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NATIONAL AFFAIRS
ISLRTC & AWES Signed MoU to Promote Indian Sign Language
On 8th August 2024, The Indian Sign Language Research and Training Centre (ISLRTC) signed a Memorandum of Understanding (MoU) with the Army Welfare Education Society (AWES) to promote Indian Sign Language (ISL) and create more accessible and supportive learning environment for students who are deaf or hard of hearing.
Key People:
i.The MoU was signed by N. Honnareddy, Director of ISLRTC and Major General P.R. Murali, Managing Director (MD) of AWES.
ii.The signing ceremony was chaired by Rajesh Aggarwal, Secretary, Department of Empowerment of Persons with Disabilities (DEPwD), Ministry of Social Justice and Empowerment (MoSJE).
Key Points:
i.This partnership aims to train school administrators, students, parents, and teachers to promote ISL, with a focus on improving sign language skills among Army Public Schools (APS) faculty.
ii.This also aims to expand the scope and efficacy of ISL initiatives and
contribute to the empowerment and integration of the Deaf community with this collaboration.
iii.This partnership is expected to make a significant impact on the educational ecosystem, empowering educators and fostering an inclusive environment for students.
About the Indian Sign Language Research and Training Centre (ISLRTC):
ISLRTC is an autonomous body under DEPwD.
Director – N. Honnareddy
Headquarters – New Delhi, Delhi
Established– 28th September 2015.
About the Army Welfare Education Society (AWES):
AWES is an organisation that helps the children of Indian Army soldiers get quality education.
Managing Director (MD) – Major General P.R. Murali (Retd.)
Headquarters – New Delhi, Delhi
Established – 1983
Home Minister Amit Shah Inaugurated 24×7 Water Supply Project at Manimajra, Chandigarh
On 4th August 2024, Union Minister Amit Shah, Ministry of Home Affairs (MoHA) inaugurated 24×7 Water Supply Project at Manimajra, in the Union Territory (UT) of Chandigarh under the Smart City Mission (SCM). Gulab Chand Kataria, Governor of Punjab and Administrator of Chandigarh was among the dignitaries present on the occasion.
- The project was completed at a cost of about Rs 75 crore and Rs 85 crore has been assigned for its maintenance for 15 years.
- The project aims to ensure better water quality, reliability, and effective supply-demand management.
About the Project:
i.Under the project, total 22 kilometer (km) water supply pipeline has been laid and the settlement spread over 855 acres of land. This will benefit more than 1 lakh residents in Manimajra.
ii.Two huge underground water reservoirs have been set up, to ensure 24-hour water availability, each having capacity of 2 Million Gallons per Day (MGPD).
iii.Smart meters have been installed for early detection of any water leakage and cost of leakage will no longer be borne by the consumers. Variable Frequency Drive (VFD) pump has been installed to ensure a good water pressure.
Indian Gold Sector Established 1st Self-Regulatory Body to Boost Consumer Trust
The Indian Gold sector with the support of the World Gold Council (WGC),London, the United Kingdom(UK) established 1st self-regulatory body named, the Indian Association for Gold Excellence and Standards (IAGES) in order to boost consumer trust.
- Aim: To promote fair, transparent and sustainable practices in the bullion industry.
- IAGES will cover the whole value chain of gold industry i.e. from bullion trade, refinery, and trading to manufacturing, retailing, and digital platforms.
Key Points:
i.Existing industry bodies such as: Indian Bullion and Jewellers Association (IBJA), All India Gems and Jewellery Council of India (GJC) and Gem and Jewellery Export Promotion Council (GJEPC) will become the part of IAGES.
ii.The newly formed association will provide accreditation by issuing IAGES logo. The logo will be given to those members who pass the strict audit, and can display it in their premises which will signifies its adherence to high standards of business integrity and processes.
iii.The WGC will promote the IAGES among retail consumers and will also provide financial support to the campaign.
Points to Note:
i.As per the WGC, the Gold demand in India decreased by 5% in the June quarter of 2024 compared to previous year but consumption in the 2nd half of 2024 will improve due to a correction in local prices following a reduction in import taxes.
ii.India is the 2nd biggest gold consumer in the world after China.
