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NATIONAL AFFAIRS
Final Report of India’s G20 Task Force on Digital Public Infrastructure Released
The final “Report of India’s G20 Task Force on Digital Public Infrastructure” was released in New Delhi, New Delhi. The report aims to strengthen the foundations of the Digital Public Infrastructure (DPI) worldwide.
- This Report was prepared by “India’s Group of Twenty (G20) Task Force on DPI for Economic Transformation, Financial Inclusion and Development.”
The report sets a strategic direction for the DPI, aiming to accelerate economic progress and improve transparency, and public services globally, especially in the Global South.
>> Read Full News
NITI Aayog Reconstituted with 4 Full-Time members & 15 Union Ministers Including from NDA Allies
Prime Minister (PM) Narendra Modi approved the revised composition of the National Institution for Transforming India (NITI Aayog) with 4 full-time members and 15 Union ministers, including from the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) allies, as either ex-officio members or special invitees.
- The PM remains the Chairperson and Economist Suman K Bery will continue to be the Vice-chairperson of NITI Aayog.
Note: The NITI Aayog is the premier policy think tank of the Government of India (GoI), established in 2015, replacing the 65-year-old Planning Commission.
4 Full-time Members:
Missile Scientist V. K. Saraswat; Agricultural Economist Ramesh Chand; Paediatrician Vinod K. Paul; and Macro Economist Dr. Arvind Virmani.
4 Ex-officio Members:
The 4 Union Ministers are:
i.Raj Nath Singh, the Ministry of Defence (MoD);
ii.Amit Shah, the Ministry of Home Affairs (MHA), and the Ministry of Cooperation (MoC);
iii.Shivraj Singh Chauhan, the Ministry of Agriculture and Farmers Welfare (MoA&FW), and the Ministry of Rural Development (MoRD)
iv.Nirmala Sitharaman, the Ministry of Finance (MoF), and the Ministry of Corporate Affairs (MCA).
Special Invitees:
The 11 Union Ministers are:
i.Nitin Jairam Gadkari, the Ministry of Road Transport and Highways (MoRTH);
ii.Jagat Prakash Nadda, the Ministry of Health and Family Welfare (MoH&FW), and the Ministry of Chemicals and Fertilizers (MoC&F);
iii.H. D. Kumaraswamy, the Ministry of Heavy Industries (MHI), and the Ministry of Steel;
iv.Jitan Ram Manjhi, the Ministry of Micro, Small and Medium Enterprises (MoMSME);
v.Rajiv Ranjan Singh alias Lalan Singh, the Ministry of Panchayati Raj (MoPR), and the Ministry of Fisheries, Animal Husbandry and Dairying (MoFAHD);
vi.Virendra Kumar, the Ministry of Social Justice and Empowerment (MSJ&E);
vii.Kinjarapu Rammohan Naidu, the Ministry of Civil Aviation (MoCA);
viii.Jual Oram, the Ministry of Tribal Affairs (MoTA);
ix.Annpurna Devi, the Ministry of Women and Child Development (MoWCD);
x.Chirag Paswan, the Ministry of Food Processing Industries (MoFPI)
xi.Rao lnderjit Singh, Minister of State (MoS) (Independent Charge) of the Ministry of Statistics and Programme Implementation (MoSPI), MoS (Independent Charge) of the Ministry of Planning, and MoS in the Ministry of Culture (MoC).
PSA Prof Ajay Kumar Sood Launches Report on e-mobility R&D Roadmap for India
On 16 July 2024, Professor Ajay Kumar Sood, the Principal Scientific Adviser (PSA) to the Government of India (GoI), launched the ‘e-mobility R&D Roadmap for India’ report at Vigyan Bhawan Annexe in New Delhi, Delhi.
- The roadmap document outlines critical research initiatives positioning India as a global leader in electric mobility (e-mobility), aligning with India’s goals of energy independence by 2047 and Net Zero Emissions (NZE) by 2070.
- The roadmap is expected to propel the country into a future of self-reliance in EV sector with an investment of Rs 1,151 crore over the next five years.
- The document was prepared by the Automotive Research Association of India (ARAI) in Pune, Maharashtra under the guidance of the Consultative Group on eMobility (CGeM).
