Daily Current Affairs 29 June 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Highlights Concerns Over Delinquencies in Non-Banking Finance Companies Consumer Credit

• While there has been an improvement in the overall credit quality of consumer credit, the Reserve Bank of India’s Financial Stability Report highlighted 3 areas of concern regarding consumer loans from non-banking finance companies (NBFC).

Key Highlights of the Report :

• Delinquency Levels and Borrower Profiles:First, delinquency levels among borrowers with retail loans below Rs 50,000 remain high.
• The report particularly pointed to NBFC-fintech lenders, which have the highest share in sanctioned and outstanding amounts and also have the second highest delinquency levels, only below that of small finance banks.
• Vintage Delinquency in Personal Loans:Second, vintage delinquency, which is a measure of slippage, remains relatively high in personal loans at 8.2%.
• Borrower Behaviour and Loan Stacking:The third aspect, the report says, is that a little more than half of the borrowers in this segment have three live loans at the time of origination and more than one-third of the borrowers have availed more than three loans in the last six months.
• Risk to Systemic Stability:Some NBFCs growing rapidly with low capital buffers pose risks to systemic stability, highlighting the need for close monitoring.
• Impact on Consumer Credit Growth:The report noted that even as inquiry volumes remain robust, the impact of an increase in risk weights on certain segments of consumer credit pulled down the rate of growth in overall consumer credit, especially personal loans and credit cards.
• Regulatory Action and Impact on NBFCs:In November,2023 the regulator increased risk weights for unsecured loans for both banks and NBFCs.
• Following this increase, the share of unsecured loans in the total advances of NBFCs dropped sharply to 22.9% in March 2024, down from 32.2% in March 2023.
• Moderation in Retail Lending Growth:Retail lending by NBFCs experienced a slowdown in growth, decreasing to 14.8% in March 2024 compared to 16.6% in March 2023.

What is delinquency in banking?

• If an account is delinquent, it means that payments have not been made on time.
• This can refer to things like credit card bills, loan payments, or utility bills.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D. Patra

AU Small Finance Bank Plans to Raise Rs 11,000 Crore Through Combination of Equity and Debt

• The board of directors of AU Small Finance Bank Limited. approved plans to raise Rs 11,000 crore through equity and debt instruments.
• Rs 5,000 crore will be raised through qualified institutional placement (QIP) and other modes, subject to regulatory approvals.
• Another Rs 6,000 crore will be raised via debt instruments such as bonds and non-convertible debentures, approved by the RBI.
• As of March 2024, AU Small Finance Bank reported gross advances of Rs 73,999 crore and deposits of Rs 87,182 crore.
• Its advances grew 25% year-on-year growth while deposit rose 26%.
• In another development, microfinance lender Satin Creditcare Network plans to raise Rs 50 crore through private placement of bonds at a 10.5% annual interest rate, payable monthly, starting July 4 for a 30-month period.

Recent News:

• In June 2024, private equity firm WestBridge Capital sold a 1.7% stake in AU Small Finance Bank for Rs 845 crore through an open market transaction.

About AU Small Finance Bank Limited :

• Founded : 1996
• Headquarters : Jaipur, Rajasthan, India
• MD & CEO : Sanjay Agarwal
• AU Small Finance Bank Limited is an Indian scheduled commercial small finance bank and India’s largest tech-led small finance bank.

Reserve Bank of India Introduces SAARC Currency Swap Framework for 2024-2027

• The Reserve Bank of India (RBI), with the Government of India’s concurrence, has decided to put in place a revised framework on currency swap arrangement for SAARC (South Asian Association for Regional Cooperation) countries for the period 2024 to 2027.
• SAARC has 8 member countries (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri-Lanka).

Key Highlights :

• Bilateral Swap Agreements : Under this Framework, the RBI would enter into bilateral swap agreements with SAARC central banks, who want to avail of the swap facility.
• Purpose of Currency Swap Facility : It may be recalled that the SAARC Currency Swap Facility came into operation on November 15, 2012 with an intention to provide a backstop line of funding for short term foreign exchange liquidity requirements or balance of payment crises of the SAARC countries till longer term arrangements are made.
• INR Swap Window : Under the Framework for 2024-27, a separate INR Swap Window has been introduced with various concessions for swap support in Indian Rupee.
• The total corpus of the Rupee support is ₹250 billion.
• USD/Euro Swap Window : The RBI will continue to offer swap arrangements in US$ and Euro under a separate US Dollar/ Euro Swap Window with an overall corpus of US$ 2 billion.
• Availability and Conditions : The Currency Swap Facility will be available to all SAARC member countries, subject to their signing the bilateral swap agreements.

Currency Swap: A currency swap is an agreement in which two parties exchange the principal amount of a loan and the interest in one currency for the principal and interest in another currency.

About SAARC :

• Established : 8 December 1985
• Headquarters : Kathmandu, Nepal
• Secretary General : Golam Sarwar

Indian Banks’ Non-Performing Loan Ratio Hits 12-Year Low: Reserve Bank of India Report

• According to the RBI’s Financial Stability Report, the gross non-performing asset (GNPA) ratio of Indian banks fell to a 12 year low of 2.8% in March 2024 and is expected to reduce further down to 2.5% by the end of the financial year 2024-25.

