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CURRENT AFFAIRS : BANKING & FINANCE
India to Top Global Labour Supply, Remittances Projected to Reach $160 Billion by 2029: Reserve Bank of India
- According to Reserve Bank of India’s (RBI’s) latest Report on Currency and Finance (RCF), India is poised to be the world’s leading supplier of labour, which will propel remittances to around $160 billion in 2029 from $115 billion in 2023.
- India is already the country with the highest remittance recipients in the world, accounting for 13.5% of the world total, with its share increasing over time.
- The theme of the Report is “India’s Digital Revolution”.
- The Report reflects the views of the contributors and not of the Reserve Bank.
Key Highlights :
- Remittances to GDP Ratio:The remittance to GDP ratio in India has increased from 2.8% in 2000 to 3.2% in 2023.
- This ratio is higher than the gross FDI inflows to GDP ratio of 1.9% in 2023.
- Global Remittances:Global remittances in 2023 were estimated at $857.3 billion.
- Leading countries in remittances: India ($115.3 billion), Mexico ($66.2 billion), China ($49.5 billion), and the Philippines ($39.1 billion).
- Migrant Stock and Remittance Sources:Migrant stock from India comprised 1.3% of its population in 2020.
- In 2021, more than half of India’s inward remittances came from Gulf countries, and 22% from North America.
- Cost of Receiving Remittances:Average cost of receiving remittances in India was 5.01% in Q1 2024, slightly lower than 5.04% in Q4 2023.
- This cost is higher than the Sustainable Development Goal (SDG) target of 3% per $200 remittance.
- The global average cost was 6.35% in Q1 2024.
- Regional Cost Variations:Remittance costs from Singapore, Malaysia, the UK, Kuwait, Italy, and Bahrain to India were within the SDG target.
- Costs from Thailand and South Africa were over 10%.
- Digital Payments Awareness : The RBI’s survey also highlighted both consumers and merchants exhibiting higher levels of awareness of digital payments. However, the RBI remains concerned and flagged the need for policy focus, such as the gap between awareness and adoption rates.
- Internet Penetration and Digital Infrastructure:Internet penetration in India was 55.3% as of April 2024, below the global average of 67.1%.
- Internet subscriptions per 100 population: urban areas had over twice the subscriptions compared to rural areas (all-India average of 68.2).
- Only 9.9% of rural households have access to a computer, compared to 32.4% in urban households.
Reserve Bank of India Withdraws Unrestricted Access for Foreign Portfolio Investors to New 14-Year and 30-Year Bonds
- The Reserve Bank of India (RBI) has revoked unrestricted access for Foreign Portfolio Investors (FPIs) to newly issued Indian government bonds with 14-year and 30-year tenors under the Fully Accessible Route (FAR), effective immediately.
Key Highlights :
- Current Holdings: Foreign investors currently hold approximately $1 billion worth of existing 30-year bonds.
- Investment Limits: FPIs’ investments in new 14-year and 30-year bonds will be subject to existing RBI investment limits effective at the time of issuance.
- Secondary Market Access: Existing 14-year and 30-year debt securities previously designated under FAR will remain accessible to non-residents for investments in the secondary market.
- FPI Investment in FAR Securities: The total FPI investment in FAR securities is approximately Rs 2.01 trillion, having exceeded Rs 1 trillion as of October 16, 2023.
- Only government bonds issued by the RBI under FAR are included in the index.
- All FAR-designated central government bonds maturing after December 31, 2026, are eligible.
- Eligibility for Index: Only 29 out of 38 FAR-designated central government bonds meet the eligibility criteria for the JP Morgan bond index, which requires a face value of over $1 billion and a remaining maturity of more than 2.5 years.
- Future Inflows: Market participants anticipate that inflows into FAR securities may continue and could reach Rs 2.5 trillion in the next 5-6 months.
- Regulatory Basis: The directions have been issued under Section 45W of Chapter IIID of the Reserve Bank of India Act, 1934, and are without prejudice to any other permissions or approvals required under other laws.
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
SBI Mutual Fund launches new scheme to invest in ‘innovation-driven’ companies
- SBI Mutual Fund Unveiled the “SBI Innovative New Opportunities Fund” to invest in equity and related instruments of companies that are expected to adopt innovation.
- The new fund offer (NFO) opened on July 29 and will remain open till August 12,2024.
- The investment objective of the scheme is to provide investors with opportunities for long term capital appreciation by investing in equity and equity related instruments of companies that seek to benefit from the adoption of innovative strategies & themes.
Key Highlights :
- Investment Strategy:Primary Focus (80%-100%):Equity and equity-related instruments of companies expected to benefit from innovation (including equity derivatives).
- Secondary Focus (0%-20%):Equity and equity-related instruments of other companies (including equity derivatives).
