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NATIONAL AFFAIRS
India’s Telecom Sector Sees Impressive Growth in FY24: TRAI Annual Report
The Telecom Regulatory Authority of India (TRAI)’s annual report for the Financial Year 2023-24 (FY24) revealed that the teledensity of India grew from 84.51% in March 2023 to 85.69% in March 2024, marking a 1.39% annual growth.
- The report is backed by data from service providers and the Ministry of Telecommunications.
Assessment:
The report presents key parameters and growth trends for telecom services in India for FY 2023-24, offering a broad perspective and serving as a reference for stakeholders, research agencies, and analysts.
Key Highlights from Report:
i.Internet Subscribers: Increased from 88.1 crore in March 2023 to 95.4 crore by March 2024, a growth of 8.30%, adding 7.3 crore subscribers.
ii.Broadband Subscribers: Grew from 84.6 crore March 2023 to 92.4 crore in March 2024, marking a 9.15% growth and adding 7.8 crore subscribers.
iii.Wireless Data Consumption: Wireless data subscribers rose from 84.6 crore in March 2023 to 91.3 crore (7.93% growth) in March 2024, with total data usage surging 21.69% from 1,60,054 Petabyte (PB) to 1,94,774 Petabyte (PB).
iv.Tele-density: Telephone subscribers increased from 117.2 crore in March 2023 to 119.9 crore (2.30% growth) in March 2024, raising the overall tele-density from 84.51% to 85.69% (1.39% growth).
v.Minutes of Usage (MOUs): Average MOUs per subscriber per month increased from 919 in FY23 to 963 in FY24, a growth of 4.73%.
vi.Adjusted Gross Revenue (AGR): Increased from Rs 2,49,908 crore in FY23 to Rs 2,70,504 crore in FY24, showing an 8.24% growth.
MoSPI Creates Two Survey-Based Verticals in Recast
The Ministry of Statistics and Programme Implementation (MoSPI) has restructured its working and created two survey-wise verticals, aiming to increase the frequency of various surveys such as the Periodic Labour Force Survey (PLFS) and reduce time lags in their release.
i.In order to make sure that globally recognized standards are adhered to in every survey exercise, it has separated state and international cooperation units from its existing Intra, Inter, and International Coordination (II & IC) Unit in addition to creating divisions for household and enterprise surveys.
ii.The Survey Design and Research Division has been redesignated as Household Survey Division which will cover the surveys on household consumption expenditure, land holding, health and the PLFS, among others.
iii.The Data Processing Division and the Industrial Statistics Wing have been merged to form the Enterprise Survey Division which will cover various annual surveys such as of unincorporated sector enterprises, industries and services, besides short-term surveys.
BANKING & FINANCE
SEBI Introduced New Guidelines for Borrowing by Category-I and Category-II AIFs and LVF Tenure Extension
On 19th August 2024, the Securities and Exchange Board of India (SEBI) has introduced new guidelines for borrowing by Category-I and Category-II Alternative Investment Funds (AIFs). It has also extended the maximum permissible limit of tenure by Large Value Fund for Accredited Investors (LVFs).
- These new guidelines are introduced by making amendments to Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”).
Key Points:
i.As per the new guidelines, Category-I and Category-II AIFs will be allowed to take loans to meet temporary funding requirements and day-to-day operational requirements but for not more than 30 days.
ii.Such borrowing can occur for maximum 4 times in a year, and must not exceed 10% of the investable funds and subject to such conditions as may be specified by SEBI from time to time.
iii.As per the proviso to Regulation 13 (5) of AIF Regulations, 2012, LVF are now allowed to extend its tenure up to 5 years with the consent of two-thirds (2/3rd) of the unit holders by value of their investment in the LVF and the extension in tenure of any existing LVF scheme will be subject to such conditions as may be specified by SEBI from time to time.
iv.SEBI has introduced new framework for Venture Capital Funds (VCFs) to migrate to AIF rules. In July 2024, SEBI has permitted VCFs registered under the SEBI (Venture Capital Funds) Regulations, 1996, before the introduction of AIF regulations to transition to the current regulations by becoming migrated VCFs.
