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INTERNATIONAL AFFAIRS
Global Liveability Index 2024: Austria’s Vienna Topped as World’s Most Liveable City; Syria’s Damascus Ranked Least Liveable 
According to the Economist Intelligence Unit (EIU)’s Global Liveability Index 2024, Vienna, the capital of Austria, has topped the index as the most liveable city for the third consecutive year.
- Denmark’s Copenhagen maintained its second position, while Switzerland’s Zurich moved up from 6th place(2023) to 3rd on the 2024 list.
Note: No Indian City is ranked on the 2024 list of top 10 liveable cities in the world.
About Economic Intelligence Unit (EIU):
EIU is the research and analysis division of the Economist Group the sister company to The Economist newspaper.
Managing Director– Robin Bew
Headquarters– London, The United Kingdom
Founded– 1946
>> Read Full News
BANKING & FINANCE
RBI Introduced Revised SAARC Currency Swap Framework for 2024-27
On 27th June 2024, the Reserve Bank of India (RBI) introduced revised South Asian Association for Regional Cooperation (SAARC) Currency Swap framework for 2024-27, in concurrence with the Government of India (GoI).
- According to this framework, the RBI would enter into bilateral swap agreements with SAARC central banks, who wish to avail the swap facility.
Note: The SAARC currency swap facility was introduced in November, 2012, with the objective of providing a backstop line of funding for short-term foreign exchange liquidity requirements or Balance of Payment (BoP) crises of member nations.
Key Features of the Framework:
i.As per the framework, a separate Indian Rupee (INR) Swap window has been introduced worth Rs 250 billion, to provide various concessions for swap support in INR.
ii.RBI will continue to provide swap arrangement in USD and Euro through a separate US Dollar/ Euro Swap Window worth USD 2 billion.
About South Asian Association for Regional Cooperation (SAARC):
It is a regional and geopolitical organisation of mainly South Asian countries. It was established with signing of the SAARC charter in Dhaka, Bangladesh on 8th December, 1985. At present, SAARC comprises 8 member nations namely, Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.
Secretary-General– Md. Golam Sarwar (Bangladesh)
Headquarters- Kathmandu, Nepal
About Reserve Bank of India(RBI):
Governor – Shaktikanta Das(25th Governor of RBI)
Headquarter – Mumbai, Maharashtra
Established – 1 April, 1935
ADB & AHFL Signed USD 60 Million NCDs Deal to Offer Housing Loans to Low-Income Women in India
The Asian Development Bank (ADB) has signed a USD 60 million Non-Convertible Debentures (NCDs) financing agreement with the Aadhar Housing Finance Limited (AHFL), one of the largest affordable housing finance companies in India. As of 25 June 2024, USD 30 million has been disbursed.
- The funds will support housing loans for women and address the shortage of financing in low-income housing and affordable housing segments in India.
- India faces a significant housing shortage, estimated at 26.3 million homes in urban areas and nearly double that in rural areas.
Note: Manila(Philippines) based ADB was established in 1966 and is owned by 68 members, with 49 from the region.
Loan Allocation:
i.The financing will be used by the AHFL, to lend exclusively to women borrowers or co-borrowers.
ii.At least half of the funds will be deployed in 8 states, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Uttar Pradesh, and West Bengal.
AHFL’s Commitment:
i.AHFL focuses on the low-income housing segment in India, with ticket sizes of less than Rs 1.5 million (around USD 17,976).
ii.AHFL targets lower-income borrowers, offering loans with an average ticket size of Rs. 900,000 (around USD 10,875).
About Aadhar Housing Finance Limited (AHFL):
AHFL (Formerly known as DHFL Vysya Housing Finance Limited) was established in 2010 and commenced operations in February 2011.
- It was formed with the merger of DHFL Vysya and the Aadhar Housing Finance. In 2017, it was amalgamated with DHFL Vysya and renamed Aadhar Housing Finance Limited(AHFL).
Managing Director (MD) & Chief Executive Officer (CEO)- Rishi Anand
Mindspace becomes first Indian REIT to secure Rs 650-crore sustainability-linked bonds from IFC
Mindspace Business Parks Real Estate Investment Trusts (Mindspace REIT), has secured Sustainability-Linked Bond(SLB) worth Rs 650 crore from the World Bank member International Finance Corporation (IFC).