INTERNATIONAL AFFAIRS
India Retained 8th Position in Global Agriculture Exports: WTO
According to the World Trade Organization(WTO)’s report titled “World Trade Statistical Review 2023”, India has retained its position as the world’s 8th largest exporter of agricultural products in 2023, despite a decline in its export from USD 55 billion in 2022 to USD 51 billion in 2023.
Top 5 Exporters in Agricultural Products:
| Rank | Country | Value (USD Billion) |
|---|---|---|
| 1 | EU | 836 |
| 2 | USA | 198 |
| 3 | Brazil | 157 |
| 4 | China | 95 |
| 5 | Canada | 88 |
- The European Union(EU) ranked 1st with export value of USD 836 billion followed by the United States of America (USA) at 2nd (198 billion) and Brazil at 3rd (USD 157 billion).
About World Trade Statistical Review 2023:
i.It is a new interactive tool which presents the key data and trends for international merchandise and commercial services trade in 2023.
ii.The digital platform enables the users to view the latest trends in world trade, in terms of both value and volumes.
- It has simplify for users to view the vast world trade data by using filters which display the data by economy, region, selected grouping, product group and services sector.
Reasons for Decline in India’s Exports:
i.India’s export declined mainly due to geopolitical factors such as: the Red Sea crisis and the Russian-Ukraine war which has significantly impacted regulated commodities like: rice, wheat, sugar, and onions.
ii.Also, the Government of India (GoI) had imposed a ban on export of wheat in May 2022, non-basmati rice in July 2023 and on sugar from October 2023 also contributed significantly in the decline of agriculture exports of India.
Key Findings:
i.Top 10 Exporters of Agricultural Products includes China (USD 95 billion); Canada (USD 88 billion); Indonesia (USD 59 billion); Thailand (USD 53 billion); India (USD 51 billion); Mexico (USD 50 billion) and Australia (USD 50 billion).
- The top 10 exporters represented a 71.9% share in world exports in 2023.
ii.Among the top 10 exporters of agricultural products, Brazil, EU and Thailand are the only 3 economies which saw increase in their exports by 6%, 5% and 0.2% respectively in 2023.
- While, the remaining 7 economies saw a decrease in their exports of agricultural products in 2023.
iii.The EU’s global exports of agricultural products increased to USD 836 billion in 2023, compared to USD 799 billion in 2022.
iv.The USA retained its 2nd position despite a drop in its agriculture exports from USD 222 billion (in 2022) to USD 198 billion (in 2023).
iv.Brazil’s agriculture exports increased from USD 148 billion (in 2022) to USD 157 billion (in 2023).
About World Trade Organisation (WTO):
Director-General (DG)- Ngozi Okonjo-Iweala
Headquarters- Geneva, Switzerland
Member Nations- 164
Established- 1995
BANKING & FINANCE
Highlights of RBI’s 3rd Bi-Monthly MPC Meeting 2024 – RBI Keeps Repo Rate Unchanged at 6.5%; Retains 7.2% GDP Growth for FY25
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on August 6 to 8, 2024 and released its third Bi-Monthly Monetary Policy of Financial Year 2024-25 (FY25) which continues to expect India’s real Gross Domestic Product (GDP) to grow at 7.2% in the Financial Year 2024-25(FY25).The August FY25 meeting was RBI’s 50th MPC meeting.
- The repo rate under the Liquidity Adjustment Facility (LAF) was kept unchanged at 6.50% for the 9th consecutive time.
- RBI has projected the real GDP growth for FY25 with Q1 at 7.1%; Q2 at 7.2%; Q3 at 7.3%; Q4 at 7.2% and Q1:FY26 is projected at 7.2%.
- The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target.
The next meeting of the MPC is scheduled during October 7 to 9, 2024.
