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NATIONAL AFFAIRS
Overview of Malaysian PM Anwar bin Ibrahim’s 3-day State Visit to India from 19th to 21st August 2024
The Prime Minister (PM) of Malaysia H.E. Dato’ Seri Anwar bin Ibrahim was on a 3-day state visit to India from 19th August to 21st August 2024, at the invitation of the Prime Minister (PM) of India, Narendra Modi to strengthen comprehensive strategic partnership and enhance cooperation between the two countries.
- This marks the 1st-ever visit of Malaysian PM Anwar bin Ibrahim to India as well as to the South Asia region ever since he became the PM of Malaysia in 2022.
i.On 20th August 2024, PM Narendra Modi held a bilateral meeting with his Malaysian counterpart Anwar bin Ibrahim at Hyderabad House in New Delhi.
ii.The GoI and Government of Malaysia (GoM) have signed several Memorandum of Understandings (MoUs) and Agreements in various fields of cooperation such as: Recruitment, Employment and Repatriation of Workers; Ayurveda and other Traditional Systems of Medicine; Digital technologies; Culture, Arts, and Heritage, among others.
About Malaysia:
Prime Minister (PM) – Anwar bin Ibrahim
Capital– Kuala Lumpur
Currency- Malaysian Ringgit
>> Read Full News
MNRE Minister Chaired HoT Agreement Signing between India, Singapore & Japan to Export Green Ammonia from India to Japan
Union Minister Pralhad Venkatesh Joshi, Ministry of New and Renewable Energy (MNRE) chaired the signing ceremony of the first-ever Heads of Terms (HoT) agreement for exporting Green Ammonia from India to Japan.
About the HoT Agreement:
i.The HoT agreement was signed in New Delhi, Delhi, between Singapore-based Sembcorp Green Hydrogen Pte. Ltd., a wholly-owned subsidiary of Asia’s leading energy provider Sembcorp Industries Limited, and Japan-based companies namely, Sojitz Corporation, Kyushu Electric Power Company, and NYK (Nippon Yusen Kabushiki Kaisha) Line.
ii.This marks the first of its collaboration between India, Singapore, and Japan, which highlights India’s prominence in global green energy sector.
Key People: The HoT was signed in the presence of Simon Wong, High Commissioner of Singapore to India; Yuta Hikichi, First Secretary, Embassy of Japan in India; Ajay Yadav, Joint Secretary (JS), MNRE; and Vipul Tuli, Chairman – South Asia and Chief Executive Officer (CEO), Hydrogen Business, Sembcorp Industries.
Collaborative Partnership:
i.Green ammonia will be produced in India, leveraging the country’s abundant renewable energy resources and land area. Sembcorp will lead green ammonia production in India.
ii.Kyushu Electric Power Co. will incorporate green ammonia into Japan’s energy mix, partially replacing coal consumption at their thermal power plants in Japan.
iii.Sojitz Corporation will facilitate the business connection between the ammonia producer and the off-taker, while NYK Line will manage maritime transportation.
Production Plans and Supply Chain:
i.In June 2024, the companies reached a basic agreement to produce 200,000 metric tonnes of green ammonia annually.
ii.The ammonia will be supplied to various industrial off-takers in Japan, mainly in the Kyushu region of Japan.
iii.Through marine transportation, NYK will contribute to establishing a supply chain of next-generation energy such as ammonia, from India to Japan.
About the Ministry of New and Renewable Energy (MNRE):
Union Minister– Pralhad Venkatesh Joshi (Constituency- Dharwad, Karnataka)
Minister of State (MoS)- Shripad Yesso Naik (Constituency- North Goa, Goa)
Power Minister Manohar Lal Khattar Launches 3 Online Platforms to Boost Power Sector Efficiency
On 20th August 2024, Union Minister Manohar Lal Khattar, Ministry of Power, launched three online platforms : Portal for Online Monitoring of Projects – Thermal (PROMPT), Disaster Resilient Infrastructure for Power Sector (DRIPS) and Online Portal for Monitoring Survey and Investigation Activities of Hydro Electric Projects and Pumped Storage Projects (JAL VIDYUT DPR), to enhance the efficiency, transparency, and effectiveness of power sector.
