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INTERNATIONAL AFFAIRS
WEF’s Global Gender Gap Index 2024: India Ranks 129th; Iceland on Top
According to the World Economic Forum(WEF)’s Global Gender Gap Report 2024, India closed 64.1% of its gender gap in 2024 with a population of over 1.4 billion and secured the 129th rank among 146 countries in the Global Gender Gap Index 2024.
- Iceland has topped the 2024 Index followed by Finland and Norway in 2nd and 3rd positions respectively.
Note: The 2024 Index, the 18th edition of the Global Gender Gap Index, benchmarks gender parity across 146 economies, providing a basis for the analysis of gender parity developments across two-thirds of the world’s economies.
About the World Economic Forum(WEF):
Founder and Executive Chairman– Klaus Schwab
President– Børge Brende
Headquarters– Cologny, Switzerland
Establishment– 1971
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JIMEX 24: 8th Japan-India Maritime Exercise Commenced in Japan
Japan–India Maritime Exercise 2024 (JIMEX-24), the 8th edition of bilateral exercise between the Indian Navy (IN) and Japan Maritime Self-Defense Force(JMSDF), commenced at Yokosuka, Japan.
- JIMEX 2024, hosted by JMSDF, foster mutual cooperation between IN and JMSDF by facilitating an opportunity to share their best practices and to reaffirm their shared commitment towards maritime security in the Indo-Pacific region.
About JIMEX-24:
The JIMEX-24 will be conducted in two phases:
i.Harbour Phase: This phase includes participants that will engage in professional discussions, sporting events, and social interactions.
ii.Sea Phase: This phase will be conducted on the open sea, enabling the two navies to collaborate and refine their warfighting capabilities and will enhance their interoperability through the complex multi-discipline operations in the surface, sub-surface, and air domains.
Key Participants:
i.IN is being represented by its indigenous Stealth Frigate Indian Naval Ship (INS) Shivalik.
ii.JMSDF is being represented by guided missile destroyer “JS Yugiri”.
- Also, integral helicopters of IN and JMSDF will participate in this joint maritime exercise of India and Japan.
Note:
- JIMEX-23, the 7th edition of the exercise, was hosted by Indian Navy (IN) at/ off Visakhapatnam, Andhra Pradesh (AP) from 5th July to 10th July, 2023.
- The first edition of JIMEX was held in 2012 in Japan.
Additional Information:
Other bilateral training exercises between India and Japan are
- DHARMA Guardian– between Indian Army and Japan Ground Self Defence Force (JGSDF).
- Veer Guardian– between Indian Air Force (IAF) and the Japan Air Self-Defence Force (JASDF).
About Japan:
Capital- Tokyo
Prime Minister (PM)– Fumio Kishida
Currency- Japanese Yen (JPY)
BANKING & FINANCE
Motilal Oswal AMC Introduced Nifty India Defence Index, India’s Index Fund Investing in Defence Stocks
On 12th June 2024, Motilal Oswal Asset Management Company Limited (MOAMC) introduced Motilal Oswal Nifty India Defence Index Fund, India’s 1st index fund offering exposure to defence stocks listed in India. The New Fund Offer (NFO) for the scheme will be open for subscription from 13th June, 2024 till 24th June 2024.
- The fund aims to provide returns that, before expenses, correspond to the total returns of the securities as represented by the performance of the Nifty India Defence Total Return Index (TRI) which is subject to tracking error.
- Also, it aims to provide an opportunity to investors to contribute in the growth potential of the defence sector.
Nifty India Defence Index Fund:
i.It is an open-ended index fund which will monitor the Nifty India Defence Index, which consists 15 companies operational in the defence manufacturing and servicing industry.
ii.The fund will be managed by Swapnil P. Mayekar, Fund Manager at Motilal Oswal Mutual Fund and Rakesh Shetty, Fund Manager-Fixed Income, MOAMC.
iii.The minimum application amount will be Rs500 with subsequent investments allowed in multiples of Re 1.
