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NATIONAL AFFAIRS
18th Lok Sabha: Narendra Modi takes Oath as PM for the 3rd term; along with 71 Ministers
On 9th June 2024, Narendra Modi(73-year-old), leader of the Bhartiya Janta Party (BJP), was sworn in as the Prime Minister(PM) of India for the third consecutive term (2024 to 2029).
- Droupadi Murmu, President of India, administered the oath of office to PM Modi, along with 71 ministers, at a grand ceremony on the forecourt of Rashtrapati Bhavan, New Delhi, Delhi.
Note: The new cabinet includes 30 Cabinet Ministers, 5 Ministers of State (MoS) with independent charge and 36 Ministers of State.
18th Lok Sabha Election Result(2024):
BJP-led National Democratic Alliance(NDA) won the 2024 Lok Sabha general election with 293 seats, a much lower margin than predicted by exit polls. The opposition won a total of 234 seats out of 543.
- This marks Modi’s first time heading a coalition government.
- PM Narendra Modi is only the second Indian PM after Jawaharlal Nehru to retain power for a 3rd five-year term.
Sub-Lieutenant Anamika Rajeev Becomes Indian Navy’s 1st Woman Helicopter Pilot
Sub-Lieutenant Anamika B. Rajeev has become the first woman helicopter pilot in the Indian Navy after she joined the ranks of a pilot for the Indian Navy helicopters.
- Lieutenant Jamyang Tsewang, the first Commissioned Naval Officer from the Union Territory (UT) of Ladakh, also graduated as a qualified helicopter pilot.
- Anamika and Jamyang are among 21 officers awarded the Golden Wings at the passing out parade, which took place on June 7 2024 at a naval air station Indian Navy Ship (INS) Rajali in Arakkonam, Tamil Nadu (TN) , marks the end of both Stage I training for the 4th Basic Helicopter Conversion Course (BHCC) and graduation of 102nd Helicopter Conversion Course (HCC).
- Anamika will be allowed to fly helicopters such as Sea Kings, ALH Dhruvs, Chetaks and MH-60R Seahawks.
Note: In 2018, flying officer Avani Chaturvedi of the Indian Air Force scripted history by becoming the first Indian woman to fly a fighter aircraft solo.
INTERNATIONAL AFFAIRS
India Participated in BRICS Foreign Ministers Meeting in Russia
On 10th June 2024, India participated in the BRICS (Brazil, Russia, India, China and South Africa) Foreign Ministers meeting hosted by Russia, the current chair of BRICS, in Nizhny Novgorod, Russia. The meeting was chaired by Sergey Lavrov, Foreign Minister, Russia.
- The Indian delegation at the BRICS Foreign Ministers meeting was led by Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs (MEA).
- This also mark’s India’s first Foreign policy assignment under the historic 3rd consecutive term of Prime Minister (PM) Narendra Modi.
- This is the 1st foreign ministers meeting since the expansion of BRICS in 2023.
IEA’s World Investment Report 2024: Global Investment in Clean Energy to Reach USD 2 Trillion is twice that of Fossil Fuels in 2024
According to the annual report “World Energy Investment Report 2024” released by the International Energy Agency (IEA), global investment in clean energy technology and infrastructure is expected to achieve USD 2 trillion in 2024 which is twice the amount going to fossil fuels.
- The report projected that total energy investment will breach the mark of USD 3 trillion for the 1st time in 2024.
Key Points:
i.The report underlined the clean energy technologies that will receive investments from pool of USD 2 trillion are: renewable, electric vehicles, nuclear power, grids, storage, low-emission fuels, among others and the remaining part of investment will be directed towards gas, oil and coal.
ii.The report highlighted that solar Photovoltaic (PV) will bring significant transformation in the power sector. It estimated that with solar PV, the combined investment in renewable and nuclear for electricity generation will increase to 10 times the amount going to fossil fuel-fired power in 2024.