- He also launched a comprehensive Compendium of Central Electricity Authority (CEA) Regulations notified by the CEA under the Electricity Act, 2003.
i.PROMPT is a centralized platform for real-time tracking and analysis of thermal power projects.
ii.The DRIPS portal enables swift identification and deployment of resources to address power sector disruptions during disasters like cyclones, earthquakes, and floods. It is developed by CEA.
iii.The JAL VIDYUT DPR is a key initiative by CEA to support the growth of hydropower and pumped storage projects (PSPs) in India.
About Central Electricity Authority (CEA):
It was established as a part-time body in 1951 and became a full-time body in 1975. The functions and duties of CEA are delineated under Section 73 of the Electricity Act, 2003.
Chairperson– Ghanshyam Prasad
Headquarters– New Delhi, Delhi
>> Read Full News
MoL&E Launches ‘BoCW MIS Portal’ For Building and Other Construction Workers
On August 21, 2024, the Ministry of Labour & Employment (MoL&E) launched a ‘Building and Other Construction Workers (BoCW) Management Information System (MIS) Portal’ to help states and Union Territory (UT) finalise draft rules under the four Labour Codes and improve welfare schemes for BoCW.
- The portal was launched during the 15th meeting of the BoCW Monitoring Committee held with all states/Union Territory (UT), chaired by Sumita Dawra, Secretary of MoL&E.
About BoCW MIS Portal:
i.The BoCW MIS portal will function as a centralised data management system for compiling and analysing data obtained from the BoCW Welfare Boards of States.
ii.The states and UTs are required to register on the portal and update their details, including fund utilisation and worker registration data under various central and state schemes, relating to social security benefits, insurance, health benefits, housing schemes, etc.
Key Points:
i.Around 5.7 crore workers were registered with BoCW Welfare Boards of various States and UTs across India as of June 30, 2024.
ii.MoL&E is working to extend central government scheme benefits to BoC workers using the BoCW cess fund.
- Ayushman Cards for health benefit have been approved for 1.3 crore BoCW workers under Pradhan Mantri Jan Arogya Yojana (PM-JAY) scheme.
- More than 85,000 people are insured under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and 1.24 lakh workers are covered for disability benefits under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme.
iii.The states and UTs are urged to integrate BoC workers’ data with the e-Shram portal for easier access to various schemes.
About the Ministry of Labour & Employment (MoL&E):
Union Minister – Dr. Mansukh Mandaviya (Constituency – Porbandar, Gujarat)
Minister of State (MoS) – Shobha Karandlaje (Constituency – Bangalore North, Karnataka)
INTERNATIONAL AFFAIRS
Brand Finance’s Food & Drink 2024:AMUL Emerged as World’s Strongest Food and Dairy Brand
According to the Brand Finance’s Food & Drink 2024 report, Anand Milk Union Limited (AMUL) has emerged as the world’s strongest food and dairy brand with an AAA+ rating for the 4th consecutive year. The brand value of AMUL has increased by 11% to USD 3.3 billion, with a Brand Strength Index (BSI) score of 91 out of 100.
- AMUL has improved its ranking from 29th position (2023) to 22nd (2024) position on the list of world’s most valuable and strongest food brands.
- Switzerland’s Nestlé emerged as the world’s most valuable food brand, valued at USD 20.8 billion, despite a 7% decline compared to 2023, followed by the United States of America (USA)-based Lay’s and China’s Yili at the 2nd and 3rd position respectively.
