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BANKING & FINANCE
SBI Launched SME Digital Business Loans for MSME Sector
On 11th June 2024, India’s largest Public Sector Bank (PSB), The State Bank of India (SBI) has launched a new “SME Digital Business Loans” product to cater the credit requirements of Micro, Small and Medium Enterprise (MSME) sector.
- The new product will enable SBI to sanction the loan requests from MSMEs within 45 minutes.
- SBI has identified the MSMEs profits as the focal point for the bank’s growth and profitability over next 5 years.
SBI Sanctioned Rs 2,030 Crore Co-Lending Tie Up with NBFCs
The State Bank of India (SBI) has partnered with 23 Non-Banking Financial Companies (NBFCs) or Housing Finance Companies (HFCs) to expand its reach to the unserved and under-served segments in India.
About State Bank of India(SBI):
Chairman– Dinesh Kumar Khara
Headquarters- Mumbai, Maharashtra
Tag line–“The Banker to Every Indian”
Founded in- 1st July 1955
>> Read Full News
RBI Relaxed Norms for Overseas Investment Ties for Offshore Funds
The Reserve Bank of India (RBI) has introduced new regulations which allowed listed Indian companies and resident individuals to invest in offshore funds that are regulated through their fund managers.
- RBI issued these directions under Section 10(4) and Section 11 (1) of the Foreign Exchange Management Act, 1999(FEMA Act) (42 of 1999).
- RBI has made certain amendments regarding Overseas Portfolio Investments (OPIs).Therefore, amended the Foreign Exchange Management (Overseas Investment) Directions, 2022.
Note:
i.Earlier, Overseas Portfolio Investment (OPI) was allowed only if the “funds” were regulated in their home jurisdiction and the investments were in ‘units’ of the funds.
ii.Also, the banks permitted remittance only when the funds weres directly regulated.
- In case, if funds were not directly regulated, new funds had to be established in jurisdictions like: the Cayman Islands, Mauritius to ensure that investments from Indian LPs would be possible.
Key Changes:
i.The new regulations now permitted the Limited Partnerships(LPs), Limited Liability Companies (LLCs), Variable Capital Companies (VCCs), companies or trusts to invest only in units issued by overseas funds.
- Also, it allowed investment in any instrument irrespective of its form whether in units or not.
ii.The new regulations removed the condition that the investment could only be made in funds that are directly regulated by the host country’s financial regulator and not through their Investment Managers (IMs).
iii.It has also allowed unlisted Indian companies such as: Limited Liability Partnerships (LLPs), and registered partnerships to invest in International Financial Services Centre (IFSC) funds under the OPI route.
- Now, these unlisted companies can invest about 50% of their last audited net worth into funds registered in the IFSC under the OPI route.
Note: Earlier, only resident individuals and listed Indian companies under Schedule II of the ODI Regulations were allowed to invest in overseas companies under OPI route.
iv.It has also now allowed general partners the flexibility to establish their funds in commercially favourable jurisdictions as the financial services regulators in jurisdictions like Singapore and the United States of America (U.S.A.) (in some cases), regulate the fund manager rather than the fund itself.
About Reserve Bank of India(RBI):
Governor: Shaktikanta Das(25th Governor of RBI)
Headquarter: Mumbai, Maharashtra
Established: 1 April, 1935
ECONOMY & BUSINESS
World Bank Revised India’s GDP Growth Projection to 6.6% for FY25
According to the World Bank’s biannual report titled “Global Economic Prospects (GEP) – June 2024”, India’s Gross Domestic Product (GDP) growth projection for FY25 (2024-2025) was revised from 6.4% (projected in January 2024) to 6.6%.
- It has also revised India’s GDP growth by 20 basis points (bps) each to 6.7% and 6.8% for FY26 (2025-26) and FY27 (2026-27) respectively.
Note: In June 2024, the Reserve Bank of India (RBI) in its 2nd bi-monthly Monetary Policy of FY25 raised India’s GDP growth forecast from 7% to 7.2% for FY25.
