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NATIONAL AFFAIRS
NIRF Rankings 2024: IIT Madras bags top spot in overall category for the 6th time; IISC Bengaluru tops Universities category
Union Minister Dharmendra Pradhan, Ministry of Education(MoE) has released the 9th edition of India Rankings (2024) based on the parameters identified and defined in the National Institutional Ranking Framework (NIRF).
i.According to the India Rankings 2024, Indian Institute of Technology (IIT) Madras, Chennai, Tamil Nadu (TN) bagged the top spot as the best educational institution in the country overall category for the 6th consecutive time.It is followed by Indian Institute of Science (IISc), Bengaluru, Karnataka at the 2nd spot and IIT Bombay, Mumbai, Maharashtra at the 3rd spot respectively.
ii.For the year 2024, the framework provides a comprehensive “Overall” rank, alongside distinct rankings in the categories of Universities, Research Institutions, Degree Colleges, Innovation, and discipline-specific rankings in Engineering, Management, Pharmacy, Law, Medical, Dental, Architecture & Planning, and Agriculture & Allied Sectors.
iii.Additionally, Open Universities, State Public Universities and Skill Universities have also been included as new verticals in this year’s Rankings.
About Ministry of Education (MoE):
Union Minister – Dharmendra Pradhan(Constituency- Sambalpur, Odisha)
Minister of State (MoS)- Sukanta Majumdar(Balurghat,West Bengal(WB)), Jayant Chaudhary(Independent Charge-IC)(Rajya Sabha- Uttar Pradesh(UP))
>> Read Full News
3 Indian Wetlands, 2 from TN & 1 from MP Added to Ramsar List, Totaling 85 Sites
Union Minister Bhupender Yadav, Ministry of Environment, Forest and Climate Change (MoEF&CC) announced that 3 wetlands from India namely Nanjarayan Bird Sanctuary and Kazhuveli Bird Sanctuary in Tamil Nadu (TN) and Tawa Reservoir in Madhya Pradesh (MP) were designated as Wetlands of International Importance, also known as Ramsar Sites.
- With this addition, the number of Ramsar sites in India becomes 85, covering an area of 1,358,068 hectares (ha).
- TN has the highest number of Ramsar sites (18) followed by Uttar Pradesh (UP) (10).
About the Ministry of Environment, Forest and Climate Change (MoEF&CC):
Union Minister– Bhupender Yadav (Constituency- Alwar, Rajasthan)
Minister of State (MoS)- Kirti Vardhan Singh (Constituency- Gonda, Uttar Pradesh)
>> Read Full News
Kiren Rijiju & George Kurian Launched ‘Jiyo Parsi Scheme Portal’ & ‘Haj Application 2025’
On August 13 2024, Union Minister Kiren Rijiju, Ministry of Minority Affairs (MoMA) along with the Minister of State (MoS) George Kurian, MoMA launched the ‘Jiyo Parsi Scheme Portal’ and ‘Haj Applications(app) – 2025’ at Manthan Hall in New Delhi, Delhi.
Key People:
Iqbal Singh Lalpura, Chairman of National Commission for Minorities (NCM) and Kersi Kaikhushroo Deboo, Vice-Chairperson of NCM and other dignitaries also present at the occasion.
About Jiyo Parsi Scheme Portal:
This portal would enable Parsis to apply, check the status of their application, and get financial aid online through Direct Benefit Transfer (DBT) mode.
About Jiyo Parsi Scheme:
i.Jiyo Parsi Scheme is a central sector scheme launched in 2013-14. It is implemented by the MoMA.
ii.The objective of the scheme is to stabilise the Parsi population and reverse the trend of population decline by adopting a scientific protocol and structured interventions.
iii.The scheme has three components: Medical Assistance, Advocacy and Health of Community.
iv.It provides financial assistance to Parsi couples so they can receive standard medical treatment, childcare, and support for their elderly dependents. More than 400 Parsi youngsters have benefited from the program so far.
About Haj App – 2025:
i.It is the first time that the applications have been invited on the Haj Suvidha App in addition to the website of the Haj Committee of India (HCI).