About Brand Finance:
Chairman and Chief Executive Officer (CEO)– David Haigh
Headquarters- London, the United Kingdom (UK)
Established- 1996
>> Read Full News
BANKING & FINANCE
Axis Bank Launches Neo for Merchants App in Partnership with VISA & Mintoak
On August 20, 2024, Axis Bank Limited launches ‘Neo for Merchants’, a transformative mobile app which will act as a one stop solution for the merchant community, in partnership with VISA and Mintoak.
- This all-in-one, low-cost solution enhances the omni-channel payment experience and simplifies operations.
- This collaboration will also support financial inclusion and boost growth for Indian SMEs (Small and Medium Enterprises).
About Neo for Merchants:
i.It empowers merchants to manage payments, view transaction reports, and raise service requests directly through a mobile application, eliminating the need for a relationship manager.
ii.Merchants can accept payments via Cards, SMS (Short Message Service) Pay, and Unified Payments Interface (UPI) at any time, improving customer and merchant satisfaction.
iii.The app streamlines payment processes and service requests, saving time and boosting productivity.
iv.Accessible transaction and settlement reports provide valuable data insights for merchants.
Axis Bank’s collaboration with Visa and Mintoak strengthens its merchant acquiring portfolio, supporting financial inclusion and boosting growth for Indian SMEs.
About Axis Bank Limited:
Managing Director (MD) and Chief Executive Officer (CEO)– Amitabh Chaudhry
Headquarters– Mumbai, Maharashtra
Tagline– Badhti Ka Naam Zindagi
Establishment– 1993
BharatPe partners with OTO Capital and Volt Money to offer secured loans
BharatPe has partnered with OTO Capital, an emerging digital commerce and lending platform, for enabling two-wheeler loans. It has also partnered with Volt Money to facilitate Loans Against Mutual Funds to its merchant partners.
- The company plans to expand this to a multi-product and multi-lender offering.
i.BharatPe’s merchants can now avail two-wheeler loans of up to Rs 2.5 lakh, at competitive interest rates, for their next two-wheeler purchase from OTO Capital.
- The loan application process is 100% digital and merchants have the option to choose the repayment period between 12- 48 months.
ii.With the launch of BharatPe’s Loans Against Mutual Funds (LAMF) in partnership with Volt Money, BharatPe’s merchants can also avail loans of up to Rs. 1 crore against Mutual Funds.
iii.The launch of secured loans for BharatPe’s merchant partners will open a new monetization channel for the company and also help to drive engagement with the merchants.
iv.Both loans will be enabled on BharatPe’s platform. However, OTO Capital and Volt money will be responsible for loan disbursal and collections.
About BharatPe:
Chief Executive Officer (CEO) – Nalin Negi
Headquarters – New Delhi, India
Founded – 2018
ECONOMY & BUSINESS
PLL signs MoU with LTL Holdings to supply LNG to Sri Lankan power plants
Petronet LNG Limited (PLL), India and LTL Holdings (formerly known as Lanka Transformers Limited), Sri Lanka signed a Memorandum of Understanding (MoU) in Colombo, Sri Lanka, for the supply of Liquified Natural Gas (LNG) to LTL’s dual-fuelled power plants in Kerawalapitiya, Colombo.
- The MoU was signed by Akshay Kumar Singh, Chief Executive Officer(CEO) of PLL and Nuhuman Marikkar, CEO of LTL Holdings.
i.The MoU is focused on providing an innovative solution encompassing supply of LNG through a multimodal International Organization for Standardization(ISO) Container supply chain.
- The initial term of the LNG supply is set for 5 years.
ii.It involves the development of a comprehensive LNG supply chain from PLL’s Kochi LNG Terminal to LTL’s power plants in Colombo through LNG ISO tank containers and a multi-modal transport system.
iii. Under the terms of the MoU, PLL will explore LNG supplies to fuel the 230 (Megawatt)MW gas turbines ensuring cleaner and reliable at Kerawalapitiya. The plant will add 350 MW of power to Sri Lanka’s grid by the first quarter 2025.
iv.This initiative aligns with the government’s goal of a sustainable and economically efficient energy future, marking substantial progress in the country’s clean energy transition.