- Debt and Money Market Instruments (0%-20%):Debt instruments, securitized debt (up to 20% of the debt portion), debt derivatives, and money market instruments, including tri-party repos.
- Units Issued by REITs and InvITs (0%-10%):In line with SEBI limits specified from time to time.
- Foreign Securities:Investment opportunities in foreign securities, including ADR/GDR/Foreign Equity, Overseas ETFs, and Debt Securities.
- Foreign investment may not exceed 35% of the net assets of the scheme and will be within regulatory limits.
Portfolio Composition:
- A multi-sector portfolio with up to 40 stocks.
- More than 80% of assets will be in equities and related instruments of companies adopting innovative strategies.
- The remainder will be in non-innovative stocks and debt-related instruments.
- Risk Rating:The scheme has a “very high” risk rating due to valuation uncertainties but offers potential for long-term returns.
- Fund Managers: Prasad Padala and Pradeep Kesavan (dedicated fund manager for overseas securities).
About SBI Mutual Fund :
- Founded : 29 June 1987
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Shamsher Singh
- It is a joint venture between the State Bank of India, an Indian public sector bank, and Amundi, a European asset management company.
Reserve Bank of India report : Digital payments clock 50% volume growth between FY18 and FY24
- According to the Reserve Bank of India’s (RBI’s) latest Report on Currency and Finance (RCF), digital payments have shown remarkable growth with a compounded annual growth rate (CAGR) of 50% in terms of transaction volume and 10% in terms of transaction value over the past seven years (2017-18 to 2023-24).
Key Highlights :
- Transaction Volume and Value:Digital payments, including NEFT (National Electronic Funds Transfer), UPI (Unified Payments Interface), credit and debit cards, saw 164 billion transactions worth ₹2,428 lakh crore in 2023-24.
- Digital vs. Paper-based Transactions:Except for paper-based instruments, all other payment transactions are classified as digital.
- NEFT and UPI Shares:In value terms, NEFT transactions had the largest share at 49.4% of total retail payments in 2023-24.
- UPI had a 25.3% share in 2023-24, up from just 2.4% in 2018-19.
- UPI Growth:UPI has seen a tenfold increase in volume over the past four years, increasing from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24 – 80% of all digital payment volumes.
- Currently, the UPI is recording nearly 14 billion transactions a month, buoyed by 424 million unique users in June 2024.
- Transaction Intensity:Transactions per lakh (₹) of GDP increased from 0.8 in 2005-06 to 56 in 2023-24.
- Transactions per capita rose from 0.2 in 2005-06 to 114 in 2023-24.
- Average Value per Capita:The average value of transactions per capita for total digital payments increased from ₹0.4 lakh to ₹16.8 lakhs between 2005-06 and 2023-24.
Reserve Bank of India Report: Average Cost of Data Breaches in India Rose to $2.18 Million in 2023, Up 28% Since 2020
- According to the Reserve Bank of India’s (RBI) Currency and Finance report for 2023-24, average cost of data breaches in India reached $2.18 million in 2023, marking a 28% increase since 2020.
- The report stated that India’s average data breach cost was still below the global average.
Key Highlights :
- Common Cyber Attacks in India : The most common attacks in India are phishing which was at 22% and stolen or compromised credentials was 16%.
- Industry Vulnerability : The automotive industry is highly vulnerable to cyber attacks, whereas the banking and financial services sector, benefiting from stringent regulations, enjoys comparatively stronger protection.
- Industry-wise distribution of cyber attacks in India shows that the automotive industry is the most vulnerable, with smart mobility application programming interfaces (APIs) and electric vehicle (EV) charging infrastructure emerging as major attack vectors.
- Digital Payments Growth : Since 2017-18, domestic digital payments in India have grown at an annual rate of 50% in volume and 10% in value.
- Global Cybercrime Costs:Global cybercrime costs are projected to reach $13.82 trillion by 2028, up from $8.15 trillion in 2023.
- Average Global Data Breach Cost:The average cost of a data breach globally rose to $4.45 million in 2023, a 15% increase over three years.
- Digital Economy and Real-Time Payments:India’s digital economy, which currently makes up about 10% of the country’s GDP, is expected to double to 20% by 2026.
- India leads the world in real-time payments, with a 48.5% share of the global market.
- Global Remittances:Global remittances through mobile money and digital platforms are estimated to have reached $857.3 billion in 2023, with India contributing $115.3 billion.
Reserve Bank of India Report: Central Bank Digital Currency Retail Pilot Users Reach 5 Million by June 2024
- According to the Reserve Bank of India’s currency and finance report, The number of customers using the Central Bank Digital Currency (CBDC) retail pilot grew from 3 million to 5 million by June 2024.
- The number of merchants participating in the CBDC pilot rose from 0.3 million to 0.42 million.
What Is a Central Bank Digital Currency (CBDC)?