India-Specific:
i.As per the report, India will remain the world’s fastest-growing economy, but its GDP growth is expected to moderate. This moderation is mainly due to a slowdown in investment from a high base.
ii.The report projected that for the next 3 fiscal years i.e. FY25, FY26 and FY27, the growth is likely to remain stable at an average of 6.7% per year.
- This moderation (between FY25 and FY27) is mainly driven by a slowdown in investment from a high base.
iii.It also estimated that investment is expected to remain strong for the next 3 years with strong public investment accompanied by the private sector.
iv.It also projected that fiscal deficit of India is likely to decrease relative to its GDP, partly due to increase in revenue.
Global Scenario:
i.The report estimated that global growth will remain stable at 2.6% in FY25. This projection of stable global growth will happen for the 1st time in 3 years despite rising geopolitical tensions and high interest rates.
- The global growth is expected to marginally increase to 2.7% in FY26 and remain the same for FY27, amid modest growth in trade and investment.
ii.The report projected that global inflation will be moderate as central banks in both advanced economies and Emerging Market and Developing Economies (EMDEs) will be cautious in easing policy rates.
- It also projected that global interest rates will remain high i.e. on an average will be around 4% for FY26.
iii.The report estimated that GDP growth for South Asia region will be decreased from 6.6%(in 2023) to 6.2% (in 2024).
- The GDP growth for South Asia region will remain at 6.2% for FY26, if India’s GDP growth remains stable.
- However, the report for South Asia region cautioned against the potential risks that may hinder its growth like: increase in commodity price due to geopolitical tensions as well as climate change, higher than the United States of America (U.S.A.) growth and faster moderation in inflation.
iv.The Report estimated that the US economy to grow at 2.5% in 2024 which is 1.6% higher that its previous estimate.
About World Bank:
President–Ajay Banga
Headquarters– Washington, DC, The United States of America (USA)
Established– 1944
Adani Defence and Aerospace Signed Agreement with EDGE Group to set up R&D Facilities in India and the UAE
Adani Defence and Aerospace, defence subsidiary of Adani Enterprises Limited (AEL) signed a cooperation agreement with EDGE Group, one of the leading advanced technology and defence groups in the United Arab Emirates (UAE).
- It aims to establish an international platform leveraging the defence and aerospace capabilities of both companies to combine their expertise in missiles, weapons, unmanned platforms etc. and to meet the requirements of global and local customers.
Key Points:
i.As per the agreement, both the companies will evaluate their core product domains such as: missiles and weapons covering airborne, surface, infantry, ammunition, and air defence products, platforms and systems covering Unmanned Aerial Systems (UAS),Loitering Munitions(LM), Counter Drone System (CDS), Unmanned Ground Vehicles (UGV), Electronic Warfare (EW) and cyber technologies.
ii.The agreement will also explore the option to set up a Research & Development (R&D) facilities in India and the UAE.
- It also include the setting up of development, production, and maintenance facilities of defence and aerospace solutions which will not only cover markets of India and the UAE but, also cover markets of Southeast Asian and wider global markets.
IITH & Japan-based Renesas Signed 3-Year MoU to Enhance Semiconductor Innovation in India
The Indian Institute of Technology, Hyderabad(IIT-H), Telangana, and Renesas Electronics Corporation, Japan’s leading supplier of advanced semiconductor solutions, have signed a 3-year Memorandum of Understanding (MoU) for research and collaboration in Very-Large-Scale-Integration (VLSI) and embedded semiconductor systems.
- This partnership aims to strengthen India’s semiconductor ecosystem and support the “Make in India” objective.
i.The MoU aims to foster talent development to build a self-reliant semiconductor industry in India and enable Renesas to recruit talented employees from India.
ii.Under this MoU, Renesas will start supporting university curriculum development and hands-on learning.
iii.IITH engineering students can apply for 6-month Renesas internships and pursue full-time employment with the company.
