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NATIONAL AFFAIRS
Overview of PM Modi’s visit Maharashtra and Rajasthan on 25th August, 2024
Prime Minister (PM) Narendra Modi visited Maharashtra and Rajasthan on 25th August, 2024.
Key Points:
i.PM Modi addressed Lakhpati Didi Sammelan in Jalgaon, Maharashtra. During the event, he gave certificates and felicitated 11 lakh new Lakhpati Didis, who have achieved the mark of Lakhpati during the 3rd term of PM Modi-led National Democratic Alliance (NDA) government.
ii.He also released a Revolving Fund i.e. Community Investment Fund of Rs 2500 crore which aims to benefit about 48 lakh members of 4.3 lakh Self-Help Groups (SHGs).
iii.PM Narendra Modi addressed the concluding ceremony of the Platinum Jubilee (75 years) of the Rajasthan High Court in Jodhpur, Rajasthan. He was invited at the ceremony as a Chief Guest.
About Maharashtra:
Chief Minister (CM) – Eknath Shinde
Deputy CMs- Devendra Fadnvis and Ajit Pawar
Governor- CP Radhakrishnan,
National Parks (NPs) –Sanjay Gandhi National Park (NPs), Chandoli National Park
>> Read Full News
MHA Announces Creation of 5 New Districts in Ladakh Namely, Zanskar, Drass, Sham, Nubra, & Changthang
The Ministry of Home Affairs (MHA), announced the creation of 5 new districts in the Union Territory (UT) of Ladakh, namely, Zanskar, Drass, Sham, Nubra, and Changthang. With the formation of the new districts, Ladakh’s total number of districts has increased to 7.
- The MHA also instructed the Ladakh administration to establish a committee to evaluate aspects such as headquarters, boundaries, and the structure of the new districts and submit its report within 3 months.
- Currently, Ladakh has only 2 districts, Leh and Kargil, both managed by its autonomous district council.
Note: Ladakh has been demanding inclusion in the sixth schedule of the Indian Constitution to protect its tribal identity, culture, land, and resources.
Objective:
The creation of 5 new districts aims to improve governance and bring services and benefits of the Central government and Ladakh administration closer to the people in this remote region, ensuring progress reaches every corner.
Background:
i.Ladakh was previously part of the former state of Jammu and Kashmir (J&K).In 2019, the Union government repealed Article 370, revoking J&K’s special status.
ii.On 9th August 2019, the Parliament bifurcated the State of J&K into 2 UTs by passing the Jammu and Kashmir Reorganisation Act, 2019.
- The 2 new UTs are J&K and Ladakh, only the former retained a legislative assembly.
- Ladakh became a UT on 31st October 2019.
Additional Info: The 1st assembly elections of J&K since the abrogation of Article 370 are scheduled to be held in September 2024. Polling will occur in 3 phases: September 18, 25, and October 1.
About the Ministry of Home Affairs (MHA):
Union Minister– Amit Shah (Constituency: Gandhinagar, Gujarat)
Ministers of State (MoS)- Nityanand Rai (Constituency: Ujiarpur, Bihar); Bandi Sanjay Kumar (Constituency: Karimnagar, Telangana)
INTERNATIONAL AFFAIRS
Highlights of Defence Minister Rajnath Singh visit to US
The Union Minister Rajnath Singh, Ministry of Defence (MoD), was on an official visit to Washington D.C., the United States of America (USA) from 23rd to 26th August 2024 at the invitation of the Lloyd Austin, United States Secretary of Defense.
i.India and the USA signed two significant agreements during Defence Minister Rajnath Singh’s visit to Washington DC, USA. An Memorandum of Agreement (MoA) was signed between India and the USA for the deployment of Liaison Officers.
ii.Rajnath Singh and Lloyd Austin also highlighted the conclusion of the bilateral, non-binding Security of Supplies Arrangement (SOSA) between India and US, which was signed on 22nd August 2024. India is the 18th SOSA partner of the USA.
About the United States of America (USA):
President– Joe Biden
Capital– Washington, D.C.
Currency– USA Dollar
>> Read Full News
Mumbai Ranks 2nd, New Delhi 3rd in PGCI Q2 2024; Manila Tops the List
According to the “Prime Global Cities Index (PGCI) Q2 2024” published by an international property consultant Knight Frank, Mumbai (Maharashtra) and New Delhi (Delhi) have secured the 2nd and 3rd positions respectively, among 44 cities globally in annual price rise of prime residential properties during the 2nd Quarter (Q2: April-June) of 2024 Calender Year(CY24).
- As per the report, Mumbai, India’s financial capital city saw a Year-on-Year (Y-o-Y) price rise of 13% in prime residences, recorded the 2nd highest (Y-o-Y) growth in prime residential prices in Q2 2024, up from 6th position in Q2 2023.