- It has become the first Indian Real Estate Investment Trust(REIT) to issue such bonds.
Key Points
i.The bonds have been issued for the tenure of 7 years with final redemption date of June 24, 2031, at a coupon of 7.94% per annum, payable quarterly. These bonds are to be listed on the Wholesale Debt Market (WDM) segment of the Bombay Stock Exchange(BSE Limited).
ii.This investment would help Mindspace improve the sustainability of its business parks and reduce greenhouse gas emissions in the coming times.
iii. The total sustainability linked financing is now worth Rs 1,860 crore after securing the funds from IFC.
iv.The coupon of these bonds is fixed in nature and shall be lowered gradually on the basis of the achievement of the set targets. These targets include reduction in Greenhouse gases (GHGs) emissions, increasing the share of green certified area for existing buildings (under operations and maintenance), and decline in energy intensity.
v.This partnership supports India’s net-zero targets and demonstrates the viability of climate finance in the real estate sector.
About Sustainability-Linked Bonds(SLB):
i.A Sustainability Linked Bond (SLB) is a borrowing instrument where financial and structural elements depends on whether the issuer achieves sustainability or Environmental, Social and Governance (ESG) metrics within a given timeline.
ii.This performance-based instrument allows issuers to achieve better sustainability outcomes while getting benefits from discounted interest rates on the bond.
About Mindspace Business Parks REIT:
Mindspace Business Parks REIT, sponsored by K Raheja Corp group, listed on the Indian bourses in August 2020.
Chief Executive Officer(CEO) – Ramesh Nair
Headquarters – Mumbai, Maharashtra
Established – 2019
About International Finance Corporation (IFC):
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. It helps in advancing economic development, creates jobs and improves the lives of people.
IFC is owned by 186 member countries.
Managing Director(MD)– Makhtar Diop
Headquarters -Washington, D.C., United States of America (USA)
Established – 1956
RBI Gold Reserves Overseas drops to its lowest at 47%
The Reserve Bank of India’s(RBI) gold reserves held overseas declined to their lowest level in six years by the end of March 2024, accounting for 47% of the total reserves accumulated since December 2017.
- By the end of March 2024, the RBI’s total gold holdings stood at 822.1 tonnes and its at-home holdings increased from 39% in 2021 to 53% in March 2024.
i.The share of gold reserves held domestically by central banks rose from 50% in 2020 to 68% by December 2023, with expectations of further increase to 74% within the next five years.
ii.A December 2023 Invesco survey of 57 central banks and asset managers found a growing trend of central banks keeping more gold reserves domestically. Initially stored in London for swaps and yield enhancement 8-10 years ago, there is now a shift towards repatriating them for greater security.
- India’s gold reserves are stored in the Bank of England(BOE), then also stores some of its gold reserves at the Bank for International Settlements (BIS) in Basel, Switzerland, and the Federal Reserve Bank of New York in the United States.
Note: The RBI began bringing gold back to India in March 2022.The RBI had repatriated 100 tonnes(1 lakh kilograms) of gold from the United Kingdom (UK), attributing this to adequate domestic storage capacity in May 2024.
RBI authorizes Hitachi Payment Services to Work as an Online Payment Aggregator
Noida(Uttar Pradesh) based Hitachi Payment Services Pvt. Ltd has received final authorization from the Reserve Bank of India (RBI) to operate as an Online Payment Aggregator under the payments and Settlement Systems Act, 2007.
i.This licence would enable the company to expand its digital solutions & services stack to encompass a comprehensive suite of innovative and merchant friendly payment options including Unified Payments Interface(UPI), netbanking, cards and wallets along with value-added services.
ii.In 2023, the company launched the HPX Accelerator Program to collaborate with fintech startups across India, aiming to drive innovation in digital payments.
Note: In 2024, several other companies have obtained a payment aggregator license, including Amazon Pay, Digio, CCAvenue, Decentro, MSwipe, Tata Pay, Zoho, and Zomato.