What is the gross non-performing asset ratio for banks?

• This ratio refers to the proportion of the total value of bad loans, which are bank loans that are unlikely to be repaid (also known as gross non-performing assets), to the total assets the bank has or the total loans it has given.
• A lower GNPA ratio means the number of loans that may go unpaid are less and can be a positive indicator.
• In September, the ratio was 3.2%, highlighting a significant improvement now.

What is the net non-performing asset ratio for banks?

• The net non-performing asset (NNPA) ratio also declined to 0.6% this March, compared to 0.8% last September.
• The NNPA ratio is the proportion of bad loans which the bank has actually created a provision for, compared to the total assets of the bank.

What type of bank loans are these?

• Total loans given by banks increased during the second half of the financial year 2023-24 in public sector banks and foreign banks, while it moderated for private banks.
• Loans to the services sector as well as personal loans saw the most increase among all banks.
• Personal loans accounted for more than half of private banks’ credit growth, which was led by housing loans, followed by other personal loans.
• Stress Scenario:Under severe stress scenarios, GNPA ratios may increase:
• Public Sector Banks (PSBs): From 3.7% (March 2024) to 4.1% (March 2025).
• Private sector banks (PBs): From 1.8% to 2.8%.
• Foreign banks (FBs): From 1.2% to 1.3%.

About Financial Stability Report (FSR) :

• Published by RBI, the FSR assesses the resilience of the Indian financial system and identifies risks to financial stability.
• It reflects the collective assessment of the Financial Stability and Development Council (FSDC) Sub-Committee.

RBL Bank Plans to Raise ₹6,500 Crore Through Qualified Institutional Placement and Debt Securities

• Indian private lender RBL Bank will raise up to Rs 6,500 crore ($779 million) through a combination of qualified institutional placement (QIP) of shares and debt sale.
• The bank will raise Rs 3,500 crore through QIP and Rs 3,000 crore through issue of debt securities via private placement.
• This will be RBL’s first share issue via institutional placement since 2021 when the bank saw an abrupt management transition and the central bank increased scrutiny of the lender by temporarily appointing a director on its board amid reports of a large share of unsecured borrowing on its books.

Purpose of Fundraising:

• RBL Bank aims to bolster its capital base to support a targeted 20% growth in its loan book over the next two financial years.
• The growth will primarily focus on increasing secured retail assets.
• In fiscal 2024, RBL Bank reported a 20% growth in advances and a 22% growth in deposits.

What is the qualified institutional placement?

• A QIP is a method for a publicly traded firm to raise funds by issuing equity shares, fully and partially convertible debentures, or other instruments.

Recent News :

• In June 2024, 5 state-owned banks(UCO Bank, Central Bank of India, Punjab & Sind Bank, Bank of Maharashtra, and Indian Overseas Bank) are planning QIPs in the second half of FY25 to reduce the government’s stake to comply with the SEBI mandate of a maximum 75% government holding.

About RBL Bank  :

• Established : August 1943
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : R Subramaniakumar

National Council of Applied Economic Research’s Monthly Economic Review Projects FY25 Gross Domestic Product Growth Near 7.5%   

• The National Council of Applied Economic Research’s (NCAER) Monthly Economic Review suggests that Gross domestic product (GDP) growth for 2024-25 (FY25) could range between higher than 7% and close to 7.5%.
• This optimism is supported by strong economic activity in the first quarter, focused policy initiatives on investment and growth, and expectations of a normal monsoon.

Key Highlights :

• RBI and Other Agencies’ Projections:RBI has revised India’s real GDP growth projection for FY25 to 7.2% from 7%.Various other agencies have upgraded their growth projections, with a median forecast around 6.9%.
• Global growth projections for 2024 have also been revised upwards by international bodies like the International Monetary Fund (IMF) and World Bank.
• The growth rate is projected to be between 2.6 and 3.2% in 2024.
• Inflation and Economic Indicators:Retail inflation decreased to a 12-month low of 4.7% in May.
• Challenges remain in taming food inflation despite overall moderation.
• Among high-frequency indicators, growth in the Index of Industrial Production (IIP) for core industries accelerated in April 2024.
• Bank credit growth remained above 20% despite some deceleration in personal credit growth.
• Key economic indicators such as the Purchasing Managers’ Index (PMI), Index of Industrial Production (IIP), and Goods and Services Tax (GST) collections reflect ongoing expansion across manufacturing, services, and core industries.

Recent News :

• In June 2024, DBS Group expects India’s GDP growth to be resilient at 7.4% for the April-June 2024 quarter.

About NCAER :

• Established : 1956
• Headquarters : New Delhi
• President : Nandan M. Nilekani
• Director General : Poonam Gupta
• NCAER is India’s oldest and largest independent, non-profit, economic policy research think tank.

