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NATIONAL AFFAIRS
MoE Celebrated 4th NEP 2020 with Week-Long Campaign “Shiksha Saptah”
On 29th July 2024, the Ministry of Education (MoE), Government of India (GoI) celebrated the 4th anniversary of the National Education Policy (NEP) 2020 with week-long campaign “Shiksha Saptah” from July 22-28, 2024, along with Akhil Bharitya Shiksha Samagam (ABSS) 2024 at Manekshaw Centre Auditorium in New Delhi, Delhi.
i.The campaign has 7 different themes for 7 days in order to celebrate the 4th anniversary of NEP 2020
ii.As part of the campaign, the DoSEL has outlined various activities for schools. Under this campaign, schools will enroll themselves to the Vidyanjali
iii.ABSS 2024 was conceptualized to celebrate the adoption of NEP 2020 to stimulate the commitment of various stakeholders for it effective implementation and to support the collective strength for achievement of shared goals through collaborative efforts.
About Ministry of Education (MoE):
Union Minister- Dharmendra Pradhan (Lok Sabha Constituency- Sambalpur, Odisha)
MoS- Jayant Chaudhary (Rajya Sabha- Uttar Pradesh (UP)); Dr. Sukanta Majumdar (Lok Sabha Constituency- Balurghat, West Bengal (WB))
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Union Minister Bhupender Yadav launches ‘Ideas4LiFE’ initiative at IIT Delhi
On July 29, 2024, Union Minister Bhupender Yadav, Ministry of Environment, Forest and Climate Change (MoEF&CC) launched the ‘Ideas4LiFE’ initiative at the Indian Institute of Technology (IIT) – Delhi in New Delhi, Delhi.
Aim: To inspire students, faculty, and research scholars to contribute citizen-centric innovative ideas/technologies to the global Mission LiFE (Lifestyle for Environment)
- This initiative, hosted on the portal Ideas4Life.nic.in, allows participants to submit their ideas and innovations online, focusing on products and services that encourage environmentally friendly lifestyles.
- This portal has been developed by MoEF&CC, in collaboration with United Nations Children’s Fund(UNICEF) YuWaah for submitting, managing, and processing innovative ideas.
Key Participants:
Minister of State (MoS) Kirti Vardhan Singh, MoEF&CC; Prof. Mamidala Jagadesh Kumar, Chairman, UGC; Prof. T G Sitharam, Chairman, AICTE; Prof Rangan Benerjee, Director IIT Delhi, among others.
Key Points:
i.The initiative supports the vision of mindful and deliberate resource utilization.
ii.The Ideas4LiFE Ideathon cover under each of the seven themes of Mission LiFE, an winning ideas will be awarded prizes for both individuals and institutions.
- The themes are: Save Water, Save Energy, Reduce Waste, Reduce E-Waste, Say No to Single-Use Plastics, Adopt Sustainable Food Systems, and Adopt Healthy Lifestyles.
iv.University Grants Commission (UGC), All India Council for Technical Education (AICTE), Indian Institutes of Technology (IITs), Indian Institute of Managements (IIMs), and other educational institutions across India will promote this Ideathon.
v.During the event, Union Minister Bhupender Yadav also planted a sapling at the IIT Delhi campus as part of ‘EkPedMaaKeNaam’ or ‘Plant4Mother’ movement, which began on World Environment Day i.e. 5th June 2024.
DoP Releases Commemorative Postage Stamp on 25th Kargil Vijay Diwas Rajat Jayanti
The Department of Posts (DoP) under the Ministry of Communications(MoC) has released the commemorative postage stamp of Denomination Rs 5 to mark the Silver Jubilee (25th anniversary) of Kargil Vijay Diwas, at Dras, Kargil in Ladakh.
i.The stamp not only commemorates the military’s historic victory, but also assures that future generations remember and honour the soldiers’ courage and sacrifices.
ii.The Rajat Jayanti of Kargil Vijay Diwas was observed, paying tribute to the bravery and sacrifices of the Indian Armed Forces.
iii.On this day, 25 years ago, During Operation Vijay (1999), the Indian Armed Forces carried out, evicting Pakistani invaders from the icy heights of the Dras, Kargil, and Batalik Sectors of Ladakh with great courage and spirit.