- A helpline of the HCI along with dedicated channels on the social media are being operationalised to help the pilgrims applying for Haj-2025.
ii.The application form for Haj-2025 has been opened and the people can apply till 9th September 2024.
iii.This app will provides the pilgrims access to training content, accommodation and flight details, baggage information, an emergency helpline (SOS), grievance redressal, feedback, language translation, and miscellaneous information and services related to the pilgrimage.
iv.It also facilitates better coordination and control of the pilgrims by the Indian administration in Saudi Arabia.
Keypoints:
i.A quota of over 1.75 lakh has been allotted by the Kingdom of Saudi Arabia (KSA) to India for Haj 2025.
- The candidates must have a machine-readable international passport that is valid through at least January 15, 2026, and was issued on or before the application deadline.
ii.The Haj administration has permitted Muslim women aged 45 or above to perform Haj without a Mehram (male companion) under the Ladies Without Mehram (LWM) category.
iii.It would be mandatory for pilgrims aged 65 or above to be accompanied by a companion with highest priority in allotment being given to the 65 or above age category.
- This age criteria was earlier 70 years and now it has been reduced due to arduous and strenuous nature of pilgrimage and harsh climatic conditions in KSA.
About Haj Committee:
Haj Committee of India is an autonomous body, working under MoMA, Government of India (GoI), New Delhi. It is established for making arrangements for the pilgrimage of Muslims for Haj.
About the Ministry of Minority Affairs (MoMA):
Union Minister – Kiren Rijiju (Constituency – Arunachal Pradesh (AR), West)
Minister of State (MoS) – George Kurian (Constituency – Kerala)
GoI Introduces Offshore Areas Mineral Trust Rules, 2024 to Enhance Offshore Mineral Exploration & Production
The Ministry of Mines, Government of India (GoI) has introduced the Offshore Areas Mineral Trust Rules, 2024, establishing the first-ever framework to oversee mineral exploration and production in India’s offshore areas.
Significance:
i.These rules represent a balanced approach to economic development and ecological sustainability in India’s offshore mineral sector
ii.Under the new rules, the production leaseholders of offshore mines must contribute 10% of their royalty payments to the Trust.
iii.This sum will be deposited in the Public Account of India (PAI), strengthening the Trust’s financial foundation.
- The Trust aims to promote sustainable exploration while ensuring environmental conservation and community welfare.
Key Points:
i.The rules pave the way for the 1st round of offshore mineral auctions, expected to be launched soon.
ii.The Ministry of Mines has identified 10 offshore mineral blocks for potential auction, with inter-ministerial consultations currently underway.
iii.The regulations set specific exploration norms for a variety of deposits and minerals.
- This includes construction-grade silica sand, non-construction-grade calcareous sand and mud, phosphatic sediments, Deep Sea Minerals (DSM), Rare Earth Element (REE) minerals, hydrothermal minerals, and nodules.
Responsibilities of the Trust:
i.The Trust will conduct research, mitigate ecological impacts, provide disaster relief, support affected communities, and promote innovation in offshore mineral exploration and production.
ii.The Trust aims to fund institutions, startups, and Small and Medium Enterprises (SMEs) in exploring and refining offshore minerals,
iii.It will facilitate detailed geological and geophysical surveys and promote advanced exploration methods.
iv.It will foster international collaboration in technology and knowledge exchange through workshops and seminars.
v.The Trust emphasises marine conservation, aiming to protect ecosystems and enhance the skills of personnel involved in offshore operations.
India & Israel partner To Establish CoWT at IIT Madras
India and Israel has partnered to establish a ‘Center of Water Technology (CoWT)’ in Water Resources Management (WRM) and Water Technologies at the Indian Institute of Technology (IIT) Madras in Chennai, Tamil Nadu (TN).
- To kickstart this initiative, a capacity-building course on ‘24/7 Water Supply in Urban Areas’ was held at IIT-Madras from August 5 to 8, 2024 .
- This course is crucial for providing stakeholders with the necessary skills to manage urban water systems.
