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NATIONAL AFFAIRS
India Hosted 46th Antarctic Treaty Consultative Meeting & 26th Committee on Environmental Protection in Kerala
India has successfully hosted the 46th Antarctic Treaty Consultative Meeting (ATCM-46) and the 26th Committee on Environmental Protection (CEP-26) from 20th to 30th May 2024 in Kochi, Kerala.
- ATCM-46 was held under the theme “Vasudhaiva Kutumbakam” (A Sanskrit phrase which means ‘one Earth, one family, one future’).
- CEP-26, held from 20th to 24th May 2024, focused on a wide range of challenges and contributed to implementing the Environmental Protocol in Antarctica.
i.ATCM-46 and CEP-26 were hosted by the Ministry of Earth Sciences(MoES), Government of India, through the National Centre for Polar and Ocean Research (NCPOR), Goa, with support from the Antarctic Treaty Secretariat.
ii.During the event, a customised “MyStamp” featuring the logo of ATCM-46 was released in collaboration with India Post.
iii.Following the advice of CEP-26, the Parties adopted 17 revised and new management plans for Antarctic Specially Protected Areas(ASPAs) and several modifications and additions to the list of Historic and Monument sites.
About Antarctic Treaty Consultative Meeting (ATCM):
Antarctic Treaty is a multilateral agreement of 56 Contracting Parties signed in 1959.
Parties: 29 consultative parties and 28 non-consultative parties.
Executive Secretary– Albert Lluberas
Secretariat– Buenos Aires, Argentina
>> Read Full News
FSSAI & APEDA Jointly Develops ‘Unified India Organic’ Logo 
The Food Safety and Standards Authority of India (FSSAI) and the Agricultural and Processed Food Products Export Development Authority (APEDA) have jointly developed a ‘Unified India Organic’ logo to replace the India Organic and Jaivik Bharat logos.
- The India Organic logo was used on organic products complying with the National Programme for Organic Production (NPOP) whereas the Jaivik Bharat logo was used on organic products certified by FSSAI.
Key Points:
i.The Unified India Organic logo was developed to bring uniformity and convergence in the implementation of Indian regulations by NPOP and FSSAI.
ii.The trademark registration of the Unified India Organic logo is in progress and the details for its implementation are being developed.
iii.The certification bodies will have three months transition time to implement the logo from the date the logo is notified.
About Food Safety and Standards Authority of India (FSSAI)
The Food Safety and Standards Authority of India has been established under Food Safety and Standards Act 2006.
Chairperson – Apurva Chandra
Chief Executive Officer (CEO) – G. Kamala Vardhana Rao
Headquarters – New Delhi, Delhi
About Agricultural and Processed Food Products Export Development Authority (APEDA)
The APEDA was established by the Government of India (GoI) under the APEDA Act passed by the Parliament in December, 1985.
Chairman – Abhishek Dev
Headquarters – New Delhi, Delhi
INTERNATIONAL AFFAIRS
WMO & FAO Signed MoU to strengthen their collaboration & improve climate services in agriculture
The World Meteorological Organization (WMO) and the Food and Agriculture Organization of the United Nations (FAO) signed a Memorandum of Understanding (MoU) to strengthen their collaboration to improve the provision and use of climate services in agriculture, increase resilience and climate adaptation.
- The MoU aims to extend and strengthen an existing partnership for another 10 years.
- Under this MoU, WMO and FAO will collaborate on areas of mutual interest in relation to weather, ocean, climate, hydrological, and related environmental services and their application for resilience and adaptation of the global agrifood system
About World Meteorological Organization (WMO)
Secretary General– Celeste Saulo
Members- 193 Members, (187 Member States and 6 Territories)
Headquarters– Geneva, Switzerland
>> Read Full News
BANKING & FINANCE
RBI Annual Report 2023-24: RBI Projects Real GDP growth at 7% for fiscal year 2024-25
The Reserve Bank of India’s (RBI) Annual Report 2023-24 has been released and presented to the Central Government under the Section 53 (2) of the Reserve Bank of India Act,1934.
- It is a statutory report RBI’s central board of directors that presents the working and functions of the Reserve Bank of India for the April 2023-March 2024 period.