- A central bank digital currency (CBDC) is the digital form of a country’s fiat currency.
- A nation’s monetary authority, or central bank, issues a CBDC, which promotes financial inclusion and simplifies the implementation of monetary and fiscal policies.
Key Highlights :
- CBDC Overview:Global Context: India is one of 36 countries with CBDC pilots currently underway.
- The RBI launched its CBDC pilot at the end of 2022.
- Types of CBDCs:
- CBDC-W (Wholesale): Targets institutional participants in financial markets.
- CBDC-R (Retail): Designed for retail consumers, with initial use cases including Person to Person (P2P) and Person to Merchant (P2M) transactions.
- Benefits of CBDCs:
- Reduced Cash Dependency: Lower reliance on physical cash.
- Lower Currency Management Costs: Decreased expenses related to currency handling.
- Reduced Settlement Risk: Minimised risk associated with transaction settlements, potentially reducing liquidity needs.
- Direct Benefit Transfers (DBT):Transaction Volume: Over 10 billion transactions amounting to Rs 6.9 trillion were conducted by the central government during 2023-24.
- Digital Payments Adoption:Consumer vs. Merchant Adoption:
- Consumers: Approximately 41.9% of consumers have used digital payments at least once.
- Merchants: About 66% of merchants have used digital payments.
- Merchant Non-Usage: 20% of merchants have never used digital payments despite being aware of them, with 11.2% citing lack of awareness as a reason.
Reserve Bank of India to launch five-episode web series highlighting its 90-year history and functions
- The Reserve Bank of India (RBI) is planning a five-episode web series to present its functions and 90-year journey.
- Each episode will be 25-30 minutes long, totaling nearly three hours for the entire series.
- Primary objective of this project : To create a comprehensive and engaging series that provides an in-depth exploration of the RBI functions and operations over its 90-year journey.
- The RBI, established in 1935, completed 90 years in April 2024.
Key Highlights :
- The document invites bids through e-tendering for ‘Production and distribution of Web Series Commemorating 90 years of RBI’.
- The five-episode series will serve as a valuable resource for enhancing public understanding of the central bank’s vital role in the economy, fostering greater engagement, and building trust and confidence in its operations and policies.
- For the web series, the RBI has invited proposals from interested production houses, TV channels, and OTT platforms.
- The series aims to make complex financial concepts accessible and interesting to a broad audience, thereby contributing to financial literacy.
- Additionally, the series will serve as a valuable communication tool for the central bank, supporting its policy announcements and strategic messages while fostering greater public engagement and understanding of its vital role in the economy.
National Payments Corporation of India Launches ‘UPI One World’ Wallet to Enhance Digital Payments for International Visitors to India
- National Payments Corporation of India (NPCI) has introduced the ‘UPI One World’ wallet, aimed at enhancing the digital payment experience for international visitors to India.
Purpose and Benefits:
- This service simplifies transactions in real-time, empowering tourists to explore India without the need to carry cash or deal with foreign exchange complexities.
- It allows international visitors to use the Unified Payments Interface (UPI) system, known for its efficiency and security in digital transactions.
Key Highlights :
- UPI is India’s popular mobile-based real-time payment system that enables instant personal and merchant payments.
- Benefits for Foreign Visitors:The wallet provides foreign visitors with the convenience and security of India’s ‘made in India’ technology.
- It eliminates the need for carrying cash or dealing with foreign exchange complexities.
- Expansion and Accessibility:Initially introduced during India’s G20 summit, the UPI One World wallet has now been expanded to accommodate visitors from a broader range of countries.
- This expansion promises greater accessibility and convenience for international tourists.
- Collaborative Efforts:The initiative has been made possible through the collaboration of NPCI, IDFC First Bank, and Transcorp International.
- The initiative operates under the guidance of the Reserve Bank of India (RBI).
Recent News :
- In June 2024, UPI processed nearly 14 billion transactions valued at INR 20.07 trillion (~USD 240 billion), highlighting its crucial role in India’s digital economy.
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.
CURRENT AFFAIRS: NATIONAL NEWS
8.5 million houses delivered under PMAY-U
- The Ministry of Housing and Urban Affairs (MoHUA) has completed 8.5 million houses under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) over the past nine years, as reported by Minister of State Tokhan Sahu in the Rajya Sabha.
Financial Disbursement:
- Out of the Rs 2 trillion financial assistance sanctioned by the central government under PMAY-U, Rs 1.64 trillion has already been disbursed.
Demand-Driven Scheme:
- PMAY-U operates on a demand-driven basis, with no fixed target for the number of houses to be constructed.
- States and union territories submit project proposals based on local housing demand, which are then approved for central assistance.
Urban Housing Shortage:
- Despite the progress, a report by Knight Frank and CII highlights a significant shortage in urban housing, exacerbated by rapid urbanization. The report estimates a need for an additional 78 million urban housing units by 2034.