About Reserve Bank of India (RBI)
The Reserve Bank of India (RBI) is responsible for monetary stability, currency management, targeting inflation, regulating the banking system, and setting interest rates. It was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
Headquarters – Mumbai, Maharashtra
Governor –Shaktikanta Das
>> Read Full News
PFC Secures JPY 25.5 Billion Loan for Wind Project of OKPPL
The Power Finance Corporation Limited(PFC), Ministry of Power(MoP) has secured a long-term loan of 25.5 billion Japanese Yen(JPY)(~Rs 1454 crore) from the Japan Bank for International Cooperation (JBIC) to finance the 300.3 Mega Watt (MW) Wind Energy Project of Ostro Kannada Power Private Ltd (OKPPL) in Chitradurga, Karnataka.
- The loan is co-financed with Sumitomo Mitsui Banking Corporation(SMBC), the Bank of Yokohama Limited(BOY), the Shiga Bank Ltd, and the Bank of Fukuoka Ltd(BoF).
Background:
- The loan is based on the credit line that JBIC signed with PFC in July 2022 for renewable energy projects and energy efficient power generation and heat supply projects.
- The loan is part of JBIC’s ‘Global action for Reconciling Economic growth and Environmental preservation (GREEN)‘ initiative, which aims to promote sustainable development and reduce carbon emissions.
Key Points:
i.JBIC offer guarantee for the part of the loan co-financed by private financial institutions.
ii.With the loan, JBIC supports the government of India’s initiatives that contribute toward global environmental preservation.
iii.As of June 30, 2024, PFC loan assets were at Rs 4.75 lakh crore.
iv.The net non-performing assets ratio was at 0.87% in the first quarter of the financial year 2025/Q1FY25.
About Power Finance Corporation (PFC):
Chairman and Managing Director (CMD)– Parminder Chopra
Headquarters– New Delhi, Delhi
Established – 1986
GoI Relaxed Long Term Capital Gains Rules for Property Owners
On 6th August 2024, the Government of India (GoI) announced that it has relaxed Long Term Capital Gains (LTCG) Rules on real estate which will provide relief to property owners in India.
- Now property owners will have the option to choose between two tax rates either a 20% rate with indexation benefits, or a 12.5% rate without indexation for properties purchased before July 23, 2024 to ensure lower tax ability.
Note: Indexation is a method used to adjust the capital gains from the sales of property by accounting for inflation during the ownership period. This adjustment is made using the Cost Price Index (CPI).
Background:
i.In July 2024, Union Minister Nirmala Sitharaman, Ministry of Finance (MoF) had proposed to reduce LTCG tax on property from 20% to 12.5% but removed the benefit of indexation in Union Budget for FY25 (2024-25).
ii.Real Estate Assets are considered to be long-term if they have been held for minimum 24 months (2 years).
Key Points:
i.Individuals or Hindu Undivided Families (HUFs) who acquired houses before 23rd July, 2024 are eligible to choose between to LTCG rates.
- However, it excludes Non-Resident Indians (NRIs), companies and Limited Liability Partnerships (LLPs).
- The new proposed change is available for both residential and commercial properties.
ii.Taxpayers who opts for 12.5% LTCG rate without indexation will pay a reduced tax rate of 12.5% on the capital gains generated from the sales of property without considering for inflation through indexation.
iii.Taxpayers who opts for 20% LTCG rate with indexation, will pay higher tax rate of 20%. But, they also have the option to adjust the property’s purchase price for inflation by using the Cost Inflation Index (CII) furnished by the Central Board of Direct Taxes (CBDT).
- However, they can choose indexation benefit, only in case of long-term capital gain earned from transfer of immovable assets acquired before 23rd July, 2024.
About Ministry of Finance (MoF):
Union Minister- Nirmala Sitharaman (Rajya Sabha member- Karnataka)
Minister of State (MoS)- Pankaj Chaudhary (Lok Sabha Constituency- Uttar Pradesh (UP))
APPOINTMENTS & RESIGNATIONS
SEBI Approved Appointment of Praveena Rai as New MD & CEO of MCX
On 8th August 2024, the Securities and Exchange Board of India (SEBI) approved the appointment of Praveena Rai as new Managing Director (MD) and Chief Executive Officer (CEO) of Multi Commodity Exchange of India Limited (MCX), India’s largest commodity exchange.