Key Facts about Defence Sector in India:
i.As of 31st May 2024, the Nifty India Defence Index has achieved a Compound Annual Growth Rate (CAGR) of 177% and 89.5% over the last 1 year and 3 years respectively.
ii.According to the research by Nomura, the defence sector in India exhibits great opportunity, estimating a USD 138 billion pipeline between FY24(2023-24) and FY32(2031-32).
iii.The Government of India (GoI) has put import embargo on more than 4600 defence items by December 2027.
- It aims to promote defence manufacturing in India under the “Atmanirbhar Bharat” initiative and to increase defence exports which is estimated to double in next 3 to 4 years.
About Motilal Oswal Asset Management Company Ltd (MOAMC):
It is a public limited company incorporated under the Companies Act, 1956.
Managing Director (MD) and Chief Executive Officer (CEO)– Prateek Agarwal
Established- 14th November, 2008
APPOINTMENTS & RESIGNATIONS
Chandrababu Naidu Sworn-in as 18th CM of Andhra Pradesh; Pawan Kalyan as Deputy CM
On 12th June 2024, Nara Chandrababu Naidu, the President of Telugu Desam Party (TDP), officially sworn-in as the 18th Chief Minister (CM) of Andhra Pradesh (AP). He became the CM of AP for the 4th time and 2nd time after the bifurcation of AP in 2014.
- He succeeds Y.S. Jagan Mohan Reddy, President of Yuvajana Sramika Rythu Congress Party (YSRCP), who served as CM of AP from 2019 to 2024.
- Renowned Telugu actor and Janasena Party (JnP) President, Pawan Kalyan took oath as the Deputy CM of AP.
- S. Abdul Nazeer, the Governor of AP administered the oath of office and secrecy to N. Chandrababu Naidu and his 24 Council of Ministers during the swearing-in ceremony held at Kesarpalli IT Park in Gannavaram on the outskirts of Vijayawada district, AP.
Key Dignitaries: Prime Minister (PM) Narendra Modi, Jagat Prakash Nadda, Union Minister of Health and Family Welfare; Amit Shah, Union Minister of Home Affairs; and Tamilisai Soundarajan, Former Governor of Telangana, were present during the oath taking ceremony.
2024 Andhra Pradesh Elections:
i.TDP contested in the 2024 AP assembly election and 2024 Parliamentary elections in alliance with Bhartiya Janta Party (BJP) and JnP under National Democratic Alliance (NDA).
ii.The NDA won 2024 AP assembly elections by securing 164 out of 175 seats. TDP emerged as the single largest party with 135 seats while, its alliance partners JnP and BJP secured 21 and 8 seats respectively.
- It has defeated the ruling YSRCP which secured 11 seats.
iii.N.Chandrababu Naidu won the elections from the Kuppam constituency. Pawan Kalyan won from the Pithapuram constituency in East Godavari.
About N.Chandrababu Naidu:
i.He started his political career in 1970’s as a member of the Indian National Congress (INC).
ii.He was elected for the 1st time as Member of the Legislative Assembly (MLA) of AP in1978 from Chandragiri constituency at the age of 28.
iii.He became the CM of AP for 1st time in 1995 by replacing NT Rama Rao, Founder of TDP, and remained at this post until 2004. He holds the record of longest continuous term as AP CM which is 8 years and 256 days.
iv.He was also the first CM of AP post the bifurcation of Telangana in 2014. He held the post till 2019.
About Andhra Pradesh:
Chief Minister (CM)- N. Chandrababu Naidu
Governor- S.Abdul Nazeer
National Parks- Rajiv Gandhi National Park, Papikonda National Park
Mohan Charan Majhi Sworn in as Odisha’s 1st BJP CM; Kanak Vardhan Singh Deo & Pravati Parida Took Oath as Deputy CMs
Bharatiya Janata Party(BJP)‘s Mohan Charan Majhi(52-year-old), a tribal leader and a 4-time Member of the Legislative Assembly (MLA), took oath as the 15th Chief Minister (CM) of Odisha at a ceremony held at Janata Maidan in Bhubaneswar, Odisha. Odisha Governor Raghubar Das administered the oath and Mohan Majhi became the first BJP CM of Odisha.