- New Delhi, Delhi placed 3rd with 10.6% Y-o-Y increase in prime residential property prices. While, Bengaluru with Y-o-Y price growth of 3.7%, has remained at 15th spot in Q2 2024.
- Manila, the capital city of Philippines has topped the Knight PGCI Q2 2024, with a 26% annual increase during the June quarter. Wellington, New Zealand ranked last on the list.
About Knight Frank:
Senior Partner and Group Chairman- William Beardmore-Gray
Chairman and Managing Director (CMD) of Knight Frank India- Shishir Baijal
Headquarters- London, the United Kingdom (UK)
Founded- 1896
>> Read Full News
BANKING & FINANCE
RBI Governor Shaktikanta Das unveils ULI
The Reserve Bank of India (RBI) introduced its ‘Unified Lending Interface (ULI)’ technology platform across India. It was announced by the RBI Governor Shaktikanta Das during the ‘Global Conference on Digital Public Infrastructure and Emerging Technologies’ in Bengaluru, Karnataka on August 26, 2024.
- The ULI pilot program was initiated in 2023 to facilitate seamless credit access and will be launched nationwide soon.
- This is based on the success of the Unified Payments Interface(UPI) which was launched in 2016.
Key Points:
i.The ULI platform simplifies credit appraisals, especially for small and rural borrowers, by enabling seamless, consent-based digital information flow, such as land records, PAN (Permanent Account Number), Aadhaar, and credit histories, between service providers and lenders.
ii.ULI’s standardized Application Programming Interface(APIs) will reduce the complexity of multiple technical integrations and speeding up credit approvals with minimal documentation.
iii.ULI, along with JAM (Jan Dhan, Aadhaar, Mobile) and UPI, will act as revolutionary advancement in India’s digital infrastructure.
Note: The JAM trinity is a tool used by the government to transfer subsidies directly to the bank account of the beneficiary. It was first proposed in the Economic Survey 2014-15.
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao and T. Rabi Sankar
Establishment– 1st April 1935
Headquarters– Mumbai, Maharashtra
REC Limited to finance Rs 45,000 crore for JNPA infrastructure projects
Rural Electrification Corporation Limited(REC), a Maharatna Public Sector Undertaking (PSU) under the Ministry of Power, has signed a Memorandum of Understanding (MoU) with the Jawaharlal Nehru Port Authority (JNPA) to fund up to Rs 45,000 crore for various upcoming projects, including the development of Vadhavan Port in Maharashtra.
Signatories:
The MoU was signed by Rahul Dwivedi, IAS, Executive Director(ED) of REC, and Unmesh Sharad Wagh, Chairman of JNPA in the presence of Union Minister Sarbananda Sonowal, Ministry of Ports, Shipping and Waterways (MoPSW).
Note: JNPA is a Government of India undertaking, is a leading container-handling port, managing around 50% of the total containerized cargo across India’s major ports.
Key Points:
i.The MoU establishes cooperation between JNPA and REC, where JNPA will implement infrastructure projects, and REC will provide the necessary funding.
ii.JNPA is undertaking the planned mega port at Vadhavan worth Rs 76,220 crore in Palghar district of Maharashtra, and holds a 74 % interest in Vadhavan Port Project (VPPL), a special purpose vehicle formed by JNPA and Maharashtra Maritime Board (MMB).
About Rural Electrification Corporation Limited(REC) :
REC(formerly Rural Electrification Corporation) is a public sector Non-Banking Financial Company (NBFC), Public Financial Institution (PFI), and Infrastructure Financing Company (IFC) that provides loans to entities in India to build infrastructure assets.
Chairman and Managing Director (CMD)– Vivek Kumar Dewangan
Headquarter– New Delhi, Delhi
Establishment– 1969
ECONOMY & BUSINESS
SBI Research Report: India’s GDP Growth Likely to Grow at 7.1 in Q1 FY25 in Line with RBI Forecast
According to State Bank of India (SBI’s) Economic Research Department (ERD) report- ‘Ecowrap’ , India’s Gross Domestic Product (GDP) is expected to grow by 7.0% to 7.1% in 1st Quarter (Q1: April-June) of Financial Year 2024-25(FY 25).
- It has also projected that Gross Value Added (GVA) will be in the range of 6.7% to 6.8% with a downward bias.
Key Points:
i.The report showed that India Inc. in Q1FY25, around 4,000 listed entities reported a top-line as well as bottom-line growth of 9%, as compared to Q1FY24.
ii.The corporate GVA increased by around 10.9% in Q1FY25 as compared to 17% in Q4FY24 and 26% in Q3FY24.
iii.The report estimated that agricultural growth to rebound to 4.5% to 5% in FY25, which is around 30 bps more than RBI forecast.