Signatories: The MoU was signed by Malini Narayanamoorthi, Country Head of India and Senior Director of Engineering, Analog & Connectivity Product Group, Renesas; and Prof. B.S. Murty, Director of IITH at the IITH in Telangana.
Note: IIT-Hyderabad, established in 2008, is one of the 23 IITs, the premier institutions in India.
AWARDS & RECOGNITIONS
AITA honoured Nar Singh & Rohini Lokhande with Dilip Bose Lifetime Achievement Award
All India Tennis Association(AITA) has honoured Delhi-based Tennis coach Nar Singh with the prestigious Dilip Bose Award for Lifetime Achievement in Coaching. He is the 11th recipient of the award.
- AITA has introduced a new Lifetime Achievement Award for Women’s Coaches and presented the inaugural award to Rohini Lokhande of Pune, Maharashtra, one of India’s earliest women’s coaches.
- The awards were presented during the 11th National coaches workshop which was held at the Poona Young Cricketers (PYC) Hindu Gymkhana in Pune, Maharashtra on June 7th-8th 2024.
Note: AITA, established in 1920, is the governing body of tennis in India affiliated by International Tennis Federation and Asian Tennis Federation.
About Nar Singh:
i.The 65-year-old Nar Singh, one of the senior most coaches in India has worked with Delhi Lawn Tennis Association as Head Coach & Director (coaching) from 1986 to 2018.
ii.He was appointed as an Administrator of AITA Coaches Education from 2008 to 2021. He has also travelled with Junior Indian teams and players as a travelling Coach for more than three decades .
About Rohini Lokhande:
i.Rohini was the first woman tennis coach to qualify from the National Institute of Sports. She has trained thousands of players in different age groups and has helped many to qualify as coaches.
ii.She was a member of the national team along with Kiran Bedi, Nirupama Mankad, Susan Das and Udaya Kumar, before she took to coaching at a young age.
About Dilip Bose Lifetime Achievement Award:
The AITA instituted a Dilip Bose Lifetime Achievement Award 2002 in honour of Dilip Bose, a renowned Indian tennis player. The award carries a cash prize of Rs. 50,000.
Dilip Bose represented India in the Davis Cup (1947). He also won the Men’s singles title at the inaugural Asian Championships (tennis) held in 1949 in West Bengal (WB). After his retirement, he worked as an administrator and coach.
APPOINTMENTS & RESIGNATIONS
Vijaya Bharathi Sayani Took Charge as Acting Chairperson of NHRC, India; Justice Arun Kumar Mishra Retired
The Ministry of Home Affairs (MoHA) notified the appointment of Vijaya Bharathi Sayani as Acting Chairperson of the National Human Rights Commission (NHRC) of India with effect from 2nd June 2024 until the appointment of New Chairperson of NHRC.
- She took over from Justice Arun Kumar Mishra, Former Supreme Court judge, whose term as Chairperson of NHRC ended on 1st June 2024.
- Sayani is currently serving as a Member of NHRC since December 2023.
- Justice Mishra has been serving as the Chairperson of the NHRC since June 2021.
Note: The appointment was authorised by the President of India in exercise of powers conferred under Section 7(1) of the Protection of Human Rights Act, 1993.
About Vijaya Bharathi Sayani:
i.Prior to joining NHRC as Member, Vijayabharathi Sayani practiced as an Advocate in the Telangana High Court.
ii.She has written over 200 articles regarding women’s issues in various Telugu weeklies and newspapers.
About Justice Arun Kumar Mishra:
i.During 1998-99, Justice Arun Kumar Mishra was elected as the youngest Chairman of the Bar Council of India (BCI).
ii.In 1999, he was appointed as a Judge of the Madhya Pradesh High Court and he also served as the Chairman of the Madhya Pradesh State Legal Services Authority(MPSLSA).
iii.He has served as the Chief Justice (CJ) of the Rajasthan High Court and the Calcutta High Court.
iv.He was elevated as a Judge of the Supreme Court of India in 2014 and held the position till his superannuation in 2020.