CURRENT AFFAIRS: NATIONAL NEWS

CSIR-CIMFR Launches Two-Day Workshop on Gasification Challenges and Opportunities- “CARING-2024”

• The Central Institute of Mining and Fuel Research (CSIR-CIMFR) has launched its two-day workshop, CARING-2024, focused on coal gasification.
• This event, hosted at the CSIR-CIMFR Digwadih Campus on June 26-27, 2024, has attracted over 75 participants from leading organizations such as Coal India Limited (CIL), Steel Authority of India Limited (SAIL), Jindal Steel and Power Limited (JSPL) Angul, Hindalco Industries, and Thermax, among others.

Key Highlights of CARING-2024:

• Participants: The workshop brings together industry leaders, researchers, policymakers, and stakeholders to discuss the challenges and opportunities in coal gasification technology.
• Inaugural Address: Shri Anandji Prasad, Project Advisor from the Ministry of Coal, served as the chief guest and delivered an insightful inaugural address. He emphasized the substantial potential of gasification in India’s energy sector and highlighted the government’s commitment with an allocation of ₹8500 crore to incentivize gasification projects.
• Government Focus: Shri Prasad underscored the Ministry of Coal’s focus on gasification, aiming to achieve 100 million tonnes of coal gasification by 2030. This initiative aligns with India’s broader energy goals and aims to enhance energy security through advanced technology adoption.
• Workshop Objectives: Part of the CSIR One Week One Theme-Energy and Energy Devices Program, CARING-2024 aims to foster collaboration, innovation, and knowledge exchange among stakeholders. It provides a platform to discuss advancements, address challenges, and explore opportunities in gasification technology.

73rd meeting of Network Planning Group under PM GatiShakti evaluates eight key infrastructure projects

• The 73rd meeting of the Network Planning Group (NPG), held in New Delhi and chaired by Shri Rajeev Singh Thakur, Additional Secretary of DPIIT, focused on evaluating eight significant infrastructure projects.
• These projects spanned across the Ministry of Railways (MoR) and the National Industrial Corridor Development Corporation (NICDC), aiming to bolster connectivity, enhance logistics, and promote industrial growth across various regions of India.

Projects Evaluated:

1. Ministry of Railways Projects:
   • Manmad to Jalgaon Railway Line (160 kms): This project, with an investment of INR 2,594 crores, aims to construct the 4th broad gauge railway line. It intends to increase section capacity, facilitating smoother movement of cargo and passenger trains in Maharashtra’s Nashik and Jalgaon districts.
   • Bhusawal to Burhanpur and Khandwa Railway Lines (130.5 kms): Estimated at INR 3,285 crores, this project involves constructing the 3rd & 4th broad gauge railway lines. It aims to enhance section capacity, promote regional development, and bolster Indian Railways’ role in the logistics sector, supporting economic growth in Maharashtra and Madhya Pradesh.
   • Both railway projects are part of the Energy Mineral Cement Corridor (EMCC) program, crucial for connecting production areas of coal, cement, and minerals.
2. NICDC Projects:
   • Integrated Manufacturing Clusters (IMCs) in Agra, Prayagraj, Hisar, and Gaya: These projects, with an investment of INR 8,175 crores, aim to develop advanced manufacturing hubs adhering to Industry 4.0 standards. They will include smart technologies, logistics, residential, commercial facilities, and essential services, catering to sectors like E-Mobility, food processing, FMCG, and more.
   • Oravakal and Kopparthy Industrial Areas in Andhra Pradesh: With an investment of INR 5,367 crores, these projects aim to create advanced infrastructure near major transportation nodes. They are strategically located to attract industries and enhance socio-economic development in Kurnool and YSR Kadapa districts.

Dr. Chandra Shekhar Kumar, Additional Secretary, represents India at CLGF Annual Board Meeting in Colombo

• Additional Secretary, Ministry of Panchayati Raj, Dr. Chandra Shekhar Kumar represented India at the three-day meeting of CLGF Annual Board in Colombo, Sri Lanka during 25th – 27th June 2024.
• The conference facilitated regional exchange and priority setting for ongoing initiatives in Commonwealth Asia.
• Prime Minister of Sri Lanka, Shri Dinesh Gunawardena inaugurated CLGF’s Commonwealth Women in Local Government Network South Asia Regional Meeting on “Reinforcing Social Resilience through Women’s Political Representation”.
• India boasts 46% representation of women in local body positions within PRIs, surpassing the global average of 36%.
• This high representation is supported by constitutional mandates, socio-economic improvements, and government schemes aimed at women’s empowerment.

Government Support and Initiatives:

• The Government of India supports women’s empowerment through various schemes focusing on education, health, economic empowerment, digital literacy, leadership skills, and security.
• Initiatives like e-Governance have enhanced digital proficiency among Panchayat representatives, with 90% of Gram Panchayats uploading online development plans and financial transactions.

International Engagement and Advocacy:

• Dr. Kumar emphasized India’s leadership role in promoting gender equality and women’s political representation within the Commonwealth.
• He advocated for hosting the next CLGF meeting in India to further strengthen democratic local governance and exchange best practices.