- The post of MD & CEO at MCX has remained vacant since Padala Subbi Reddy (P.S. Reddy) stepped down on 9th May 2024 after completing his 5 year term.
- The appointment is subjected to acceptance of the offer made to her and approval from the shareholders of MCX.
About Praveena Rai:
i.Praveena Rai has been serving as the Chief Operating Officer (COO) of National Payments Corporation of India (NPCI) since February 2019.
- She has been in-charge of framing and deploying the marketing, business development, product management, and operations strategy.
ii.Before joining NPCI, she led the cash management portfolio at Kotak Mahindra Bank Limited (KMBL).
iii.She has an extensive experience of over 20 years in banking industry and has built expertise in various facets of payments, cards, retail, transaction, wholesale, and commercial banking.
iv.She has also managed payments for Asia Pacific and was the Head of Sales (HoS) at Hongkong and Shanghai Banking Corporation Limited (HSBC).
About Multi Commodity Exchange of India Limited (MCX):
It is a state-of-the-art, commodity derivatives exchange that offers online trading of commodity derivatives transactions.
It started operations in November 2003, under the regulatory framework of SEBI.
Chairman- Dr. Harsh Kumar Bhanwala
Headquarters– Mumbai, Maharashtra
Rekha Sharma Steps Down As NCW Chairperson
Rekha Sharma, the chairperson of the National Commission for Women (NCW) stepped down as her tenure ended on August 6 2024.
i.Rekha assumed the charge of the NCW chairperson on August 7, 2018 and served in the role for two terms (2018 to 2021) and (2021 to August 2024)
ii.She has served as the Acting Chairperson from 2017 to 2018 after Lalitha Kumaramangalam stepped from the position in September 2017.
iii.She has been a member of NCW since August 2015.
Note: NCW was set up as a statutory body in January 1992 under the National Commission for Women Act, 1990, headquartered at New Delhi, Delhi.
SPORTS
Part 1: Overview of the Paris 2024 Summer Olympics
The 2024 Summer Olympics, officially the Games of the XXXIII(33rd) Olympiad, is taking place in Paris, France from 26th July to 11th August 2024. The opening ceremony of the 2024 Olympics, branded as “Paris 2024”, was held on the Seine River in Paris, France, on 26th July 2024.
- In the history of the modern Olympics, this was the first opening ceremony to ever take place outside of a stadium.
Indian Medal Winners:
As of 7th August 2024, Indian shooters won 3 bronze medals at the Paris 2024 Olympics.
i.Manu Bhaker won the bronze in the Women’s 10 Metre Air Pistol event and became the first Indian woman to win a medal in Shooting.
ii.Manu Bhaker and Sarabjot Singh won the bronze in the Mixed 10-metre Air Pistol team event by defeating Republic of Korea’s Oh Ye Jin and Lee Wonho.
iii.Swapnil Kusale won the bronze medal in Men’s 50-meter rifle three-position(3P) event. this marks India’s first-ever Olympic shooting medal in this category.
>> Read Full News
OBITUARY
Sahitya Akademi Awardee & Renowned Scholar and Writer C. G. Rajagopal Passes Away
A renowned scholar and translator C. G. Rajagopal, who won the Sahitya Akademi Translation Award in 2019 passed away at the age of 93. He was born in 1932 in Kerala.
i.He received the Sahitya Akademi Translation Award for translating ‘Sreeramacharitamanasam (Thulasidasaramayanam)’ from Hindi to Malayalam.
- The original book ‘Sree Ramacharithamanasa (Poetry), Hindi, was authored by Thulasidas.
ii.He was the founder president of Drishyvedi, a kathakali connoisseur’s association and he is the former Chancellor of Amrit Bharati Vidyapeeth.
iii.He also received the Kamala Goenka Foundation’s Satyanarayana Goenka Anudith Sahitya Award for translation.