Background:
A tripartite agreement which outlines the framework for establishing the CoWT, was signed by Embassy of Israel, IIT Madras, and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) mission of the Ministry of Housing and Urban Affairs (MoHUA) in 2023.
- This collaboration highlights India and Israel’s shared commitment to address the critical issues of water scarcity and management.
About the CoWT:
i.The CoWT aims to serve as a hub for water technology innovation, research, and capacity building, with a particular emphasis on sustainable urban water supply solutions.
ii.This centre works toward the mutual exchange of technology, scientific information, and literature between India and Israel.
iii.It will function as a platform to bring together experts from both countries to hold discussions and consultations on issues like drinking water, sewerage management and to develop new areas of intervention.
iv.This establishment is expected to play an important role in India’s efforts to ensure a sustainable water supply for all.
About the Indian Institute of Technology (IIT) Madras:
Director – Professor Kamakoti Veezhinathan
Located – Chennai, Tamil Nadu (TN)
Established – 1959
About Israel:
President – Isaac Herzog
Prime Minister (PM) – Benjamin Netanyahu
Capital – Jerusalem
Currency – New Israeli Shekel (NIS)
EEPC India & ISSDA Signed MoU To Boost MSME Exports Of Steel Products
The Engineering Export Promotion Council of India (EEPC India) and the Indian Stainless Steel Development Association (ISSDA) signed a Memorandum of Understanding (MoU) to enhance the export of Micro, Small and Medium Enterprises (MSME) members in the engineering and stainless steel sectors.
Key People:
The MoU was signed by Adhip Mitra, Executive Director (ED) of EEPC India and Rohit Kumar, ED of ISSDA. Rajamani Krishnamurti, President of ISSDA and senior officials from EEPC India were also present at the signing ceremony.
Key Points:
i.This MoU aims to identify potential products for exports and boost trade activities through trade exhibits, buyer-seller meetings, and Economic summits as the agreement facilitates the transfer and exchange of trade/business information and disseminate it to member exporters.
ii.The agreement will enhance the exchange of trade information and promote international investment through Joint Ventures (JV) and technological collaboration.
iii.As part of this collaboration, EEPC India and ISSDA will conduct regional capacity-building sessions to support the growth of the engineering goods and stainless steel sectors.
iv.This partnership will leverage the expertise and networks of EEPC India and ISSDA to create new opportunities for Indian businesses in the global market.
About the Engineering Export Promotion Council of India (EEPC India):
It is the premier trade and investment promotion organisation in India, sponsored by the Ministry of Commerce and Industry (MoCI), Government of India (GoI).
Chairman – Arun Kumar Garodia
Headquarters – New Delhi, Delhi
Founded – 1955
About the Indian Stainless Steel Development Association (ISSDA):
It is a non-profit organisation, registered under Section 8 of Companies Act, 2013, committed to the growth and development of the stainless steel industry in India.
President – Rajamani Krishnamurti
Headquarters – Gurugram, Haryana
Founded – 1989
IRCTC & NCRTC Collaborates To Launch ‘One India – One Ticket’ Initiative
The Indian Railway Catering and Tourism Corporation (IRCTC) and National Capital Region Transport Corporation (NCRTC) have collaborated to launch the ‘One India – One Ticket’ initiative designed to enhance the travel experience for passengers on Indian Railways(IR) and Namo Bharat Trains.
i.Aim: To simplify travel by allowing passengers to book and travel effortlessly by using both Indian Railways and RRTS services.
ii.This initiative will allow passengers to book Namo Bharat tickets for up to 8 travellers in a single booking through the IRCTC platform with flexible cancellation and payment options.
iii.The Unique Quick-Response (QR) code can be generated for each Regional Rapid Transit System (RRTS) ticket which will be printed on the Electronic Reservation Slip (ERS). The code will be valid for 4 days around the journey date options.
iv.The Namo Bharat tickets can be reserved up to 120 days in advance, in accordance with the current Railway reservation window.
Note: Namo Bharat Trains is an Indian Electric Multiple Unit (EMU) train built for Regional Rapid Transit services (RRTS).