Note:PLL was founded in 1998 and its headquarters is located at New Delhi.
AWARDS & RECOGNITIONS
RBI Governor Shaktikanta Das Rated ‘A+’ in Global Finance Central Banker Report Cards 2024
The Reserve Bank of India (RBI) Governor, Shaktikanta Das has been rated “A+” for 2nd consecutive year in the ‘Central Banker Report Cards 2024’ by the United States of America (USA) based Global Finance magazine .
- Other than Shaktikanta Das, Christian Kettel Thomson, Royal Governor of the Bank of Denmark (Denmark) and Thomas Jordan, Chairperson of the Swiss National Bank (Switzerland) have been received the “A+” rating.
About Central Banker Report Cards:
i.It is an annual report, published by the Global Finance magazine since 1994.
ii.The performance of the central bank governors are rated based on 4 criteria: controlling inflation, managing interest rates, promoting economic growth, and maintaining stability in the domestic currency’s exchange rate.
iii.The report assess the performance of central bank governors from nearly 100 important countries, territories, and districts, including, the European Union (EU), the Eastern Caribbean Central Bank (ECCB), the Bank of Central African States (BEAC), and the Central Bank of West African States (BCEAO).
iv.The grades are based on an “A+” to “F” scale with A representing “excellent performance” and F representing “outright failure”.
v.The grades evaluate the success of the central bank governors’ in areas such as inflation control, economic growth goals, currency stability and interest rate management.
About Shaktikanta Das:
i.Shaktikanta Das is a 1980-batch Indian Administrative Service (IAS) officer from the Tamil Nadu (TN) cadre.
ii.He worked as secretary in the Department of Revenue and Department of Economic Affairs (DEA), Ministry of Finance (MoF), Government of India (GoI) under 3 different finance ministers- P.Chidambaram, Pranab Mukherjee, and Arun Jailtey.
- During his long tenure in the MoF, he was directly associated with the preparation of as many as 8 Union Budgets.
iii.He has served as a member of 15th Finance Commission (FC) of India and G-20 Sherpa of India.
iv.He has also served as India’s Alternate Governor in the World Bank(WB), Asian Development Bank (ADB), New Development Bank (NDB) and Asian Infrastructure Investment Bank (AIIB).
v.He was appointed as the 25th Governor of RBI in 2018 , succeeding Urjit Patel.
vi.In June 2023, Shakitkanta Das was bestowed with the award of “Governor of the Year” at the 10th annual Central Banking Awards 2023 held at London, the United Kingdom (UK).
Recent Related News :
The Reserve Bank of India (RBI) has joined Project Nexus, a multilateral international initiative aimed at facilitating instant cross-border retail payments by interlinking domestic Fast Payments Systems (FPSs) through a unified platform.
About Global Finance:
Founder- Joseph D. Giarraputo
Managing Director (MD)- Richard Scholtz
Headquarters- New York, the United States of America (USA)
Established- 1987
APPOINTMENTS & RESIGNATIONS
Rajesh Nambiar Appointed as President-Designate of NASSCOM; Succeeds Debjani Ghosh
Rajesh Nambiar, Chairman and Managing Director (CMD) of Cognizant India (Cognizant Technology Solutions India Private Limited), has been appointed as the president-designate of the National Association of Software and Services Companies (NASSCOM), India’s apex Technology industry association.
- He will succeeding Debjani Ghosh upon the completion of her term in November 2024.
- Rajesh Nambiar has announced that he will step down from his role as CMD of Cognizant India with effect from September 2024.