This operation, often referred to as the Kargil War is a proof of the bravery and indomitable determination of our young officers and soldier
BIS & GBPUAT Sign MoU to Develop For Standardised Agriculture Demonstration Farm
On July 24 2024, The Bureau of Indian Standards (BIS) has signed an Memorandum of Understanding (MoU) with Govind Ballabh Pant University of Agriculture and Technology (GBPUAT) to facilitate the development of the first of its kind ‘Standardised Agriculture Demonstration Farm’ (SADF) in India.
i.The MoU aims to develop SADFs at GBPUAT in collaboration with BIS. It also enhances agricultural practices by integrating Indian Standards, benefiting farmers and advancing agricultural innovation.
ii.These farms will be used as experimental sites to test and implement various agricultural practices and new technology in compliance with Indian standards.
iii.This partnership will promote standardised agricultural practices and introduce advanced technologies, enhancing productivity and sustainability in Indian agriculture.
Note:
i.GBPUAT, also known as Pantnagar University, is the first agricultural university of India, located at Uttarakhand.
ii.BIS is the National Standards Body of India is a statutory organisation under the Bureau of Indian Standards Act, 1986, headquartered at New Delhi, Delhi.
BANKING & FINANCE
SEBI Launches AI Chatbot ‘SEVA’ for Investors
On July 29, 2024, the Securities and Exchange Board of India (SEBI) has unveiled an Artificial Intelligence (AI)-based chatbot named SEVA (Sebi’s Virtual Assistant) to assist investors in accessing information and responses on various processes. This chatbot currently provides answers regarding the securities market, master circulars, and grievance redressal procedures, with plans for expansion based on user feedback.
Key Points:
i.SEVA, in its beta version, features citation support for responses, speech-to-text, text-to-speech functionalities, and can handle follow-up questions.
ii.The beta version of SEVA is accessible on SEBI’s investor website and the SAARTHI mobile app, available for both Android and iOS platforms.
iii.The SEVA chatbots will enable users to ask questions about the securities market and SEBI’s complaint redressal platform (SCORES).
About Securities Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
Establishment–1992
Shriram Group gets RBI Approval to enter into Asset Reconstruction Sector
Chennai, Tamil Nadu (TN)-based Shriram Group has obtained approval from the Reserve Bank of India (RBI) to enter the Asset Reconstruction (ARC) sector in the financial year 2024-2025 (FY25).
- Shriram Credit, a subsidiary of Shriram Capital Limited (SCL), will oversee the wealth management aspect which will have collaboration with multiple partners, while, SCL will directly manage ARC operations.
Key Points:
i.Shriram Finance Limited (SFL), India’s largest retail non-banking financial company (NBFC), projects a 15% growth in Assets Under Management (AUM) for FY25.
- By the end of Q1FY25, SFL’s total AUM increased by 21%, reaching Rs 2,33,443.63 crore from Rs 1,93,214.67 crore in FY24.
ii.In June 2024, SFL’s Board approved the sale of its housing-finance subsidiary, Shriram Housing Finance (SHFL), to Warburg Pincus for Rs 4,630 crore, aiming to focus on core operations and secure growth capital.
- The deal is pending RBI clearance and is expected to be approved by the end of Q3FY25.
- After the sale, SFL will get Rs 3,900 crore.
About Shriram Capital Limited (SCL):
Shriram Capital Private Limited, formerly Shriram Financial Ventures (Chennai) Private Limited is the tholding company for the Financial Services and Insurance entities of the Shriram Group.
Headquarters– Chennai, Tamil Nadu
Establishment– 1974
ICICI Lombard & Karnataka Bank Announces Strategic Bancassurance Partnership
ICICI Lombard General Insurance Company Limited (ICIL), Mumbai(Maharashtra) has announced a Strategic Bancassurance Partnership with Karnataka Bank Limited (KBL) to offer ICICI Lombard’s insurance products to Karnataka Bank customers.
i.The ICICI Lombard’s insurance products will now be available across Karnataka Bank’s 915 branches, reaching over 13 million customers nationwide.
- These offerings include health insurance, motor insurance, travel insurance, home insurance catering to the diverse insurance needs of individuals and businesses.
ii.It is designed to provide long-term financial security, underscoring both entities’ commitment to excellence through innovation and reliability.
iii.In 2022, The Insurance Regulatory and Development Authority of India (IRDAI) opened the bancassurance channel for insurers to increase insurance penetration in India and achieve ‘Insurance For All’ by 2047.
Note: KBL is a ‘A’ Class Scheduled Commercial Bank (SCB) in India, which is headquartered at Mangaluru, Karnataka.
