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CURRENT AFFAIRS : BANKING & FINANCE
RBI fines 4 PSUs for late reporting of overseas investments
- The Reserve Bank of India (RBI) has imposed late submission fees (LSF) of ₹2,000 crore on major public sector undertakings namely, ONGC Videsh Ltd (OVL), Indian Oil Corp. Ltd, GAIL (India) Ltd, and Oil India Ltd for delayed reporting of their overseas investments.
- As per RBI notification dated 22 August 2022, restrictions have been placed on further remittance or transfer, wherein authorized dealer banks shall not facilitate any outward remittance/financial commitment by a person residing in India towards a foreign entity until the delay in reporting is regularized.
- State Bank of India (SBI) is the authorized dealer (AD) bank for these public sector undertakings’ (PSUs’) foreign transactions.
- It is the work of the AD bank to report and reconcile their overseas direct investments (ODIs) within the requisite timelines.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy Governors : Swaminathan Janakiraman, Michael Patra, M. Rajeshwar Rao, T Rabi Sankar
Axis Bank partners with Kiwi to bolster ‘Credit on UPI’ accessibility on RuPay credit cards
- Axis Bank, one of the largest private sector banks in India partners with National Payment Corporation of India (NPCI) & Kiwi, the revolutionary credit on Unified Payment Interface (UPI) platform to launch the Axis Bank KWIK credit card that offers credit card rewards and the convenience of UPI’s fast and secure payment.
- The end-to-end digital payment solution aims at enhancing the payment experience for customers.
- The partnership enables Kiwi users to seamlessly access the RuPay lifetime free virtual Axis Bank KWIK credit card through the app.
- With its innovative features, users can make merchant payments within the Kiwi app using their credit cards via UPI, offering a virtual payment experience and eliminating the need for physical cards.
Features of Axis Bank KWIK credit card :
- UPI enabled free virtual Credit Card
- 2 edge rewards per Rs.200 spent.
- 1% cash back on Scan & Pay Transactions (using CC on UPI), powered by “Kiwi”
- 1% Fuel surcharge waiver
About Axis Bank :
- Established : 3 December 1993
- Headquarters : Mumbai, Maharashtra, India
- MD & CEO : Amitabh Chaudhry
- Tagline : Badhti Ka Naam Zindagi
RBI nods to amalgamation of Navanirman Co-op Urban Bank with Rajadhani Co-op Urban Bank
- The Reserve Bank of India (RBI) has sanctioned the Scheme of Amalgamation of The Navanirman Co-operative Urban Bank Limited, Hyderabad, Telangana with Rajadhani Co-op. Urban Bank Ltd, Hyderabad, Telangana.
- RBI has the discretionary powers to approve the voluntary amalgamation of Urban Co-operative Banks (UCBs) under the provisions of Section 44A read with Section 56 of the Banking Regulation Act, 1949.
Union Government Debt Stands At 57.1% Of GDP in FY23
- The debt of the central government declined from 61.5% of GDP in FY21 to 57.1% of GDP in FY23.
- The debt of the central government stood at ₹155.6 lakh crore as on March 31, 2023.
- The state governments’ debt at FY23 end is estimated to be about 28% of GDP.
- Gross Fixed Capital Formation (GFCF) has grown from ₹45.41 lakh crore (constant FY12 prices) in FY19 to ₹54.35 lakh crore in FY23 (Provisional Estimates).
- Scheme for Special Assistance to States for Capital Expenditure’ (FY21 & FY22) is being implemented by the government.
- Government is also implementing ‘Scheme for Special Assistance to States for Capital Investment’ (FY23 & FY24).
- It released a loan in the form of a 50-year interest-free loan for capital expenditure on capital projects.
- During FY24, ₹84,883.90 crore have been sanctioned under Scheme for Special Assistance to States for Capital Expenditure/Investment.
- The capital expenditure of the central government has increased from 2.15% of GDP in FY21 to 2.7% of GDP in FY23.
- Capital investment outlay has increased by 33% to ₹10 lakh crore (3.3% of GDP).
CURRENT AFFAIRS: NATIONAL NEWS
Coal Ministry CPSEs to achieve 7,281MW Renewable Energy Capacity by 2027
- Ministry of Coal has advised all its CPSEs to diligently draft a net zero plan for the coal mining sector.
- As per the national commitment, Coal PSUs have meticulously prepared three years action plan outlining specific renewable targets.