- Kanak Vardhan Singh Deo and Pravati Parida, were also sworn in as the deputy CMs of Odisha during the event.
- With this, Pravati Parida became 1st woman Deputy CM of Odisha.
- Majhi succeds Naveen Patnaik who served as the CM of Odisha from 2000 to 2024 ( for 24 years and 98 days)
Key People: The Oath ceremony was attended by Prime Minister (PM) Narendra Modi, Biju Janata Dal (BJD) leader and former CM of Odisha Naveen Patnaik, and other officials.
Note: Naveen Patnaik is the 2nd longest-served CM of India after Pawan Kumar Chamling, the 5-time CM of Sikkim(1994-2019), who served for 24 years and 165 days.
2024 Assembly Election Votes:
i.The BJP won a majority of 78 seats in the 2024 Odisha Assembly elections. BJP contested in the 2024 elections under the leadership of PM Modi without naming a chief ministerial candidate.
ii.Majhi secured victory in the Keonjhar Assembly constituency in Odisha.
About Mohan Charan Majhi:
i.Mohan Charan Majhi, a member of Santali tribe, was elected leader of the BJP legislature party in Odisha.
ii.Majhi began his political journey as a Sarpanch from 1997 to 2000.
iii.He first became an MLA in 2000 from Keonjhar and won the seat again in 2004, 2019, and 2024.
iv.He served as government deputy chief whip from 2005 to 2009 in the BJD-BJP coalition government.
Harsh Pati Singhania Elected as Fist Vice-Chair of International Chamber of Commerce; Philippe Varin as Chair
Harsh Pati Singhania, Chairman and Managing Director (CMD) of JK Paper Ltd and Director of JK Organisation, has been elected as the First Vice-Chair of the International Chamber of Commerce (ICC) headquartered in Paris, France.
- Philippe Varin (France), a global industry leader, has been elected as Chair of the ICC. Philippe Varin succeeded Maria Fernanda Garza, who becomes the Honorary Chair of ICC.
- Shinta Kamdani (Indonesia) and Patrick Obath (Kenya) have been elected as Vice-Chairs of the ICC.
- The formal election was held during the annual meeting of the ICC World Council on 11 June 2024 in Paris.
Note: In 2022, Maria Fernanda Garza became the first woman to hold the position of ICC’s Chair.
About Harsh Pati Singhania:
i.Harsh Pati Singhania became the ICC Vice-Chair on 14th June 2022.
ii.He serves as Director on the Boards of JK Fenner (India) Ltd., Bhopal Udyog Ltd., Pulp & Paper Research Institute, JK Lakshmipat University (JKLU), etc.
iii.He served as the President of the Federation of Indian Chambers of Commerce & Industry(FICCI) from 2008-2009, and the ICC India from 2012-13.
iv.He served four terms as Coordinator of ICC’s Asia-Pacific Regional Consultative Group and is a current member of ICC’s Governance and NetCom Committees.
Points to note:
i.ICC is a private business organization that represents over 45 million businesses in over 173 countries.
ii.The ICC World Council elects ICC’s Chairmanship(including Chair, honorary chair, first vice chair and vice chair) and Secretary General, each of whom serves a three-year term.
- The appointment of the ICC Chairmanship and Secretary General are recommended by the Executive Board of ICC.
About International Chamber of Commerce (ICC):
ICC is the apex body for all Chambers of Commerce globally.
Secretary General– John W.H. DENTON AO
Headquarters– Paris, France
Founded- 1919
FICCI Announced the Appointment of Jyoti Vij as its DG
On 11th June 2024, The Federation of Indian Chambers of Commerce and Industry (FICCI) announced the appointment of Jyoti Vij as its Director General (DG). She will assume the charge of the FICCI Secretariat with immediate effect.