MoNPG Approved 20% Gas Price Premium for ONGC and OIL to Boost Production
On 12th August 2024, the Ministry of Petroleum and Natural Gas (MoPNG) has approved a 20% premium over the regulated or Administered Price Mechanism (APM) price for any natural gas produced from new wells or well interventions in the nominated fields of state-owned companies: Oil and Natural Gas Corporation Limited(ONGC), New Delhi(Delhi) and Oil India Limited (OIL), Noida, Uttar Pradesh(UP).
- This move will help the firms to make new gas development projects more viable and help to boost the domestic production of natural gas from nominated fields.
i.As per the notification, the gas produced from nominated fields of ONGC and OIL will get premium a total of 12% of Indian crude basket price, as under the current policy, linked to crude price.
ii.At present, the APM gas price is fixed at 10% of the Indian crude basket price and the rate is adjusted monthly by Petroleum Planning & Analysis Cell (PPAC).
iii.This policy is in alignment with the Government of India (GoI)’s target to increase the share of natural gas in the energy mix from 6% to 15% by 2030.
Note: Currently, India’s sedimentary basins hold about 651.8 million tonnes of crude oil and 1,138.6 billion cubic meters (m3) of natural gas. But, still India imports 85% of its crude oil requirements.
BANKING & FINANCE
RBI Tightens HFCs Norms to Bring them on Par with NBFCs
On 12th August 2024, the Reserve Bank of India (RBI) issued the revised guidelines to tighten the norms related to public deposit acceptance by Housing Finance Companies (HFCs) in order to bring them on par with Non-Banking Financial Companies (NBFCs).
- The revised guidelines will come into effect from 1st January 2025.
- These guidelines were introduced in “Master Direction – NBFC-HFC (Reserve Bank) Directions, 2021”.
i.As per the revised guidelines, deposit-taking HFCs are now required to maintain 15% (as against the current 13%) liquid assets of public deposits held by them in a phased manner i.e. 14% of liquid assets by 1st January, 2025 and to 15% by 1st July, 2025.
ii.RBI has lowered the ceiling on quantum of public deposits taking HFCs, which is in compliance with all prudential norms and minimum investment grade credit rating, from 3 times to 1.5 times of Net owned Fund (NoF).
iii.The revised regulations have mandated the HFCs to ensure that the full asset cover is available for public deposits accepted by them at all times.
About Reserve Bank of India(RBI):
Governor– Shaktikanta Das (25th Governor of RBI)
Headquarter– Mumbai, Maharashtra
Established– 1st April 1935
>> Read Full News
Rural-focused Fintech Startup Jai Kisan Secured NBFC Licence to focus on loan distribution and co-lending
Mumbai (Maharashtra)-based rural-focused fintech startup Jai Kisan secured a Non-Banking Finance Company (NBFC) licence from the Reserve Bank of India (RBI), following its acquisition of a majority stake in supply chain financing company, Kushal Finnovation Capital Private Limited(KFCPL), Bangalore(Karnataka).
i.The NBFC licence will enable Jai Kisan to offer customized financial products including loan from its own portfolio to farmers and rural businesses.
ii.The acquisition will enable the company to enter into co-lending partnerships with financial institutions, including Public Sector Banks (PSBs).
iii.Since its inception in 2017, Jai Kisan has partnered with more than 350 corporates, served over 1 lakh rural businesses, assisted over 8 lakh farmers, and provided loans of over Rs 6,000 crore.
RBI Imposes Penalties On 5 Financial Entities For Regulatory Violations
The Reserve Bank of India (RBI) has imposed monetary penalties on five entities namely Catholic Syrian Bank (CSB)Limited, Union Bank of India(UBI), Muthoot Housing Finance Company Limited(MHFCL), Nido Home Finance Limited(NHFL)(formerly known as Edelweiss Housing Finance Limited) and Ashoka Viniyoga Limited for various regulatory non-compliances.
i.CSB Bank: A penalty of Rs 1.86 crore has been imposed on CSB Bank for non-compliance with certain directions issued by the RBI on ‘Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks’ and ‘Master Circular on Branch Authorisation’.