Automotive Research Association of India (ARAI):
Director – Dr. Reji Mathai
Headquarters – Pune, Maharashtra
Founded – 1966
>> Read Full News
CSIR-CRRI Celebrates its 73rd Foundation Day
New Delhi, Delhi based Council of Scientific and Industrial Research (CSIR) – Central Road Research Institute (CRRI) celebrated its 73rd Foundation Day on 16th July 2024 at CSIR – CRRI Auditorium in New Delhi, Delhi.
Background:
i.The idea for CRRI was first discussed at the 1943 conference of Chief Engineers in Nagpur, Maharashtra.
ii.It was later approved by the CSIR General Body in March 1950, under the guidance of Sir Shanti Swaroop Bhatnagar, the first DG of CSIR on 16 July 1952.
CSIR Director General N Kalaiselvi Gets Two-Year Extension
The Appointments Committee of the Cabinet (ACC) has approved the extension of tenure of N. Kalaiselvi as DG of CSIR and Secretary of DSIR, for a period of two years beyond 7th August 2024, or until further orders, whichever is earlier.
About the Council of Scientific and Industrial Research (CSIR):
President – Narendra Modi
Director – General (DG) – Nallathamby Kalaiselvi
Headquarters- New Delhi, Delhi
>> Read Full News
Ministry of Coal (MoC) Signed Agreements for 3 Coal Mines
On 15th July 2024, the Ministry of Coal (MoC) has signed coal mining development and production agreements for 3 coal mines located in Angul district, Odisha were auctioned under the 2nd attempt of the 7th Round.
- Among the 3 mines auctioned, 2 are partially explored, while one is fully explored.
- This initiative marks a significant step toward achieving Atmanirbharta (self-reliance) in the coal sector. It will contribute to economic growth, employment generation, and will help to ensure the energy security of the country.
Name of the Coal Mines Along with their Bidders:
i.Machhakata (revised) coal mine and the bidder was NLC India Limited(formerly Neyveli Lignite Corporation Limited).
ii.Kudanali Lubri coal mine and the bidder was Gujarat Mineral Development Corporation Limited.
iii.Sakhigopal-B Kakurhi coal mine and the bidder was Tamil Nadu Generation and Distribution Corporation Limited.
Significance:
i.The commercial auction of these 3 coal mines will generate an estimated annual revenue of approximately Rs 2,991.20 crore, based on production at a combined peak-rated capacity of around 30 Million Tonne Per Annum (MTPA).
ii.Once these mines become operational, it is projected to generate nearly 40,560 direct and indirect jobs. But, it requires a total investment of around Rs 4,500 crore to bring these coal mines into operation.
INTERNATIONAL AFFAIRS
Climate change Disrupting Education Outcomes, Increasing Learning Loss: GEM ReportThe Global Education Monitoring Report (GEM) 2024 titled ‘Education and Climate Change-Learning to Act For People And Planet‘ highlights how climate change is disrupting education outcomes and increasing learning loss.
- The report was compiled by the United Nations Educational, Scientific and Cultural Organization (UNESCO), Monitoring and Evaluating Climate Communication and Education (MECCE) project and University of Saskatchewan in Canada.
- This report aims to monitor progress towards education targets within the Sustainable Development Goals framework, with 15 reports produced since 2002.
Key Points
i.Climate-related stressors such as heat, wildfires, floods, droughts, diseases, and rising sea levels are negatively impacting education outcomes.
ii.Most low and middle-income countries face climate-related school closures annually, increasing the risk of learning loss and dropout.
iii.Climate change directly impacts education through the destruction of infrastructure and injuries or loss of life among students, parents, and staff.
- Indirect impacts include displacement of people and adverse effects on livelihoods and health.
iv.Over the past 20 years, 75% of extreme weather events led to school closures, affecting over 5 million people.
v.Analysis of census and climate data from 29 countries between 1969 and 2012 shows higher temperatures during prenatal and early life periods are linked to fewer years of schooling, especially in Southeast Asia.
vi.A study of over 140,000 children in seven Asian countries found early-life disasters negatively affect school enrollment, particularly for boys, and mathematics performance, especially for girls, by ages 13-14.