- At present, she is serving as Additional DG at FICCI.
- While, Shailesh Pathak resigned from the post of Secretary General at the FICCI due to his personal reasons.
About Jyoti Vij:
i.Jyoti Vij is an professional business economist and has an extensive work experience of more than 30 years as a seasoned industry professional with leading Indian industry chambers.
ii.She joined FICCI in 1993 and has worked in various capacities in FICCI.
iii.At present, she leads cross-functional teams across different departments of FICCI.
iv.She has been a part of various government committees on industry-related issues and led various multilateral projects.
v.She also contributes to the Centre Government’s international inward investment promotion programme.
About Federation of Indian Chambers of Commerce and Industry (FICCI):
President- Dr. Anish Shah
Headquarters- New Delhi, Delhi
Established – 1927
ACQUISITIONS & MERGERS
CCI approves Acquisition of Global Infrastructure Management, LLC by BlackRock Funding, Inc.
The Competition Commission of India (CCI) has approved the acquisition of Global Infrastructure Management, LLC(GIM) by BlackRock Funding, Inc. (BFI).
Proposed Combination: BFI will acquire 100% of the limited liability company interests in GIM.
Note:
i.BFI is a newly formed wholly-owned subsidiary of BlackRock Inc. (BlackRock), with no independent activities.
- BlackRock is a United States (US) publicly traded company providing global investment management, risk management, and advisory services.
ii.GIM is a global independent infrastructure fund manager based in New York City, US
- It manages investment funds operating under Global Infrastructure Partners (GIP Funds).
CCI Approves Acquisition of Equity Stakes in TVS Certified Pvt Ltd & TVS Vehicle Mobility Solution by Mitsubishi Corporation
The CCI approves the acquisition of certain equity stakes of TVS Certified Private Limited (Target 1) and TVS Vehicle Mobility Solution Private Limited (Target 2) by Mitsubishi Corporation (Acquirer).
- The Proposed Combination relates to the Acquirer acquiring an equity stake in Target 1 and Target 2.
Note:
i.The Acquirer is a global integrated business enterprise operating across various industries in 90 countries with around 1,700 group companies.
ii.Target 1 will be engaged in the business of selling used vehicles primarily through offline channels and physical auction yards.
iii.Target 2 will be engaged in:
a) Dealership and distribution of commercial vehicles, passenger vehicles (including electric vehicles (EVs)), construction equipment, and material handling vehicles.
b) Providing motor vehicle services and undertaking dealership and distribution of spare parts for a specific vehicle manufacturer.
SCIENCE & TECHNOLOGY
Indian Navy Launches ‘5th MCA Barge, LSAM 13 (Yard 81)’ at Maharashtra
On June 10 2024, The Indian Navy (IN) launched the Missile Cum Ammunition (MCA) Barge, Landing Ship Ammunition(LSAM 13)(Yard 81), the fifth Barge of 08 x MCA Barge project, built by Micro, Small and Medium Enterprises (MSME) Shipyard, M/s SECON Engineering Projects Private Limited (SEPPL), Visakhapatnam, Andhra Pradesh (AP).
- The barge was launched at M/s Vinayaga Marine Petro Limited, Mira Bhayandar, Maharashtra(the launch site of SEPPL).
- The launching ceremony was presided over by Commodore (Cmde) Manish Vig, General Manager- Quality Assurance (QA), Naval Dockyard, Mumbai (ND(Mbi)).
Background:
i.The contract for building 08 x MCA Barge was signed between the Ministry of Defence (MoD) and M/s SEPPL on 19 February 2021 at Visakhapatnam, AP.
ii.Previously the Indian Navy has launched 4 MCA Barges:
- 1st MCA Barge Yard 75 (LSAM 7) was launched on 24th February 2023 at Visakhapatnam, AP.