NIIT IFBI & HDFC Bank Launches ‘ACE Banker Program’
Gurgaon (Haryana) based NIIT Institute of Finance, Banking and Insurance (NIIT IFBI), a subsidiary of National Institute of Information Technology (NIIT) has announced the launch of the ‘ACE Banker Program’ in collaboration with HDFC Bank Limited.
i.This program is designed to address the changing needs of the banking sector by equipping participants with the necessary skills and knowledge to excel in customer service roles at HDFC Bank.
ii.It is a critical part of NIIT’s Talent Pipeline as a Service (TPaaS) initiative which aims to recruit and train customer service professionals for HDFC Bank.
iii.This complete full-time program includes 45 days of residential training at the NIIT University campus.
- The candidates who complete the course will earn a joint certificate from HDFC Bank and NIIT, as well as job offers, subject to the terms and conditions of the Program.
Note: HDFC Bank, India’s largest private sector bank headquartered at Mumbai, Maharashtra.
ECONOMY & BUSINESS
Indian Economy Expected to Grow from 7% to 7.5% in FY25: NCAER
The National Council of Applied Economic Research (NCAER) in its Monthly Economic Review (MER) July 2024 report released on 29th July 2024, projected that India’s Gross Domestic Product (GDP) is likely to grow in the range of 7% to 7.5% in FY25 (2024-25).
- This projection is based on a normal monsoon and the momentum in high frequency indicators such as: bank credit growth as key factors amid signs of receding global shocks.
- As per Economic Survey 2023-24, India’s real GDP increased by 8.2% in FY24 (2023-24). This growth is mainly driven by stable consumption demand and gradual improvement in investment demand.
Note: The growth projection of India for FY25 by NCAER’s MER July 2024 report is higher than the 6.5% to 7% growth projected by Economic Survey for 2023-24.
Key Findings:
i.The International Monetary Fund (IMF) has increased India’s GDP projection to 7%, while Asian Development Bank (ADB) has retained its projection at 7% as of July 2024 for FY25.
- The average range of growth projections for India for FY25 is between 6.2% and 7.2%.
ii.The Union Budget for FY25 emphasised fiscal prudence and capex. It has projected that nominal GDP will grow at 10.5% in FY25.
- It has kept the fiscal target at 4.9% of GDP and capital expenditure at 2.4% of GDP during the FY25.
iii.As per the NCAER, the short to medium –term growth strategy is based on 6 key areas which are: private sector capital formation, green transition financing, Micro Small Medium Enterprises (MSME) development, agricultural transformation, Education and skill development, and enhanced state capacity.
iv.The NCAER-National Stock Exchange (NSE), Business Confidence Index (BCI) increased from 138.2 in the 4th quarter (Q4) of FY24 to 149.8 in the 1st quarter (Q1) of FY25.
v.The Purchasing Manager’s Index(PMI) for manufacturing sectors decreased from 57.5 (in May 2024) to 58.3(in June 2024) which shows the expansionary momentum.
- PMI for Services increased marginally from 60.2 (in May 2024) to 60.5 (in June 2024) and continued to maintain its steady trajectory.
- While, the composite PMI increased from 60.5 (in May 2024) to 60.9 (in June 2024).
vi.Growth in the Index for Industrial Production (IIP) increased from 5% (revised estimates in April 2024) to 5.9% (provisional estimates in May 2024)on a Year-on-Year (Y-o-Y) basis.
- While, the combined growth of 8 core Industries (IIP Core), decreased from 6.7% (Revised Estimates) in April 2024 to 6.3% (Provisional Estimates in May 2024) on a (Y-o-Y) basis.
Inflation:
i.The Consumer Price Index (CPI) headline inflation or retail inflation increased from 4.8% in May 2024 to 5.1% in June 2024.
- While, the core inflation remains unchanged at 3.1% in June 2024 compared to May 2024.
ii.The Whole Sale Price Index (WPI) increased from 2.6% (Revised Estimates) in May 2024 to 3.4% (Provisional Estimates)in June 2024.
Global Scenario:
i. theIMFhas kept its global growth projection unchanged for 2024 at 3.2% as of July 2024.The average growth rate is projected to between 6% and 3.2% in 2024 by multilateral organisations and rating agencies.
ii.Inflation has continued to decrease in advanced economies such as: the United States of America (USA) inflation rate has decreased from 3.3% to 3%; and the Euro area inflation decreased marginally from 2.6% to 2.5%.
- While, inflation in the United Kingdom (UK) and Japan remained unchanged at 2% and 2.8% respectively in June 2024 compared to May 2024.
About National Council of Applied Economic Research (NCAER):
Director General (DG)- Poonam Gupta
Headquarters- New Delhi, Delhi
Established- 1956
AWARDS & RECOGNITIONS
Union Minister Jitendra Singh Conferred the Lifetime Achievement Award
Union Minister of State (MoS – Independent Charge, IC) Dr Jitendra Singh Ministry of Science and Technology (MoST); Ministry of Earth Sciences (MoES) was conferred with the prestigious ‘Lifetime Achievement Award’ during the 2024 International Meet of leading medical celebrities, professionals and Medicos from all over the country and abroad at Chennai, Tamil Nadu (TN).