Future Plans and Funding:
- The FY25 budget includes a provision for Rs 2.2 trillion in central assistance for constructing 10 million additional houses under PMAY-U over the next five years, translating to 2 million houses per year.
- However, this is still short of the estimated demand.
Verticals of PMAY-U:
PMAY-U has four key verticals:
- Beneficiary-Led Individual House Construction (BLC): Central assistance of Rs 0.15 million.
- Affordable Housing in Partnership (AHP): Central assistance of Rs 0.15 million.
- “In-Situ” Slum Redevelopment (ISSR): Central assistance of Rs 0.1 million.
- Credit-Linked Subsidy Scheme (CLSS): Offers an interest subsidy of up to Rs 0.27 million per house for low-income, middle-income, and economically weaker sections.
Punjab Agrees to Implement PM SHRI Scheme After Funds Withheld by Centre
- The Punjab government has decided to implement the Pradhan Mantri Schools for Rising India (PM SHRI) scheme after initially opting out, following the Centre’s decision to withhold funds under the Samagra Shiksha Abhiyan (SSA).
- The PM SHRI scheme aims to upgrade government schools into exemplary institutions showcasing the National Education Policy, 2020 (NEP), and promoting Indian heritage, languages, and values.
- Funding and Financial Implications:
- Punjab expects to receive Rs 515 crore under SSA, which was withheld by the Centre after the state previously refused to implement the PM SHRI scheme.
- The withheld funds include the 3rd and 4th instalments for FY 2023-24 (approximately Rs 350 crore) and the first instalment for FY 2024-25 (around Rs 165 crore).
- Initial MoU and Subsequent Withdrawal:
- Punjab had initially confirmed its participation in the PM SHRI scheme by signing a Memorandum of Understanding (MoU) with the Union Education Ministry.
- The state later withdrew from the scheme, prompting the Centre to hold back the funds. Education Minister Dharmendra Pradhan highlighted that Punjab’s withdrawal was contrary to the terms stipulated in the signed MoU.
- Scheme Details:
- The PM SHRI scheme has a budget of Rs 27,000 crore for upgrading 14,500 schools across India over five years, with the Centre covering 60% of the costs and the states 40%.
- In Punjab, 241 schools were identified for infrastructural upgrades under the scheme.
India Inaugurates Its First Sunken Museum at Humayun’s Tomb Complex
- India’s first sunken museum was inaugurated at the Humayun’s Tomb Complex in New Delhi.
- The inauguration was led by Union Culture Minister Gajendra Singh Shekhawat, with Prince Rahim Aga Khan and other dignitaries present.
Key Highlights
- Humayun’s Tomb complex is a UNESCO World Heritage Site, adding historical and cultural importance to the museum’s location.
- The museum, developed by the Aga Khan Trust in collaboration with the Archaeological Survey of India, has been built for Rs 250 crore.
- The foundation stone was laid in April 2015.
- The museum’s design is inspired by the ancient ‘Baolis’ or step wells of Delhi, reflecting traditional architectural elements.
- The inauguration coincides with the 46th session of the UNESCO World Heritage Committee currently being held in New Delhi.
Government to Launch 12 New Airports Under UDAN Scheme This Year(2024)
- The government plans to operationalize 12 new airports across eight states and Union Territories this year under the UDAN (Ude Desh ka Aam Naagrik) scheme.
- Locations include Shibpur (Car Nicobar), Ambikapur (Chhattisgarh), Rewa and Datia (Madhya Pradesh), Amravati and Solapur (Maharashtra), Daman (Daman & Diu), Ambala (Haryana), Moradabad and Saharanpur (Uttar Pradesh), and Vellore and Neyveli (Tamil Nadu).
Scheme Overview:
- UDAN aims to enhance regional connectivity by reviving and upgrading unserved and underserved airports.
- The scheme involves periodic bidding rounds to expand coverage to more destinations and routes.
Financial Allocation:
- Phase I of the scheme allocated Rs 4,500 crore for the development of airports, heliports, and water aerodromes.
- Phase II has allocated an additional Rs 1,000 crore.
- As of June 30, 2024, Rs 4,073 crore has been spent under Phase I.
Current Achievements:
-
- Since its inception in 2016, UDAN has established 579 routes connecting 85 airports, including 13 heliports and 2 water aerodromes.
CURRENT AFFAIRS : INTERNATIONAL NEWS
Azerbaijan to Host 29th UN Climate Change Conference and Launches ‘Climate Finance Action Fund
- Azerbaijan will host the 29th Conference of Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC).
- Azerbaijan has announced the launch of the ‘Climate Finance Action Fund’.
About Climate Finance Action Fund :
- Climate Finance Action Fund will be capitalised with contributions from fossil fuel producing countries and companies across oil, gas and coal, and Azerbaijan will be a founding contributor.