ECONOMY & BUSINESS
Govt Monetised Assets Worth Rs 1.56 Lakh Crore Under NMO in FY24, Against Target of Rs 1.8 lakh Crore: NITI Aayog
According to the official data released by National Institution for Transforming India (NITI Aayog). the Government of India (GoI) has monetized assets worth Rs 1.56 lakh crore in Financial year 2023-2024 (FY24) as against the set target of Rs 1.8 lakh crore, under the National Monetisation Pipeline (NMP).
- This represents a 159% increased compared to the achievement in FY2021-22.
- The total monetisation under NMP since its launch in 2020-2021 stands at Rs 3.85 lakh crore.
- Under NMP, the total target FY22 and FY23 was around Rs 2.50 lakh crore against which Rs 2.30 lakh crore was achieved.
About National Monetisation Pipeline (NMP):
i.In 2021, Union Minister Nirmala Sitharaman, Ministry of Finance (MoF) launched National Monetisation Pipeline, the asset monetisation pipeline of Central ministries and public sector entities.
ii.It was developed by NITI Aayog, in consultation with infrastructure line ministries, based on the mandate for ‘Asset Monetisation’ under Union Budget 2021-22.
iii.The cumulative monetization potential of the Central Government’s brownfield infrastructure assets have been estimated at Rs 6 lakh crore (6 trillion) over a 4 year period i.e. from FY22 to FY25.
Key Points:
i.Ministry of Road Transport and Highways (MoRTH) has topped in terms of the performance of individual Ministries in FY24, with monetised assets worth Rs 40, 314 crore.
- It was followed by Ministry of Coal (MoC) with Rs 56,794 crore, Ministry of Power (MoP) with Rs 14, 690 crore, Ministry of Mines with Rs 4,090 crore, Ministry of Petroleum and Natural Gas (MoPNG) with Rs 9, 587 crore, Ministry of Housing and Urban Affairs (MoHUA) with Rs 6, 480 crore and Shipping with Rs 7,627 crore .
- All these Ministries have achieved over 70% of their monetisation target in FY24.
About NITI Aayog (National Institution for Transforming India):
Chairperson- Narendra Modi, Prime Minister (PM) of India
Chief Executive Officer (CEO)- B.V.R. Subrahmanyam
Headquarters- New Delhi, Delhi
Formed- 2015
Indian Economy Expected to Grow at 7.5% in FY25: NCAER
The National Council of Applied Economic Research (NCAER) in its Monthly Economic Review (MER) June 2024, projected that India’s Gross domestic product (GDP) to grow at 7.5% in Financial year 2024-25 (FY25).
- For India, the growth projections for FY25 have been revised upward various domestic and international agencies. The range of projections for India for the FY25 is between 7.2% to 6.2%.
- Global growth projections for 2024 have been raised by the International Monetary Fund (IMF), the World Bank and other rating agencies. The growth rate is projected to be between 3.2% to 2.6% in 2024.
Key Findings:
i.The Government of India (GoI) contained its fiscal deficit at 5.6% of nominal GDP for FY24 as compared to the Revised Estimate (RE) of 5.8% of nominal GDP, and the Budget Estimate (BE) of 5.9% of nominal GDP.
ii.The Purchasing Manager’s Index(PMI) for manufacturing sectors decreased from 58.8 (in April 2024) to 57.5 (in May 2024) but still, continued to show expansionary momentum.
- PMI for Services decreased marginally from 60.8 (in April 2024) to 60.2 (in May 2024) but continued to show stable expansionary momentum.
iii.Growth in the Index for Industrial Production (IIP) decreased from 5.4% (revised estimates in March 2024) to 5% (provisional estimates in April 2024).
- While, the combined growth of 8 core Industries (IIP Core), increased from 6% (Revised Estimates) in March 2024 to 6.2% (Provisional Estimates) on a Year-on-Year (Y-o-Y) basis.
Growth of India’s Digital Payment System:
i.Unified Payment Interface (UPI) registered 14 billion transactions (in volume) in May 2024, saw growth of nearly 50% on Y-o-Y basis.
- Also, the number of transactions increased by 5.5%.
ii.Immediate Payment System (IMPS) registered 557.7 million transactions (in volume) in May 2024, saw growth of 11.2% on Y-o-Y basis.
- Also, the number of transactions increased marginally by1.3%.
Inflation:
i.The Consumer Price Index (CPI) headline inflation or retail inflation increased from 4.8% in April 2024 to 4.7% in May 2024.