About Securities and Exchange Board of India (SEBI):
Chairman- Madhabi Puri Buch
Headquarter- Mumbai, Maharashtra
Established- 1992
>> Read Full News
RBI Released Framework for SROs in Financial Markets
On 19th August 2024, the Reserve Bank of India (RBI) released a ‘Framework for Recognition of Self-Regulatory Organisations(SROs) in Financial Markets’ to enhance compliance culture and provide a consultative platform for policy making.
- It is based on the ‘Omnibus Framework for recognition of Self-Regulatory Organisations for Regulated Entities of the Reserve Bank’ issued on 21st March, 2024.
i.RBI has invited applications from interested entities seeking recognition as an SRO in financial markets may submit their application via electronic-mail (email) or to the Chief General Manager (CGM), Financial Markets Regulation Department, RBI.
ii.As per the new framework, the SRO financial markets will required to be set up as a Non-for-Profit company registered under Section 8 of the Companies Act, 2013.
About Reserve Bank of India(RBI):
Governor– Shaktikanta Das (25th Governor of RBI)
Headquarter– Mumbai, Maharashtra
Established– 1 April, 1935
>> Read Full News
NRI Deposits Surge USD 4 billion in Q1in Contrast with a 24% Drop in Outward Remittances: RBI Data
According to the Reserve Bank of India (RBI) data released on 19th August 2024, overseas Indians has deposited nearly USD 4 billion (USD 3.95 billion) into Non-Resident India (NRI) deposit schemes in 1st Quarter (Q1)(April to June) of Financial Year 2024-25 (FY25), with a significant increase of 79% compared to USD 2.21 billion during the same period of FY24.
- However, this surge in NRI deposits is in contrast with a 24.39% drop in outward remittances under the Liberalised Remittance Scheme (LRS) of RBI, which totaled USD 6.9 billion in Q1 of FY25, from USD 9.1 billion in Q1 of FY24.
i.As per the RBI data, Foreign Currency Non-Resident (FCNR) deposits has increased from USD 1.12 billion (in Q1of FY24) to USD 1.68 billion (in Q1of FY25), taking the total outstanding amount in such accounts to USD 27.41 billion.
ii.As per the RBI data, overall remittances decreased around 44% Year-on-Year (Y-o-Y) basis to USD 2.18 billion amid decline across most categories.
iii.The largest segment of outward remittances, International Travel registered a decrease of 6%, to USD 3.8 billion (in Q1of FY25) from USD 4.07 billion (in Q1of FY24).
>> Read Full News
RBI Grants Approval To IndusInd Bank To Set up Mutual Fund Asset Management Business
The Reserve Bank of India (RBI) granted approval to IndusInd Bank Limited to set up a wholly owned subsidiary to undertake the asset management business of Mutual Funds(MF).
- The RBI’s approval is subject to additional conditions that the bank must meet, though the specifics of which have not been disclosed.
Key Points:
i.The new Asset Management Company (AMC) will handle MF operations and benefit from an equity infusion by the bank.
- Previously, IndusInd Bank distributed mutual fund products but without significant scale.
ii.The establishment of the MF subsidiary will enable IndusInd Bank to offer customers with a broader range of investment options.
iii.This is in line with the bank’s goal of expanding its financial services portfolio and enhancing its market share in the asset management industry
iv.IndusInd Bank was granted permission to infuse equity capital into the newly formed asset management subsidiary which allows it to diversify its financial services portfolio and tap into the growing mutual fund market in India.
About IndusInd Bank Limited:
Managing Director and Chief Executive Director (MD & CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established – 1994
Tagline – We Make You Feel Richer
ABFL Partners with AU Small Finance Bank to Launch Co-branded Credit Card
Aditya Birla Finance Limited (ABFL), a wholly-owned subsidiary of Aditya Birla Capital Limited (ABCL), and AU Small Finance Bank (SFB) Limited , India’s largest SFB, has partnered to launch Aditya Birla Finance AU credit cards, a new range of co-branded credit cards.
- These co-branded credit cards are powered by Visa and RuPay networks.
- These cards are available in 4 variants, customized to offer comprehensive reward benefits to cater the financial needs of wide spectrum of customers.