- The award is given in recognition of his exemplary dedication to the advancement of diabetology, diabetes care and diabetes research which earned him national and international acclaim.
About Jitendra Singh:
i.Jitendra Singh is an Indian Politician and renowned teacher, professor, researcher, and practitioner of Diabetology.
ii.He has authored eight books and three monographs on various aspects of diabetes and also wrote a chapter on Diabetes in twelve successive editions of the API Textbook of Medicine published by the Association of Physicians of India (API).
- His book ‘Diabetes Made Easy’ was featured in the World Book Fair’s Best-seller section at Pragati Maidan in New Delhi, Delhi.
iii.The World Health Organization (WHO) praised his groundbreaking work on ‘Stress Diabetes in Kashmiri Migrants’.
iv.He was also a member of the research team at DIPSY Group, which finalised the ‘Guidelines for Management of Diabetes in Pregnancy’.
vi.He is an example of a well-known Medical Professional, who proved equally successful in public life by being elected to the House of People (Lok Sabha) for three consecutive terms and first in Jammu & Kashmir (J&K) to find a seat in the Union Council of Ministers consequently for the third term.
Other Awards & Honours:
i.Jitendra Singh has received the ‘Gold Medal for Oration’ from Jawaharlal Institute of Postgraduate Medical Education & Research (JIPMER), Puducherry.
ii.He also received the ‘Jamna Devi Gian Devi Award’ for journalism.
iii.He was also conferred with the ‘Lifetime Patron of the Research Society for the Study of Diabetes in India’ (RSSDI), India’s largest academic association for diabetologists.
DMRC Won Global Water Tech Award 2024 For Environmental Initiatives
The Delhi Metro Rail Corporation (DMRC) has won the ‘Global Water Tech Award 2024‘ by the Global Energy & Environment Foundation (GEEF) in the ‘Organisation‘ category for its initiatives in environmental conservation.
- The GEEF Global WaterTech Award is presented at the Global WaterTech Summit held in New Delhi, Delhi. This award recognising DMRC for its efforts in water conservation and efficient utilisation of water resources in the city of Delhi.
- The award highlights DMRC’s leadership in the sustainable utilisation and conservation of essential natural resources, setting a benchmark for other organisations.
Key Initiatives of DMRC:
i. The key initiatives of DMRC that contributed to this award includes rainwater harvesting pits, installation of sewage treatment plants, and the use of treated effluent for construction, horticulture, and dust suppression at sites.
ii.DMRC has also implemented water-efficient fixtures, Beton Wash facilities at construction sites, and dual plumbing systems ensuring the useful utilisation of ‘dewatered water’ from its construction sites.
iii.These initiatives have lowered water demand and promoted environmental sustainability in urban infrastructure development. construction.
iv.During its Phase -I of construction, DMRC rejuvenated the dry Sarpakar Lake in the ridge area using dewatered water from its construction site near Delhi University, New Delhi(Delhi).
- Currently, dewatered water from Phase-IV development is being utilised to restore Roshanara Bagh Lake, with DMRC laying more than a kilometre of pipeline to assist it.
v.The water requirements for horticulture at DMRC’s staff quarters, depots, and Metro Bhawan (New Delhi) are met using treated water from several sewage treatment plants on the campus.
Note: In June 2024, DMRC announced its headquarters at Metro Bhawan ‘Carbon Neutral’, demonstrating its commitment to combating climate change.
About GEEF Global Water Tech Awards:
i.The GEEF Global WaterTech Awards are presented at the Global WaterTech Summit, the business conference for the water industry.
ii.It recognise the important achievements in the water industry in several categories to honour their initiatives in the water, wastewater and desalination sectors on innovation, technology, conservation and sustainable development.
iii.The winners of this award will be honoured with a trophy and citation.
About Global Energy & Environment Foundation (GEEF):
Headquarters – New Delhi, Delhi
Incorporated – 2022
About the Delhi Metro Rail Corporation (DMRC):
Chairman – Anurag Jain
Headquarters – New Delhi, Delhi
Established – 1995
APPOINTMENTS & RESIGNATIONS
President Droupadi Murmu appointed New Governors in 9 states and New Lt Gov in Puducherry
President of India, Droupadi Murmu, has appointed new Governors in 9 states (Sikkim; Meghalaya; Jharkhand; Telangana; Chhattisgarh; Rajasthan; Manipur (Additional charge); Assam; Punjab; and Maharashtra;) and a new Lieutenant Governor (Lt Gov)of the Union Territory (UT) of Puducherry.