IMPORTANT DAYS
International Day of the World’s Indigenous Peoples 2024 – August 9
The United Nations (UN) International Day of the World’s Indigenous Peoples (IDWIP) is annually observed across the globe on 9 August to promote and protect the rights, cultures, and identities of the world’s Indigenous population.
i.Aim: To raise awareness of the needs of these population groups and the unique challenges faced by the world’s indigenous peoples.
ii.The 2024 theme of IDWIP is, “Protecting the Rights of Indigenous Peoples in Voluntary Isolation and Initial Contact.”
iii.The United Nations Development Programme (UNDP) has announced the winners of the 15th Equator Prize, recognising 11 Indigenous Peoples and local communities from 8 countries across Asia, Africa, Latin America, and the Caribbean.
About the United Nations Development Programme (UNDP):
Administrator– Achim Steiner
Headquarters– New York, the United States of America (USA)
Established – 1965
>> Read Full News
Nagasaki Day 2024 – August 9
Nagasaki Day is annually observed across the globe on 9 August to commemorate the atomic bombing of the Japanese city of Nagasaki by the United States of America (USA) in 1945, during World War II (WWII – 1939-1945).
- 9 August 2024 marks the 79th anniversary of the atomic bombing of Nagasaki.
Background:
i.On 9 August 1945, the United States Army Air Forces (USAAF) Boeing-29 (B29) airplane named “Bockscar” dropped the 2nd atomic bomb nicknamed “Fat Man” over Nagasaki.
- The bomb was dropped 3 days after the 1st atomic bomb “Little Boy” was deployed over Hiroshima (Japan).
About Japan:
Prime Minister (PM)- Fumio Kishida
Capital– Tokyo
Currency– Japanese Yen
>> Read Full News
STATE NEWS
Gujarat CM Inaugurates IACC’s First MSME Centre of Excellence in India
On August 8, 2024, Bhupendra Patel, Chief Minister (CM) of Gujarat, inaugurated Indo-American Chamber of Commerce (IACC)’s first ever “IACC-MSME (Micro, Small and Medium Enterprises) Centre of Excellence (CoE)” for at the KCG auditorium, i-HUB campus in Ahmedabad, Gujarat.
- The CoE aims to upgrade and strengthen MSMEs in making them at par with global export markets.
About IACC-MSME CoE:
i.The centre will strengthen the industrial relation between India-the United States of America(USA).
ii.The IACC-CoE is designed to provide MSMEs with essential skills and knowledge to navigate global markets and enhance their export capabilities.
iii.This is a part of the IACC’s strategy to boost the economic relations between India and USA by addressing the challenges faced by Indian MSMEs and facilitating their access to the American market.
Additional info:
i.Intiatives like ease of doing business, supportive policies, and prompt clearances from the government ensured that 19.80 lakh registered MSMEs are operational in Gujarat and employs nearly 1.07 crore people.
ii.Gujarat contributes 8.63% to the Gross Domestic Product (GDP) of India..
iii.IACC promotes trade between India and the United States of America (USA).
- The trade between Indian and US was USD 200 billion in 2023.
About Indo-American Chamber of Commerce (IACC):
National President– Pankaj Bohra
Secretary General– Kamal Vora
Headquarters– Mumbai, Maharashtra
Establishment– 1968
‘Guru Ghasidas-Tamor Pingla Tiger Reserve’: Chhattisgarh Govt Announces its 4th Tiger Reserve
The Chhattisgarh government has announced the establishment of the new tiger reserve named ‘Guru Ghasidas-Tamor Pingla Tiger Reserve’, marking it as the fourth Tiger reserve in Chhattisgarh.
- Indravati Tiger Reserve(Bijapur), Udanti-Sitanadi Tiger Reserve (Gariaband) and Achanakmar Tiger Reserve (Mungeli) are the other three tiger reserves in Chhattisgarh.
- The decision was taken in the cabinet meeting chaired by Vishnu Deo Sai, the Chief Minister (CM) of Chhattisgarh after the recommendation of the State Wildlife Board and the concurrence of the National Tiger Conservation Authority (NTCA) under the Ministry of Environment, Forest and Climate Change (MoEFCC), Government of India (GoI).
The NTCA will provide an extra budget for the operations of the reserve.