Achieving Sustainable Development Goals (SDGs):

• Women’s significant role in decision-making processes at the grassroots level is crucial for achieving the UN’s 2030 Agenda for Sustainable Development.
• India has adopted Localization of SDGs to empower women in local governance and advance sustainable development initiatives.

DG, RPF launches Sangyaan App- A Comprehensive application for legal reference

• The Director General of Railway Protection Force (RPF) Shri Manoj Yadava launched the mobile application-Sangyaan App, designed and developed by the Tech Team of RPF to provide in-depth information on three new Criminal Acts: the Bharatiya Nyaya Sanhita (BNS) 2023, the Bharatiya Nagarik Suraksha Sanhita (BNSS) 2023, and the Bharatiya Sakshya Adhiniyam (BSA) 2023.
• Available in both Android and iOS, Sangyaan App aims to educate and empower RPF Personnel by providing comprehensive information to understand the provisions of both new and old criminal laws, while highlighting the relevance of these new acts in the context of RPF operations.
• The app features user-friendly navigation, a searchable database and offline access, making it a practical tool for anyone seeking to stay informed about the latest legal developments in India.

Key Features of Sangyaan App:

1. Comprehensive Legal Access: The app provides easy access to the bare acts of BNS, BNSS, and BSA 2023, all optimized for mobile viewing. Users can conveniently read, search and refer to these laws on the go.
2. Comparison of Laws: With the Corresponding Sections Comparison table, users can directly compare specific sections of the new and old laws. This feature helps in identifying and understanding the changes and continuities in the legal framework.
3. Section wise analysis: The key sections of the BNSS and BNS are analyzed in detail, focusing on their applicability in field operations for various provisions and procedural perspective.
4. Advanced Search Tools: Sangyaan offers advanced search functionalities, allowing users to navigate efficiently through the legal texts. Users can search section-wise, chapter-wise, and subject-wise, making it easier to find relevant information quickly.
5. Inclusive Legal Database: In addition to the three new laws, the app includes other essential legal acts and rules related to railway security. This includes The Railway Protection Force Act, 1957, The Railway Act, 1989, The Railway Property (Unlawful Possession) Act, 1966 and RPF Rules, 1987. This comprehensive database ensures that users have access to all critical legal information relevant to railway protection at fingertips.
6. User-Friendly Design: Designed for precision and ease of use, Sangyaan ensures that users can efficiently and effectively engage with critical legal information, enhancing their understanding and application of the laws in RPF operations.

To provide detailed information to personnel, the Director General of the Railway Protection Force also released a ‘Handbook on Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023‘ in both e-book and print formats. This handbook addresses the practical application of the Act in the Force’s operations.

Curtain Raiser for Launch of geoportals Bhuvan Panchayat (Ver. 4.0) & National Database for Emergency Management (NDEM Ver. 5.0) by Union Minister Dr. Jitendra Singh

• Dr Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, will inaugurate two Geoportals in New Delhi.

Purpose and Development

• The Indian Space Research Organisation (ISRO) has developed these geospatial databases and geoportals to support governance, sustainable development, and disaster management across India.
• These initiatives are tailored to meet the specific needs of various Ministries and Departments of the Government of India.

Geoportals Overview

1. Bhuvan Panchayat (version 4.0): This portal is designed for decentralized planning under the Ministry of Panchayati Raj.
2. National Database for Emergency Management (NDEM version 5.0): This portal supports disaster management efforts under the Ministry of Home Affairs.

Seven CSIR labs inaugurated One Week One Theme Campaign on Energy and Energy Devices theme

• The One Week One Theme (OWOT) Campaign was inaugurated by Hon’ble Union Minister of State for S&T Dr. Jitendra Singh, alongside DG CSIR Dr. N. Kalaiselvi at India Habitat Centre, Delhi.
• Following the inauguration, all CSIR labs have begun organizing programs focusing on the OWOT theme of Energy and Energy Devices within their respective institutes.
• 7 CSIR labs initiated activities aligned with this theme.
• The OWOT campaign spans 8 themes identified by CSIR, with all 37 CSIR labs scheduled to conduct specific programs corresponding to each theme.
• CSIR-Central Institute of Mining and Fuel Research (CSIR-CIMFR), Dhanbadhas organized Two-Day Workshop on Challenges and Opportunities in Gasification CARING-2024 as a part of CSIR One Week One Theme programme and Energy Devices theme. It focused on the challenges and opportunities in gasification
• CSIR-National Geophysical Research Institute (CSIR-NGRI), Hyderabadhas organized an Interaction Meet on Geothermal Energy as a part of the One Week One Theme (OWOT) celebrations of CSIR under the theme Energy and Energy Devices (EED). The program is being organized in collaboration with Chhattisgarh State Renewable Energy Development Agency (CREDA), Pandit Ravishankar Shukla University (PRSU), and National Institute of Technology (NIT) Raipur.
• CSIR- Central Salt and Marine Chemicals Research Institute, (CSIR-CSMCRI) Bhavnagar,hosted a showcase on the latest advancements in hydrogen, batteries, alternate fuels, and solar energy as part of the CSIR One Week One Theme programme focusing on Energy and Energy Devices.
• CSIR-Central Electrochemical Research Institute, (CSIR-CECRI) Karaikudi,has organized a display on hydrogen and batteries under the Energy and Energy Devices theme of the CSIR One Week One Theme programme.
• CSIR -Central Mechanical Engineering Research Institute, (CSIR-CMERI) Durgapur, focused on hydrogen technology as part of the Energy and Energy Devices theme for the CSIR One Week One Theme programme.
• CSIR-Central Glass & Ceramic Research Institute, (CSIR-CGCRI) Kolkata, showcased advancements in hydrogen – SOFC-SOEC, photo catalysis, and solid-state batteries under the Energy and Energy Devices theme of the CSIR One Week One Theme programme.
• CSIR-National Chemical Laboratory, (CSIR-NCL) Pune, hosted a symposium on “Catalysis and Renewable Energy towards meeting Sustainable Development Goals (SDG)” under the Energy and Energy Devices theme of the CSIR One Week One Theme programme.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Paraguay Joins as the 100th Full Member of the International Solar Alliance