- Accordingly, Coal India Ltd (CIL), its subsidiaries and NLCIL have planned to install 3000MW and 3,731 MW of renewable energy capacity respectively.
- SCCL has also planned to install 550MW.
- This ambitious plan aims to achieve a total renewable energy capacity of over 7,281 MW by 2027.
- Presently, approx. 1600 MW renewable capacity has already been created till March 2023, (CIL- 11, NLCIL- 1360, SCCL-224) and 1,769 MW has been awarded for this financial year i.e. 2023-24. Out of this, CIL has awarded 399 MW and NLCIL has awarded 1370 MW.
- An additional 2,553 MW capacity (1110 of NLCIL + 1443 CIL) is scheduled to be awarded in the next financial year i.e. 2024-25.
- CIL and NLCIL are planning to establish large solar parks in Gujarat and Rajasthan.
- CIL has already signed an agreement for its maiden venture into solar power for the sale of 100 MW to GUVNL, Gujarat and also entered into a joint venture with RRVUNL for setting up a solar park of 1190 MW.
- NLCIL has already awarded 300 MW solar power plant work to M/s Tata Power Limited and is expected to be completed within 18 months, supplying power to Rajasthan.
- Furthermore, NLCIL has also awarded a tender of 300 MW for a solar park and another 300 MW solar park likely under the green shoe option to be set up in Gujarat.
Recent News
- Secretary of, the Ministry of Coal chaired a meeting on the integration of the Unified Logistics Interface Platform (ULIP) with the digital systems of the Ministry of Coal.
- The coal Ministry has signed agreements for 23 coal mines having a cumulative peak-rated capacity of 33.224 MT per annum during the Financial Year 2022-23.
- The Ministry of Coal has set a target to achieve coal gasification of 100 Million Tonne (MT) coal by FY 2030 reflecting the government’s commitment to harnessing the power of coal gasification.
- Ministry of Coal and Coal PSUs have organized numerous programs to encourage employees and local communities to embrace sustainable and Eco-Friendly Lifestyles in line with the LiFE activities envisioned by Prime Minister Shri Narendra Mod
Shri Sarbananda Sonowal launches Port Health Organisation (PHO) under Sagar Setu to enable a faster & simpler ecosystem to promote Ease of Doing Business
- The Union Minister of Ports, Shipping & Waterways (MoPSW) and Ayush, Shri Sarbananda Sonowal launched Port Health Organisation (PHO) module under Sagar Setu – National Logistics Portal (Marine) – in an attempt to enable a faster and simpler ecosystem to promote Ease of Doing Business (EODB).
- PHO will conduct disease surveillance, health inspection and quarantine measures to safeguard citizens and port workers.
- This digital initiative was launched in the presence of Shri T K Ramachandra, Secretary, Ministry of Ports, Shipping & Waterways along with other senior officials of the ministry.
- This Port Health Organization module has been envisaged as a part of ‘Ease of Doing business’ by covering features like requests for PHO clearance certificates, approval by PHO, online certification generation, tracking of request status etc.
- The PHO module will help the Shipping Agents, PHOs, Port Authorities, Customs etc. allowing easier access to functionalities of PHO clearance through an online process.
- This will help in collaborating with different departments & agencies for the accordance of approval etc.
- It will also ensure data mobility such that approvals and monitoring shall be paperless transparency.
Recent news
- The Union Minister of Ports, Shipping & Waterways and Ayush Shri Sarbananda Sonowal launched ‘Sagar Samajik Sahayyog’ – the new guidelines of Corporate Social Responsibility (CSR) by the Ministry of Ports, Shipping & Waterways.
- “Harit Sagar” the Green Port Guidelines 2023 has been launched by Minister for Ports, Shipping and Waterways Sarbananda Sonowal at a function in New Delhi.
- The Union Minister of Ports, Shipping & Waterways and Ayush, Shri Sarbananda Sonowal laid the foundation stone of the Inland Waterways Transport (IWT) terminal to be developed at Bogibeel in Dibrugarh, by the bank of the River Brahmaputra (National Waterways 2) in Dibrugarh, Assam.
- The Union Minister of Ports, Shipping & Waterways and Ayush, Shri Sarbananda Sonowal launched the curtain raiser of Global Maritime India Summit (GIMS), 2023 in Mumbai.