Background:
i.In 2012, the state wildlife board in Chhattisgarh had decided to declare the combined area of Guru Ghasidas National Park and Tamor Pingla Sanctuary as a tiger reserve.
ii.A proposal was sent to the NTCA in August 2014 and the NTCA had given its in-principle approval to the project in October 2014.
iii.The final approval for the creation of tiger reserve was given by the NTCA in 2021 but no further action was being taken by the state authority.
About Guru Ghasidas-Tamor Pingla Tiger Reserve:
i.The reserve will include areas of the Guru Ghasidas National Park and the Tamor Pingla sanctuary, covering an expansive area of 2,829.387 square kilometers(sq km) across the districts of Manendragarh-Chirmiri-Bharatpur, Koriya, Surajpur, and Balrampur.
ii.The forests of Guru Ghasidas-Tamor Pingla is situated in the northern part of Chhattisgarh, acts as a corridor between the Bandhavgarh (Madhya Pradesh, MP) and Palamu (Jharkhand) tiger reserves.
iii.This establishment will lead to the development of eco-tourism and generate employment opportunities for villagers living in its core and buffer areas.
About Chhattisgarh:
Chief Minister (CM) – Vishnu Deo Sai
Governor – Ramen Deka
Wildlife Sanctuaries – Tamor Pingla Wildlife Sanctuary, Udanti Wild Buffalo Wildlife Sanctuary
Tiger Reserve – Indravati Tiger Reserve
Assam CM Himanta Sarma Launches Mukhya Mantrir Nijut Moina Asoni Scheme to Fight against Child Marriage
Assam Chief Minister (CM) Himanta Biswa Sarma launched the Mukhya Mantrir Nijut Moina Asoni (MMNMA), a monthly financial assistance scheme, aimed at combating child marriage in Assam by 2026, during a program at Lok Sewa Bhawan in Guwahati, Assam.
- The scheme is expected to cost the exchequer around Rs.300 crore in the first year and Rs.1500 crore over 5 years.
- Under this scheme, 10 lakh girls (one million) will be supported with financial grants as admission incentives to pursue higher education.
Note: In the Dhubri and South Salmara districts of Assam, 50% of girls married before 18 years old.
About Mukhya Mantrir Nijut Moina Asoni (MMNMA):
Objective:
The MMNMA scheme launched to increase girls’ enrollment in Government and Venture Educational Institutions (VEIs) in Higher Secondary (HS) 1st year, Graduation (1st year), and Post Graduation (PG) 1st year, excluding those enrolled in Private Education Institutions (PEIs).
- This scheme will complement the existing “Free Admission” scheme of the government.
Benefits :
i.Girls from all families irrespective of their economic condition are eligible for this scheme.
ii.The financial incentives of the scheme are as follows:
- Each eligible female students enrolled in class 11th will receive an incentive of Rs 1000 per month till they complete their Class 12 board exams.
- Eligible students enrolled in graduation (1st year) will receive an incentive of Rs 1,250 per month for the next three to four years till they complete their graduation.
- Eligible students enrolled in PG (1st year) or Bachelor of Education (B.Ed.) degree programs will receive an incentive of Rs 2,500 per month till they complete their courses.
iii.The amount will be transferred to their bank accounts on the 11th of every month.
iv.This scheme protects children’s rights to education, health, and protection, delays early marriage, and reduces teenage motherhood.
Eligibility Criteria:
i.MMNMA scheme is open to all girls who are legal residents of Assam.
ii.Married girls (except PG and B.Ed. categories) and in-service B.Ed. candidates are not eligible.
iii.Daughters of Ministers, Members of Parliament (MPs), and Members of the Legislative Assembly (MLAs) are not eligible.
iv.Girls receiving scooters under the Banikanta Kakati Award (Pragyan Bharati Scheme) by the Assam Government are not eligible or this scheme.
About Assam:
Chief Minister (CM)- Dr Himanta Biswa Sarma
Governor– Lakshman Prasad Acharya
Capital– Dispur
Wildlife Sanctuaries– Nambor Wildlife Sanctuary, and Nambor – Doigrung Wildlife Sanctuary
Zoological Park– Assam State Zoo (Green Lung)
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