About National Human Rights Commission (NHRC) of India:
NHRC was established under Protection of Human Rights Act (PHRA), 1993 as amended by the Protection of Human Rights (Amendment) Act, 2006.
The NHRC consists of a Chairperson, five full-time Members and seven deemed Members. The statute lays down qualifications for the appointment of the Chairperson and Members of the Commission.
Acting Chairperson– Vijaya Bharathi Sayani
Headquarters-New Delhi, Delhi
Established– 12th October 1993.
SCIENCE & TECHNOLOGY
India Received Indigenous Man Portable Counter Drone System
On 10th June 2024, The Indian Army received indigenously developed first-of-its-kind Man Portable Counter Drone System (MPCDS). It is designed and manufactured by Bengaluru based AXISCADES Technologies Limited under the agreement worth Rs 100 crore from the Indian Army.
About MPCDS:
i.It is unique in terms of its portability as it has ability to operate on both battery and mains power.
ii.It covers wide range of frequency spectrums such as: Command & Control and Navigation.
iii.It is capable to detect and jam different types of drones within a range of up to 5 Kilometres (Kms).
Significance:
i.The Ministry of Defence (MoD) and Defence Forces aims to improve their Counter-Unmanned Aerial Vehicle (C-UAV) capabilities including emergency procurements, with an estimated investment of Rs 3000 crore within India in next 5 years.
ii.AXISCADES Technologies Limited will play pivotal role in this initiative as company has expertise in C-UAV offerings with integrated sensors and neutralization options.
SPORTS
Tennis: French Open 2024: Carlos Alcaraz won Men’s Singles title & Iga Swiatek won Women’s Singles title
Spanish tennis player Carlos Alcaraz(21 years old) won the Men’s singles title at the French Open 2024 (also known as Roland-Garros) by defeating Alexander Zverev of Germany in the finals held at the Stade Roland Garros in Paris, France.
- The 2024 French Open was held from 26th May to 9th June 2024 at the Stade Roland Garros in Paris, France.
Winners of French Open 2024:
i.World No. 1 Iga Swiatek of Poland won the Women’s singles title at the 2024 French Open defeating Jasmine Paolini of Italy. This marks her 4th French Open title and 5th Grand Slam title.
ii.El Salvador’s Marcelo Arevalo and Croatia’s Mate Pavic secured the Men’s Doubles title after defeating Italian pair Simone Bolelli and Andrea Vavassori. This is the first Grand Slam title of the pair.
iii.Coco Gauff (The United States of America-USA) and Katerina Siniakova (Czech Republic) won the French Open’s women’s doubles title by defeating the Italian pair Jasmine Paolini and Sara Errani.
iv.Germany’s Laura Siegemund and France’s Edouard Roger-Vasselin won the mixed doubles title after defeating the two-time Wimbledon Champions Desirae Krawczyk (USA) and Neal Skupski (Britain).
>> Read Full News
ISSF World Cup 2024: Sarabjot Singh won gold & Sift Kaur Samra won bronze; India finish with two medals
India won 2 medals (1 gold and 1 bronze) and finished 3rd on the medal tally of the International Shooting Sport Federation (ISSF) World Cup 2024 (Rifle/Pistol) held from 31st May to 8th June 2024 in Munich, Germany.
- Indian shooter Sarabjot Singh won the gold medal in the men’s 10m air pistol category and Indian shooter Sift Kaur Samra won a bronze medal in the women’s 50m rifle 3 positions category.
- China topped the medal tally with 11 medals (4 gold, 4 Silver and 3 Bronze) followed by Norway at 2nd place with 3 medals (1 gold, 1 silver and 1 Bronze) and India and France at 3rd place with 2 medals each.
Note: The ISSF World Cup was introduced by the ISSF in 1986 to provide a platform for qualification to the Olympic shooting competitions.