- 2nd MCA Barge Yard 76 (LSAM 8) was launched on 18th August 2023 in East Godavari, AP.
- 3rd MCA Barge Yard 77 (LSAM 9) was launched on 22nd September 2023 in East Godavari, AP.
- 4th MCA Barge Yard 78 (LSAM 10) was launched on 20th November 2023 in East Godavari, AP.
Points to note:
i. The availability of these Barges would provide impetus to operational commitments of IN by facilitating Transportation, Embarkation and Disembarkation of articles/ ammunition to IN Ships both alongside jetties and at outer harbours.
ii.These Barges are indigenously designed and built under relevant Naval Rules and Regulation of Indian Register of Shipping (IRS).
iii.The model testing of the Barge during the design stage was undertaken at Naval Science and Technological Laboratory (NSTL), Visakhapatnam, AP
iv.These Barges are proud flag bearers of ‘Make in India’ initiative of Government of India (GoI).
About Indian Navy (IN):
Chief of Naval Staff (CNS) – Admiral Dinesh Kumar Tripathi
Headquarters – New Delhi, Delhi
Founded – January 26, 1950
About Ministry of Defence (MoD):
Union Minister – Rajnath Singh (Constituency- Lucknow, Uttar Pradesh (UP))
Minister of State (MoS) – Sanjay Seth (Constituency: Ranchi, Jharkhand)
SPORTS
India to Host FIH Hockey Men’s Junior World Cup in 2025
India will host the 14th edition of the FIH Hockey Men’s Junior World Cup 2025. The decision was taken by the Executive Board of the International Hockey Federation (FIH) in Lausanne, Switzerland. The tournament will be played in December 2025.
- This will be the 1st time ever that a FIH Hockey Junior World Cup has 24 participating teams. India will host the tournament for the 4th time since 2013.
- India has previously hosted the FIH Hockey Men’s Junior World Cup in 2013 (New Delhi, Delhi); 2016 (Lucknow, Uttar Pradesh); and 2021 (Bhubaneswar, Odisha).
Note: India has won the Men’s Junior World Cup twice, in 2001 in Hobart, Australia, and in 2016 in India.
About FIH Hockey Junior World Cup:
Started in 1979, the FIH Hockey Junior World Cup is held every 2 years and the competitors must be under the age of 21 as of December 31 in the year before the tournament is held.
- The last edition of the FIH Hockey Men’s Junior World Cup was held in 2023 in Kuala Lumpur, Malaysia and the tournament was won by Germany.
OBITUARY
Padma Shri Awardee & Renowned Sarod Maestro Rajeev Taranath Passed Away
Internationally renowned Sarod Maestro and Kannada poet Pandit Rajeev Taranath passed away at the age of 92 in Mysuru, Karnataka. He was born on 17th October 1932 in Bengaluru, Karnataka.
- He was awarded India’s fourth highest civilian award ‘Padma Shri’ under ‘Art’ category in 2019.
About Rajeev Taranath:
i.Rajeev Taranath, an Indian classical musician, gave his first public singing performance at the age of nine and sang for Akashvani Radio.
ii.He served as the head of the Indian music programme at the World Music department at the California Institute of the Arts (CalArts), California, United States of America (USA) from 1995 to 2005.
iii.He was the first Indian to play sarod in the Opera House of Sydney, Australia. He also taught cinema music at the Pune Film Institute (Maharashtra) from 1981 to 1982.
iv.He has composed music for many internationally acclaimed Kannada films including Samskara, Kanchana Sita and Kadavu.
v.He was a notable disciple of the great sarod master Ustad Ali Akbar Khan and he was also mentored by Pandit Ravi Shankar and Srimati Annapurna.
Awards & Honours:
i.Taranath was honoured with the Rajyotsava award (1996); the Chowdiah Memorial Award (1998); the Sangeetha Vidwan Award (2018) and the Nadoja Award (2019) for his valuable contribution to Indian classical music.
ii.He also received the Sangeet Natak Akademi award in 2000.