CURRENT AFFAIRS: INTERNATIONAL NEWS
India to participate in Ukraine peace talks hosted by Saudi Arabia
- India has been invited to participate in Ukraine peace talks hosted by Saudi Arabia, scheduled for August 5 and 6, 2023.
- The invitation comes as Saudi Arabia reaches out to Western nations, Ukraine, and some major developing countries to discuss the peace plan put forward by Ukrainian President Volodymyr Zelenskiy earlier in the year.
- Arindam Bagchi, spokesperson for the Ministry of External Affairs confirmed India’s attendance at the meeting to be held in Jeddah.
- By engaging in peace talks, India aims to support efforts towards finding a peaceful resolution to the ongoing crisis in Ukraine.
- However, Russia is excluded from the meeting at Jeddah.
- Ukrainian President Volodymyr Zelenskyy has been actively advocating his 10-point peace plan, even discussing it with US President Joe Biden and other world leaders.
- Zelenskyy has been urging the international community to come together for a global peace summit based on his proposed plan.
- The situation in Ukraine has been a matter of international concern due to the ongoing Russo-Ukrainian War and the annexation of Crimea by Russia.
- The conflict has caused significant human suffering and geopolitical tensions in the region.
Recent News
- Russia refused to extend the agreement that has enabled Ukraine to export grain from its Black Sea ports for the past year, complaining that promises to free up its shipments of food and fertilisers had not been kept.
- Germany announced 2.7 billion euro ($3.0 billion) of military aid to Ukraine, its biggest such package yet since Russia’s invasion, and pledged further support for Kyiv for as long as necessary.
About Ukraine:
- President: Volodymyr Zelenskyy
- Prime Minister: Denys Shmyhal
- Capital: Kyiv
- Currency: Hryvnia
About Saudi Arabia:
- Prime Minister: Mohammed bin Salman Al Saud
- Capital: Riyadh
- Currency: Saudi riyal
UNESCO recommends adding Venice to ‘heritage danger list’
- The United Nations Educational, Science and Cultural Organization (UNESCO) has recommended including Venice, a popular destination in Italy, in the ‘heritage danger list’.
- Climate change has become one of the major problems of Venice.
- UNESCO has recommended the Italian government to increase efforts for securing the historic city and its surrounding lagoons.
- As per the UNESCO report, overwhelming tourism, overdevelopment and rising sea levels due to climate change are major risks for Venice.
- These risks are deteriorating and damaging building structures and urban areas.
- In recent years, Venice also witnessed a rise in weather-related problems.
- The UNESCO report blames the Italian authorities for a “lack of strategic vision” in solving the problems of Venice.
- The proposal to add Venice to the endangered list was brought by UNESCO two years ago but was avoided at the last minute due to some measures adopted by the Italian government.
- The large ships were banned and the Italian government had promised to launch an ambitious conservation plan for the city.
- However, the conservation plan for Venice was never implemented.
- Venice is known as “La Serenissima” & it is considered a gem by Italians.
Recent News :
- In May 2023, Union Culture Minister G Kishan Reddy stated that Santiniketan, the place where Nobel Laureate poet Rabindranath Tagore built Visva-Bharati over a century ago, has been recommended for inclusion in the UNESCO World Heritage List by an international advisory body.
About UNESCO :
- Established : 16 November 1945
- Headquarters : Paris, France
- Director General : Audrey Azoulay
CURRENT AFFAIRS: STATE NEWS
Uttar Pradesh Cabinet approves policy for making state water tourism, adventure sports destination
- Uttar Pradesh Cabinet approved a policy aimed at promoting the state as a “water tourism and adventure sports destination.”
- The policy to promote the state as “a water tourism and adventure sports destination” has recently received the approval of the Uttar Pradesh Cabinet.
- After the government notifies us of the date, this policy will be in effect for ten years.
- Uttar Pradesh has the potential to grow significantly as a key centre for water-based tourism and adventure sports due to its rich cultural past, diverse geography, and picturesque rivers and lakes.
- The Uttar Pradesh government authorized a policy on water tourism and adventure sports on August 1st with a 10-year validity period from the date announced by the government.
- All inland land-based, air-based, and water routes, dams, reservoirs, lakes, rivers, and ponds, as well as all adventure activities to be conducted on various water bodies and land parcels within the authority of Uttar Pradesh, shall be subject to the water tourism and adventure policy.
- At the divisional level, the nodal agency will establish adventure sports units.
- The UP Government’s water tourism and adventure sports policy will be centred on public-private partnerships to foster a supportive economic environment.