Four Variants of Co-branded Credit Card:
i.ABC AU Flex: This card offers an affordable option designed to cover the mass market in India.
ii.ABC AU Nxt: This card is designed specifically for millennials, includes specialized features customized for younger customers.
iii.ABC AU Pro: This high-end card is targeted at affluent individuals and offers premium benefits.
iv.ABC AU Biz: This card is designed for entrepreneurs and business owners and includes features which are beneficial for business-related expenses.
Rewards and Benefits:
i.The Aditya Birla Finance AU credit cards offers various reward points across different categories like: lifestyle, travel, dining, education, entertainment, utilities, insurance, among others.
- These cards have an additional feature which offers an unlimited fuel surcharge waiver of 1%.
ii.The ‘Flex’ and ‘Nxt’ variants of card offer lifetime-free benefits and enable the cardholders to personalize their cards through the Aditya Birla Finance mobile application (app) and can earn rewards, cashbacks, and other varied benefits.
iii.The ‘Pro’ variant provides accelerated reward points with airport lounge access and a reduced forex markup fee.
iv.The ‘Biz’ variant is a monthly fee-based card, offers accelerated reward points and up to 30% discount across select dining partners.
About Aditya Birla Finance Limited (ABFL):
It is one of India’s leading and most reputed Non-Banking Finance Company (NBFC). It offers end-to-end, financing, and wealth management solutions to a wide range of customers across the country.
- It is registered with the Reserve Bank of India (RBI) as a systematically important non-deposit accepting NBFC.
Managing Director (MD) and Chief Executive Officer (CEO) – Rakesh Singh
Headquarters- Mumbai, Maharashtra
Established- 1991
About AU Small Finance Bank Limited:
MD & CEO – Sanjay Agarwal
Headquarters- Jaipur, Rajasthan
Tagline- Badlaav Humse Hai !
Established- 1996
Mynd IFSC launches M1NXT in GIFT City for Global Trade Finance
Mynd IFSC Private Limited, a subsidiary of Mynd Solutions Private Limited, has secured approval from the International Financial Services Centres Authority(IFSCA) to launch its ITFS (International Trade Financing Services) platform ‘M1NXT’at International Financial Services Centre (IFSC) at GIFT (Gujarat International Finance Tec) City, Gandhinagar in Gujarat.
- This platform allows Indian Micro, Small, and Medium Enterprises (MSMEs) to access global factoring services, bringing international liquidity to the sector.
About M1NXT ITFS:
i.Indian MSMEs can now obtain financing from foreign banks registered under M1NXT ITFS at lower costs.
ii.It has launched its commercial transactions in partnership with SBI (State Bank of India) GIFT City IBU (IFSC Banking Unit), SBI Frankfurt, Yes Bank Limited, Union Bank of India(UBI), Drip Capital Inc., and various exporters and importers.
iii.The platform addresses working capital needs by converting trade receivables into cash quickly, supporting global trade with transparent, cost-effective financing.
Iv.IndusInd Bank Limited is to be the first Bank to participate in export financing transactions on the M1NXT ITFS platform.
v.In June 2024, M1NXT completed 17 live commercial transactions during its Sandbox testing phase.
vi.It is set to play a crucial role as India aims to achieve an export target of $1 trillion by 2030 and become the third-largest economy globally.
About Mynd Solutions Private Limited:
Chief Executive Officer (CEO)– Saurav Wadhwa
Headquarters– Bengaluru, Karnataka
Incorporated – 2002
LIC Housing Launches ‘Griha Rakshak’ Home Loan Scheme For Armed Forces 
Life Insurance Corporation of India (LIC) Housing Finance Limited (LIC HFL) has launched ‘Griha Rakshak’, a special home loan scheme dedicated for the Indian armed forces.
- It provides discounted interest rates and benefits to both serving and retired personnel.
About Griha Rakshak Scheme:
i.The eligible candidates with a Credit Information Bureau India Limited (CIBIL) score of 750 or above can apply for home loans under the Griha Rakshak scheme, which offers up to Rs 2 crore in loans at an affordable 8.4% annual interest rate.
ii.Furthermore, processing fees for this loan have been eliminated by the LIC HCL under the limited period offer.
- This special offer will be available till September 30, 2024.
iii.The offer is open to all active and retired personnel from the Indian Army (IA), Indian Navy (IN), Indian Air Force (IAF), Indian Coast Guard (ICG), and paramilitary forces.