Malawi Vice President Saulos Chilima Dies In Plane Crash
Vice-President of Malawi, Dr Saulos Klaus Chilima, and 9 others died in an airplane crash on 10 June 2024 in the Chikangawa forest in Malawi. Dr. Saulos Chilima was born on 12th February 1973 in Ntcheu District in Central Malawi.
- Chilima was the incumbent Vice President of Malawi, serving his 2nd term since 2020, previously holding the role from 2014 to 2019.
About the Plane Crash:
i.The victims of the plane crash also included former 1st lady Shanil Dzimbiri, the ex-wife of former Malawian President Bakili Muluzi.
ii.The military plane carrying Chilima and others went missing during a flight from Lilongwe to Mzuzu, about 380 kilometers (km) (240 miles) to the north.
- The plane failed to land at the Mzuzu International Airport because of poor visibility.
iii.The crashed plane was a Dornier 228 twin-propeller aircraft from 1988 that was operated by Malawi’s armed forces.
BOOKS & AUTHORS
Ravichandran Ashwin Unveils Autobiography ‘I Have the Streets: A Kutti Cricket Story’
Renowned Indian international cricketer, Ravichandran Ashwin unveiled his autobiography titled, “I Have the Streets: A Kutti Cricket Story,” written by Ravichandran Ashwin with author Sidharth Monga, a sitcom screenplay writer, a wrestling booker, and a chef.
- The book with 200 Pages was published by Penguin Random House India (PRHI). The book highlights Ashwin’s journey from a cricket-loving child in Chennai to becoming one of India’s finest cricketers.
- Ravichandran Ashwin is an offspinner who also plays for Tamil Nadu in domestic cricket and the Rajasthan Royals (RR) (at present) in the Indian Premier League (IPL). He was amember of the 2011 World Cup-winning team, and holder of two IPL and one Champions League T20 titles.
- He became the 9th bowler in history to take 500 wickets in Test cricket in 2024 against England in Rajkot, Gujarat, and the 2nd Indian after Anil Kumble.
- He is also the second-fastest bowler to reach 500 wickets, after Sri Lanka’s Muttiah Muralitharan.He is the quickest to reach 300 test wickets in just 54 matches.
Kerala CM Pinarayi Vijayan Released “Viswasapoorvam,” The Autobiography of Islamic Scholar A. P. Aboobacker Musliyar
Kerala Chief Minister (CM) Pinarayi Vijayan released the autobiography titled “Viswasapoorvam” of Islamic scholar and the president of Kerala Muslim Jama-ath, A.P. Aboobacker Musliyar. The book was published by the Malaibar Foundation for Research and Development.
- Shashi Tharoor, a Member of Parliament (MP), received the first copy from the CM during the book release event.
- The event was presided over by Sayyid Ali Bafaqi, Vice President of Samastha Kerala Jem-iyyathul Ulama.
Note: The Malaibar Foundation for Research and Development is a non-profit organisation dedicated to Research, Training, Publication, and Heritage Preservation.
IMPORTANT DAYS
International Albinism Awareness Day 2024 – June 13
The United Nations (UN)’s International Albinism Awareness Day (IAAD) is annually observed across the globe on 13th June to create awareness about albinism, an inherited genetic condition that people are born with, and celebrate and advance the human rights of persons with albinism globally.
- 13th June 2024 marks the observance of the 10th IAAD.
- The theme of IAAD 2024 is “10 Years of IAAD: A Decade of collective progress”.
Background:
i.In 2013, the UN Human Rights Council (UNHRC) adopted resolution A/HRC/RES/23/13, focusing on preventing attacks and discrimination against persons with albinism.
ii.On 18 December 2014, the UN General Assembly (UNGA) adopted the resolution A/RES/69/170, proclaiming 13 June as an International Albinism Awareness Day, with effect from 2015.
iii.The first-ever International Albinism Awareness Day was observed on 13 June 2015.
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