About Sift Kaur Samra:
i.This marks Sift Kaur Samra’s 3rd ISSF World Cup bronze medal. She has previously won the bronze in 2023 (Bhopal, India) and 2022 (Changwon, South Korea).
ii.she has won a gold medal in the Women’s 50-metre rifle 3-positions category at the 2023 Asian Games held in Hangzhou, China.
iii.She secured a Paris 2024 Olympics quota for India after finishing 5th in women’s 50m rifle 3 positions at the ISSF World Championship 2023 held in Baku, Azerbaijan. It was India’s sixth quota in shooting
About Sarabjot Singh:
i.This marks Sarabjot Singh’s 2nd individual and 3rd overall gold at ISSF World Cup.
- He has previously won the gold in 2023 (Bhopal, India) under10m Air Pistol Men category and in 2023 (Baku, Azerbaijan) under 10m Air Pistol Mixed Team category.
ii.Sarabjot partnered with Arjun Singh Cheema and Shiva Narwal to win the gold medal in the men’s 10m air pistol team event at the Asian Games in Hangzhou, China in 2023.
iii.He has also secured a Paris 2024 Olympics quota for India in the men’s 10m air pistol with a bronze medal at the Asian Shooting Championship in Changwon, Republic of Korea in 2023.
About the International Shooting Sport Federation (ISSF):
ISSF is the governing body of the Olympic shooting events in rifle, pistol and shotgun (clay target) disciplines, and of several non-Olympic shooting sports events.
President– Luciano Rossi
Headquarters– Munich, Germany
OBITUARY
Renowned Indian Biologist & Wildlife Conservation Activist AJT Johnsingh Passed Away
On June 7 2024, Asir Jawahar Thomas Johnsingh also known as A J T Johnsingh, a renowned Indian Biologist and Wildlife Conservation activist passed away at the age of 78 in Bengaluru, Karnataka. He was born in Nanguneri, Tirunelveli district of Tamil Nadu (TN).
About AJT Johnsingh:
i.AJT Johnsingh was deeply influenced by Colonel Edward James ‘Jim’ Corbett’s tales, which were based on Indian wildlife.
ii.He joined the Wildlife Institute of India (WII), India’s premier institute for research on wildlife and its management, in Dehradun (Uttarakhand), as a faculty member and retired as the Dean.
iii.After his retirement, he was active in wildlife conservation efforts and was associated with various conservation organisations such as the Nature Conservation Foundation (NCF), the World Wide Fund for Nature (WWF) India, and The Corbett Foundation (TCF).
iv.He played a vital role in the establishment of Kalakkad-Mundanthurai Tiger Reserves (Tamil Nadu) located in the Western Ghats.
v.He was one among the primary people who exposed the death of all the tigers in the Sariska Tiger Sanctuary in Rajasthan.
vi.He has authored over 70 scientific papers and more than 80 popular articles on wildlife conservation.
vi.His research primarily focused on the Asian elephant, Asiatic lion, Goral, Himalayan ibex, Nilgiri tahr, Sloth bear, Grizzled giant squirrel, and Nilgiri langur.
Awards & Honours:
i.He was awarded India’s fourth highest civilian award Padma Shri.
ii.He received the 2004 Distinguished Service Award for Government from the Society for Conservation Biology(SCB), and the ABN AMRO Sanctuary Lifetime Wildlife Service Award in 2005
iii.He also received Carl Zeiss Wildlife Conservation Award 2004 for lifetime service to Indian wildlife.
BOOKS & AUTHORS
Bill Gates’ Memoir “Source Code: My Beginnings” Set to be Published in February 2025
“Source Code: My Beginnings”, a memoir of Bill Gates, the co-founder of Microsoft, is set to be published by Allen Lane, an imprint of Penguin Random House, on 4th February 2025.
- The origin story of one of the most influential and transformative business leaders and philanthropists of the modern age.
- This memoir will focus on his early life, from childhood through the creation of Microsoft with Paul Allen in 1975.