- All the appointments will be effective from the dates the Governors assume charge of their respective offices.
About the President of India:
The President is known as the 1st citizen of India. The manner of the election of the President is provided by Article 55 of the Constitution of India.
First President of India– Rajendra Prasad
Former President (14the President)- Ram Nath Kovind (2017 to 2022)
>> Read Full News
ACQUISITIONS & MERGERS
UltraTech Signed Agreement with India Cements Limited to Buy Additional 32.72% Stake for Rs 3,954 crore
On 28th July 2024, Aditya Birla group-owned Ultra Tech Cement Limited has signed a Share Purchase Agreement (SPA) with the promoters and their associates of India Cements Limited (ICL) to purchase over 1 crore equity shares or additional 32.72% stake for Rs 390 per share for Rs 3,954 crore. This acquisition is subjected to regulatory approvals.
- The price offered by Ultra Tech is 4.1% higher than the ICL share closing price of Rs 374.60 per share on 26th July, 2024.
- With this acquisition, the stake of UltraTech in India Cements will increase to 55.49%. Thus India Cements Limited will become subsidiary of UltrTech.
- In June 2024, UltraTech acquired 22.77% stake in India Cements Limited at a price of Rs 268 per share.
Note:
i.Ultra Tech is the 3rd largest cement producer in the world, excluding China has total Grey Cement capacity of 154.86 MTPA.
ii.UltraTech has also made an open offer to acquire another 26% share of ICL from its shareholders worth Rs 3,142.35 crore.
Key Points:
i.At present, India Cements has a total capacity of 14.45 Metric Tonne Per Annum (MTPA) of grey cement, out of which 12.95MTPA is located in Tamil Nadu (TN) and 1.5 MTPA in Rajasthan.
ii.This acquisition will help Ultra Tech Cement to increase its current capacity by 9% as well as augments its capacity share by 2% on pan-India basis.
- After the acquisition, the cement capacity of UltraTech will increase from the current 156 Metric Tonne (MT)(excluding Kesoram) to 214 MT (including Kesoram) by FY27(2026-27).
iii.Ultra Tech Cement is estimated to account for about 33% of the industry by volume by FY27 aided by some Mergers and Acquisitions (M&As).
- Emkay Global projects that Ultra Tech capacity market share will increase from 11% in FY24 to 25% by FY27, which is in line with its capacity market share of more than 20% in other regions.
About Ultra Tech Cement:
Managing Director (MD) – K.C. Jhanwar
Headquarters- Mumbai, Maharashtra
About India Cements Limited (ICL):
It is one of the leading cement manufacturing companies in India.
Vice Chairman and MD- N. Srinivasan
Headquarters- Chennai, Tamil Nadu (TN)
Established- 1946
SPORTS
Sri Lanka beats India to Win the Women’s Asia Cup 2024 title for the First Time
Sri Lankan Women’s cricket team captained by Chamari Athapaththu won their first Women’s Twenty20 (T20) Asia Cup title by defeating the Indian women’s cricket team captained by Harmanpreet Kaur, by 8 wickets in the finals of the Women’s T20 Asia Cup 2024 held at the Rangiri Dambulla International Stadium in Dambulla, Sri Lanka. This marks the first title of Sri Lanka
- Women’s T20 Asia Cup 2024, the 9th edition of the tournament, was held from 19th to 28th July 2024 in Dambulla, Sri Lanka.
Note: India is the only team that has played in the finals of all the Asia Cups and has been the most successful team, with 7 title wins.
>> Read Full News
IMPORTANT DAYS
World Day Against Trafficking in Persons 2024 – July 30
The United Nations (UN) World Day Against Trafficking in Persons is annually observed across the globe on July 30 to raise awareness about the situation of human trafficking victims and to promote and protect their rights.
i.2024 marks the 10th anniversary of World Day Against Trafficking in Persons and it is crucial to address the shortcomings and accelerate action to #EndHumanTrafficking.
ii.The 2024 theme of World Day Against Trafficking in Persons is ‘Leave No Child Behind in the Fight Against Human Trafficking’.
ii.The first-ever World Day Against Trafficking in Persons was observed on July 30, 2014.
About the United Nations Office on Drugs and Crime (UNODC):
Executive Director (ED) – Ghada Fathi Waly
Headquarters – Vienna, Austria
Established – 1997
>> Read Full News
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