- While, the core inflation decreased marginally from 3.2% in April 2024 to 3.1% in May 2024
ii.The Whole Sale Price Index (WPI) increased from 1.3% (Revised Estimates) in April 2024 to 2.6% (Provisional Estimates).
About National Council of Applied Economic Research (NCAER):
Director General (DG)- Poonam Gupta
Headquarters- New Delhi, Delhi
Established- 1956
AWARDS & RECOGNITIONS
Renowned Indian Author Arundhati Roy Won PEN Pinter Prize 2024
Renowned Indian Author ‘Arundhati Roy’ has won the prestigious PEN(Poet, Playwright, Editors Essayist, Novelist) Pinter Prize 2024 for her ‘unflinching and unswerving’ writings.
- The prize is shared with a designated ‘Writer of Courage’, someone who has been persecuted for speaking out about her or his beliefs.
- She is set to receive the award at a ceremony co-hosted by the British Library (BL), London, United Kingdom (UK) on October 10 2024.
Selection Process:
Arundhati Roy was chosen for the award by a panel of judges: Ruth Borthwick (Chair of English PEN); Khalid Abdalla (Actor and Activist) and Roger Robinson (Writer and Musician).
About PEN Pinter Prize:
i.PEN Pinter Prize was established in 2009 and set up by the English PEN, a founding centre of a global literary network that promotes literature and human rights. It aims to recognise ‘Writers of Courage’.
ii.The prize was given in memory of playwright Harold Pinter, who was awarded the Nobel Prize in literature in 2005.
iii.The award is given annually to a writer who is a resident of the UK, the Republic of Ireland or the Commonwealth. The award is given to writers in the English language.
Note: In 2023, Michael Rosen, British author won the PEN Pinter Prize for his literary contributions and Rahile Dawut, Chinese anthropologist won the Writers of Courage.
About Arundhati Roy:
i.Arundhati Roy is one of the well-known representatives of the contemporary generation of Indian writers who writes in English. Roy, currently facing the threat of prosecution over historic comments on Kashmir 14 years ago.
ii.She is a well known author, screenwriter, activist, actress, peace activist, who has written numerous books and non-fiction essays.
iii.She wrote an essay titled ‘The End Of Imagination’, which is a critique against the Indian government’s nuclear policies.
iv.Some of her notable works includes: The Cost of Living (1999); Power Politics (2001); Field Notes on Democracy: Listening to Grasshoppers (2009); Ministry of Utmost Happiness (2017)and Broken Republic: Three Essays (2011).
Other Awards & Honours:
i.Roy won the prestigious Booker Prize for Fiction for her debut novel ‘The God of Small Things’ in 1997. She became the first Indian writer to win this award.
ii.She was awarded the Sydney Peace Prize for her work in social campaigns and advocacy of non-violence in May 2004.
APPOINTMENTS & RESIGNATIONS
NATO Appoints Dutch PM Mark Rutte as Next Secretary-General
The North Atlantic Council officially appointed Mark Rutte, the acting Prime Minister (PM) of the Netherlands (Dutch) as the next Secretary General (SG) of the North Atlantic Treaty Organization (NATO).
- He will take office on 1st October 2024, from the current NATO SG Jens Stoltenberg, former PM of Norway (2000-2001 and 2005-2013).
- Jens Stoltenberg has been serving as the SG of NATO since October 2014. His 10-year term is set to conclude on 1st October 2024.
Note:
i.2024 marks the 75th anniversary of the founding of NATO.
ii.The NATO Summit 2024 will be hosted by the United States of America (USA) in Washington D.C. from 9 to 11 July 2024.
Background:
i.Mark Rutte’s appointment was confirmed by the NATO ambassadors during a meeting at the NATO headquarters in Brussels, Belgium. The SG selection process was based on the consensus of all 32 Alliance member countries of NATO.
ii.The SG of NATO is a senior political figure from a NATO member country, appointed for a 4-year term by member states.
About Mark Rutte:
i.Mark Rutte was the longest-serving PM of the Netherlands. He has served as the PM and Minister of General Affairs of the Netherlands for 4 times since 2010.