- All proceeds from the book sales will be donated to the nonprofit United Way Worldwide.
IMPORTANT DAYS
First-Ever UN International Day of Play – 11 June 2024
The first-ever United Nations (UN) International Day Of Play (IDOP) was observed on 11 June 2024 to celebrate the power of play. The day aims to preserve, promote, and prioritise the essential role of play in human development and well-being, especially for children.
Background:
i.On 25th March 2024, the United Nations General Assembly (UNGA) adopted the resolution A/RES/78/268, proclaiming 11th June as the International Day of Play.
UNICEF: Nearly 400 Million Young Children Worldwide Regularly Experience Violent Discipline at Home
According to the United Nations Children’s Fund (UNICEF)’s new estimates released on the 1st ever International Day of Play, nearly 400 million children under 5 (6 in 10 children) regularly undergo psychological or physical punishment at home globally. About 330 million of these children face physical punishment.
>> Read Full News
World Day Against Child Labour 2024 – June 12
The United Nations (UN) World Day Against Child Labour is annually observed across the globe on 12 June to increase awareness about the need to focus on the global extent of child labour and the efforts needed to eliminate it.
- The 2024 theme of World Day Against Child Labour is, “Let’s act on our commitments: End Child Labour!“
Background:
i.The World Day Against Child Labour was launched in 2002 by the ILO, the only tripartite United Nations (UN) agency, devoted to promoting social justice and internationally recognised human and labour rights.
ii.The first-ever World Day Against Child Labour was observed on 12 June 2002.
About International Labour Organization (ILO):
Director-General– Gilbert Fossoun Houngbo
Headquarters– Geneva, Switzerland
Founded in 1919
>> Read Full News
UN Declares 2025 International Year Of Quantum Science And Technology
The United Nations (UN) has officially declared 2025 to be the International Year of Quantum Science and Technology (IYQ) to increase public awareness globally about the significance of quantum science and its applications.
- This UN-declared IYQ unites national scientific societies to commemorate 100 years of modern quantum mechanics.
- The IYQ is a global initiative that aims to strengthen national capacities in the basic sciences and science education.
This year-long initiative will highlight the contribution of quantum science and technology and its critical role in developing sustainable solutions in energy, education, communications, and human health.
Note: This decision follows a resolution led by Mexico in May 2023, adopted by the United Nations Educational, Scientific and Cultural Organization (UNESCO) General Conference, and supported by nearly 60 countries.
Background:
i.On 7 June 2024, the UN General Assembly (UNGA) adopted the resolution A/78/L.70 by consensus, proclaiming 2025 as the International Year of Quantum Science and Technology.
ii.In May 2024, the nation of Ghana formally submitted a draft resolution to the UNGA for the official proclamation of the International Year.
- It garnered co-sponsorship from 6 countries (Finland, Ghana, India, Peru, South Africa, and Turkmenistan) before its approval.
iii.This UN-declared IYQ unites national scientific societies to commemorate the centenary of German physicist Werner Heisenberg’s landmark paper.
Global Endorsements:
The proclamation has garnered support from prominent scientific unions, including the following:
- International Union of Pure and Applied Physics (IUPAP);
- International Union of Pure and Applied Chemistry (IUPAC);
- International Union of Crystallography (IUCr); and
- International Union of History and Philosophy of Science and Technology (IUHPST).
Future Initiatives:
i.The proclamation encourages individuals, organisations, and governments, globally to use 2025 as an opportunity to raise awareness about quantum science and technology.
ii.The IYQ Steering Committee plans educational and celebratory events worldwide.
What is Quantum Science and Technology?
i.It is a pivotal scientific discipline of the 21st century. It underpins various fields such as Physics, Chemistry, Material Science, Biology, Information Science, etc.
ii.At its core, it helps us understand the physical world, from the tiniest particles to the universe’s structure.
Note: Quantum science is also crucial for addressing the UN’s 2030 Sustainable Development Goals (SDGs).
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