About LIC Housing Finance Limited(LIC HFL):
Managing Director and Chief Executive Officer (MD & CEO) – T. Adhikari
Headquarters – Mumbai, Maharashtra
Incorporated – 1989
BoB Secures Loan Deal of Rs 5,000 Crore With SAIL
Vadodara,(Gujarat) based Bank of Baroda (BoB) has secured a Rs 5,000 crore loan deal with Steel Authority of India Limited (SAIL), offering 7.49% interest rate for a five-year period which was linked to the 364-day treasury bill.
- The loan would be utilised to fund SAIL’s capital expenditure and working capital requirements.
i.The interest rate offered by BoB is significantly lower than its average yield on advances, implying a strategic decision to prioritise market share and relationship building with SAIL.
ii.The acquisition of this loan strengthens BoB’s position as a top lender in the Indian market.
iii.The loan has a lower margin compared to previous deals, the reduced risk associated with lending to a state-owned company makes it attractive for banks.
Note: SAIL, is one of the ‘Maharatna Central Public Sector Enterprises (CPSE)’ of India, headquartered at New Delhi, Delhi.
ECONOMY & BUSINESS
India Approves Additional 251 MW Power Exports from Nepal
India’s Designated Authority(DA) for Cross-Border Trade (CBT) has approved an additional 251 MegaWatt (MW) of power exports from 12 hydropower projects in Nepal to India.
- Following this approval, Nepal will now be exporting 941 MW of hydropower from 28 projects. This is a substantial increase from the previous export level of 690 MW from 16 projects.
Background:
i.The decision was made during bilateral talks held between Nepalese Foreign Minister Arzu Rana Deuba and India’s External Affairs Minister S Jaishankar on 20th August 2024.
ii.The meeting was held during Arzu Rana Deuba’s 5 day official visit to India from 18th to 22nd August 2024.
India-Nepal Power Trade Agreement:
i.During the Prime Minister (PM) Narendra Modi’s visit to Nepal in 2014, an India-Nepal Power Trade Agreement (PTA) was signed, which provided for the sale of Nepal’s surplus electricity to India.
ii.In October 2021, India approved just 39 MW of electricity exports from Nepal. India has also granted access to the Real-Time Market since then.
iii.The Nepal Electricity Authority (NEA) has also signed medium-term power sales agreements with distribution companies in Haryana and Bihar.
iv.In January 2024, Nepal and India signed an agreement to export 10,000 MW of electricity to India in the next decade.
Key Points:
i.It is the first year of the long-term agreement signed in January 2024, where around 1000 MW exports have already been reached.
ii.It strengthens Nepal’s position as a net electricity exporter but also marks the first instance of Nepal supplying power to Bihar under a medium-term sales agreement.
iii.The agreement for the sale of 40 MW of power to Bangladesh has also been finalised and yet to be signed.
iv.India has also incentivized Nepalese power purchases by allowing hydropower imports to count towards Hydropower Purchase Obligation (HPO) for Indian buyers.
About Nepal:
Prime Minister (PM) – Khadga Prasad Sharma Oli
President – Ram Chandra Poudel
Capital – Kathmandu
Currency – Nepalese Rupee (NPR)
Ather Energy Turns Unicorn after USD 71 Million Funding from NIIF
Bengaluru (Karnataka)-based electric scooter manufacturer Ather Energy Private Limited, has achieved unicorn status after raising Rs 600 crore (USD 71 million) in a fresh round of funding from the National Investment and Infrastructure Fund (NIIF), India’s infrastructure-focused Sovereign Wealth Fund (SWF).
- Post-funding, Ather’s valuation stands at USD 1.3 billion, making it the 5th startup to reach unicorn status in 2024 after Perfios, Krutrim, Porter and Rapido, and the 2nd in the mobility sector, following Rapido.
- NIIF with 49% ownership by the Indian government, first invested in Ather through its Strategic Opportunities Fund (SOF) in May 2022.
Note: Ather Energy, founded by Tarun Mehta and Swapnil Jain in 2013, is a pioneer in Lithium-ion (Li-ion) battery-powered scooters in India.