ii.UBI:It has been fined Rs 1.06 crore for non-compliance with certain norms on ‘Creation of a Central Repository of Large Common Exposures-Across Banks’ and ‘Know Your Customer (KYC)’.
iii.MHFCL: It has been fined 5 lakh for non-compliance with certain requirements of the ‘Non-Banking Financial Company (NBFC) – Housing Finance Company (Reserve Bank) Directions, 2021’.
iv.NHFL: A fine of Rs 5 lakh has been imposed on NHFL for non-compliance with certain provisions of the direction on ‘Co-Lending by Banks and NBFCs to Priority Sector issued by the RBI.
v.Ashoka Viniyoga Limited: It has been penalised Rs 3.1 lakh for non-compliance with certain provisions of the ‘NBFC – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’ relating to ‘Governance Issues’.
Note: The RBI has introduced new regulations for NBFCs, requiring them to pay 100% of the deposit amount within the first 3 months of accepting the funds if the depositor seeks withdrawal due to an emergency. The RBI stated that no interest will be paid for such premature withdrawals, and these changes will come into effect on January 1, 2025.
SCIENCE & TECHNOLOGY
DRDO Successfully Test-Fires Indigenous MP-ATGM in Rajasthan’s Jaisalmer
The Defence Research and Development Organisation (DRDO), the Research and Development (R&D) wing of the Ministry of Defence (MoD), and the Indian Army successfully conducted the test-firing of the indigenously developed Man-Portable Anti-Tank Guided Missile (MP-ATGM).
- The test was conducted at Pokhran Field Firing Range (PFFR) in Jaisalmer, Rajasthan.
DRDO Conducts Successful Maiden Flight Test of ‘GAURAV’
The DRDO has successfully conducted the maiden flight test of the Long Range Glide Bomb (LRGB) named ‘GAURAV’, from an Indian Air Force (IAF) platform Su-30 MK-I off the coast of Odisha.
- GAURAV has been designed and developed indigenously by the Research Centre Imarat (RCI) in Hyderabad, Telangana.
About the Defence Research and Development Organisation (DRDO):
DRDO was formed in 1958.
Chairman– Dr Samir V Kamat
Headquarters– New Delhi, Delhi
>> Read Full News
ISRO Successfully Launched 3rd and Final Development Flight SSLV-D3-EOS-08 Mission from Sriharikota, AP
On 16th August 2024, the Indian Space Research and Organisation (ISRO) successfully launched its 3rd and final developmental flight of the Small Satellite Launch Vehicle (SSLV-D3) from the Satish Dhawan Space Centre (SDSC) at Sriharikota, Andhra Pradesh (AP). This achievement marks the completion of ISRO’s SSLV Development Project.
- It carried two satellites namely- Earth Observation Satellite (EOS-08) developed by U R Rao Satellite Centre(URSC), Bengaluru(Karnataka) and the passenger satellite, SR-0 DEMOSAT, 1st satellite from Chennai(Tamil Nadu (TN))-based startup, Space Rickshaw and successfully placed them into a 450 kilometer (km) circular orbit around the earth.
- The SSLV-D3-EOS-08 mission is expected to boost commercial satellite launch operations of NewSpace India Limited (NSIL), commercial arm of ISRO.
- The mission aims to design and develop a microsatellite, create payload instruments compatible with the microsatellite bus, and incorporate new technologies required for future operational satellites.
About Indian Space Research Organisation(ISRO):
Chairman- Sreedhara Panicker Somanath
Headquarters– Bengaluru, Karnataka
Established– 1969
>> Read Full News
Boeing Partners with AIESL to Support Indian Navy’s P-8I Fleet
On 13th August 2024, American aerospace manufacturing company, Boeing has partnered with with AI Engineering Services Limited (AIESL) to provide in-country maintenance, repair, and overhaul (MRO) services for Indian Navy (IN)’s fleet of twelve Boeing P-8I (Poseidon Eight India), maritime surveillance aircrafts.
- This partnership recently achieved a significant milestone with the completion of the 1st ever in-country landing gear overhaul at naval base Indian Naval Ship (INS) Rajali in Chennai, Tamil Nadu (TN).
- This signifies the growth in India’s indigenous capabilities for undertaking complex MRO services.