RBI forecasts the Real GDP growth at 7% for the current fiscal year 2024-25
i.RBI in its Annual Report has showed that the Indian economy is likely to grow at 7 percent for 2024-25. This will be the third successive year of 7 per cent or above growth.
RBI’s FY24 income rises 17% to Rs.2.75 lakh crore; expenditure declines by 56%
i.The RBI Annual report indicated a 17% increase in FY24 income to ₹2,75,572.32 crore.Expenditure on the other hand, declined by 56.3% to Rs.64,694.33 crore from ₹1,48,037.04 crore in FY2023.
Net income increases to ₹2.11 lakh crore due to higher interest from foreign securities
i.RBI’s Annual report showed a rise in the net income of 2.11 lakh crore (17 percent) in the financial year 2024 as compared to ₹87,420 crore in FY23.
RBI to facilitate opening rupee accounts outside India
i.RBI allowed persons resident outside India (PROIs) to open rupee accounts as part of its 2024-25 agenda for globalising the domestic currency. This will allow Indian banks to lend in rupees to the PROIs.
About Reserve Bank of India
It was established on 1st April 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.
Governor- Shaktikanta Das
Headquarters- Mumbai, Maharashtra
>> Read Full News
RBI Moves 100 Tonnes of Gold From UK To its Vaults in India
The Reserve Bank of India (RBI) has moved 100 Metric Tonnes (MT) or 1 Lakh kg of gold stored in the United Kingdom (UK) to domestic vaults in FY24, which marks a significant shift in gold storage.
- It marks the first time since 1991 that India has moved such a heavy scale of gold.
Note: India’s overall gold holdings increased 27.46 MT in FY24 and it stands at 822.1 MT of which 413.8 tonnes stored overseas as of March 2024.
Key Points:
i.This move, driven by logistical considerations and a desire for diversified storage, highlights the RBI’s evolving approach to managing its gold reserves.
ii.More than half of the RBI’s gold holdings are kept in safe custody with the Bank of International Settlements (BIS) and the Bank of England (BoE). This move helps the RBI in saving on the storage costs, which are paid to foreign custodians, such as the BoE.
Background:
i.RBI started buying gold from 2018 and before that it had bought 200 tonnes from the International Monetary Fund (IMF) during the global financial crisis in 2009.
ii.According to the World Gold Council (WGC), RBI bought 19 tonnes of gold in the first quarter of 2024, surpassing the 16 tonnes purchased in 2023.
iii.The Bank of England has served as a repository for a great deal of central banks, including India, with some of its gold reserves stored in London (United Kingdom) since before Independence.
RBI Imposes Monetary Penalty on SBM Bank (India)
TheReserve Bank of India (RBI) has imposed a monetary penalty of Rs 88.70 lakh on SBM Bank (India), a subsidiary of the State Bank of Mauritius (SBM) for non-compliance with certain regulatory norms.
- The penalty has been imposed for non-compliance with licensing conditions imposed by the RBI, and specific directions to stop undertaking Liberalised Remittance Scheme (LRS) transactions with immediate effect and not meant to determine the legitimacy of any transactions or agreements entered into by the SBM bank (India) with its customers.
- Further, the imposition of monetary penalty will not have any adverse effect on any other action initiated by the RBI against the SBM bank (India).
About SBM Bank (India):
It is the first bank to receive universal banking license from RBI to set up and operate as Scheduled Commercial Bank under Wholly Owned Subsidiary (WOS) mode offering banking services in India.
Managing Director and Chief Executive Officer (MD & CEO) – Ashish Vijayakar
Headquarters – Mumbai, Maharashtra
Jio Financial Services Launches ‘JioFinance‘ app in Beta Mode to Advance Digital Banking
Jio Financial Services, the financial services arm of Reliance Industries Limited (RIL), launched its JioFinance app in beta mode, to offer a cutting-edge platform for daily finances and digital banking. This app integrates digital banking, Unified Payments Interface (UPI) transactions, bill settlements, and insurance advisory.
- It also offers a consolidated view of accounts and savings, all within an intuitive and user-friendly interface.
- Key features include instant digital account opening and streamlined bank management with the ‘Jio payments bank account’ feature.