- Private investors interested in creating water tourism and adventure sports ventures will receive incentives and support from the government.
- The implementation of the policy is a crucial step in making the state a popular tourist destination.
- This initiative is anticipated to stimulate the economy, create jobs, and unleash Uttar Pradesh’s latent potential for adventure tourism.
Recent News
- Union Minister of Youth Affairs and Sports Anurag Thakur and Uttar Pradesh Chief Minister Yogi Adityanath launched the Logo, jersey, mascot, torch and anthem of the Khelo India University Games (KIUG) 2022 in Lucknow.
- Uttar Pradesh (UP) has become the first state which will make digital health cards for
- The Uttar Pradesh (UP) government has roped in NDDB Dairy Services, a wholly-owned subsidiary of National Dairy Development Board (NDDB), for providing technical support for managing three women-owned milk producer companies — Saamarthya Milk Producer Company (Raebareli), Shri Baba Gorakhnath Kripaa Milk Producer Company (Gorakhpur) and Srijanee Milk Producer Company (Bareilly) set up in UP.
About UP :
- Governor : Anandiben Patel
- Chief Minister: Yogi Adityanath
- Capital: Lucknow
- National Park: Dudhwa National Park
- Wildlife Sanctuary: Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary
Amazon India to open a first-ever floating store in Dal Lake
- In Srinagar, Kashmir, Amazon India opened its first-ever floating store on Dal Lake.
- This program is in line with Amazon India’s goal of offering customers dependable and practical delivery services while also enabling small companies to take advantage of lucrative earning opportunities.
- The business’s ‘I Have Space’ delivery program, which debuted in 2015, includes the store.
- Through local businesses and partners, the initiative enables them to send packages to customers in distant locations.
- The “I Have Space” store is an essential resource for the many people who live and work in the areas of Srinagar’s Dal Lake and Nigeen Lake, which are popular destinations for both visitors and locals.
- The “I Have Space” last-mile delivery initiative from Amazon India works with neighbourhood retailers and company owners to effectively deliver goods within a 2 to 4-kilometre radius of each store, giving them a chance to make extra money.
- Since its 2015 launch, this program has amassed a wide network of almost 420 towns and cities across India, totalling more than 28,000 neighbourhood and Kirana partners.
Recent News
- Amazon Web Services (AWS) has announced to invest 12.7 billion dollars in cloud infrastructure in India by 2030.
- Payments service provider PayU has launched a 45-day fintech accelerator program, inFINity for early-stage Indian startups in collaboration with Amazon Web Services (AWS) India, a cloud platform, and venture capital firm Chiratae Ventures.
- Months after India’s first lithium reserves were discovered in Jammu and Kashmir (J&K), the Geological Survey of India (GSI) has found another reserve of the crucial mineral in Degana in Rajasthan’s Nagaur district.
About J&K :
- Lieutenant Governor: Manoj Sinha
- Capital: Srinagar, Jammu
- National Park: Kishtwar High Altitude National Park, Kazinag National Park, Dachigam National Park
- Wildlife Sanctuaries: Ramnagar Wildlife Sanctuary, Gulmarg Wildlife Sanctuary
GI tags for Goa mangoes and bebinca, crafts from Rajasthan and U.P.
- Seven products from across India, including four from Rajasthan, were given the Geographical Indication (GI) tag by the Geographical Indications Registry in
- The GI tags were secured by ‘Jalesar Dhatu Shilp’ (a metal craft), ‘Goa Mankurad Mango’, ‘Goa Bebinca’, ‘Udaipur Koftgari Metal Craft’, ‘Bikaner Kashidakari Craft’, ‘Jodhpur Bandhej Craft’, and ‘Bikaner Usta Kala Craft’.
- The application for the mank urad mango was filed by the All-Goa Mango Growers Association, Panaji.
- This variety of mango is also known as malcorada, cardozo mankurad, corado, and Goa mankur.
- The Portuguese named the fruit malcorada, which means ‘poor coloured’, and with time, it became mank urad aam (mango) in Konkani.
- The application for the Goan bebinca was filed by the All-Goa Bakers and Confectioners Association.
- Bebinca, also known as the ‘queen of Goan desserts’, is a traditional Indo-Portuguese pudding.
About GI Tag:
- A GI, a kind of Intellectual Property Rights (IPR), is primarily an agricultural, natural or manufactured product (handicraft and industrial goods) originating from a definite geographical territory.