• Paraguay has become the 100th country to join as a full member of the International Solar Alliance (ISA).
• Ambassador of Paraguay, H.E. Mr. Fleming Raul Duarte, handed over the Instrument of Ratification during a meeting with Shri Abhishek Singh, Joint Secretary (ED & MER) and Head of Depository, in New Delhi.
• Spain became the 99th member of the ISA earlier this year, as it handed over the Instrument of Ratification on May 21, 2024.

About ISA :

• Launched on 30 November 2015 by Prime Minister Shri Narendra Modi and President of France, E. Mr. Emmanuel Macron during COP21 in Paris.
• Headquarters : Gurugram, Haryana, India
• Director General : Dr. Ajay Mathur
• The ISA aims to accelerate the deployment of solar energy globally in support of Climate Action.
• 119 countries are now signatories to the ISA Framework Agreement.
• Out of these, 100 have finished the ratification process and become full members.
• One of the significant driving philosophies of ISA is “One Sun One World One Grid” (OSOWOG).
• ISA’s Objectives and Achievements:Addresses barriers related to technology, finance, and capacity in scaling up solar energy.
• Under India’s Presidency, ISA has undertaken impactful projects:
• Solarisation of Malawi’s Parliamentary building.
• Solar-powered healthcare centres in Fiji.
• Solar-powered cold storage facility in Seychelles.
• Solar PV rooftop systems in Kiribati.
• The Alliance has also facilitated technical training for experts from member countries to enhance solar energy capabilities.

About Paraguay :

• President : Santiago Peña
• Capital : Asunción
• Currency : Guaraní .

CURRENT AFFAIRS: BUSINESS NEWS

UltraTech picks up 23% in India Cements as sector battle hots up

• UltraTech Cement, led by Kumar Mangalam Birla, has announced the acquisition of a 23% stake in Chennai-based India Cements Ltd (ICL) for Rs 1,889 crore.
• This move comes amidst a competitive drive to strengthen its position in the cement sector.

Key Details of the Acquisition:

• Stake Acquisition: UltraTech Cement acquired 70.56 million shares of India Cements Ltd at an average price of Rs 268 per share in two block deals.
• Seller: The shares were purchased from billionaire investor Radhakishan Damani and his associated entities.
• Financial Investment: UltraTech described this acquisition as a “non-controlling financial investment,” emphasizing its strategic intent to bolster its presence in the industry.

Sector Dynamics:

• Competitive Landscape: The acquisition follows a trend of consolidation in the cement sector, highlighted by recent moves such as Adani group’s Ambuja Cements acquiring Penna Cements.
• UltraTech’s Position: As India’s largest cement producer with a consolidated capacity of 152.7 million tonnes per annum (mtpa) of grey cement, UltraTech aims to leverage this stake acquisition to reinforce its market leadership.

7 years of GST: Avg monthly mop up surged by 87% despite certain challenges

• The Goods and Services Tax (GST) system in India has shown signs of stability, as evidenced by consistent growth in tax collections over its seven-year history.
• Average monthly GST collection rose from ₹90,000 crore during the first year of its implementation-2017-18 to 1.68 trillion during 2023-24, representing an 87 per cent rise.
• Despite this, several challenges persist, including conflicting rulings from the Authority for Advance Rulings (AAR), delays in establishing effective appeal mechanisms for these rulings, and a rising number of litigations.

Current Challenges:

1. Conflicting AAR Rulings: There have been instances where AAR rulings have contradicted each other, creating ambiguity for taxpayers and businesses.
2. Appeal Mechanisms: Delays in setting up robust mechanisms to appeal AAR decisions have hindered the resolution of disputes and added to administrative bottlenecks.
3. Litigations: The increasing number of litigations related to GST points to ongoing complexities and interpretations that need clarity.

Transition to GST 2.0:

Despite these challenges, the steady increase in GST revenues suggests a conducive environment for transitioning towards GST 2.0. This next phase of reforms could include:

• Rate Rationalisation: Adjusting GST rates to simplify the tax structure and reduce compliance burdens.
• Inclusion of Petrol and Diesel: Bringing petrol and diesel under the GST ambit, which could streamline tax administration and potentially lower consumer prices.