About World Investment Report 2024:
i.The report provides a benchmark to track capital flows in the energy sector and examines how the investors are assessing risks and opportunities in different sectors such as: fuel and electricity supply, critical minerals, efficiency, research and development and energy finance.
ii.The latest edition of the report provides an elaborated analysis on the sources of investment and sources of finance in the energy sector.
>> Read Full News
Pixxel, Sarvam AI, Nirmai Health Analytix Among 10 Indian Startups in WEF’s Technology Pioneer 2024 List
According to the World Economic Forum (WEF’s) Technology Pioneers 2024 list, Pixxel, Sarvam AI, Niramai Health Analytix are among the 10 Indian startups which are featured in the list. Majority of these Indian startups are Artificial Intelligence (AI) focused.
- The list comprises 9 space companies which include Pixxel from India, 4 neurotechnology technology startups and 4 startups in clean technology sector including AmpereHour Energy and International Battery Company from India.
About Technology Pioneers 2024 List:
The list featured total 100 leading tech startups from 23 countries. About 33% (1/3rd) of these companies were led by Women Chief Executive Officer (CEO).
About World Economic Forum (WEF):
Founder- Prof. Klaus Schwab
Managing Director (MD)- Saadia Zahidi
Headquarers– Cologyny, Geneva Canton, Switzerland
Established in- 1971
>> Read Full News
BANKING & FINANCE
RBI Forms Committee under Mr. A P Hota To Set Up Digital Payments Intelligence Platform
The Reserve Bank of India (RBI) has formed a committee under the chairmanship of Abhaya Prasad Hota, former Managing Director (MD) and Chief Executive Officer (CEO), National Payments Corporation of India (NPCI).
- The committee is formed to examine various aspects related to the setting up a digital public infrastructure for Digital Payments Intelligence platform which is proposed by RBI.
- The proposed Digital Payments Intelligence platform will be equipped with advanced technologies that can help to reduce payment fraud risks.
- The committee is required to submit its recommendations within a time period of 2 months.
Composition of the Committee:
i.Apart from chairman, the committee will have representatives from various financial institutions such as: State Bank of India (SBI), HDFC Bank and ICICI Bank, among others.
ii.Some of the eminent persons from major payments industry are also appointed as members of the committee such as: Vipin Surelia, Head Risk at Visa, Arif Khan , Chief Innovation Officer at Razorpay, Jitendra Gupta , founder of Jupiter and Pranay Jhaveri, Managing Director (MD) of Euronet.
Key Functions of the Committee:
i.The committee will define the modalities to identify fraudulent transactions. On identification of such transactions will then be reported to the Central Payments Fraud Information Repository (CPFIR).
ii.The committee will recommend guidelines to ensure customer data privacy.
iii.The committee is tasked to suggest ways through which the platform can become financial sustainable.
Key Facts about Digital Payments Frauds in India;
i.As per RBI data,Domestic payments frauds increased by 70.64%, from Rs 1,526 crore (from October 2022 to March 2023) to Rs 2,604 crore (from October 2023 to March 2024).
ii.The volume of frauds also increased from 11.5 lakh (October 2022 to March 2023) to 15.51 lakh (October 2023 to March 2024).
iii.According to the RBI FY24(2023-24) annual report, number of fraud cases registered to RBI increased exponentially by 300%, from around 9,000 fraud cases in 2022 to around 36,000 cases. It further noted that private sector banks reported the most fraud cases while pubic sector banks accounted for the highest value of frauds.
Key Proposals by RBI:
i.The RBI has suggested to revise the definition of bulk deposits from as ‘single rupee term deposits of Rs 2 crore and above’ to the limit of Rs 3 crore and above for commercial banks except, Regional Rural Banks (RRBs).
- Banks have discretion to provide differential rate of interest on the bulk deposits as per their requirements and Asset-Liability Management (ALM) projections.
ii.The RBI has announced to introduce auto replishment facility for Fastag, National Common Mobility Card (NCMC), and Unified Payments Interface (UPI) Lite under e-mandate framework.