BANKING & FINANCE
RBI approved Brickwork Ratings for Bank Risk-Weighting Claims
The Reserve Bank of India (RBI) has authorized banks to utilize the ratings from Brickwork Ratings India Private Limited (BWR) for determining risk weights in capital adequacy purposes.
- BWR provides credit ratings for various financial instruments including bank loans, Non-Convertible Debentures (NCDs), commercial paper, bonds, and securitized paper.
New rating mandate provided by RBI to BWR:
BWR can rate bank loans up to Rs. 250 crore. For existing ratings, BWR is allowed to conduct rating surveillance regardless of the loan amount until the loan’s residual tenure.
- However, for existing ratings on working capital facilities over Rs. 250 crore, BWR’s rating surveillance is limited to the next renewal of the facility by the banks.
Background:
In April 2024, after meeting regulatory requirements, BWR received approval from Securities and Exchange Board of India (SEBI) to resume normal operations, including onboarding new clients. Since then, BWR has diversified its Board of Directors by adding Independent Directors with expertise in banking, ratings, law, Information Technology (IT), and corporate business.
- In April 2024, BWR has appointed Santosh B Nayar as the Chairman of the Board.
Note: It should be noted that the list of domestic Credit Rating Agencies (CRAs) accredited for the purpose of risk weighting banks’ claims for capital adequacy purposes has been prescribed in the Basel III Capital Regulations – Eligible Credit Rating Agencies (ECAI).
About Brickwork Ratings India Private Limited(BWR):
BWR offers credit rating services for financial instruments such as bank loans, NCDs, commercial paper, bonds, and securitized paper.
Managing Director (MD) & Chief Executive Officer (CEO)– Alok Kedia
Headquartered– Bengaluru, Karnataka
Establishment– 2007
BoB, BoM and SBI Launch Deposit Schemes to Fund Credit Demand
Three Indian Public Sector Banks (PSBs), the State Bank of India (SBI), Bank of Baroda (BoB) and Bank of Maharashtra (BoM) has launched their respective deposit schemes to garner deposits to fund credit demand.
- This development came after the Reserve Bank of India (RBI) Governor Shaktikanta Das cautioned about persistent gap in deposit and credit growth during a meeting held with the Managing Directors(MD) and Chief Executive Officers (CEOs) of public and private sector banks on 2nd July 2024.
i.Bank of Baroda (BoB) launched its special scheme “the bob Monsoon Dhamaka Deposit Scheme” with two tenor buckets i.e. providing interest rate of 7.25% per annum for 399 days and 7.15% per annum for 333 days. It is applicable for retail deposits less than Rs 3 crore.
ii.Bank of Maharashtra (BoM) launched a special scheme with 4 buckets for deposits up to 10 crore.
iii.The State Bank of India (SBI), India’s largest PSB launched a scheme named “Amrit Vrishti”. The scheme offers an interest rate of 7.25% per annum on deposit of 444 days for general citizens and for senior citizens it offers an interest rate of 7.75%.
About State Bank of India(SBI):
Chairman- Dinesh Kumar Khara
Headquarters- Mumbai, Maharashtra
Tag line-The Banker to Every Indian
Founded – 1st July 1955
>> Read Full News
ADB Approves USD 240.5 Million in Loans for Rooftop Solar Systems in IndiaThe Asian Development Bank (ADB) has approved USD 240.5 million in loans to finance rooftop solar systems across India, assisting the government to expand energy access using renewable energy. This financing is part of the Multitranche Financing Facility (MFF) Solar Rooftop Investment Program.
- ADB’s financing will assist in tranches 2 and 3 of the MFF Solar Rooftop Investment Program, focusing on residential solar rooftop deployments.
Points to Note:
i.The MFF Solar Rooftop Investment Program was approved by ADB in 2016 and restructured in 2023.
ii.ADB’s financing will support the Prime Minister (PM) Surya Ghar program (PM Surya Ghar Muft Bijli Yojana), to promote the widespread adoption of rooftop solar systems across India.
iii.India targets 50% of cumulative electric power installed capacity from non-fossil fuel energy by 2030, aligning with global carbon emission reduction commitments.