- The tag is valid for a period of 10 years after which it is renewed.
- The Department for Promotion of Industry and Internal Trade (DPIIT), an arm of the commerce and industry ministry which deals with investments and intellectual property rights (IPRs), has issued operational guidelines for financial assistance for undertaking the initiatives for the promotion of GIs.
About Rajasthan :
- Governor: Kalraj Mishra
- Chief Minister: Ashok Gehlot
- Capital: Jaipur
- National Park: Keoladeo National Park, Ranthambore National Park
- Wildlife Sanctuary: Bassi Wildlife Sanctuary, Kumbhalgarh Wildlife Sanctuary
Recent News
- Kangra tea of Himachal Pradesh (HP) has become the second product after Basmati Rice in the country to get registered with the European Union (EU) as a protected Geographical Indication (GI), paving the way for the sale of the product in European countries.
- Among the states with GI tags Tamil Nadu (TN) has the highest number of GI tags in the country followed by Uttar Pradesh (UP).
Elon Musk’s Tesla leases space in Pune for first India office
- Elon Musk’s Tesla has leased office space in Pune for a period of five years.
- With a monthly rent of Rs 11.65 lakh, the lease deal includes a lock-in period of 36 months, with a 5 per cent per annum escalation clause.
- Months after a meeting between Prime Minister Narendra Modi and Elon Musk in the US, Tesla India Motors and Energy Private Limited leased office space in the Panchshil Business Park of Maharashtra’s Pune.
- This is seen as a major step towards the entry of EV giant Tesla into the Indian market.
- Tesla India Motors and Energy Private Limited has also entered into a five-year lease agreement with Tablespace Technologies Private Limited, with a monthly rent of Rs 11.65 lakh and a security deposit of Rs 34.95 lakh for five years, CRE Matrix said.
- The agreement also includes five car parks and 10 bike parks.
- According to CRE Matrix, the lease deal includes a lock-in period of 36 months, with a 5 per cent per annum escalation clause.
- The rental payments will start from October 1, 2023.
- Earlier in 2021, Tesla India Motor & Energy Pvt Ltd was registered as an Indian subsidiary of Tesla in Bengaluru.
TESLA’S PROGRESS IN INDIA
- In July, Tesla hinted at plans to produce up to 500,000 EVs annually, with prices starting at Rs 20 lakh. If accomplished, this development could significantly boost India’s emerging EV market.
- If accomplished, this development could significantly boost India’s emerging EV market.
- Earlier in May, electric carmaker Tesla proposed setting up a factory in India to build its electric vehicles for domestic sale and export.
Recent News
- Twitter Chief Executive Officer (CEO) Elon Musk announced that Linda Yaccarino will be the social media platform’s next CEO.
- The Elon Musk-owned SpaceX’s Starship, the world’s biggest rocket, exploded during its first test flight to space from Boca Chica in Texas.
- Twitter owner Elon Musk has launched a new logo – the single letter “X” to replace the social media service’s famous blue bird as part of a broader rebranding effort.
Aadi Perukku, a cultural festival, is observed in Tamil Nadu.
- Aadi Perukku, also known as Pathinettam Perukku, is a festival honouring the monsoon season and the fertility of the soil that is observed by the Tamil cultural community.
- On August 3, which also happens to be the 18th day of the Tamil month of Aadi, Aadi Perukku is observed.
- This festival, which is customarily held in late July or early August, is focused on showing thanks to water sources because the entire month of Aadi is thought to signal the start of the monsoon season.
About Tamil Nadu
- Chief minister: M. K. Stalin
- Capital: Chennai
- Governor: R. N. Ravi
- NP: Guindy National Park, Mudumalai National Park, Mukurthi National Park, Indira Gandhi National Park (Annamalai), and Gulf of Mannar Marine National Park.
CURRENT AFFAIRS: RANKING AND INDEX
India maintains the top spot as the source market for tourism in Sri Lanka
- India has maintained the top spot as the source market for tourism in Sri Lanka.
- As per data released by Sri Lanka Tourism Development Authority, Tourist arrivals from India have crossed 1 lakh 39 thousand.
- This translates to over 18 per cent market share out of 7.67 lakh tourist arrivals into the island nation.
- India accounted for 23461 tourist arrivals in July which was ahead of other countries.
- The connectivity between the two countries has improved over the last few months as air travel resumed between Jaffna and Chennai in December last year.