- Under e-mandate framework, when the balance in Fastags, NCMCs or UPI Lite wallets decreased below a threshold amount sent by the customer will automatically replenish these instruments.
iii.RBI has proposed to exempt Fastags and NCMCs from a pre-debt notification requirement.
- Also, it proposed to exempt UPI-Lite from pre-debt notification since the transferred funds remain with customer.
Note: At present e-mandate framework requires a pre-debt notification of minimum 24 hours before the actual debit from customer’s account.
About Reserve Bank of India(RBI):
Governor: Shaktikanta Das(25th Governor of RBI)
Headquarter: Mumbai, Maharashtra
Established: 1 April, 1935
AWARDS & RECOGNITIONS
Vellayan Subbiah Named EY World Entrepreneur of the Year 2024
Vellayan Subbiah, Executive Vice-Chairman of Tube Investments of India (TII) and Chairman of Cholamandalam (Chola) Investment and Finance Company Limited has been named as the Ernst & Young (EY) World Entrepreneur of the Year 2024 at an award ceremony held in Salle des Etoiles, Monaco.
Key Points:
i.Vellayan was selected from among nearly 5,000 program participants that included 51 winners across 47 countries and jurisdictions competing for the global title.
ii.It marks the fourth time, an entrepreneur from India has won this global title in this award’s 24 – year history and also makes India the only country among EY regions to win the global entrepreneurship award four times.
Note: Narayana Murthy (2003), Uday Kotak (2014) and Kiran Mazumdar Shaw (2023) are the other Indians to win this award.
About EY World Entrepreneur of the Year Awards:
i.EY Entrepreneur of the Year is the only global program of its kind for entrepreneurs. This flagship initiative celebrates leaders who are driving industry transformation, fostering economic growth, and addressing global challenges.
ii.It is sponsored by Ernst & Young Global Limited (EY) Entrepreneur of the Year Award which is held in more than 140 cities and in more than 50 countries.
iii.The EY World Entrepreneur of the Year 2024 was chosen by an independent panel of judges against four criteria: entrepreneurial spirit, purpose, growth and impact.
iv.It brings founders, Chief Executive Officers (CEOs) and business leaders for a series of networking opportunities and workshops, culminating with the winning announcement.
About Vellayan Subbiah:
i.Vellayan is a transformative business leader, began his professional journey as an engineer and then shifted towards entrepreneurship.
ii.Vellayan first successfully navigated Chola through the fallout of a troubled partnership and then became the Chairman of the company.
iii.In 2018, he took on leadership of TII, transformed the entire business through investment reallocation and acquisitions and has helped TII’s share price grow 13 times.
APPOINTMENTS & RESIGNATIONS
Prem Singh Tamang Sworn in as CM of Sikkim for 2nd Term
On 10th June 2024, Prem Singh Tamang, President of Sikkim Krantikari Morcha (SKM), took oath as the Chief Minister (CM) of Sikkim for the second consecutive term. He has been serving as the 6th CM of Sikkim since 2019.
- Lakshman Prasad Acharya, the Governor of Sikkim administered the oath of office and secrecy to Prem Singh Tamang and his Council of Ministers during the swearing-in ceremony held at Paljor Stadium, Gangtok, Sikkim.
2024 Sikkim Elections:
i.Sikkim Krantikari Morcha won the 2024 Sikkim assembly elections by 31 out of the 32 seats while the opposition Sikkim Democratic Front (SDF) secured only one seat.
ii.Tamang won the elections from the Rhenock Assembly seat defeating SDF’s Som Nath Poudyal by over 7,396 votes.
iii.The polling for 32 assembly seats in Sikkim was held on April 19 2024 in the first phase simultaneously with the Lok Sabha elections.
iv.This is the third time that Sikkim has witnessed a landslide victory, following similar outcomes for Sikkim Sangaram Parishad(SSP) and SDF in 1989 and 2009 respectively.