Fund allocation:
State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) will distribute loans to developers and end-users nationwide to install rooftop solar systems.
- The SBI will receive USD 90.5 million from ADB’s Clean Technology Fund (CTF);
- The NABARD will receive USD 150 million, consisting of USD 80 million from ADB’s ordinary capital resources and USD 70 million from CTF.
Benefits of Rooftop Solar:
i.The installation of rooftop solar benefits the overall power distribution system by reducing the technical and operational burden on the power distribution system.
ii.It generates electricity close to consumption points, reducing long-distance power supply needs.
iii.It provides a degree of energy independence and minimizes power supply disruptions.
About the Asian Development Bank (ADB):
ADB was established in 1966 and is owned by 68 members, 49 from the region.
President– Masatsugu Asakawa
Headquarters– Mandaluyong City, Metro Manila, Philippines
Ireland Replaced Mauritius to Secure the 4th Spot on Preferred FPI Destinations List
According to the National Securities Depository Limited (NSDL) data, Ireland with Assets Under Custody (AUC) of Rs 4.41 trillion registered on 30th June 2024, has replaced Mauritius to secure 4th spot on preferred Foreign Portfolio Investor (FPI) destination list.
- While, Mauritius which registered an AUC of Rs 4.39 trillion by the end of June 2024, has now moved to the 5th position.
- The data noted that Ireland has witnessed an increase of 26% in AUC for FPIs in the 1st half of the fiscal year 2024, whereas Mauritius saw an increase of 11%.
Key Points:
i.Top 3 Most Preferred FPI Countries: As per the data, the United States of America(USA) which registered AUC of Rs 3,068,188 crore emerged as the most preferred destination country for FPI, followed by Singapore (AUC of Rs 7.05 trillion) and Luxembourg ( AUC of Rs 5.57 trillion) ranked at 2nd and 3rd spot respectively.
- Among the top 5 countries which registered highest AUC, Singapore saw the highest increase of 18% in AUC, from nearly Rs 6 trillion (in December 2023) to Rs 7.05 trillion (in June 2024).
- France is the only country which saw decline of 15% in AUC, from Rs 1.88 trillion(in December)to 1.60 trillion (in June 2024)
ii.NSDL data revealed that overall, more than 780 FPIs are registered in Ireland compared to 595 in Mauritius.
Reasons of Mauritius Drop in FPI Destination List:
i.According to some legal experts and custodians said that though Mauritius has been preferred for routing funds in India but heightened scrutiny of Mauritius based funds investing in India which further lead to delays in setting up new fund structures.
- This leads to a shift towards other countries especially, European countries like: Luxembourg, Ireland and France as funds based in these countries still enjoy zero tax on cash equities.
ii.The Government of Mauritius and India signed an agreement in March 2024 to amend the Double Taxation Avoidance Agreement (DTAA).
- Also, Mauritius aligned its rules with the Organisation for Economic Co-operation and Development’s (OCED)’s proposal on Base Erosion and Profit Shifting (BEPS).
Note: BEPS is a term refers to describe tax avoidance strategies used by entities to reduce their tax bases.
iii.Mauritius introduced a Principal Purpose Test (PPT) to prevent violation of treaty by taxpayers. It outlines that if one of the principal reasons for choosing Mauritius is tax benefit, then treaty benefits could be denied.
About National Securities Depository Limited (NSDL):
It is the 1st depository in India which was established in 1996. The enactment of the Depositories Act, 1996 paved the way for establishment of NSDL in Mumbai, Maharashtra.
Managing Director (MD) and Chief Executive Officer (CEO)- Padmaja Chundru
Headquarters – Mumbai, Maharashtra.
ECONOMY & BUSINESS
ADB kept India’s GDP Growth Projection for 2024 unchanged at 7%On July 17, 2024, the Asian Development Bank (ADB) released its ‘ Asian Development Outlook (ADO) – July 2024‘ maintaining the Gross Domestic Product (GDP) forecast for the Indian economy at 7% for the Fiscal Year 2024-2025(FY 25).
- For FY26, ADB projects Indian economy growth at 7.2%.
