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Current Affairs 4 & 5 July 2021

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We are here for you to provide the important Recent and Latest Current Affairs 4 & 5 July 2021, which have unique updates of Latest Current Affairs 2021 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

Narendra Singh Tomar Released Compendium on Best Practices to Address Gender Issues by DAY-NRLMMinister-of-Rural-Development-releases-compendium-on-best-practices-to-address-gender-issues-by-Deendayal-Antyodaya-Yojana---NRLMUnion Minister of Rural Development, Agriculture and Farmers’ Welfare, Panchayati Raj and Food Processing Industries Narendra Singh Tomar released a compendium relating to how Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) is addressing gender issues through Social Action Committees of Self Help Groups (SHGs) federations.
Key points:
i.The voices of women and girls who have sought support from the Village Organisation Social Action Committees to address a range of issues such as prevention of child marriages and violence against women were highlighted in the event.
ii.The case studies from 23 States pointed out the processes, mechanisms, strategies, and plans for replicating and scaling the gender interventions to advance the gender equality.
iii.The Union Minister appreciated the Ministry’s effort in providing support to women and girls to voice their concerns and seek support through DAY-NRLM.
iv.He also highlighted the role that SHG members and the Social Action Committees could play in spreading awareness about COVID-19 (to encourage people to get vaccinated).
About DAY-NRLM:
i.It was launched as ‘Aajeevika – NRLM’ by the GOI’s Ministry of Rural Development in 2011 to address multi-dimensional poverty issues through building strong institutions for the poor. It was renamed DAY-NRLM in 2015.
ii.Under the scheme, SHGs were formed to provide financial, economic and social development services to their members (rural poor women) for enhancing their income and quality of life.
iii.SHG members who came out of poverty became the Community Resource persons and they are acting as change agents. Currently, NRLM covers 6,758 blocks, mobilizing 76.2 million rural households into 69.9 lakh SHGs.
Participants: Minister of State Sadhvi Niranjan Jyoti, and senior officials from the Ministry of Rural Development, State Governments and members of Village Organisations and Cluster Level federations have participated in the event.
Note – A compendium is a summary of information of a larger work.
About Ministry of Rural Development:
Union Minister – Narendra Singh Tomar (Morena, Madhya Pradesh)
Minister of State – Sadhvi Niranjan Jyoti (Fatehpur, Uttar Pradesh)

DoS releases ‘Draft National Space Transportation Policy – 2020’India-to-allow-private-players-to-build-and-operate-rocket-launch-sites (1)The Department of Space (DoS) has placed the ‘Draft National Space Transportation Policy – 2020 – Norms, Guidelines & Procedures (NGP)’ for implementation in public domain for comments & suggestions.

  • The Draft National Space Transportation Policy-2020 covers all aspects of rocket launching, launchpads, reentry of a space object and others.
  • It aims to unlock the potential of the space sector in the country with respect to space transportation systems by creating a healthy ecosystem for private companies to develop launch vehicles and launch them from Indian Territory.
  • Indian National Space Promotion & Authorization Center (IN-SPACe), an independent body constituted by Government of India, under the DoS has been specified as the nodal agency for all approvals related to launches by the Indian private sector.

Boost for Private Sector
i.The draft policy allows Indian private companies to establish and operate rocket launch sites within and outside the country, after getting prior authorisation from the government.
ii.Rocket launch (orbital or sub-orbital) from Indian or overseas territory can be carried out only with authorisation from IN-SPACe.

  • The launch could be from own or leased launch site and also from mobile platforms (land, sea or air).

About Department of Space (DoS)
The Portfolio of DoS is held by Prime Minister Narendra Modi (Varanasi, Uttar Pradesh)
Secretary –  K Sivan
Secretariat – Bengaluru, Karnataka
>>Read Full News

MoCI’s Logistics Division unveiled Plan for ‘Freight Smart Cities’ during Consultative Meeting chaired by HS PuriCommerce-Ministry’s-Logistics-Division-unveils-plans-for-‘Freight-Smart-Cities’i.On July 2, 2021, a consultative meeting on freight smart cities was held which was chaired by Minister of State (MoS) Hardeep Singh (HS) Puri, Ministry of Commerce and Industry (MoCI). During the meeting, the Logistics Division, MoCI unveiled a plan for ‘Freight Smart Cities’ to improve the efficiency of urban freight and to reduce the logistics costs.
ii.The MoS also launched the website on ‘Freight Smart Cities’ along with the release of a handbook outlining 14 measures that can be taken to improve urban freight with low-cost, and low effort initiatives through relevant PPP (Public Private Partnership).
About Ministry of Commerce and Industry:
Union Minister– Piyush Vedprakash Goyal (Rajya Sabha, Maharashtra)
Minister of State (MoS)– Hardeep Singh Puri (Rajya Sabha, Uttar Pradesh), Som Parkash (Lok Sabha- Hoshiarpur, Punjab)
>>Read Full News