- Operational Framework:The fund is part of a package of 14 initiatives introduced during COP29 thematic days.
- It is a catalytic public-private partnership fund aimed at mobilizing private sector investment and de-risking such investments.
- Funding Goals:The fund will become operational once it completes an initial fundraising round of $1 billion and secures commitments from 10 contributing countries as shareholders.
- Capital Allocation:50% of the capital will be directed towards climate projects in developing countries, covering mitigation, adaptation, and research and development.
- 50% will be used to help member countries meet the next generation of Nationally Determined Contributions (NDCs) to maintain the 1.5°C temperature target.
- Revenue Use:20% of the revenues generated from investments will be allocated to a Rapid Response Funding Facility (2R2F), which provides highly concessional and grant-based support.
- Headquarters:The fund’s secretariat will be located in Baku, Azerbaijan.
About UNFCCC :
- Established : 1992
- Headquarters : Bonn, Germany
- Executive Secretary : Simon Stiell
- UNFCCC is the UN process for negotiating an agreement to limit dangerous climate change.
CURRENT AFFAIRS: BUSINESS NEWS
Rapido Achieves Unicorn Status with $120 Million Funding Round
- Rapido has become the latest unicorn by raising $120 million (approximately Rs 1,000 crore) in primary capital from existing investor WestBridge Capital, achieving a post-money valuation of $1 billion.
- The company’s valuation increased from $825 million following a $180 million funding round in April 2022.
- Funding and Investors:
- Rapido’s total funding now stands at $329 million.
- Previous investors include Swiggy, Nexus Venture Partners, and Integrated Capital.
- Swiggy did not participate in this latest funding round.
- Rapido is likely to raise an additional $20 million from global investors.
- Recent Unicorns:
- Rapido is the fourth unicorn of the year, following Perfios, Ola’s Gen AI platform Krutrim, and Porter.
- In 2023, only Zepto and InCred Finance achieved unicorn status.
- Business Expansion and Services:
- Founded in 2015 by Arvind Sanka, Pavan G, and Rishikesh SR, Rapido has expanded its services from bike taxis to include auto-rickshaws and cab-hailing.
- The company has introduced subscription-based models for auto-rickshaw and cab drivers, shifting from per-transaction commissions to compete with platforms like Juspay and Google-backed Namma Yatri.
- Financial Performance:
- Rapido’s revenue grew to Rs 497.5 crore in FY23, up from Rs 157.9 crore in FY22.
- However, the company’s losses increased from Rs 439 crore in FY22 to Rs 674.6 crore in FY23.
- Stakeholders:
- As of the end of FY23, WestBridge Capital held a 25.6% stake in Rapido’s parent entity, Roppen Transportation Services.
- Swiggy held a 15.1% stake, Nexus Venture Partners held 9.7%, and Integrated Capital held 4.9%.
- The co-founders collectively held a 7.5% stake in the company.
Indian Economy Expected to Grow Above 7% in FY24-25: NCAER
- The Indian economy is projected to grow above 7%, potentially closer to 7.5% in the current fiscal year, according to the National Council of Applied Economic Research (NCAER).
- The growth outlook is supported by a normal monsoon, reduced electoral uncertainty, and stable global conditions.
- Real GDP grew by 8.2% in FY2023-24, driven by strong consumption demand and improving investment demand.
Union Budget 2024-25:
- The fiscal deficit target is set at 4.9% of GDP.
- Capital expenditure is budgeted at 2.4% of GDP.
- The budget emphasizes fiscal consolidation, prudence, and quality.
Growth Strategy:
NCAER’s strategy focuses on:
- Private sector capital formation
- Green transition financing
- MSME development
- Agricultural transformation
- Education and skill development
- Enhanced state capacity
Business Sentiment:
- The NCAER-NSE Business Confidence Index increased to 149.8 in Q1 FY25, up from 138.2 in Q4 FY24, indicating improved business sentiments.
International Projections:
- IMF and ADB project India’s growth at 7% for FY2024-25.
- Projections range from 6.6% to 7.2%.
Economic Survey 2023-24:
-
- India’s real GDP grew by 8.2% in FY2023-24.
- Projected growth for FY2024-25 is between 6.5% and 7%.
- Nominal GDP is expected to grow at 10.5%.
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
UltraTech to Acquire Additional 32.72% Stake in India Cements for ₹3,954 Crore
- Aditya Birla group-owned UltraTech entered into a share purchase agreement with the promoters and their associates of India Cements Limited to purchase 10,13,91,231 equity shares or 32.72% stake for ₹390 apiece totalling to ₹3,954 crore, subject to regulatory approvals.
Key Highlights :
- Previous Acquisition:In June,2024 UltraTech acquired 7,05,64,656 equity shares (22.77% stake) at ₹268 per share.
- Post-Acquisition Stake:Following this acquisition, UltraTech’s total stake in India Cements will increase to 55.49%.