About State Bank of India(SBI):
Chairman- Challa Sreenivasulu Setty (with effect from 28th August 2024)
Headquarters- Mumbai, Maharashtra
Tag line-“The Banker to Every Indian”
Founded in- 1st July 1955
>> Read Full News
GAIL & Petron Signed MoU to Explore Setting Up a Bio-Ethylene Plant in India
GAIL (India) Limited, a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum and Natural Gas (MoP&NG), signed a Memorandum of Understanding (MoU) with the New Jersey, the United States of America (USA) based Petron Scientech Inc (PSI), to jointly explore the establishment of a 500 Kilo Tons per Annum (KTA) bio-ethylene plant along with its downstream unit(s) in India.
Signatories: The non-binding MoU was signed by Sumit Kishore, Executive Director (Business Development and Exploration & Production), GAIL, and Yogi Sarin, Chief Executive Officer (CEO), PSI.
- The proposed plant will be based on bio-ethanol produced in the plant in a 50:50 Joint Venture (JV) mode between the two companies.
- In line with the MoU, both companies will conduct feasibility studies to assess the technical and financial viability of the project.
- The objective is to secure investment approval from their respective management teams for investment in the project and forming a JV company.
Note: PSI is a global leader in the field of integrated and hybrid biorefineries and technologies for the production of ethanol and various bio-fuel projects worldwide
AWARDS & RECOGNITIONS
Jana Small Finance Bank Honoured with 4 Awards at ICC Emerging Asia Banking Conclave & Awards 2024
Bengaluru (Karnataka) based Jana Small Finance Bank (SFB) Limited was honoured with 4 awards: Best Small Finance Bank (India), Best Performance on Profitability (Runners-up), Best Performance on Asset Quality, and Best Performance on Risk Management, at the 2nd ICC Emerging Asia Banking Conclave & Awards (2024), organised by the Indian Chamber of Commerce (ICC) on 22nd and 23rd August 2024 in New Delhi, Delhi.
- During the event, Jammu & Kashmir Bank Limited (J&K Bank)has won the “Best Performance on Profitability” award in the category of Private Sector Bank (Mid-Size).
About the Indian Chamber of Commerce (ICC):
Director General– Dr.Rajeev Singh
Headquarters– Kolkata, West Bengal
Founded in 1925
>> Read Full News
Union Minister Giriraj Singh Presented EPCH’s 24th Handicrafts Export Awards
Union Minister Giriraj Singh, Ministry of Textiles (MoT), presented the 24th Handicrafts Export Awards to Indian handicraft exporters during a ceremony organised by the Export Promotion Council for Handicrafts (EPCH) at the Convention Hall – The Ashok Hotel, in New Delhi, Delhi.
- The ceremony recognised Indian handicraft exporters for their exceptional performance in 2019-20 and 2020-21 and they were felicitated with trophies and merit certificates in various categories.
- The objective of the annual Awards is to foster healthy competition among exporters and recognise their achievements in the handicrafts export sector.
- A total of 123 awards were conferred to 62 winners of 2019-20 and 61 winners of 2020-21, along with a Lifetime Achievement Award.
- Ajay Gupta’s CL Gupta Exports Limited (Uttar Pradesh) received the Top All Handicrafts Award for both 2019-20 and 2020-21.
- Veteran exporter, Muzafar Hussain from Jammu and Kashmir won the Lifetime Achievement Award.
- The Awards, instituted in 1989, are presented across the categories, the Top Export Award, Platinum Performer Certificate, Product Group-wise Awards, Woman Entrepreneur Award, and Regional Awards.
Note: EPCH is a key agency promoting Indian handicraft exports from India to various destinations worldwide.
APPOINTMENTS & RESIGNATIONS
SAP Labs India MD Sindhu Gangadharan Named as Chairperson of NASSCOM
On August 26 2024, Sindhu Gangadharan, the Managing Director (MD) of SAP Labs India Private Limited(SLI) has been named as the Chairperson of National Association of Software and Service Companies (NASSCOM) with immediate effect.
- Sindhu will succeed Rajesh Nambiar, who was appointed as the Chairperson of NASSCOM in September 2023.
Note: Rajesh Nambiar has been named as the President Designate for NASSCOM.
About Sindhu Gangadharan:
i.Sindhu Gangadharan was the first woman to lead SAP Labs India and will still continue to hold her position as the Head of Customer Innovation Services in the company.
ii.She was appointed as the chair of the Nasscom Global Capability Centers(GCC) Council in 2023.
iii.She is a member of the Steering Committee of the Indo-German Chamber of Commerce(IGCC) and also a board member of Siemens Limited and Titan Company Limited(Titan).