About Prem Singh Tamang:
i.Prem Singh Tamang, better known as P. S. Golay, is an Indian politician, and former teacher.
ii.After joining the SDF in 1993, he won the 1994 Sikkim Assembly elections from the Chakung constituency and served as the Minister for Animal Husbandry, Ecclesiastical, and Industry Department until 1999.
iii.On February 4, 2013, he founded the Sikkim Krantikari Morcha and officially resigned from SDF in September 2014.
About Sikkim:
Chief Minister (CM) – Prem Singh Tamang
Governor – Lakshman Prasad Acharya
National Park – Khangchendzonga National Park
Wildlife Sanctuaries – Maenam Wildlife Sanctuary, Kyongnosla Alpine Sanctuary
ACQUISITIONS & MERGERS
Bank of India Acquires Over 6% Stake in CCIL IFSC
Maharashtra-based Bank of India (BOI) has acquired 6.125% stake in Clearing Corporation of India Limited (CCIL) International Financial Services Centre (IFSC), a newly incorporated entity listed in Gujarat International Finance Tech-city (GIFT) Special Economic Zone (SEZ), reflecting its commitment to the growth of IFSC.
- This strategic investment, amounting to Rs 6.125 crore demonstrates the growth of GIFT City IFSC and its emergence as a global financial service provider.
- Subrat Kumar, Executive Director of International Operations at BoI, made the announcement during an event celebrating the first anniversary of the bank’s IFSC Banking Unit (IBU) in GIFT City.
- The establishment of the IBU at GIFT City 2023 was marked by an ambitious goal set by the bank to achieve a business volume of USD 1 billion in its first year, with an equal focus on advances.
- The IBU surpassed the target of USD 1 billion as of March 2024.
SCIENCE & TECHNOLOGY
SpaceX’s Starship Completes 1st Full Flight With Successful Soft Splashdown
Space Exploration Technologies Corporation (SpaceX)’s Starship, the world’s most powerful launch vehicle ever developed, completed its 1st full test flight returning to Earth followed by a soft splashdown of the booster in the Gulf of Mexico and the spacecraft in the Indian Ocean.
- Starship was launched on 6th June 2024 from Starbase in Texas, the United States of America (USA). This marks the fourth integrated test flight (IFT-4) of Starship.
Significance:
i.This marks a significant step towards achieving a rapidly reusable transportation system for crew and cargo missions to various destinations, including Earth orbit, the Moon, Mars, and beyond.
ii.The previous 3 flight demos of Starship ended in explosions.
About Starship:
i.SpaceX’s Starship spacecraft and Super Heavy rocket are collectively referred to as “Starship”.
ii.It represents a fully reusable transportation system designed to carry both crew and cargo.
iii.It is capable of carrying up to 150 metric tonnes fully reusable and 250 metric tonnes expendable.
Height 121 meters and diameter 9 meters.
Starship:
i.Starship is the fully reusable spacecraft and second stage of the Starship system.
ii.Height 50 meters and Diameter 9 meters
Super Heavy:
i.Super Heavy is the 1st stage, or booster, of the Starship launch system and is fully reusable.
ii.It is powered by 33 Raptor engines using sub-cooled liquid methane (CH4) and liquid oxygen (LOX).
- Of the 33 Raptor engines, 13 are in the center, and the remaining 20 are around the perimeter of the booster’s aft end.
iii.Super Heavy will re-enter Earth’s atmosphere to land back at the launch site.
iv.Height 71 meters and diameter 9 meters.
Key Points:
i.Starship soared above the Gulf of Mexico, reaching an altitude of nearly 211 kilometers (130 miles) at over 16,000 miles per hour (mph).
ii.This unmanned craft successfully transmitted data until its targeted splashdown site in the Indian Ocean.
About Space Exploration Technologies Corporation (SpaceX):
Chief Executive Officer (CEO), Chief Technology Officer (CTO) & Chairman– Elon Musk
Headquarters– Hawthorne, California, USA
Founded in 2002
Vidyut Rakshak: Indian Army Launches Integrated Generator Monitoring, Control System
The Vice Chief of the Army Staff (VCOAS) of the Indian Army, Lieutenant General Upendra Dwivedi has launched ‘Vidyut Rakshak’ and was developed by Major Rajprasad R S of the Army Design Bureau (ADB). The launch event encompassed the roll-out of the first production units of Vidyut Rakshak.