- Mark Rutte’s governemtn resigned in July 2023 and took over the caretaker role pending the formation of a new cabinet.
- He has been serving as the acting PM of the Netherlands since 2023.
ii.Prior to his appointment as PM, He served as the leader of the VVD parliamentary party from 2006 to 2010.
iii.He has also served as State Secretary for Education, Culture, and Science from 2004 to 2006 and as State Secretary for Social Affairs and Employment from 2002 to 2004.
iv.He has also served as a Member of the House of Representatives for the VVD from January to May 2003.
History of NATO:
i.The NATO was created by the United States of America(USA), Canada, and several Western European nations to provide collective security against the Soviet Union.
ii.The North Atlantic Treaty, the founding treaty of NATO popularly known as the Washington Treaty was signed by 12 founding members on 4th April 1949.
About the North Atlantic Treaty Organization (NATO):
Secretary–General– Jens Stoltenberg (Norway)
Members– 32 members countries
Headquarters– Brussels, Belgium
Om Birla Elected Speaker of 18th Lok Sabha for 2nd Consecutive Term by Voice Vote
On 26th June 2024, Om Birla (61-year old), candidate of ruling National Democratic Alliance (NDA), was elected as the Speaker of the 18th Lok Sabha(Lower House of the Parliament) for 2nd consecutive term by a voice vote.
i.He was elected against opposition Indian National Developmental Inclusive Alliance (INDIA) bloc’s candidate, Kodikunnil Suresh, 8 time-Member of Parliament (MP) from Mavelikkara constituency, Kerala
ii.On 26th June 2024, Lok Sabha Speaker Om Birla formally recognised Congress party leader, Rahul Gandhi as Leader of the Opposition (LoP) in 18th Lok Sabha (Lower House of the Parliament).
- He has been recognised as the LoP under Section 2 of the Salary and Allowances of Leaders of Opposition in Parliament Act, 1977.
Bank of Baroda Appoints Sumit Nagal as its Brand Endorser
On June 20 2024, Bank of Baroda (BoB), a leading public sector bank in India, appointed Sumit Nagal, rising Indian tennis player as its Brand Endorser.
- This move aligns with the BoB’s commitment to supporting talented and ambitious Indian sportspersons.
Note: The other BoB endorsers include PV Sindhu (Badminton star) and Shafali Verma (Cricketing youth icon).
About Sumit Nagal:
i.In April 2024, Sumit Nagal became the first Indian player in 49 years to qualify for the main draw of the Monte Carlo Masters tournament and the first Indian men’s player ever to win a Masters 1000 match on clay, defeating Matteo Arnaldi in the round of 64.
ii.He is the current top-ranked Indian singles tennis player, who achieved a career high singles ranking of World No. 71 on 17th June 2024 and secured a place in the Indian contingent for the Paris Olympics.
iii.He became the first Indian player in 35 years to defeat a seeded player in a Grand Slam men’s singles match at the Australian Open 2024 in January 2024 and the first Indian ever to win 2 ATP Challenger singles titles in Europe.
iv..He was qualified for the US Open Tennis Championships and became the sixth Indian to win a Junior Grand Slam on 26 August 2019.
iv.He has also won 2 Singles titles on the Association of Tennis Professionals (ATP) Challenge Tour, 9 Singles titles and 2 doubles titles on the International Tennis Federation (ITF) Futures Tour.
About Bank of Baroda (BoB):
Managing Director and Chief Executive Officer (MD & CEO) – Debadatta Chand
Headquarters – Vadodara, Gujarat
Established – July 20, 1908
Tagline – India’s International Bank
IBJA Reconstituted Governing Board; Prithviraj Kothari appointed as President
Mumbai, Maharashtra-based Indian Bullion and Jewellers Association (IBJA) has reconstituted its governing board for 2024-2029 and Prithviraj Kothari of Riddi Siddhi Bullion Ltd has been appointed as the national president.
- Aksha Mohit Kamboj from Aspect Global Ventures Pvt Ltd was appointed as the national vice president. She becomes the 1st woman to hold the post.
- Surendra Mehta C.A. was appointed as the national secretary.
- Following the reconstitution, the IBJA board now includes representatives from various sectors like exporting, diamond and jewellery, bullion refining, manufacturing, hallmarking, retailing, and coloured stones.