- The services were made daily last month.
- Connectivity between Colombo and Mumbai has also been improved with daily flights operating in the sector.
- In addition, India-Sri Lanka Joint Committee established under an MOU on Passenger Transportation by Sea held a virtual meeting last month with a focus on the resumption of ferry services between the two countries connecting mutually agreed points.
- Ferry services between Nagapattinam and Kankesanthurai are likely to commence soon.
About Sri Lanka:
- President: Ranil Wickremesinghe
- Prime Minister: Dinesh Gunawardena
- Capital: Sri Jayawardenepura Kotte (legislative), Colombo (executive and judicial)
- Currency: Sri Lankan rupee (Rs)
Recent News
- India has extended a $1 billion credit line for Sri Lanka by one year until March 2024, giving the crisis-hit country backup funds to pay for essential imports
- The highly anticipated 67th Travel Agents Association of India (TAAI) Convention will commence in Colombo.
- The Union Minister of Ports, Shipping & Waterways and Ayush, Shri Sarbananda Sonowal flagged off the maiden International Cruise Vessel – MV Empress, India’s first international cruise vessel – from Chennai to Sri Lanka in Chennai.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Cabinet Secretary Rajiv Gauba Gets Another One-Year Extension
- The Appointments Committee of the Cabinet (ACC), headed by Prime Minister Shri Narendra Modi, approved the service extension for the Cabinet Secretary Rajiv Gauba, for a period of 1 year beyond August 30, 2023.
- This is the 3rd extension for Gauba, who will now become the longest-serving Cabinet Secretary in the country.
- The extension was granted in relaxation of the AIS (Death-cum-Retirement Benefits) Rules, 1958 and Rule 56 (d) of the Fundamental Rules.
About Gauba :
- Punjab born Gauba was chief secretary of Jharkhand for 15 months before returning to the Central government in 2016.
- He is widely recognised as the key architect behind the Jammu and Kashmir Reorganisation Act, 2019.
- This act played a pivotal role in the reorganisation of the erstwhile state of Jammu and Kashmir into two Union territories following the abrogation of Article 370 of the Constitution.
- He had also worked as a secretary in the Union Urban Development Ministry and as an additional secretary in the Home Ministry, where he was in charge of the vital left-wing extremism division, among other things.
- Gauba, a former Union home secretary, was appointed to the country’s highest administrative job for two years in 2019.
- He was given a one-year extension in 2021, followed by another in August, 2023.
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
Bharat Dynamics Limited hands over 1st Radio Frequency Seeker of Akash to DRDO
- The Bharat Dynamics Limited (BDL) has handed over the first Radio Frequency (RF) Seeker of Akash – the Next Generation Weapon System produced at its newly commissioned state-of-the-art Seeker Facility Centre (SFC) to the Defence Research and Development Organization (DRDO).
- The Chairman and Managing Director of BDL, Commodore A Madhavarao handed over the 1st RF Seeker manufactured by BDL at this facility to the Secretary, the Department of Defence Research & Development and Chairman DRDO, Dr Samir V Kamat.
About Seeker :
- Seeker is a critical and technology intensive subsystem used in Surface-to-Air Missiles and Air-to-Air Missiles for target tracking in the terminal phase.
- The RF Seeker has been designed by DRDO’s Research Centre Imarat, and produced by BDL at its state-of-the-art Seeker Facility Centre set up at BDL, Kanchanbagh Unit in Hyderabad.
About Akash-NG :
- Akash-NG is a surface-to-air Missile.
- It is a new variant of the Akash missile that can strike targets at a distance of around 60 km and fly at a speed of up to Mach 2.5.
- It is developed by Defence Research & Development Laboratory (DRDL), Hyderabad in collaboration with other DRDO laboratories & being produced by Bharat Electronics Limited (BEL) and Bharat Dynamics Limited (BDL).
- Akash is India’s 1st indigenously produced medium range Surface to Air missile that can engage multiple targets from multiple directions
About BDL :
- Established : 1970
- Headquarters : Hyderabad, Telangana
- Chairman & Managing Director : A Madhavarao,
India’s 1st indigenously developed Next Generation Magnetic Resonance Imaging (MRI) scanner unveiled in New Delhi
- The Union Minister Dr Jitendra Singh launched India’s 1st Indigenously developed, Affordable, lightweight, Ultrafast, High Field (1.5 Tesla), Next Generation Magnetic Resonance Imaging (MRI) Scanner in New Delhi.