- Vidyut Rakshak is an Internet of Things (IOT) enabled integrated generator monitoring, protection and control system.
- It monitors generator parameters, enables fault prediction, and prevention and automates manual operation through a user-friendly interface, saving manpower.
- The Indian Army is observing 2024 as the ‘Year of Tech Absorption’, where the Vidyut Rakshak from ‘innovation to induction’ signifies the Indian Army’s commitment and efforts to leverage technology as a catalyst for transformative change.
Background:
i.During Aero India 2023, a Memorandum of Understanding (MoU) has been signed between the Indian Army and Foundation for Innovation and Technology Transfer (FITT), Indian Institute of Technology (IIT) Delhi, for ‘Production of Innovations’.
ii.Vidyut Rakshak was displayed during the ‘Exercise Bharat Shakti’, held in March 2024 and was witnessed by Prime Minister (PM) Narendra Modi.
IMPORTANT DAYS
First-Ever UN International Day for Dialogue among Civilizations – 10 June 2024
The first ever United Nations (UN)’s International Day for Dialogue among Civilizations was observed on 10th June 2024 to raise awareness of the value of the diversity of civilizations and promote dialogue, mutual respect, tolerance, and global solidarity.
- This Day represents a significant step towards promoting a deeper understanding among people and respecting cultural diversity.
Note: This Day aligns with China’s Global Civilization Initiative (GCI) which advocates respect for the diversity of civilizations, the common values of humanity, the importance of inheritance and innovation of civilizations, etc.
Background:
i.On 7th June 2024, the 78th session of the United Nations General Assembly (UNGA) adopted the resolution A/78/L.75 by consensus, declaring 10th June of every year as the International Day for Dialogue among Civilizations.
- The resolution invited Member States and stakeholders to commemorate the day through educational and awareness-raising activities.
ii.The draft resolution was proposed by China, to establish the International Day for Dialogue among Civilizations at the UNGA.
Few Voices and Perspectives:
i.The representative of China emphasised the importance of dialogue in preventing discrimination and prejudice, enhancing cooperation, and strengthening solidarity.
ii.The representative of the United States of America (USA) stresses the importance of valuing cultural diversity and raises concerns about the ambiguous definition of “civilization” within international law.
Additional Info:
i.The UNGA elected 18 Member States to the UN Economic and Social Council (ECOSOC) for 3-year terms, beginning 1 January 2025.
ii.Seats for various regions, including Western Europe, Eastern Europe, and other States, are filled through voting rounds.
International Archives Day 2024 – June 9
International Archives Day (IAD) is annually observed across the globe on 9 June to raise awareness among the public about the significance of records and archives.
The date also commemorates the founding of the International Council on Archives (ICA) in 1948, under the auspices of the United Nations Educational, Scientific and Cultural Organisation (UNESCO) in Paris, France.
- 9th June 2024 marks the observance of the 76th anniversary of the ICA.
Background:
i.During the 15th International Congress on Archives in Vienna, Austria in 2004, 2,000 participants from 116 countries adopted a resolution requesting the United Nations (UN) to designate a specific day to highlight the importance of archives.
ii.During the 2007 ICA Annual General Meeting, 9 June was designated as the International Archives Day (IAD), to mark the day in 1948 on which ICA was created.
iii.The 1st ever IAD was observed on 9 June 2008, coinciding with the 60th Anniversary of ICA.
What are Archives?
i.Archives are the documentary by-products of human activity retained for their long-term value.
ii.They offer direct insights into past events through records created during individuals’ and organizations’ everyday lives and actions.
Note: According to the Universal Declaration on Archives, they are a unique and irreplaceable heritage passed from generation to generation.
