), and Indian Renewable Energy Development Agency Limited (IREDA).

Privileges of Navratna Status:

• Investment Capacity: Authorized to undertake investments up to ₹1,000 crore without requiring approval from the central government.
• Investment Limitations: Allowed to invest up to 30% of their net worth within a year, provided it does not exceed ₹1,000 crore.
• Expansion Opportunities: Permitted to establish Joint Ventures, alliances, and subsidiaries abroad.

Criteria for Navratna Status :

• A Navratna company is also allowed to form Joint Ventures, alliances and establish subsidiaries abroad.
• In order to become a Navratna company, the PSU should first be a Miniratna company.

Performance Criteria:

• Rating Requirement: Must have consistently received an outstanding rating under the Memorandum of Understanding System for at least three out of the last five years.
• Composite Score: Needs to achieve a composite score of 60 or above across 6 key performance areas:

1. PBDIT to Capital Employed (15%)
2. Manpower Cost to Cost of Production or Services (15%)
3. Earnings per Share (10%)
4. Net Profit to Net Worth (25%)
5. PBIT to Turnover (15%)
6. Inter-Sectoral Performance (20%)

Recent News :

• In April 2024, IREDA was also granted Navratna status by the Department of Public Enterprises, with aspirations to achieve Maharatna status by 2030.

About Mazagon Dock Shipbuilders Limited (MDL) :

• Founded : 1934
• Headquarters : Mumbai, Maharashtra, India
• Chairman & MD : Sanjeev Singhal
• MDL is a public sector undertaking managed by the Ministry of Defence, with the Government of India holding an 84.83% stake.

Ministry of Defence Signs 350th iDEX Contract for Miniaturized Satellite

• The 350th contract under the Innovations for Defence Excellence (iDEX), the flagship initiative of the Ministry of Defence (MoD) was signed with SpacePixxel Technologies Private Limited for the design and development of a ‘miniaturised satellite capable of carrying electro-optical, infrared, synthetic aperture radar, and hyperspectral payloads up to 150 kgs.
• Signatories: The contract was exchanged between Anurag Bajpai, Additional Secretary (Defence Production) & CEO, Defence Innovation Organisation (DIO), and Awais Ahmed Nadeem Alduri, Founder and CEO of SpacePixxel Technologies.
• This challenge is being led by the Indian Air Force (IAF).
• The 150th iDEX contract was signed in December 2022.

Satellite Features

• Miniaturized Satellite: The small modular satellite will integrate multiple miniaturized payloads as per requirements.
• Advantages: Benefits include faster and economical deployment, ease of manufacturing, scalability, adaptability, and reduced environmental impact.

About iDEX Initiative :

• iDEX is the flagship initiative of the Ministry of Defence, launched in
• Aim of the Initiative : To cultivate an innovation ecosystem in the Defence and Aerospace sector by collaborating with startups, innovators, MSMEs, incubators, and academia.
• Funding and Management: Funded and managed by the Defence Innovation Organization (DIO), a ‘not for profit’ company established under the Companies Act 2013 by Defence Public Sector Undertakings (DPSUs) – HAL & BEL.
• Defence India Start-up Challenge : Established by the DIO under the Department of Defence Production, iDEX has launched 11 editions of the Defence India Start-up Challenge and recently unveiled the Acing Development of Innovative Technologies with iDEX (ADITI) scheme to promote innovations in critical and strategic defence technologies.
• Procurement : Till now, procurement of 35 items, worth over ₹2,000 crore, has been cleared.
• Recognition : The iDEX was the recipient of the Prime Minister Award for Public Policy in Innovation Category in 2021 and is currently engaged with over 400 start-ups and MSMEs.

About Ministry of Defence :

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

CURRENT AFFAIRS: BUSINESS NEWS

Union Minister Dr. Jitendra Singh announced grant of ‘Mini RATNA’ status (Category-1) for Central Electronics Limited (CEL)

• Union Minister Jitendra Singh announced that Central Electronics Limited (CEL) has been granted “Mini RATNA” status (Category-1).
• The announcement was made during CEL’s Golden Jubilee celebration at its Ghaziabad campus.

Recognition of Achievements

• Dr Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology and Earth Sciences, congratulated CEL on its 50th anniversary.
• He highlighted CEL’s transformation from a loss-making PSU to a dividend-paying one, paying dividends for three consecutive years at an increasing rate.