Challenges in Reforms:

Implementing reforms such as rate rationalisation and bringing petrol and diesel under GST may face hurdles due to:

• Political Considerations: Discussions and consensus-building among states and central authorities are necessary for significant reforms.
• Technical and Operational Adjustments: Adapting systems and processes to accommodate new inclusions and revised rates requires careful planning and execution.

BHEL bags Rs 13,300 crore order to set up 1600 MW-thermal power project

• Bharat Heavy Electricals Ltd (BHEL), a state-owned engineering firm, has secured a significant contract worth Rs 13,300 crore from Damodar Valley Corporation (DVC) to establish a 1600 MW thermal power plant in Koderma, Jharkhand.
• This project aligns with the central government’s objective of bolstering the nation’s energy security.

Key Details of the Project:

• Project Scope: BHEL will undertake the engineering, procurement, and construction (EPC) for the Koderma Thermal Power Station (2X800MW) in Jharkhand.
• Contract Finalization: The tender for this EPC package was finalized by DVC, marking a substantial investment in the region’s infrastructure.
• Impact and Benefits: The project is expected to significantly enhance DVC’s thermal generation capacity, increasing it to 8140 MW by 2030. Beyond energy generation, the initiative is poised to stimulate the local economy, create employment opportunities, and benefit the community at large.

Strategic Importance:

• Energy Security: The establishment of the Koderma Thermal Power Station underscores the government’s commitment to fortifying India’s energy infrastructure, thereby ensuring reliable and sustainable power supply.
• Economic Growth: The investment not only strengthens energy capabilities but also contributes to regional development through enhanced infrastructure and economic activities

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Dutch Prime Minister Mark Rutte Named New North Atlantic Treaty Organization Leader

• Mark Rutte, currently the Dutch Prime Minister, will succeed Jens Stoltenberg as the Secretary General of the North Atlantic Treaty Organization (NATO).
• He will assume office on October 1, 2024, succeeding Stoltenberg who served for 10 years.
• The Dutch leader, whose 14-year tenure in charge of the Netherlands is set to end within weeks, is seen as a safe pair of hands capable of stewarding NATO through perilous times.
• Rutte will be the 4th Dutchman to head the alliance since it was founded upon the ashes of World War II to face off against the Soviet Union.

About Mark Rutte :

• Mark Rutte is a Dutch politician who has served as Prime Minister of the Netherlands since 2010.
• He was the leader of the People’s Party for Freedom and Democracy (VVD) from 2006 through 2023.
• He is currently acting in a demissionary capacity, scheduled to leave national politics following the installation of the next cabinet after the 2023 general election.

About NATO :

• Established : 4 April 1949
• Headquarters : Brussels, Belgium
• Membership : 32 states (30 European and 2 North American)
• NATO is an intergovernmental political and military alliance of North American and European countries.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Fairfax India Holdings subsidiary divests 9.7% stake in CSB Bank for $70 million

• Fairfax Group, led by Canadian billionaire Prem Watsa, sold a 9.7% stake in CSB Bank via its arm FIH Mauritius Investments.
• The transaction took place at an average price of Rs 352.75 per share, amounting to Rs 595.04 crore ($70 million).

Key Highlights :

• Details of the Sale:FIH Mauritius Investments offloaded over 16.8 million shares of CSB Bank through a block deal on the National Stock Exchange (NSE).
• FIH Mauritius Investments is also the promoter of Thrissur-based CSB Bank.
• After the share sale, shareholding of FIH Mauritius Investments in CSB Bank has declined to 40% from 49.72%.
• Buyers : DSP Mutual Fund (MF), ICICI Prudential MF, WhiteOak Capital MF, Edelweiss Tokio Life Insurance Company, Goldman Sachs, Morgan Stanley, Amansa Holdings, and Abu Dhabi Investment Authority were among the buyers of CSB Bank’s shares.

About Fairfax Group :

• Founded : 1951
• Headquarters : Ontario, Canada
• Chairman & CEO : V. Prem Watsa

About CSB Bank Limited (erstwhile Catholic Syrian Bank Limited) :

• Founded : 26 November 1920
• Headquarters : Thrissur, Kerala, India
• MD & CEO : Pralay Mondal

CURRENT AFFAIRS : DEFENCE NEWS

ABHYAS High-Speed Expendable Aerial Target Successfully Completes Developmental Trials with Enhanced Booster Configuration

• The Defence Research and Development Organisation (DRDO) has successfully completed six consecutive developmental trials of High Speed Expendable Aerial Target (HEAT) ‘ABHYAS’ with improved booster configuration from the Integrated Test Range (ITR), Chandipur, Odisha.
• With this, ABHYAS has successfully completed 10 developmental trials demonstrating the reliability of the system.
• ​The trials were carried out with improved Radar Cross Section, Visual and Infrared augmentation systems.
• During the trials, various mission objectives covering safe release of booster, launcher clearance, and endurance performance were successfully validated.
• Two launches were conducted back-to-back within a gap of 30 minutes, demonstrating the ease of operation with minimum logistics. Representatives from the Services witnessed the flight trials.