About National Association of Software and Service Companies (NASSCOM):
NASSCOM is a non-profit organisation that represents and promotes the interests of the Information Technology (IT) and Business Process Outsourcing (BPO) industry in India.
President – Debjani Ghosh(Till November 2024)
President Designate – Rajesh Nambiar
Headquarters – Noida, Uttar Pradesh (UP)
Established – 1988
OBITUARY
Former Lebanese PM Salim Ahmad al-Huss Passed Away
Former Lebanese Prime Minister (PM) Salim Ahmad al-Huss has passed away at the age of 94 at Beirut, Lebanon. He was born on 20 December 1929 at Beirut.
- He served as PM for four terms from 1976 to 1990. His final term in office was from 1998 to 2000.
About Salim Ahmad al-Huss:
i.He was a former Government Minister and Member of Parliament (MP).
ii.During his political career, he served as foreign minister, industry minister, education minister, labor minister, information minister, and economy minister.
iii.He was a prominent economist and a role model for his expertise, ethics and knowledge.
iv.He was described as a technocrat and widely respected as a rare statesman in a country marked by political and sectarian divisions.
About Lebanon:
Prime Minister(PM) – Najib Mikati
Capital – Beirut
Currency – Lebanese Pound
Nari Hira, Renowned Film Producer & Owner of Magna Publishing Passed Away
Nari Hira, the renowned film producer and owner of Mumbai (Maharashtra)-based Magna Publishing Company Limited(MPCL) has passed away in Mumbai(Maharashtra) at the age of 86 . He was born in 1938 in modern-day Karachi, Pakistan.
i.He began his career as a journalist in the 1960s but later shifted to publishing, where he earned the nickname ‘King of Indian Magazines.’
ii.He was involved in film production through Magna Films (established in 2007), a subsidiary of his publishing company.
iii.Hira was known for his pioneering work in publishing popular magazines such as Stardust, Savvy, Showtime, Society, and Health.
iv.He received the ‘Lifetime Achievement Award’ from the Indian Magazine Congress in recognition of her services to Indian publications.
BOOKS & AUTHORS
Former WHO Chief Scientist Soumya Swaminathan Releases Autobiography of Activist Kalpana Sankar
Soumya Swaminathan, the Chairperson of MS Swaminathan Research Foundation and former World Health Organization (WHO) Chief Scientist, released ‘The Scientist Entrepreneur: Empowering Millions of Women’, an autobiography written by activist Dr. Kalpana Sankar.
- The book launch was held as a part of the celebration of women’s empowerment and social entrepreneurship at Chennai, Tamil Nadu (TN).
i.The book chronicles Dr. Sankar’s journey from a nuclear scientist to a pioneering entrepreneur. This book is published by Rupa Publications India Private Limited, New Delhi(Delhi).
ii.The book launch emphasises the importance of grassroots initiatives for women’s economic empowerment and community development.
iii.Swaady Martin-Leke, the entrepreneur, Chairperson and Chief Executive Officer (CEO) of YSWARA in South Africa(SA) has received the first copy of book.
STATE NEWS
HP Launches ‘Mukhya Mantri Sukh Shiksha Yojana’ With Allocation of Rs. 53.21 crores
The Himachal Pradesh (HP) government has launched ‘Mukhya Mantri Sukh Shiksha Yojana’ with an annual allocation of Rs. 53.21 crores to provide financial assistance to widows, destitute women, divorced women and disabled parents to support the education and well-being of their children.
About Mukhya Mantri Sukh Shiksha Yojana:
i.The scheme targets to assist two specific age groups. The children under the age of 18, eligible women and parents with disabilities would get a monthly grant of Rs. 1000 to cover their educational, health, and nutritional expenses.
ii.The scheme also grants financial assistance to children for higher education, including Undergraduate (UG), Postgraduate (PG), Diploma, and vocational courses, covering course fees and hostel expenses.
iii.The scheme aims to strengthen family-level child protection in order to prevent issues like drug abuse, teenage marriages, child abuse, and human trafficking.
iv.The eligible children and women families with an annual income not exceeding Rs 1 lakh will benefit from the scheme.
v.The applications can be submitted to the local Child Development Project Officer (CDPO).
About Himachal Pradesh (HP):
Chief Minister (CM) – Sukhvinder Singh Sukhu
Governor – Shiv Pratap Shukla
Capitals – Shimla (Summer) and Dharamshala (Winter)
National Park – Simbalbara National Park
Wildlife Sanctuaries – Daranghati Wildlife Sanctuary, Dhauladhar Wildlife Sanctuary
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