AWARDS & RECOGNITIONS
Ram Charan Awarded ‘Ambassador of Indian Arts and Culture’ at Indian Film Festival of Melbourne 2024
Indian actor Konidela Ram Charan Teja, who works predominantly in Telugu cinema, was honoured with the prestigious title of “Ambassador of Indian Arts and Culture” during the 15th edition of Indian Film Festival of Melbourne (IFFM 2024) held at the Palais Theatre in St. Kilda, Melbourne (Australia).
I.IFFM 2024 was held from 15 to 25 August 2024 backed and presented by the Victorian Government in Australia.
ii.In addition to being the Guest of Honour, Ram Charan also hoisted the Indian national flag at Melbourne’s iconic Federation Square during the IFFM 2024.
iii.Established in 2010, the IFFM highlights the rich diversity and creativity of Indian filmmaking, featuring films from Bollywood films to regional language cinema.
ACQUISITIONS & MERGERS
CCI Approvals on 20 August 2024
The Competition Commission of India (CCI) approved the following proposals on 20 August 2024.
i.Acquisition of 60% shareholding in each of Invesco Asset Management (India) Private Limited (Invesco AMC) and Invesco Trustee Private Limited (Invesco Trustee) by IndusInd International Holdings Limited (IIHL).
ii.Acquisition of a shareholding in Shriram Housing Finance Limited by Mango Crest Investment Ltd.
iii.Acquisition by Advent International, L.P. (Advent) through Rasmeli Limited (Rasmeli) in Apollo Healthco Limited (AHL/ Apollo Healthco), the acquisition by AHL/Apollo Healthco in Keimed Private Limited (Keimed), and the merger of Keimed into AHL/Apollo Healthco.
About the Competition Commission of India (CCI):
CCI is a statutory body established in 2003 under the Competition Act of 2002 and has been operational since 2009.
Chairperson– Ravneet Kaur
Headquarters– New Delhi, Delhi
>> Read Full News
IMPORTANT DAYS
International Day Commemorating the Victims of Acts of Violence Based on Religion or Belief 2024 – August 22 
The United Nations (UN) International Day Commemorating the Victims of Acts of Violence Based on Religion or Belief is annually observed across the globe on August 22 to condemn the violence and act of terrorism against the individuals of religious minorities on the basis of or in the name of belief or religion.
- 22nd August 2024 marks the observance of 6th International Day Commemorating the Victims of Acts of Violence Based on Religion or Belief.
i.The United Nations General Assembly (UNGA) adopted the resolution A/RES/73/296 on 28th May 2019, and designated 22nd August of every year as the International Day Commemorating the Victims of Acts of Violence Based on Religion or Belief.
ii.The first ever International Day Commemorating the Victims of Acts of Violence Based on Religion or Belief was observed on August 22, 2019.
About the United Nations (UN):
Secretary – General (SG) – António Manuel de Oliveira Guterres
Headquarters – New York, United States of America (USA)
Founded – 24 October 1945
>> Read Full News
STATE NEWS
Singapore-based Sembcorp to invest Rs 36,238 Crore for India’s 1st Green Ammonia Plant in Thoothukudi, TN
Singapore-based Sembcorp Industries will invest Rs 36,238 crore to establish a green hydrogen/green ammonia manufacturing unit in Thoothukudi, Tamil Nadu (TN).
TN will be the first state in India to roll out commercial production of large scale green hydrogen molecules.
About the Facility:
i.The foundation stone for the unit was laid by TN Chief Minister (CM) M.K. Stalin (Muthuvel Karunanidhi Stalin) during the Tamil Nadu Investment Conclave 2024 held on 21st August 2024, in Chennai, Tamil Nadu.
ii.The facility spread over 160 acres will initially produce 200,000 metric tonnes green ammonia per annum for exporting to Japan.
Note: Earlier during the Tamil Nadu Global Investors Meet 2024, Sembcorp signed a Memorandum of Understanding (MoU) with to establish this facility.
Tamil Nadu Investment Conclave 2024:
i.The CM laid the foundation stone for 28 industrial projects with a collective investment of Rs 51,157 crore and inaugurated 19 additional projects with an investment of Rs 17,616 crore, totaling 47 projects.
ii.TN government in association with Tamil Nadu Industrial Development Corporation Limited(TIDCO) and TATA Technologies will establish the Tamil Nadu Engineering and Innovations Centre (TN ENGINE) at Coimbatore with an investment of Rs 400 crore.
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