About ABHYAS :

• ABHYAS has been designed by DRDO’s Aeronautical Development Establishment, Bengaluru, and developed through Production Agencies – Hindustan Aeronautics Limited & Larsen & Toubro (L&T).
• It offers a realistic threat scenario for weapon systems practice.
• This indigenous system is designed for autonomous flying with the help of an autopilot, a laptop-based Ground Control System for aircraft integration, pre-flight checks, and autonomous flight.
• It also has a feature to record data during flight for post-flight analysis.
• The booster has been designed by Advanced Systems Laboratory and the navigation system by Research Centre Imarat.
• With identified production agencies, ABHYAS is now ready for production.

Recent News :

• In June 2024, The DRDO handed over the Medium Range-Microwave Obscurant Chaff Rocket (MR-MOCR) to the Indian Navy at a ceremony held in New Delhi.

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 Ministry of Defence :

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

Indian Naval Ship Sunayana arrives at Port Victoria, Seychelles, as part of extended deployment in the Indian Ocean Region

• Indian Naval Ship (INS) Sunayna entered Port Victoria, Seychelles, on 26 June 2024 as part of her long-range deployment in the South Western Indian Ocean Region (IOR).
• The ship’s visit coincides with the celebration of 48th National Day of Seychelles on 29 June 24.
• An Indian Navy marching contingent along with a Naval band will participate in the military parade organised as part of the Seychelles National Day celebrations.
• The deployment of an Indian Naval ship marks sustained participation of an Indian military contingent since 1976 reaffirming bonhomie between the two nations.

Activities During Port Call :

• During the port call, social interactions, engagements with the Seychelles Defence Force, special yoga sessions, ships open to visitors, and community outreach programmes are scheduled.
• An aerial demonstration of the indigenously built Naval Advanced Light Helicopter (ALH) is also planned during the port call.
• Deployment of INS Sunayna is in consonance with the vision of Security & Growth for All in the Region (SAGAR) promoting collaborative efforts to ensure maritime security in the IOR.
• INS Sunayna last visited Port Victoria in Seychelles on June 18,2024 where the ship undertook joint Economic Exclusive Zone (EEZ) Surveillance with the Seychelles Coast Guard during the deployment.

About INS Sunayna :

• INS Sunayna is the second Saryu-class patrol vessel of the Indian Navy, designed and constructed indigenously by the Goa Shipyard Limited.
• It is designed to undertake fleet support operations, coastal and offshore patrolling, ocean surveillance and monitoring of sea lines of communications and offshore assets and escort duties.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

SpaceX Falcon Heavy Successfully Deploys New Satellite to Track Solar Storms

• SpaceX’s Falcon Heavy, one of the world’s most powerful operational rockets, blasted off carrying into orbit a new US satellite designed to help weather forecasters monitor massive solar storms.
• The rocket, consisting of 3 modified Falcon cores, launched from Florida’s Kennedy Space Center.
• The mission is ongoing, with side boosters scheduled to return to SpaceX’s facilities shortly after liftoff.

Key Highlights :

• GOES-U Satellite : GOES-U is the 4th and final satellite in a series from NOAA (National Oceanic and Atmospheric Administration) and NASA.
• Once it reaches geostationary orbit, it will be renamed GOES-19.
• GOES-16, the first satellite in the series, launched in 2016.
• GOES-U will use a compact coronagraph to monitor solar storms, track hurricanes and lightning, take atmospheric measurements, and capture images of Earth.
• Coronagraph Functionality : A coronagraph is a telescope designed to block out the light of the sun so that researchers can see its corona or outermost layer.
• Coronagraphs help researchers predict the impact of solar flares and so-called coronal mass ejections, essentially massive expulsions of plasma and magnetic field lines by measuring their size, velocity and density.
• In Dec 2023, Falcon Heavy launched the world’s largest commercial communications satellite and, separately, the X-37B secretive spaceplane from the US Space Force.

Falcon Heavy Specifications:

• Partially reusable super heavy-lift launch vehicle.
• Designed to carry cargo into Earth orbit and beyond.
• Developed and manufactured by SpaceX.

About SpaceX:

• Founded on March 14, 2002.
• Headquarters in Hawthorne, California, United States.
• CEO & Chairman: Elon Musk.
• Space Exploration Technologies Corporation (SpaceX) is a spacecraft manufacturer, launch service provider, and satellite communications company.

CURRENT AFFAIRS: SPORTS NEWS

Carlos Alcaraz: The Youngest Male to Conquer All Three Courts

• In June 2024, Carlos Alcaraz clinched his first French Open title, making him the youngest male tennis player to win Grand Slam titles on all three surfaces: hard, grass, and clay.
• Alcaraz joins an elite group of six other male players who have achieved this feat: Mats Wilander, Jimmy Connors, Andre Agassi, Rafael Nadal, Roger Federer, and Novak Djokovic.
• At just 21, Alcaraz is the youngest among these all-surface elites.
• For comparison, Nadal achieved this at 22, Wilander at 23, and the others at 26 or older.