About Rajesh Nambiar:
i.Rajesh Nambiar has been serving as the Chairperson of NASSCOM since 2023. He has also serves as a member of the NASSCOM Executive Council.
ii.He joined Cognizant in 2020 and currently serving as the Executive Vice President (EVP) and CMD of Cognizant India.
iii.He also serves as the chairman of the Board of Directors of the Cognizant Foundation in India.
iv.Prior to joining Cognizant, he served as the Chairman and President of Ciena India a leading network solutions partner.
v.He also served as a Global Delivery Leader in the International Business Machines Corporation (IBM); and led the eastern region in the United States (US) at Tata Consultancy Services Limited (TCS).
vi.He is also a member of the global board of the US-India Strategic Partnership Forum (USISPF).
Additional info:
i.Cognizant Technology Solution Corporation (Cognizant) has appointed Rajesh Varrier as the CMD of Cognizant Indiawith effect from 1st October 2024.
ii.Cognizant has appointed Rajesh Varrier as Global Head of Operations, effective September 2, 2024 and He will be an Executive Vice President (EVP) of Cognizant, reporting to Ravi Kumar S, Chief Executive Officer (CEO) of Cognizant.
iii.Prior to joining Cognizant, Rajesh Varrier served as EVP, Head of Global Services and Infosys Americas, as well as Global Head of Infosys’ Digital and Microsoft businesses.
About the National Association of Software and Services Companies (NASSCOM):
President– Debjani Ghosh
Headquarters– Noida, Uttar Pradesh (UP)
Establishment– 1988.
M Suresh becomes interim AAI Chairman, succeeding Sanjeev Kumar
On 20th August 2024, M Suresh has been appointed as the interim Chairman of the Airports Authority of India (AAI) as an additional charge.
- He is succeeding Sanjeev Kumar who has been appointed as Secretary of Department of Defence Production (DPP), Ministry of Defence(MoD). He is a 1993 batch IAS officer of Maharashtra cadre.
- The change in leadership underscores the importance of maintaining continuity in managing India’s airport infrastructure during this crucial period.
About M Suresh:
i.M. Suresh, from Tenkasi district in Tamil Nadu, holds the position of interim Chairman for three months or until a regular incumbent joins or until further orders.
ii.He is currently serving as the Member of Air Navigation Services(ANS) at the AAI.
iii.His diverse background might influence his approach to addressing the different needs of airports across India, considering the unique challenges and opportunities in various regions.
About Airports Authority of India(AAI):
Chairman – M Suresh
Headquarters – New Delhi, Delhi
Establishment – 1995
SCIENCE & TECHNOLOGY
SpaceX Plans 1st Human Spaceflight Mission “Fram2” Over Earth’s Polar Regions
Space Exploration Technologies Corporation (SpaceX) is set to launch “Fram2” , the 1st human spaceflight mission to explore Earth from a polar orbit and fly over the Earth’s polar regions for the 1st time.
- The Fram2, the 6th commercial astronaut mission of Dragon spacecraft, will be launched onboard Falcon 9 from Florida’s Space Coast, the United States of America (USA).
- The mission is named after the Norwegian polar research ship Fram, which helped explorers first reach Earth’s Arctic and Antarctic regions.
i.Crew: Fram2 mission comprised 4 astronauts, Commanded by Malta’s Chun Wang; Norway’s Jannicke Mikkelsen, Vehicle Commander; Australia’s Eric Philips, Vehicle Pilot; and Germany’s Rabea Rogge, Mission Specialist.
ii.Throughout the 3-to-5-day mission, the crew will study Earth’s polar regions through Dragon’s cupola at an altitude of 425-450 kilometres (km), and conduct research on the effects of spaceflight on the human body, including capturing the 1st human X-ray images in space.
India’s 1st Abrasive Waterjet Unveiled by IIT-Madras Director V Kamakoti
Guhan Industries and Manufacturing Solutions (GIMS), Indian Institutes of Technology (IIT) Madras (Chennai, Tamil Nadu (TN))-backed startup, has designed and developed India’s first Abrasive Waterjet machine, which can be used for cutting combustible materials without generating heat.
- This will play a major role in the semiconductor, aviation, defence and diamond industries.