International Archives Week (IAW):
i.In 2019, the ICA expanded the IAD to extend over an entire week to promote the value and importance of archives and archivists.
ii.2024 marked the 6th International Archives Week (IAW) and was observed from 3-9 June 2024 under the theme “#CyberArchives”.
- Over 400 ICA members and professionals selected the theme at the end of 2023.
iii.Objective: Engage archival and records management professionals, organisations, and related sectors in a virtual discussion about the impact of technological advances on the archival field.
Note: Archives and archivists play an important role in accountability, transparency, democracy, heritage, memory, and society.
About International Council on Archives (ICA):
President– Josée Kirps
Headquarters– Paris, France
International Level Crossing Awareness Day 2024 – June 6
The International Level Crossing Awareness Day (ILCAD) is annually observed across the globe on 6th June to raise public awareness about the risks at level crossings and improve safety at railway crossings globally.
- The ILCAD campaign is widely followed by the world’s railway community and is a key event for those involved in the sector.
- 6th June 2024 marked the observance of the 16th annual ILCAD.
- The 2024 ILCAD campaign emphasised the safety of vulnerable people, with the slogan: “Beware of trains. Life can change in a split second”.
Note: Around 50 countries participate in the annual ILCAD campaign, headed by the International Union of Railways (UIC – Union internationale des chemins de fer), the worldwide railway organsiation.
Background:
i.The ILCAD is a joint commitment that originated from the success of the 1st European Level Crossing Awareness Day held on 25th June 2009 in 28 countries.
ii.Goal: To raise public awareness about the dangers associated with misbehaviour at level crossings.
Significance:
i.The 16th edition of ILCAD on 6 June 2024 was preceded by the 3rd edition of the International Trespass Awareness Day (TRESPAD) on 5 June 2024.
- TRESPAD is a UIC initiative to prevent railway trespassing.
ii.Annually, a partner country organises the launch conference to share best practices and projects to improve safety and reduce the number of incidents at level crossings.
Key Events:
i.In 2024, the TRESPAD conference and the ILCAD conference were jointly organised by the UIC and the Junta de Seguridad en el Transporte (JST), the Argentinian Transport Safety Board, in Buenos Aires, Argentina on 5 and 6 June 2024.
- The TRESPAD conference was on trespassing and suicide prevention;
- The ILCAD conference was on safety at level crossings.
- Both campaigns targeted “vulnerable users.”
ii.The ILCAD and TRESPAD campaigns were launched at 2 international conferences held in person (in Spanish and English), to exchange ideas on level crossing safety, trespass, and suicide prevention.
Note: Distinguished speakers from Latin America, Europe, Canada, India, Australia, etc., were presented to address crucial topics.
Key Facts:
i.According to UIC estimates, there are over half a million level crossings worldwide including the European Union (EU): 100,000+ crossings and the United States (US): 200,000+ crossings (with 20% and 40% respectively).
ii.In the EU, the US, and almost everywhere, accidents and fatalities involving level crossings account for nearly a third of all rail accidents.
- Including pedestrian incidents, this figure exceeds 90% of all rail accidents.
About International Union of Railways (UIC):
Director General– François Davenne
Headquarters– Paris, France
Established- 1922
STATE NEWS
Neerabh Kumar Prasad Appointed as Chief Secretary of Andhra Pradesh
Neerabh Kumar Prasad has been appointed as the Chief Secretary of Andhra Pradesh (AP). He is the 1987-batch Indian Administrative Service (IAS) officer of AP cadre.
- The Government Order (G.O) has been issued by S. Suresh Kumar, Principal Secretary, Political Wing of the General Administration Department (GAD).
- Neerabh Kumar replaces K.S. Jawahar Reddy, who is set to retire from service in June 2024 on attaining the age of superannuation.
- Though Neerabh Kumar is set to retire from service on attaining the age of superannuation in June 2024, Chief Minister (CM)-elect N. Chandrababu Naidu selected him for the post as he is known to be an efficient and honest officer.
- Prior to this post, he served as Special Chief Secretary, Environment, Forest, and Science and Technology. He had been in the post since February 2022.
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