- This will trigger an open offer, and India Cements will become a subsidiary of UltraTech Cement Ltd.
- Capacity and Operations : India Cements has a total capacity of 14.45 million tonnes per annum (MTPA) of grey cement.
- Of this, 12.95 MTPA is in the South (particularly Tamil Nadu) and 1.5 MTPA in Rajasthan, while UltraTech is the third largest cement producer in the world, outside of China, with a total Grey Cement capacity of 154.86 MTPA.
- Strategic Benefits:The acquisition will enhance UltraTech’s integrated unit in Tamil Nadu, Reddipalayam Cement Works, which currently faces a limestone shortage with limited lifecycle availability.
- Competitive Context:This acquisition takes place amidst competition with Adani Group companies (Ambuja Cement and ACC) in the cement market.
About UltraTech Cement Limited :
- Founded : 1983
- Headquarters : Mumbai, Maharashtra, India
- Managing Director : K. C. Jhanwar
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
GROWTH-India telescope observes building-sized asteroid’s nearest pass by Earth: Report
- The GROWTH-India Telescope captured a 116-metre asteroid, known as ‘2011 MW1’, during its closest approach to Earth.
- The asteroid, classified as a Near-Earth Asteroid, passed by at a speed of 28,946 kilometres per hour.
- Its closest approach was ten times the distance to the Moon.
- Although it is an Apollo-class asteroid with an orbit intersecting Earth’s path, it is not considered a ‘Potentially Hazardous Asteroid’.
About GROWTH-India Telescope :
- GROWTH-India Telescope is India’s first fully robotic optical research telescope.
- Primary Mission: To observe explosive transients and variable sources, including near-Earth asteroids.
- Location: The telescope is located at the Indian Astronomical Observatory site at Hanle, Ladakh.
- Situated at 4500 metres above mean sea level, this is one of the highest observatory sites in the world and one of the best telescope locations in the country.
- Other Telescopes at the Site: Himalayan Chandra Telescope (HCT), gamma-ray array telescope (HAGAR), and imaging Cherenkov telescope (MACE).
- Partnership and Support : It was constructed through a partnership between the Indian Institute of Astrophysics (IIA) and the Indian Institute of Technology Bombay (IITB), with support from the Department of Science and Technology (DST) and the Indo-US Science and Technology Forum.
- The GROWTH-India project is part of an international network of observatories, known as the Global Relay of Observatories Watching Transients Happen (GROWTH).
What is an Asteroid?:
- Definition: A small, rocky object orbiting the Sun in the solar system.
- Size: Varies from a few metres to hundreds of kilometres across.
- Location: Most asteroids are in the asteroid belt between Mars and Jupiter, but they can be found throughout the solar system.
CURRENT AFFAIRS: SPORTS NEWS
Chennai to Host India’s First Night Street Racing Event
- Chennai is set to host India’s first-ever night street racing event, marking the second round of the Indian Racing Festival (IRF).
- The event will take place from August 30 to September 1.
Key Details:
- Location and Track:
- The race will be held on a 3.5-kilometer circuit starting at the Island Grounds in Chennai.
- The track will include 19 turns, multiple chicanes, and elevation changes, weaving past several key landmarks and featuring Marina Beach on one side.
- Organizers and Partnerships:
- The event is organized by Racing Promotions Private Limited (RPPL) and conducted in association with the Sports Development Authority of Tamil Nadu (SDAT).
- It forms part of the Indian Racing Festival (IRF), which includes two major championships: the India Racing League and the FIA Indian F4 Championship.
- Importance of the F4 Championship:
- The FIA Indian F4 Championship is a significant opportunity for aspiring racers, as the winner earns FIA Super License points, which are crucial for advancing in motorsport careers.
- Event Schedule:
- The IRF will kick off with races at the Madras International Circuit on August 24 and 25, followed by the street race on August 30.
- Prominent Figures:
- Akhilesh Reddy, Chairman & Managing Director of RPPL, announced the event dates and ticket sales.
- India’s first F1 driver, Narain Karthikeyan, attended the event announcement, expressing optimism about the event’s potential to boost motorsport in India.
- Dr. Atulya Mishra IAS, Additional Chief Secretary, J. Meghanatha Reddy IAS, Member Secretary of SDAT, and FMSCI President Akbar Ebrahim were also present.
Americans Huske, Walsh secure 1-2 finish in women’s 100m butterfly
- At the Tokyo Olympics, Torri Huske narrowly missed the women’s 100m butterfly podium by a mere hundredth a second.
- Fast forward three years, and she emerged as the Olympic champion in Paris.
- Huske’s path to victory involved chasing down the world record holder and her American teammate, Gretchen Walsh.
Key Highlights:
- Victory and Time:
- Torri Huske clinched the gold in an electrifying final, finishing in 55.59 seconds.