SEBI Launches User-Friendly Beta Settlement Calculator
The Securities and Exchange Board of India (SEBI) launched a beta version of the settlement calculator to enhance transparency and simplify the process of determining the indicative settlement amount. It guides users to calculate indicative settlement amounts, subject to modifications by SEBI committees.
- This calculator is made by the computation matrix provided in Schedule II of the SEBI (Settlement Proceedings) Regulations, 2018 (“Settlement Regulations, 2018”).
- Applicants can identify specific violations and select appropriate options based on SEBI’s past regulatory track record and ongoing proceedings.
Note: Non-monetary settlement terms may also be applied following Regulation 9 of the Settlement Regulations, 2018.
Indicative Amounts:
- First-time applicants: Minimum Rs.3 lakh
- Others: Minimum Rs. 7 lakh
Note: First-time applicant, an individual with no prior orders or settlements with SEBI as of the application date.
Additional Factors:
- Proceeding Conversion Factor (PCF): Applied based on the stage of pending proceedings.
- Multiple Proceedings: Indicative amount increases by 20% if multiple proceedings arise from the same cause of action.
ECONOMY & BUSINESS
Moody’s Ratings Projects India’s GDP to Grow by 6.8% in 2024 and 6.5% in 2025
Moody’s Ratings’ Global Macro Outlook 2024-25 (May 2024 update) has projected India’s Gross Domestic Product (GDP) to grow by 6.8% in 2024 followed by 6.5% in 2025, attributing to strong economic expansion and post-election policy continuity.
- Moody’s anticipates that Indian economy should register 6-7% annual real GDP growth.
Note: Moody’s Ratings, formerly Moody’s Investors Service (MIS) is a leading global provider of credit ratings, research, and risk analysis.
Points to note:
i.India’s real GDP surged to 7.7% in 2023 (up from 6.5% in 2022), driven by robust government capital spending and manufacturing activity.
- High-frequency indicators signal sustained economic momentum in the 2024 March and June quarters.
ii.The interim budget of 2024 aims for significant capital expenditure (capex), indicating a continued focus on infrastructure development.
- The 2024 interim budget targets a capex of Rs 11.1 lakh crore, or 3.4% of GDP in 2024-25, 16.9% above the 2023-24 estimates.
iii.Private industrial capital spending is projected to rise, supported by supply chain diversification and the government’s Production Linked Incentive (PLI) scheme.
- PLI scheme drives investments in targeted manufacturing industries.
iv.Despite sporadic food price pressures, inflation eases to 4.8% (headline) and 3.2% (core) in April 2024.
v.RBI maintains the repo rate at 6.5% in April 2024, reflecting solid growth dynamics and inflation around the 4% target.
About Moody’s Ratings:
President & CEO– Robert Fauber
Headquarters– New York, The United States of America (USA)
Adani Ports Signs 30-Year Concession To Operate CT2 In Tanzania
Adani International Ports Holdings Private Limited (AIPH) has signed a 30-year concession agreement with the Tanzania Ports Authority (TPA) to operate and manage Container Terminal 2 (CT2) at Dar es Salaam Port, Tanzania.
- Dar es Salaam Port is a gateway port with a well connected network of roadways and railways.
i.The signing of this agreement reflects Adani Ports ambition to become one of the largest port operators globally by 2030.
ii.With four berths, the CT2 can handle 1 million Twenty-foot Equivalent Unit (TEU) of cargo annually and it handled 0.82 million TEU of containers in 2023, estimated to be 83% of Tanzania’s total container volumes.
iii.East Africa Gateway Limited (EAGL) has signed an agreement to acquire 95% stake of Tanzania International Container Terminal Services Limited (TICTS) from Hutchison Port Holdings Limited (and its affiliate Hutchison Port Investments Limited) and Harbours Investment Limited for an amount of USD 39.5 million.
- EAGL, a joint venture entity of AIPH, AD Ports Group and East Harbour Terminals Limited (EHTL).
Note: AIPH is a wholly-owned subsidiary of Adani Ports and Special Economic Zone Limited (APSEZ).
ACQUISITIONS & MERGERS
LIC Raises its Stake in PI Industries
Life Insurance Corporation of India (LIC) of India has increased its stake in an agrochemical firm PI Industries Limited from 4.95% (75,19,910) to 5.00% (75,91,910)equity shares of the paid capital.
- The investment holding was increased with a share price at Rs 3,551.15 per share.