Comparison with Female Players

• Among women, five players have won Grand Slam titles on all three surfaces: Serena Williams, Steffi Graf, Martina Navratilova, Maria Sharapova, and Ashleigh Barty.
• Notably, Steffi Graf managed this as a teenager, making her the youngest across both genders. Serena Williams achieved it at 20, a year younger than Alcaraz.

Evolution of Court Surfaces

• It is important to recognize the historical changes in Grand Slam surfaces. The US Open was initially played on grass, then on clay for three years before switching to hard courts in 1978.
• The Australian Open was played on grass until 1988, after which it switched to hard courts.

Visual Representation

• A graphic would depict all 12 players who have won at least one Grand Slam on all three surfaces, showing the number of years taken to win their first Slam and the time between their first Slam win and becoming all-court masters.

Daily CA One- Liner: June 29

• The Central Institute of Mining and Fuel Research (CSIR-CIMFR) has launched its two-day workshop, CARING-2024, focused on coal gasification.
• The 73rd meeting of the Network Planning Group (NPG), held in New Delhi and chaired by Shri Rajeev Singh Thakur, Additional Secretary of DPIIT, focused on evaluating eight significant infrastructure projects
• Additional Secretary, Ministry of Panchayati Raj, Dr. Chandra Shekhar Kumar represented India at the three-day meeting of CLGF Annual Board in Colombo, Sri Lanka during 25th – 27th June 2024
• The Director General of Railway Protection Force (RPF) Shri Manoj Yadava launched the mobile application-Sangyaan App, designed and developed by the Tech Team of RPF to provide in-depth information on three new Criminal Acts: the Bharatiya Nyaya Sanhita (BNS) 2023, the Bharatiya Nagarik Suraksha Sanhita (BNSS) 2023, and the Bharatiya Sakshya Adhiniyam (BSA) 2023.
• Dr Jitendra Singh, Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, will inaugurate two Geoportals in New Delhi.
• The One Week One Theme (OWOT) Campaign was inaugurated by Hon’ble Union Minister of State for S&T Dr. Jitendra Singh, alongside DG CSIR Dr. N. Kalaiselvi at India Habitat Centre, Delhi
• UltraTech Cement, led by Kumar Mangalam Birla, has announced the acquisition of a 23% stake in Chennai-based India Cements Ltd (ICL) for Rs 1,889 crore
• The Goods and Services Tax (GST) system in India has shown signs of stability, as evidenced by consistent growth in tax collections over its seven-year history
• Bharat Heavy Electricals Ltd (BHEL), a state-owned engineering firm, has secured a significant contract worth Rs 13,300 crore from Damodar Valley Corporation (DVC) to establish a 1600 MW thermal power plant in Koderma, Jharkhand.
• In June 2024, Carlos Alcaraz clinched his first French Open title, making him the youngest male tennis player to win Grand Slam titles on all three surfaces: hard, grass, and clay
• While there has been an improvement in the overall credit quality of consumer credit, the Reserve Bank of India’s Financial Stability Report highlighted 3 areas of concern regarding consumer loans from non-banking finance companies (NBFC).
• The board of directors of AU Small Finance Bank Limited. approved plans to raise Rs 11,000 crore through equity and debt instruments.
• The Reserve Bank of India (RBI), with the Government of India’s concurrence, has decided to put in place a revised framework on currency swap arrangement for SAARC (South Asian Association for Regional Cooperation) countries for the period 2024 to 2027.
• According to the RBI’s Financial Stability Report, the gross non-performing asset (GNPA) ratio of Indian banks fell to a 12 year low of 2.8% in March 2024 and is expected to reduce further down to 2.5% by the end of the financial year 2024-25.
• Indian private lender RBL Bank will raise up to Rs 6,500 crore ($779 million) through a combination of qualified institutional placement (QIP) of shares and debt sale.
• The National Council of Applied Economic Research’s (NCAER) Monthly Economic Review suggests that Gross domestic product (GDP) growth for 2024-25 (FY25) could range between higher than 7% and close to 7.5%.
• Paraguay has become the 100th country to join as a full member of the International Solar Alliance (ISA).
• Mark Rutte, currently the Dutch Prime Minister, will succeed Jens Stoltenberg as the Secretary General of North Atlantic Treaty Organization (NATO).
• Fairfax Group, led by Canadian billionaire Prem Watsa, sold a 9.7% stake in CSB Bank via its arm FIH Mauritius Investments.
• The Defence Research and Development Organisation (DRDO) has successfully completed six consecutive developmental trials of High Speed Expendable Aerial Target (HEAT) ‘ABHYAS’ with improved booster configuration from the Integrated Test Range (ITR), Chandipur, Odisha.
• Indian Naval Ship (INS) Sunayna entered Port Victoria, Seychelles, on 26 June 2024 as part of her long-range deployment in the South Western Indian Ocean Region (IOR).
• SpaceX’s Falcon Heavy, one of the world’s most powerful operational rockets, blasted off carrying into orbit a new US satellite designed to help weather forecasters monitor massive solar storms.