- She beat Gretchen Walsh to the wall by just 0.04 seconds, securing her first individual Olympic gold medal.
- Gretchen Walsh’s Performance:
- Walsh took silver, marking her first individual Olympic medal.
- At the U.S. Olympic swimming trials in June, Walsh set a world record with a time of 55.18 seconds.
- In the semifinals at Paris, she touched in an Olympic record of 55.38 seconds, a time that would have been enough for gold in the final.
- Additional Achievements:
- Both Huske and Walsh earned silver medals as part of the U.S. women’s 4x100m freestyle relay team.
- Bronze Medalist:
- China’s Zhang Yufei secured the bronze medal with a time of 56.21 seconds.
Ban Hyo-jin’s Historic Gold Medal in Women’s 10m Air Rifle at Paris 2024
- Ban Hyo-jin secured a significant victory for South Korea by winning the gold medal in the women’s 10m air rifle event at the Paris 2024 Olympics.
- This achievement marked South Korea’s 100th gold medal in Summer Olympic history and set a new record in South Korean sports.
Key Highlights:
- Event and Venue:
- The finals took place at the Chateauroux Shooting Center.
- Performance and Score:
- Ban won the gold after a tense shoot-off against Huang Yuting of China, finishing with a score of 251.8 points.
- Historical Significance:
- This medal is South Korea’s 100th gold in the history of the Summer Olympics.
- Ban Hyo-jin, at just 16 years old, became the youngest South Korean shooting athlete to win an Olympic medal, surpassing the previous record held by Kang Cho-hyun, who won silver at the Sydney 2000 Olympics at 17.
- Team Korea’s Progress:
- With Ban’s victory, South Korea has won a total of four medals in the Paris 2024 Games so far.
Sheng Lihao Sets New Olympic Record in Men’s 10m Air Rifle at Paris 2024
- China’s Sheng Lihao made a remarkable mark at the Paris 2024 Olympics, winning his second gold medal in the men’s 10m air rifle event with a new Olympic record.
Key Highlights:
- Olympic Record:
- Sheng Lihao scored an impressive 252.2, surpassing the previous Olympic record held by American William Shaner by 0.6 points.
- Previous Achievement:
- Sheng had already claimed his first gold medal of the Games alongside Huang Yuting in the mixed team 10m air rifle event.
- Podium Finishers:
- Gold: Sheng Lihao (China) – 252.2 points
- Silver: Victor Lindgren (Sweden) – 251.4 points
- Bronze: Miran Maricic (Croatia)
India to Host Men’s Asia Cup in 2025; Bangladesh to Follow in 2027
- India is expected to host the Men’s Asia Cup in 2025.
- Bangladesh is slated to host the tournament in 2027 with the 50-over format.
- The Asian Cricket Council (ACC) released a document for Sponsorship Rights from 2024 to 2027.
- The document suggests tentative hosting plans for India and Bangladesh but notes that schedules, dates, years, formats, and venues are subject to change.
2023 Edition:
- Originally meant to be hosted by Pakistan, the 2023 Men’s Asia Cup was shared with Sri Lanka due to political tensions.
- India won the 2023 tournament, defeating Sri Lanka by 10 wickets in the final. Mohammed Siraj’s six-wicket haul was instrumental in that victory.
Indian Team’s Performance:
- India had one loss in the 2023 tournament, to Bangladesh by 6 runs in their final Super 4 match.
- The Indian team is now led by Gautam Gambhir as Head Coach following Rahul Dravid’s departure after the T20 World Cup 2024 victory.
Current Leadership:
- Suryakumar Yadav has been appointed as the captain of the Indian T20I team.
- The team, under Gambhir and Yadav, has recently won the T20I series against Sri Lanka with two comprehensive wins.
Manu Bhaker and Sarabjot Singh Secure Bronze in 10m Air Pistol Mixed Team at Paris Olympics
- Manu Bhaker and Sarabjot Singh won the bronze medal in the 10m air pistol mixed team event.
- They defeated the South Korean pair of Oh Ye Jin and Wonho Lee with a score of 16-10.
- Match Progression:
- The Indian duo started with a deficit, losing the first series.
- They quickly recovered, leading 4-2 after the third series and extending their lead to 8-2 after the fifth series.
- South Korea closed the gap to 6-10 after the eighth series but the Indian pair maintained their composure to secure the win.
- Individual Performances:
- Manu Bhaker scored 10.2 on her first shot and consistently scored at least 10 on her first seven shots.
- Sarabjot Singh initially struggled with an 8.6 but recovered with several 10-plus scores.
- Final Round:
- Oh Ye Jin scored 9 on her last shot and her partner 9.5.
- Manu Bhaker scored 9.4, but Sarabjot Singh’s final shot of 10.2 clinched the medal.