- The LIC was trading at Rs. 1012.70 (as of May 31 2024) which is 2.01% higher as compared to the previous closing price of Rs. 992.75.
Note: PI Industries is a leading player in the agro-chemicals space, having strong presence in both domestic and export markets and its market capitalisation is Rs 53,488.98 crore.
SCIENCE & TECHNOLOGY
China Launched Pakistan’s Multi-Mission Communication Satellite – PakSAT-MM1
On 30th May 2024, China successfully launched Pakistan’s multi-mission communication satellite, named PakSAT-MM1, from the Xichang Satellite Launch Center in China’s southwestern province of Sichuan using a Long March-3B (LM-3B) carrier rocket.
- PakSAT-MM1, a part of Pakistan’s National Space Programme 2047, aims to enhance internet services across Pakistan.
- The satellite is set to start providing services in August 2024.
Note: This launch is the 96th launch of the LM-3B launch vehicle and the 524th launch of the Long March family.
About PakSAT-MM1:
i.PakSAT-MM1 was developed by China Academy of Space Technology (CAST), a subsidiary of China Aerospace Science and Technology Corporation (CASC).
ii.This is a collaborative effort between Space and Upper Atmosphere Research Commission (SUPARCO), Pakistan’s Space agency, and the Chinese aerospace industry.
iii.The satellite has a lifespan of 15 years.
Significance:
i.PakSAT-MM1 is a project listed in “2021-2030 Space Cooperation Outline Programs” between China and Pakistan financed by the Chinese Government Concessional Loan.
ii.It is the 14th in-orbit delivery communications satellite contract signed by China Great Wall Industrial Corporation (CGWIC), a subsidiary of CASC.
iii.This is the 3rd whole-satellite project between CGWIC and Pakistan, following the Paksat-1R and PRSS-1.
Key Points:
i.The satellite was successfully placed in Geostationary orbit from 36,000 Kilometres (Kms) above Earth.
ii.This will provide communication services in C, Ku, Ka Bands and Satellite-Based Augmentation System (SBAS) services in L Band.
iii.It will provide communication services like broadband internet, television broadcasting, Mobile bank –hauling and very small aperture terminal (VSAT) connectivity etc.
iv.The spacecraft has a liftoff weight of 5.4 metric tons, and is equipped with nine antennas and 48 transponders.
v.This uses combined Chemical-Electric Propulsion design to improve its reliability and in-orbit fuel life span.
Additional info:
i.On 3rd May 2024, Pakistan’s first lunar satellite, ICUBE-Qamar (ICUBE-Q) was China’s Long March 5 rocket as a part of China’s Chang’e-6 lunar mission from the Wenchang Space Launch Center in China’s Hainan province.
ii.The miniature satellite was jointly developed by the Institute of Space Technology(IST), Islamabad, Pakistan, SUPARCO, and Shanghai Jiao Tong University (SJTU).
About Pakistan:
President– Asif Ali Zardari
Prime Minister (PM)– Shehbaz Sharif
Capital– Islamabad
Currency- Pakistani Rupee (PKR)
SPORTS
Boxing Federation of India quits IBA and Joins World Boxing
The Boxing Federation of India (BFI) has parted ways with the suspended International Boxing Association (IBA) and became a member of World Boxing with the aim to reduce the threat to boxing’s Olympic future.
Reason for Quitting IBA :
- The decision was taken after the International Olympic Committee (IOC) warned the national federation to leave boxing out of the 2028 Los Angeles Olympics if they continued to be a part of the International Boxing Association (IBA).
Note:
i.The IOC had de-recognised the IBA in 2019 due to continuous financial, sports integrity, and governance issues.
ii.It will be the second consecutive time, after the Tokyo Olympics, that the IBA will have no involvement in tournaments at the Paris Olympics.
About International Boxing Association (IBA):
The International Boxing Association (IBA) is a non-profit international organization that succeeded the former Fédération Internationale de Boxe Amateur in 1946 and is the only worldwide governing body for all forms of boxing.
Headquarters – Lausanne, Switzerland
President – Umar Kremlev
About International Olympic Committee (IOC):
The International Olympic Committee (IOC) is a not-for-profit independent international organisation that is committed to make a better world through sport. It was established on 23rd June 1894, just under two years before the first Olympic Games took place in April 1896.