Financial Success

• CEL celebrated its 50th year with a net profit of approximately Rs 58 crore, a significant achievement.

Key Points

• Transformation: CEL’s journey from financial losses to profitability.
• Dividend Payment: Consistent dividends to the Government of India for three years.
• Golden Jubilee: Marking 50 years of service with notable financial success.

India’s remittance growth may slow down 50% in 2024 on lower inflow from Gulf: World Bank

• The World Bank forecasts a significant slowdown in India-bound remittance growth, from 7.5% last year to 3.7% in 2024.
• This decline is attributed to reduced inflows from Gulf Cooperation Council (GCC) countries, impacted by declining oil prices and production.

Financial Inflows and Projections

• In 2023, India received a robust $120 billion in remittances, driven by strong labour markets in the US and Europe.
• For 2024, the World Bank estimates $124 billion, with a slight increase to $129 billion in 2025.

Importance of Remittances

• Remittances are crucial for India’s economy, contributing to household incomes and foreign exchange reserves.

Global Remittance Leader

• India remains the top global recipient of remittances, surpassing countries like Mexico, China, the Philippines, and Pakistan.
• The country hosts 18.7 million emigrants, reflecting its significant diaspora worldwide.

Enhancing Remittance Processes

• India has taken steps to improve remittance efficiency, such as integrating its Unified Payments Interface with countries like the UAE and Singapore.
• The UAE, accounting for 18% of India’s remittances, benefits from a recent free trade agreement, facilitating transactions in local currencies and enhancing payment systems cooperation.

Flipkart group launches super. money to re-enter India’s fintech space

• Flipkart has introduced a beta version of its fintech app,super. money, available on the Play Store.
• The platform aims to capitalize on India’s growing digital financial services sector.

Key Features

• Apart from Unified Payments Interface (UPI) payments, money offers services such as credit, deposits, and credit cards.

Beta Phase and Future Plans

• The super. money team plans to gather customer feedback over the coming weeks to enhance the app further.
• This launch marks Flipkart’s entry into the fintech space, following the separation of PhonePe from the company.

PhonePe Dominance in UPI

• Bengaluru-based PhonePe leads the UPI transaction volumes, holding a substantial 49.2% market share as of May 2024.
• Google Pay follows with 37.5%, while Paytm holds an 8.21% share, reflecting the concentrated nature of India’s UPI market.
• The launch of supermoney addresses concerns about duopoly in India’s UPI space, where PhonePe and Google Pay dominate with an 87% combined market share.

CURRENT AFFAIRS: AWARDS AND HONOURS

Sanjana Thakur Wins 2024 Commonwealth Short Story Prize

• Sanjana Thakur has been named the overall winner of the 2024 Commonwealth Short Story Prize.
• The prize, valued at £5,000 (approx. $8,664.38 Cdn), recognises the best piece of unpublished short fiction from the Commonwealth’s 56 member states.

Winning Story: Aishwarya Rai

• Thakur’s story, Aishwarya Rai, initially won the Asia category before being selected as the overall winner.
• This prestigious recognition underscores Thakur’s exceptional storytelling skills.

About the Prize

• The Commonwealth Short Story Prize is awarded annually.
• It selects the best short fiction from five regional winners: Africa, Asia, Canada and Europe, Caribbean, and Pacific.

About Sanjana Thakur

• Thakur is originally from Mumbai, India.
• She is currently based in the S. and pursuing an MFA in Fiction at UT Austin’s New Writers Project.

CURRENT AFFAIRS: RANKING AND REPORTS

Tata, Infosys among most valuable Indian brands: Brand Finance 2024 report

• Tata Group and Infosys have topped Brand Finance’s annual report on the most valuable Indian brands for 15 consecutive years.
• Its brand value increased by 9% over 2023, reaching $28.6 billion, nearing the $30-billion benchmark for the first time.

Top Three Brands

• Tata Group: Maintained the top position with a brand value of $28.6 billion, reflecting a 9% growth.
• Infosys: Retained the second spot with a brand value of $14.2 billion, also showing a 9% growth.
• HDFC Group: Climbed to the third spot due to its merger with HDFC Ltd., with a brand value surge of 38%.

Overall Rankings

• The India 100 report by Brand Finance evaluated over 250 Indian brands across various sectors, including IT, hospitality, automotives, and retail.