- It will also reduce the capital investment in purchasing MRI scanners from the international market to a great extent, due to which a lot of foreign exchange will also be saved.
Key Highlights :
- VoxelGrids Innovations Private Limited under National Biopharma Mission has developed a complete (compact), lightweight, next-generation MRI scanner to address the unmet need of the country.
- Out of the Rs 17 crore spent to develop the world-class MRI, Rs 12 crore was provided by the Department of Biotechnology (DBT) through the Biotechnology Industry Research Assistance Council (BIRAC).
- 70% of the world’s population does not have access to the diagnostic method of Magnetic Resonance Imaging (MRI).
- Access to MRI scanners is typically less than 3 times that of other imaging modalities such as computed tomography (CT), X-ray, and
- This is because of its extremely high capital cost which is a problem in developing countries like India.
- Now, the installed base of MRI scanners in India is 3 times less than that of CT scanners, mainly because of the high cost of MRI machines and import dependence.
- The annual demand for MRI machines is expected to more than double by 2030 with initiatives such as Ayushman Bharat aimed at improving healthcare access and inclusion.
CURRENT AFFAIRS: SPORTS NEWS
First National Sports University of India witnessed in the North-eastern state of Manipur at a total sanctioned cost of Rs.643.34 crore:
- Minister of Youth Affairs & Sports Shri Anurag Singh Thakur said that the Sports infrastructure in the northeastern region has witnessed a remarkable transformation in the last nine years under the leadership of Prime Minister, Shri Narendra Modi.
- With the shift from ‘Look East Policy’ to ‘Act East Policy,’ the Government has given special emphasis and impetus to sports infrastructure in the North-east region, Shri Anurag Thakur said.
- He also said that the first national Sports University of the country has been allocated to the northeast state of Manipur at a total sanctioned cost of Rs.643.34 crore.
- He further said that 1000 Khelo India centres will be dedicated to the country this year itself, out of which 227 Khelo India Centres are being established in the northeast.
- The Ministry has approved 75 sports infrastructure projects at a combined sanctioned cost of Rs.520.60 crore.
- 3 National Centres of Excellence, 12 SAI Training Centres and 22 Khelo India accredited Sports Academies are already functional in the North-Eastern States
CURRENT AFFAIRS : OBITUARIES
Noted Marathi poet Namdeo Dhondo Mahanor Passed away
- Noted Marathi poet and lyricist Namdeo Dhondo Mahanor, popularly known as Na Dho Mahanor passed away at the age of 81 in Pune, Maharashtra.
About Namdeo Dhondo Mahanor :
- Mahanor was born at Palaskheda in Aurangabad district, Maharashtra in 1942.
- He had also been a member of the Maharashtra legislative council in 1978.
- He experimented with art and agriculture.
His Notable Works :
- He penned several popular poems and songs, including “Jagala Prem Arpave”, “Ganga Wahu De Nirmal” and “Divelaganichi Vel”, and also wrote songs for Marathi movies like “Ek Hota Vidushak”, “Jait Re Jait”, “Sarja” and other
Awards & Honors :
- In 1991, Mahanor was awarded the Padma Shri, the fourth-highest civilian honour of India, by the president of India.
- He was a recipient of the Krishi Bhushan award of the Maharashtra government.
Ex Delhi & Districts Cricket Association Secretary Sunil Dev Passed Away
- Former Delhi & Districts Cricket Association (DDCA) secretary & administrative manager of team India in T20 World Cup 2007 Sunil Dev passed away at the age of 75
About Sunil Dev :
- Sunil Dev played one first-class match for Delhi in 1969/70.
- Sunil Dev was synonymous to DDCA from late 70s till 2015.
- He became the administrative manager of the Indian team that won the inaugural 2007 T20 World Cup in South Africa.
- He also served as an administrative manager on India’s tour of South Africa in 1996 and the 2014 tour of England.
- Apart from the Sports administrative manager, he was part of various sub-committees of the BCCI.
Veteran Kerala Congress leader & Ex Speaker Vakkom Purushothaman Passed away
- Former Legislative speaker and senior Congress leader Vakkom Purushothaman passed away at the age of 95.
About Vakkom Purushothaman :
- Vakkom B. Purushothaman was born on 12 April 1928 in Vakkom, Thiruvananthapuram, Kerala, India,
- He was elected to the Kerala Assembly 5 times from Attingal assembly constituency and became a minister thrice.