Boxing at the 2024 Paris Olympics will be overseen by the IOC.
Headquarters – Lausanne, Switzerland
President -Thomas Bach
About Boxing Federation of India (BFI):
Headquarters: New Delhi, Delhi
President: Ajay Singh
Established: 2016
OBITUARY
Padma Shri Awardee & Renowned Puppeteer Maguni Kuanr Passed Away
Padma Shri Awardee Maguni Charan Kuanr, a renowned Puppeteer has passed away at the age of 88 in Keonjhar, Odisha. He was born in 1937 at Keonjhar, Odisha.
- Maguni Kuanr received the prestigious ‘Padma Shri’ award in 2023 by Droupadi Murmu, President of India.
- He was awarded for his lifelong contribution to the field of art for keeping alive the dying art of rod puppetry and promoting the traditional rod puppet dance.
About Maguni Charan Kuanr:
i. MaguniCharanKuanr was inspired from his father Baishnab Charan Kuanr for doing puppetry.
ii.He has contributed to the recognition of Kandhei Nach (rod puppetry) beyond Orissa.
iii.He was also the creator of his own puppets, the designer of costumes, and the narrator of the plays performed.
iv.He has also established a troupe of puppeteers, the Utkal Vishwakarma Kalakunja Kandhei Nach, based in Keonjhar, Odisha.
v.He has participated in camps and workshops organised by Orissa Sangeet Natak Akademi and other institutions.
vi.His work has been documented by various agencies in India and abroad.
Awards & Honours:
i.Kuanr has received awards from the Orissa Sangeet Natak Akademi (OSNA)and the North Orissa University (now Maharaja Sriram Chandra Bhanja Deo University).
ii.He also received the Sangeet Natak Akademi Award for his contribution to the traditional puppetry of Orissa.
IMPORTANT DAYS
World Milk Day 2024 – June 01
World Milk Day (WMD) is annually observed across the globe on 1 June to highlight milk’s significance as a global food, bring attention to activities connected with the dairy sector, and actively encourage milk and dairy consumption as part of a daily diet.
- The annual observance of WMD is led by the Food and Agriculture Organisation (FAO) of the United Nations (UN).
2024 Focus:
World Milk Day 2024 will emphasize the critical role of dairy in delivering quality nutrition to nourish the world.
Background:
i.In 2001, World Milk Day was established by the FAO to recognise the significance of milk, focus attention on milk, and celebrate the dairy sector’s contributions.
ii.The first-ever WMD was observed on 1 June 2001.
About Food and Agriculture Organisation of the UN (FAO):
Director-General– QU Dongyu
Headquarters– Rome, Italy
Established in 1945
>> Read Full News
Global Day of Parents 2024 – June 1
The United Nations (UN)’s Global Day of Parents is annually observed across the globe on 1st June, to honour and appreciate all parents throughout the world for their selfless commitment to children and acknowledge their lifelong sacrifice in nurturing their relationship.
- The Global Day of Parents recognises the primary responsibility of the family for the nurturing and protection of children.
The theme of Global Day of Parents 2024 is “The Promise of Playful Parenting”.
Background:
i.On 17th September 2012, the United Nations General Assembly (UNGA) adopted the resolution A/RES/66/292, proclaiming 1st June as the Global Day of Parents.
ii.The first-ever Global Day of Parents was observed on 1st June 2013.
Related observance:
i.The UNGA in its resolution A/RES/47/237 of 1993, decided that 15th May of every year to be observed as the International Day of Families.
ii.The UNGA in its resolution A/RES/44/82 of 9 December 1989 proclaimed the year 1994 as the International Year of the Family (IYF).
- IYF (1994) was observed under the theme “Family: resources and responsibilities in a changing world” and motto “Building the Smallest Democracy at the Heart of Society”.
2024 Observance:
i.Throughout June 2024, the United Nations Children’s Fund (UNICEF) offers invaluable support and advice to parents. Their resources encompass a broad range of topics, from the scientific foundations of play to engaging activities for the entire family.
ii.In recognition of the increasing prevalence of online play, UNICEF provides:
- Comprehensive guides for parents;
- Detailed explanations on ensuring safe and positive online experiences for children.
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