Note: IBJA, established in June 1919, is a leading organisation that serves as a key representative body for India’s bullion and jewellery industry.
ACQUISITIONS & MERGERS
CCI Approves Acquisition of Shares of Sneha Farms Pvt Ltd by Mitsui & Co., Ltd.
The Competition Commission of India (CCI) approves the acquisition of certain equity shares of Sneha Farms Private Limited (Sneha Farms), a private limited company, by Mitsui & Co., Ltd. (Mitsui), a Japanese trading and investments company, by way of a combination of primary subscription and secondary purchase.
Target– Sneha Farms; Acquirer– Mitsui
Points to note:
i.Sneha Farms, founded in 1994, has 2 subsidiaries: Sneha Gold Proteins Private Limited, and Singh Poultry Private Limited.
ii.Mitsui is listed with the Tokyo Stock Exchange and is engaged in various business areas including, mineral and metal resources, energy, infrastructure projects, etc.,.
CCI Approves Acquisition of Shares by Coforge Ltd. in Cigniti Technologies Ltd.
CCI approved the acquisition of acquisition of at least 50.21% and up to 54% shareholding on a fully diluted basis of Cigniti Technologies Limited (Cigniti) by Coforge Limited (Coforge).
- The acquisition is pursuant to the execution of share purchase agreements and mandatory open offer in accordance with the Securities and Exchange Board of India(SEBI) (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Points to note:
i.Coforge and Cigniti are public companies, and their equity shares are listed on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE).
ii.They provide Information Technology (IT) and IT-Enabled Services (ITES) and their sub-segments, in India.
SCIENCE & TECHNOLOGY
NSIL & Space Machines Signed Launch Service Agreement for Optimus Spacecraft
On 26th June 2024, NewSpace India Limited (NSIL), the commercial arm of the Indian Space Research Organisation (ISRO), has singed a Launch Service Agreement with the Space Machines Company, an Australian-Indian in-space servicing firm, to launch second Optimus spacecraft, weighing 450kg, the largest Australian-designed and built spacecraft so far.
i.The 2nd Optimus spacecraft will be launched aboard NSIL’s Small Satellite Launch Vehicle (SSLV) in 2026.
ii.The Government of Australia has signed a Memorandum of Understanding (MoU) worth USD 18 million with NSIL to enable the launch of Australian satellites into orbit from Indian soil
About New Space India Limited (NSIL):
It is Central Public Sector Enterprise (CPSE) which works under the administrative control of Department of Space (DoS).
Chairman and Managing Director– Radhakrishnan Durairaj
Headquarters- Bengaluru, Karnataka
Established- 2019
>> Read Full News
IMPORTANT DAYS
National Insurance Awareness Day 2024 – June 28
National Insurance Awareness Day is annually observed on 28 June to raise awareness about the importance of insurance, a financial product, in protecting individuals, families, and businesses from financial risks.
- The day aims to educate people about different types of insurance policies and their benefits.
- The day also encourages everyone to review their current insurance policies and assess if they need any changes or additional coverage.
About the Insurance Regulatory and Development Authority of India (IRDAI):
The IRDA was constituted as an autonomous body to regulate and develop the insurance industry, following the recommendations of the Malhotra Committee report, in 1999.
The IRDA was incorporated as a statutory body in April 2000.
Chairman– Debasish Panda
Headquarters– Hyderabad, Telangana
>> Read Full News
STATE NEWS
Centre Extends the Tenure of Andhra Pradesh’s Chief Secretary Neerabh Kumar Prasad by Six Months.
The Department of Personnel and Training(DoPT), under the Ministry of Personnel, Public Grievances and Pensions(MoPPG&P), has approved the extension of the tenure of Neerabh Kumar Prasad as Chief Secretary(CS) of Andhra Pradesh(AP) for an additional 6 months with effect from 1st July 2024 to 31st December 2024.
- He has been serving as the CS of AP since 7th June 2024, succeeding K.S. Jawahar Reddy, who was transferred without a designated posting.
- Neerabh Kumar Prasad, a 1987 batch IAS officer of AP cadre, was set to retire from service at the end of June 2024.
Note: The tenure of Neerabh Kumar Prasad was extended following the request sent by the AP government.
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