- The machine was unveiled by V Kamakoti, Director of IIT-M.
i.The Abrasive Waterjet machine was developed by GIMS with the support of NIRMAAN – IIT-M’s flagship initiatives to support product ideas by students and Startup TN.
ii.GIMS received Rs 20 lakh from Engineers India Limited (EIL) to develop a prototype and Rs 2.5 crore from Startup TN for commercialization.
iii.Unlike pure waterjets, this machine uses abrasives mixed with water, allowing it to cut through harder materials.
iv.This will be sold for Rs 45 lakh, which is one-third of the cost of similar machines in the market. An imported abrasive machine costs Rs 1.5 crore.
Note: The startup has filed for an Indian patent for the continuous operation of a suspension jet, a first of its kind in India.
OBITUARY
National Award Winning Indian Filmmaker Utpalendu Chakraborty Passed Away
Utpalendu Chakrabarty, a renowned Indian Filmmaker has passed away at the age of 76 in Kolkata, West Bengal, (WB). He was born in 1948 at Pabna District, East Pakistan(now Bangladesh).
- He received the National Film Award for Best Feature Film and Best Direction for the Bengali film ‘Chokh’ in 1983. He also won the Best Non-Feature Film award for ‘Music of Satyajit Ray’ in 1985.
About Utpalendu Chakrabarty:
i.Utpalendu Chakrabarty, a writer and Bengali Director is known for films such as Moynatadanto (1980), Chandaneer (1989), Phaansi (1988) and Debshishu(1987).
ii.He has also made documentaries on the music of Satyajit Ray and Debabrata Biswas, a Rabindra Sangeet exponent.
iii.He has received the Indira Gandhi Award for Best Debut Film of a Director in 1981.
iv.He also got National Film Development Corporation Limited (NFDC) award and President’s Award.
IMPORTANT DAYS
First-Ever National Space Day – 23 August 2024
The first-ever National Space Day (NSpD) is observed across India on 23 August 2024 to commemorate the achievement of the Chandrayaan-3 Mission launched by the Indian Space Research Organisation (ISRO).
i.The 2024 theme of NSpD is, “Touching Lives while Touching the Moon: India’s Space Saga.”
ii.On 22 August 2024, President Droupadi Murmu presented the Rashtriya Vigyan Puraskar (RVP) -2024, at an award ceremony held at Gantantra Mandap, Rashtrapati Bhavan in New Delhi(Delhi).
- The ISRO–Chandrayaan 3 Team was awarded the Vigyan Team (VT) Award for their contributions to space science and technology.
iii.In August 2023, the GoI declared the 23 August of every year as National Space Day, to mark the remarkable success of the Chandrayaan-3 mission.
About the Indian Space Research Organisation (ISRO):
Chairman– Dr. S. Somanath
Headquarters– Bengaluru, Karnataka
Established – 1969.
>> Read Full News
International Day for the Remembrance of the Slave Trade and its Abolition 2024- August 23
The United Nation’s (UN) International Day for the Remembrance of the Slave Trade and its Abolition is annually observed across the globe on 23 August to mark the tragedy of the transatlantic slave trade during the era of colonial governance, in the memory of all peoples.
- The annual observance of the day is led by the United Nations Educational, Scientific and Cultural Organisation (UNESCO).
i.In 1997, the 29th session of the UNESCO General Conference adopted the resolution 29 C/40, proclaiming 23 August of every year as ‘International Day for the Remembrance of the Slave Trade and its Abolition.’
ii.The Day was 1st observed in Haiti on 23 August 1998, and Gorée Island in Senegal on 23 August 1999.
iii.23 August was the day that self-liberated enslaved people on the island of Saint Domingue (today Haiti and the Dominican Republic) rose against French colonial rule in 1791, and played a crucial role in the abolition of the transatlantic slave trade.
About the United Nations Educational, Scientific and Cultural Organisation (UNESCO):
Director-General(DG)– Audrey Azoulay
Headquarters– Paris, France
Established – 1945
>> Read Full News
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