- Inflation is expected to decline to 4.6% in FY25 and 4.5% in FY26.
- Notably, India remains Asia’s fastest-growing economy. Growth in developing Asia accelerated in the first quarter of 2024 on resilient domestic demand and strong export growth, particularly in electronics.
- On the regional front of South Asia, the GDP growth in FY25 will be at 6.3% and for FY26 it is slightly declined to 6.5% from 6.6% projected in April 2024 ADO.
About Asian Development Bank (ADB):
President– Masatsugu Asakawa
Headquarters– Manila, Philippines
Members– 68 countries
Establishment– 1966
>> Read Full News
APPOINTMENTS & RESIGNATIONS
Paul Kagame Re-elected For Fourth Term as President of RwandaPaul Kagame has been re-elected as the President of the Republic of Rwanda for the fourth five-year term from 2024 to 2029. He has been serving as the President of Rwanda since April 2000.
- Kagame led the Rwandan Patriotic Front (RPF), political party and won the 2024 presidential election by securing 7,099,810 votes (99.15%) of the total 9,071,157 votes.
- Frank Habineza of the Democratic Green Party finished 2nd with 38,301 votes (0.53%) and Phillipe Mpayimana finished 3rd with 22,753 votes (0.32%).
Note: In 2015, a Constitutional Amendment (CA) changed the presidential term of Rwanda from seven to five years, commencing in 2024.
About Paul Kagame:
i.Paul Kagame (66), is a Rwandan politician and former military officer, who has been the de-facto leader of Rwanda since the end of the 1994 genocide.
ii.He secured 98.63% of the total votes in the 2017 Rwanda presidential election.
iii.He had the opportunity to run in the current election as a 2015 constitutional amendment permitted him to seek three additional terms. It allowed Kagame to serve a seven-year term in 2017.
iv.He served as Chairperson of the African Union Development Agency New Partnership for Africa’s Development (AUDA-NEPAD) from 2018 to 2019 and also chaired the East African Community (EAC) from 2018 to 2021.
About the Republic of Rwanda:
The Republic of Rwanda is a landlocked country in East Central Africa and it is known as the land of a thousand hills.
Prime Minister (PM) – Édouard Ngirente
President – Paul Kagame
Capital – Kigali
Currency – The Rwandan franc (Rwf)
SCIENCE & TECHNOLOGY
Zen Tech Launches Four New Anti-Drone ProductsZen Technologies Limited (ZEN), an anti-drone technology and Defence training solutions provider,along with its Pune (Maharashtra) – based subsidiary AI Turing Technologies has launched four new anti-drone products, aimed at enhancing defence forces’ operational effectiveness and tactical supremacy.
- The four products are Hawkeye, Barbarik – Ultralight Remote Control Weapon Station (URCWS), Sthir Stab 640 and Artificial Intelligence (AI)-powered robot Prahasta.
1.Hawkeye:
i.Hawkeye is a state-of-the-art anti-drone system with numerous sensor detection modules.
ii.It has all-weather drone tracking capabilities of up to 15 km, ensuring constant threat identification and increased security.
2.Barbarik-URCWS:
i.Barbarik-URCWS is the world’s lightest remote-controlled weapon station which provides precise targeting in calibres ranging from 5.56mm to 7.62mm, useful for both ground vehicles and naval vessels.
ii.It increases battlefield effectiveness and reduces personnel risk.
iii.The recent fire test at Infantry School Mhow and Armoured School Ahmednagar (Maharashtra) demonstrated its outstanding performance.
3.Sthir Stab 640:
i.Sthir Stab 640 is designed for armoured vehicles, Infantry Combat Vehicles (ICVs), and boats, featuring an intelligent fibre optic gyro-stabilised system which provides exceptional situational awareness together with automatic search and tracking capabilities.
ii.It is compatible with weapon mounts of 7.62mm, 12.7mm, 20mm, and 30mm.
4.Prahasta:
i.Prahasta is an autonomous quadruped that uses the Light Detection and Ranging (LIDAR) and reinforcement learning to provide real-time 3D terrain mapping for unparalleled mission planning, navigation, and threat assessment.
ii.It can be armed with various calibre weapons for commando operations such as the 26/11 counter-insurgency missions, thereby saving lives.
iii.The quadruped can be armed with various caliber weapons such as 9mm, 5.56mm, and 7.62mm.