Key Points:
i.Under this strategic partnership, AIESL will continue to make strategic investments in MRO capabilities of India that will enhance mission readiness rates for the IN.
ii.This partnership is part of the Boeing India Repair Development and Sustainment (BIRDS) hub programme, which aims to build a robust MRO ecosystem for defence and commercial aircraft in India.
- It also focuses on training programmes to increase skilled manpower by developing sub-tier suppliers and Micro, Small and Medium Enterprises (MSME), to establish top-tier MRO capabilities within the country.
About P-8I:
i.It is a multi-role long-range maritime reconnaissance anti-submarine warfare (LRMR ASW) aircraft, which is an integral part of IN’s maritime surveillance missions in the Indian Ocean Region (IOR).
ii.It is a variant of the P-8A Poseidon aircraft that was developed by Boeing as a replacement for US Navy’s aging P-3 fleet. It is based on Boeing next-generation 737 commercial airplane.
iii.It can fly at a maximum speed of 789 kilometer per hour (km/h) and can reach a maximum altitude of 12,496m. It has a high endurance of about 10 hours.
iv.The eight P-8I aircraft which have been inducted into the IN are armed with Harpoon Block-II missiles and MK-54 lightweight torpedoes.
Background:
i.The IN became the 1st international customer for the purchase of 8 P-8I aircraft worth USD 2.1 billion on 1st January, 2009.
ii.The IN had acquired the 1st batch of 8 P-8I aircraft in 2013 that are stationed at INS Rajali at Arakkonam in Chennai,TN.
iii.In 2016, India signed a deal of worth USD 1.1 billion with the USA for 4 additional P-8I aircraft.
- In 2020, IN received the 9th P-8I aircraft, 1st of the 4 additional aircrafts from the USA stationed at INS Hansa, Goa Naval Airbase.
- IN received the 10th and 11th aircraft in 2021and 12th aircraft was received in 2022.
About Boeing:
Chief Executive Officer (CEO) – Robert K. “Kelly” Ortberg
Headquarters- Chichago, USA
About AI Engineering Services Limited (AIESL):
AIESL is a fully owned subsidiary of AI Asset Holding Company limited and is a Public Sector Undertaking(PSU) of Government of India. It is the biggest Directorate General of Civil Aviation (DGCA) approved MRO set up in India.
Chief Executive Officer (CEO)– Sharad Agarwal
Established– 2004
Headquarters– New Delhi, Delhi
OBITUARY
Padma Awardee Ram Narain Agarwal, ‘Father of Agni missile’, Passed Away
Renowned Defence Research and Development Organisation (DRDO) missile Scientist, Dr Ram Narain Agarwal, widely known as the “Father of Agni Missiles,” passed away at the age of 84 in Hyderabad, Telangana. He was born on 24 July 1941 in Jaipur, Rajasthan.
- He was honoured with the Padma Shri in 1990 and Padma Bhushan in 2000 for his contribution to Science and Engineering.
About Dr Ram Narain Agarwal:
i.He was a prominent scientist at the DRDO, contributing to the Agni and other missile programs.
ii.Under his leadership, the 1st successful test of the Technology Demonstrator missile was conducted in May 1989.
iii.In 1995 he was appointed as the first Programme Director of Agni missiles which commenced in 1983 and was also known as ‘Agni Man’.
- By 1999, Dr Agarwal and his team established the new version with a Road Mobile Launcher (RML) capability and an enhanced strike distance beyond that of Agni-1.
iv.After that, he piloted the development of various versions of the Intercontinental Ballistic Missile (ICBM).
v.He was the founder-director of theAdvanced Systems Laboratory(ASL), Hyderabad.
Awards/Honours:
i.In 2004, Dr Ram Narain was awarded the DRDO’s Lifetime Achievement Award for his contribution to aerospace and Agni Missile.
ii.His other awards include the DRDO Technology Leadership Award; the Sri Chandrasekararendra Saraswati National Eminence Award; and the Biren Roy Space Science Award.
iii.He was a fellow of the Aeronautical Society of India and the National Academy of Engineering.
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