Top 10 Most Valuable Indian Brands

1. Tata Group: $28.6 billion
2. Infosys: $14.2 billion
3. HDFC Group: Notable 38% increase in brand value
4. LIC Group
5. Reliance
6. SBI Group: Second most valuable bank in India
7. Airtel
8. HCL Tech: Jumped from 10th to 8th place
9. Larsen & Toubro: New entrant on the list
10. Mahindra

Sectoral Highlights

• IT Sector: Dominated by Tata Group and Infosys, showing strong growth and retaining top positions.
• Banking Sector: HDFC Group’s significant growth due to merger, followed by SBI Group as the second most valuable bank.
• Telecom Sector: Airtel maintained a strong presence.
• Engineering and Automotives: Larsen & Toubro and Mahindra showcased notable brand values

CURRENT AFFAIRS: MOUS AND AGREEMENT

Adani Defence, Thales Tie Up To Make Rockets In India

• Adani Defence & Aerospace has signed an agreement with Thales Group to manufacture rockets in India.
• This partnership supports the Indian government’s “Make in India” initiative.

Significance of the Partnership

• Thales Group highlights the partnership’s importance for their commitment to India and their global partner network.
• The collaboration is expected to contribute significantly to India’s defence sector growth.

Recent Collaboration with EDGE Group

• Earlier this month, Adani Defence & Aerospace also signed an agreement with EDGE Group from the UAE.
• The partnership aims to create a global platform combining the defence and aerospace capabilities of both companies.
• The agreement includes exploring R&D facilities in India and the UAE.
• Development, production, and maintenance facilities will serve local, Southeast Asian, and global markets.

Adani Defence & Aerospace Overview

• Part of the Adani Group, Adani Defence & Aerospace is a leader in designing, developing, and manufacturing advanced defence products.
• The company is committed to advancing India’s defence and aerospace capabilities through strategic global partnerships.

CURRENT AFFAIRS: SPORTS NEWS

Travis Head Becomes World No. 1 in ICC T20I Men’s Batting Rankings

• Travis Head, the Australian opener, has ascended to the 1 spot in the ICC T20I Men’s Batting Rankings.
• Head moved up four places following his stellar T20 World Cup 2024 performance.

Replacing Suryakumar Yadav

• Head replacedIndia’s Suryakumar Yadav, who previously held the top position.
• This marks a significant achievement for Head, who is now recognized as the top batter in T20 cricket.

Top Five Batters

1. Travis Head (Australia)
2. Suryakumar Yadav (India)
3. Phil Salt (England)
4. Babar Azam (Pakistan)
5. Mohammad Rizwan (Pakistan)

World Cup Performance

• Head was among the top run-scorers in the T20 World Cup 2024.
• He scored 255 runs at an average of 42.50 from seven matches, significantly boosting his rankings.

Key Statistics

• Runs Scored: 255
• Average: 42.50
• Matches Played: 7

CURRENT AFFAIRS : OBITUARIES

Former Foreign Secretary Muchkund Dubey, Who Led During Cold War’s End, Passed Away   

• Former Foreign Secretary Muchkund Dubey, who steered India’s foreign affairs establishment towards the end of the Cold War and the post-Cold War phase in the early 1990s, passed away.

About Muchkund Dubey :

• Dubey born in 1933 in Jasidih (then part of Santhal Pargana, Bihar, now Jharkhand), joined the Indian Foreign Service (IFS) in 1957.
• He served under Prime Ministers Jawaharlal Nehru, Rajiv Gandhi, Vishwanath Pratap Singh, and P.V. Narasimha Rao during his career.
• He served as India’s 17th Foreign Secretary from 1990 to 1991, a critical period encompassing the end of the Cold War and the early post-Cold War era.
• He held significant diplomatic postings including Indian High Commissioner to Bangladesh and Permanent Representative of India at the United Nations in Geneva (1982-1985).
• Notably, he held the prestigious position of India’s 17th Foreign Secretary from 1990 to 1991.
• He also served as the president of the New Delhi-based Council for Social Development (CSD).

Honours :

• Because of his scholarly contributions, Mr. Dubey was honoured with a D.Litt (Honoris Causa) by the Calcutta University in 2015.