- From 1971 to 1977, he held the portfolio of Agriculture and Labour in the Ministry headed by C. Achutha Menon.
- From 1980 to 1981, he was the Minister for Health and Tourism in the Nayanar Ministry.
- He was the longest-serving Speaker of the Kerala assembly, from 1982 to 1984 and again from 2001 to 2004.
- He was also elected twice to the Lok Sabha from Alappuzha constituency and served from 1984 to 1991.
- He served as the 6th Lieutenant Governor of the Andaman and Nicobar Islands from 1993 to 1996, the Governor of Mizoram from 2011 to 2014 and Governor of Tripura for 2 months in 2014.
Daily CA One-Liner: August 5
- The Reserve Bank of India (RBI) has imposed late submission fees (LSF) of ₹2,000 crore on major public sector undertakings namely, ONGC Videsh Ltd (OVL), Indian Oil Corp. Ltd, GAIL (India) Ltd, and Oil India Ltd for delayed reporting of their overseas investments.
- Axis Bank, one of the largest private sector banks in India partners with National Payment Corporation of India (NPCI) & Kiwi, the revolutionary credit on Unified Payment Interface (UPI) platform to launch the Axis Bank KWIK credit card that offers credit card rewards and the convenience of UPI’s fast and secure payment.
- The Reserve Bank of India (RBI) has sanctioned the Scheme of Amalgamation of The Navanirman Co-operative Urban Bank Limited, Hyderabad, Telangana with Rajadhani Co-op. Urban Bank Ltd, Hyderabad, Telangana.
- The debt of the central government declined from 61.5% of GDP in FY21 to 57.1% of GDP in FY23.
- The Ministry of Coal has advised all its CPSEs to diligently draft a net zero plan for the coal mining sector.
- The Union Minister of Ports, Shipping & Waterways (MoPSW) and Ayush, Shri Sarbananda Sonowal launched Port Health Organisation (PHO) module under Sagar Setu – National Logistics Portal (Marine) – in an attempt to enable a faster and simpler ecosystem to promote Ease of Doing Business.
- India has been invited to participate in Ukraine peace talks hosted by Saudi Arabia, scheduled for August 5 and 6.
- Uttar Pradesh Cabinet approved a policy aimed at promoting the state as a “water tourism and adventure sports destination.
- In Srinagar, Kashmir, Amazon India opened its first-ever floating store on Dal Lake.
- Seven products from across India, including four from Rajasthan, were given the Geographical Indication (GI) tag by the Geographical Indications Registry in
- Elon Musk’s Tesla has leased office space in Pune for a period of five years.
- Aadi Perukku, also known as Pathinettam Perukku, is a festival honouring the monsoon season and the fertility of the soil that is observed by the Tamil cultural community.
- India has maintained the top spot as the source market for tourism in Sri Lanka.
- The Minister of Youth Affairs & Sports Shri Anurag Singh Thakur said that the Sports infrastructure in the northeastern region has witnessed a remarkable transformation in the last nine years under the leadership of Prime Minister, Shri Narendra Modi.
- The United Nations Educational, Science and Cultural Organization (UNESCO) has recommended including Venice, a popular destination in Italy, in the ‘heritage danger list’.
- The Appointments Committee of the Cabinet (ACC), headed by Prime Minister Shri Narendra Modi, approved the service extension for the Cabinet Secretary Rajiv Gauba, for a period of 1 year beyond August 30, 2023.
- The Bharat Dynamics Limited (BDL) has handed over the first Radio Frequency (RF) Seeker of Akash – the Next Generation Weapon System produced at its newly commissioned state-of-the-art Seeker Facility Centre (SFC) to the Defence Research and Development Organization (DRDO).
- Union Minister Dr Jitendra Singh launched India’s 1st Indigenously developed, Affordable, lightweight, Ultrafast, High Field (1.5 Tesla), Next Generation Magnetic Resonance Imaging (MRI) Scanner in New Delhi.
- Noted Marathi poet and lyricist Namdeo Dhondo Mahanor, popularly known as Na Dho Mahanor passed away at the age of 81 in Pune, Maharashtra.
- Former Delhi & Districts Cricket Association (DDCA) secretary & administrative manager of team India in T20 World Cup 2007 Sunil Dev passed away at the age of 75
- Former Legislative speaker and senior Congress leader Vakkom Purushothaman passed away at the age of 95.
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