- Achievements:
- Manu Bhaker becomes the first Indian woman to win multiple medals in a single Olympic Games.
- Sarabjot Singh won his first Olympic medal.
- Manu had previously won a bronze in the women’s 10m air pistol event at the 2024 Paris Olympics.
CURRENT AFFAIRS: IMPORTANT DAYS
World Ranger Day: July 31, 2024
- World Ranger Day is celebrated on July 31 each year.
- It commemorates rangers who have been injured or killed while performing their duties.
- The day also acknowledges the essential work rangers do globally to protect cultural heritage and natural treasures.
History:
- The first World Ranger Day was celebrated in 2007, marking the 15th anniversary of the International Ranger Federation (IRF).
- The IRF was founded in 1992 through a joint agreement by the Scottish Countryside Rangers Association (SCRA), the US Association of National Park Rangers (ANPR), and the Countryside Management Association (CMA) from Wales and England.
Significance:
- Rangers play a crucial role in safeguarding natural and cultural resources around the world.
- World Ranger Day 2024 is observed to honour the dedication and sacrifices of rangers who have lost their lives in the line of duty.
Daily CA One-Liner: July 31
- The Ministry of Housing and Urban Affairs (MoHUA) has completed 8.5 million houses under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) over the past nine years, as reported by Minister of State Tokhan Sahu in the Rajya Sabha.
- The Punjab government has decided to implement the Pradhan Mantri Schools for Rising India (PM SHRI) scheme after initially opting out, following the Centre’s decision to withhold funds under the Samagra Shiksha Abhiyan (SSA).
- India’s first sunken museum was inaugurated at the Humayun’s Tomb Complex in New Delhi.
- The government plans to operationalize 12 new airports across eight states and Union Territories this year under the UDAN (Ude Desh ka Aam Naagrik) scheme
- Rapido has become the latest unicorn by raising $120 million (approximately Rs 1,000 crore) in primary capital from existing investor WestBridge Capital, achieving a post-money valuation of $1 billion.
- The Indian economy is projected to grow above 7%, potentially closer to 7.5% in the current fiscal year, according to the National Council of Applied Economic Research (NCAER).
- Chennai is set to host India’s first-ever night street racing event, marking the second round of the Indian Racing Festival (IRF).
- At the Tokyo Olympics, Torri Huske narrowly missed the women’s 100m butterfly podium by a mere hundredth a second.
- Ban Hyo-jin secured a significant victory for South Korea by winning the gold medal in the women’s 10m air rifle event at the Paris 2024 Olympics.
- China’s Sheng Lihao made a remarkable mark at the Paris 2024 Olympics, winning his second gold medal in the men’s 10m air rifle event with a new Olympic record
- India is expected to host the Men’s Asia Cup in
- According to the Reserve Bank of India’s (RBI’s) latest Report on Currency and Finance (RCF), India is poised to be the world’s leading supplier of labour, which will propel remittances to around $160 billion in 2029 from $115 billion in 2023.
- The Reserve Bank of India (RBI) has revoked unrestricted access for Foreign Portfolio Investors (FPIs) to newly issued Indian government bonds with 14-year and 30-year tenors under the Fully Accessible Route (FAR), effective immediately.
- SBI Mutual Fund Unveiled the “SBI Innovative New Opportunities Fund” to invest in equity and related instruments of companies that are expected to adopt innovation.
- According to the Reserve Bank of India’s (RBI’s) latest Report on Currency and Finance (RCF), digital payments have shown remarkable growth with a compounded annual growth rate (CAGR) of 50% in terms of transaction volume and 10% in terms of transaction value over the past seven years (2017-18 to 2023-24).
- According to the Reserve Bank of India’s (RBI) Currency and Finance report for 2023-24, average cost of data breaches in India reached $2.18 million in 2023, marking a 28% increase since 2020.
- According to the Reserve Bank of India’s currency and finance report, The number of customers using the Central Bank Digital Currency (CBDC) retail pilot grew from 1.3 million to 5 million by June 2024.
- The Reserve Bank of India (RBI) is planning a five-episode web series to present its functions and 90-year journey.
- National Payments Corporation of India (NPCI) has introduced the ‘UPI One World’ wallet, aimed at enhancing the digital payment experience for international visitors to India.
- Azerbaijan will host the 29th Conference of Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC).
- Aditya Birla group-owned UltraTech entered into a share purchase agreement with the promoters and their associates of India Cements Limited to purchase 10,13,91,231 equity shares or 32.72% stake for ₹390 apiece totalling to ₹3,954 crore, subject to regulatory approvals.
- The GROWTH-India Telescope captured a 116-metre asteroid, known as ‘2011 MW1’, during its closest approach to Earth.
- Manu Bhaker and Sarabjot Singh won the bronze medal in the 10m air pistol mixed team event.
- World Ranger Day is celebrated on July 31 each year.
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