Daily CA One-Liner: June 28     

• The State Bank of India (SBI) has raised Rs 10,000 crore through 15-year infrastructure bonds to fund projects in sectors like power, roads etc.
• The Securities and Exchange Board of India (Sebi) has made it significantly easier for insiders to trade in shares of their companies by amending the Prohibition of Insider Trading (PIT) regulations.
• DBS Group expects India’s Gross Domestic Product (GDP) growth to be resilient at4% for the April-June 2024 quarter.
• The Reserve Bank of India (RBI) has launched an exclusive 2 hour window called ‘Finquiry’ for fintechs to visit the FinTech department of the RBI in Mumbai, Maharashtra.
• Federal Bank, in partnership with the National Payments Corporation of India (NPCI), has launched the RuPay Wave Credit Card, which will allow customers to utilise Unified Payments Interface (UPI)-powered transactions on the RuPay network.
• Action Construction Equipment Limited. (ACE), a prominent player in India’s construction equipment manufacturing sector, has entered into a Memorandum of Understanding (MoU) with Bank of Baroda (BoB) to facilitate financing solutions for construction equipment businesses.
• The Securities and Exchange Board of India (Sebi) has formed a working group to review derivatives trading norms with an aim of enhancing investor protection and risk management.
• Finland is the first country to start offering preemptive bird flu vaccinations to certain workers exposed to animals.
• The European Union (EU) has initiated a new investigation into Apple’s support for alternative iOS marketplaces in Europe under the Digital Markets Act (DMA).
• Global technology consulting and digital solutions company LTIMindtree has appointed veteran S N Subrahmanyan, (Vice-Chairman) as Chairman with effect from June 27,2024.
• Om Birla, a member of the National Democratic Alliance (NDA) and MP from Kota, has been re-elected as the Speaker of the Lok Sabha.
• A Balasubramanian has been reappointed as Managing Director (MD) and Chief Executive Officer (CEO) of Aditya Birla Sun Life Asset Management Company (ABSL AMC) for three years, starting from 25th July, 2024.
• Manish Kumar Gupta, a senior IAS officer of the 1991-batch AGMUT cadre, has been appointed as Principal Secretary (Home) by the Ministry of Home Affairs (MHA).
• The Defence Research and Development Organisation (DRDO) handed over the Medium Range-Microwave Obscurant Chaff Rocket (MR-MOCR) to the Indian Navy at a ceremony held in New Delhi.
• Mazagon Dock Shipbuilders has been granted “Navratna” status by the Department of Public Enterprises.
• The 350th contract under the Innovations for Defence Excellence (iDEX), the flagship initiative of the Ministry of Defence (MoD) was signed with SpacePixxel Technologies Private Limited for the design and development of a ‘miniaturised satellite capable of carrying electro-optical, infrared, synthetic aperture radar, and hyperspectral payloads up to 150 kgs.
• Former Foreign Secretary Muchkund Dubey, who steered India’s foreign affairs establishment towards the end of the Cold War and the post-Cold War phase in the early 1990s, passed away.
• The Pradhan Mantri Awas Yojana (Urban), launched in 2015, is set to be revamped with new features
• Parliament passed three new laws in its winter session: Bharatiya Nyaya Sanhita (BNS) 2023, Bharatiya Nagarik Suraksha Sanhita 2023, and Bharatiya Sakshya Adhiniyam 2023
• The National Highways Authority of India (NHAI) aims to construct 5,000 km of highways in the current financial year(2024).
• The Information & Broadcasting Ministry is addressing challenges raised by industry bodies regarding the mandatory self-declaration certificate (SDC) for advertisements
• Union Minister Jitendra Singh announced that Central Electronics Limited (CEL) has been granted “Mini RATNA” status (Category-1).
• The World Bank forecasts a significant slowdown in India-bound remittance growth, from 7.5% last year to 3.7% in 2024.
• Flipkart has introduced a beta version of its fintech app,super. money, available on the Play Store
• Sanjana Thakur has been named the overall winner of the 2024 Commonwealth Short Story Prize
• Tata Group and Infosys have topped Brand Finance’s annual report on the most valuable Indian brands for 15 consecutive years
• Adani Defence & Aerospace has signed an agreement with Thales Group to manufacture rockets in India
• Travis Head, the Australian opener, has ascended to the 1 spot in the ICC T20I Men’s Batting Rankings