About Zen Technologies Limited:
Chairman and Managing Director (CMD) – Ashok Atluri
Headquarters – Hyderabad, Telangana
Incorporated – 1993
Dhruva Space Gets IN-SPACe Nod To Provide GSaaS
Dhruva Space Private Limited, Hyderabad (Telangana) based Space-Engineering solutions provider has received authorisation from the Indian National Space Promotion and Authorisation Centre (IN-SPACe) to provide Ground Stations as a Service (GSaaS).
i.It enables to provide crucial ground support and also enables real-time satellite communication and control.
ii.It also ensures reliable data transmission, improves mission flexibility, and minimises operational expenses.
iii.Furthermore, the GSaaS authorization would promote innovation by allowing startups access to advanced ground station facilities, boosting up Research and Development (R&D), and focusing resources on mission objectives.
iv.This approval was granted two months after the spacetech startup marked the final close of its Series A funding round at Rs 123 Crore.
Note: Dhruva Space Private Limited was founded by by Nekkanti, Dhruva in 2012. It has completed four space missions in the past two years.
SPORTS
2024 Paris Olympic Games: BTS Jin Becomes 1st Ever K-Pop Idol to Carry the Olympic Torch
On 14th July 2024, BTS member Kim Seokjin(stage name: Jin) participated in the torch relay of the 2024 Paris Olympic Games as South Korea’s torchbearer in Paris, France. He became the 1st ever Korean singer or K-Pop idol to carry Olympic torch abroad.
- He handed off the torch to France’s 2006 bronze medal-winning freestyle skier Sandra Laoura in front of the Louvre Pyramid.
- He also received the “The Heart of Torch” with engraved words “PORTEUR DE LA FLAMME”, “ECLAIREUR DES JEUX” and “PARIS 2024” and a certificate.
- The Olympic torch was 1st lit in Olympia, Greece on 16th April, 2024 and is expected to reach Paris on 26th July, 2024 for the opening ceremony of 2024 Olympics.
- Around 10,000 torchbearers are participating in the prestigious torch relay, which will cover 400 cities in France and some overseas regions.
Note: India’s first-ever Olympic gold medal winner Abhinav Bindra will take part in the Paris 2024 Olympic Torch Relay.
IMPORTANT DAYS
Nelson Mandela International Day 2024 – July 18
The United Nations (UN)’s Nelson Mandela International Day (also known as Mandela Day) is annually observed across the globe on 18 July to recognise Nelson Mandela’s values and his dedication to the service of humanity in conflict resolution, race relations, promotion and protection of human rights, reconciliation, gender equality, etc.
- The day commemorates the birth anniversary of Nobel peace prize winner (1993) Nelson Rolihlahla Mandela, the former President of South Africa.
- 18th July 2024 marks the 106th birth anniversary of Nelson Mandela. He was born on 18th July 1918.
The 2024 theme of Nelson Mandela International Day is “It’s still in our hands to combat poverty and inequity”.
Background:
i.On 10 November 2009, the United Nations General Assembly (UNGA) adopted the resolution A/RES/64/13, proclaiming 18 July of every year as Nelson Mandela International Day.
>> Read Full News
World Snake Day 2024 – July 16
World Snake Day is annually celebrated across the globe on July 16th to raise awareness about the snakes around the world and recognise their critical role in maintaining ecological balance and biodiversity.
- It also aims to eliminate negative stereotypes and myths about snakes, promoting positive view of these reptiles.
i.This day serves as a platform to showcase ongoing conservation efforts aimed at protecting snake habitats and species diversity.
ii.Snakes are the indicators of a healthy environment and help control the populations of their prey, which includes rodents, insects, and other small animals.
iii.Snake venom has been used in research leading to the development of various medicines, including anticoagulants and treatments for high blood pressure.
Note: Among 3,500 species about 600 species are poisonous, and according to the World Health Organization (WHO) only about 200 or 7% of the total number of species capable of killing or seriously injuring a human.
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