6th BRICS Culture Ministers Meeting 2021 held virtually under the Chairship of IndiaShri-Prahlad-Singh-Patel-chairs-6th-meeting-of-BRICS-Culture-Ministers-through-video-conferenceOn 2nd July 2021, India virtually hosted the 6th BRICS(Brazil, Russia, India, China, and South Africa) Culture Ministers meeting 2021 under the chairship of Prahlad Singh Patel, Minister of State (I/C) for Culture and Tourism. The meeting saw the participation of the Minister of Culture from the BRICS member countries (Brazil, Russia, India, China, and South Africa).
The meeting was conducted under the theme – “Bonding and Harmonizing Cultural Synergy”
Key Discussions:
i.Increasing collaboration among the member countries in exchanging knowledge of Cultural experiences to protect various tangible & intangible cultural heritages.
ii.A proposal was made for the formation of the BRICS Alliance to conserve & preserve ancient manuscripts through digital means.
iii.Promoting the use of digital technologies to conserve cultural heritage by conducting online cultural activities like – Virtual Museums, Arts, Theatres etc.
About BRICS(Brazil, Russia, India, China, and South Africa):
2021’s Chair – India
2021’s Theme – BRICS @ 15: Intra-BRICS Cooperation for Continuity, Consolidation and Consensus

Role of Women in Leading Scientific Research increases by 4%: DST ReportRole-of-women-in-leading-scientific-research-increased-by-4-percentAccording to the ‘Directory of Extramural Research & Development Projects 2018-19’ released by the Centre for Human and Organisational Resource Development (CHORD), a division of the Department of Science & Technology (DST) – Women Principal Investigators (PIs) participation in research that received Extramural Research (EMR) support (support received through peer-reviewed competitive grant mechanism) stood at 28% during 2018-19, compared to 24% during 2016-17.
i.The Research & Development (R&D) support through peer-reviewed competitive grant mechanisms by the Central government stood at  INR 2091.04 crore in 2018-19, an increase of 54.72 crore compared to 2017-18.
ii.22 Indian Institute of Technologies (IITs) combined received the highest number of projects (822) & highest funding support (INR 449.25 crore)
iii.Among the Government Agencies/Departments, Department of Science & Technology (DST) contributed the most to extramural R&D funding in India – INR 1392.21 crore (67% of total funding)
Directory of Extramural R&D project Report
i.The Directory of Extramural Research & Development projects approved for funding by selected Central Government Departments/Agencies has been published by DST annually since 1990-91.

  • The 2018-19 Directory is the 29th in the series. CHORD is responsible for collecting, analyzing and disseminating information on Extramural Research and Development projects funded by various scientific agencies.

About Department of Science & Technology (DST)
DST is under the Ministry of Science and Technology.
Secretary – Prof Ashutosh Sharma
Head Office – New Delhi
>>Read Full News

INTERNATIONAL AFFAIRS

India joins G20-OECD Tax Framework Deal for Global Minimum Corporate TaxIndia joins global minimum tax rate planThe Organization for Economic Cooperation and Development (OECD) stated that 130 countries including G20 members, India & China have joined the G20-OECD Tax Framework Deal for Global Minimum Corporate Tax.
i.The Global Minimum Corporate Tax is set to come into force from 2023 mandates 15% Tax on globally operating companies (such as Google, Facebook). It is applicable for Global companies with global annual revenue of at least 20 billion Euros (USD 24 billion) and a profit margin of over 10%.

  • The objective of introducing the tax is to prevent global companies from shifting to low-tax regions to secure extended profits.
  • The 15% tax is expected to generate an estimated USD 150 billion additional tax revenue each year.
  • It was proposed by US President Joe Biden and was accepted by the G7 countries in June, 2021.
  • OECD is coordinating the global campaign for the Tax.

Equalisation Levy by India
i.In 2016, India imposed an equalisation levy of 6% on online advertisement services provided by non-residents. It was applicable to Google and other foreign online advertising service providers.
ii.On April 1 2020, Government expanded its scope by imposing a 2% equalisation levy on digital transactions by foreign entities operating in India or having access to the local market.
iii.India may have to withdraw the equalization levy, if the Global Minimum Corporate Tax is implemented in 2023.
Recent Related News:
May 11, 2021, The Asian Development Bank (ADB) has launched the ‘Asia Pacific Tax Hub’ to enhance International Tax Cooperation.
About Organization for Economic Cooperation and Development (OECD)
Secretary-General – Mathias Cormann
Headquarters – Paris, France
>>Read Full News

Harsh Vardhan addresses 17th World Congress for Cervical Pathology and ColposcopyDrUnion Minister for Health and Family Welfare Dr Harsh Vardhan addressed the 17th World Congress of  International Federation of Cervical Pathology and Colposcopy 2021 (IFCPC 2021) held virtually from July 1-5, 2021. It is being organised in Asia for the 1st time and is also the 1st virtual IFCPC World Congress.

  • It was organised by Indian Society of Colposcopy and Cervical Pathology (ISCCP) & Department of Obstetrics & Gynecology, Vardhman Mahavir Medical College & Safdarjung Hospital, New Delhi. It was inaugurated by Vice President Venkaiah Naidu.
  • Theme – ‘Eliminating Cervical Cancer: Call for Action’, the theme is aligned to the World Health Organisation (WHO) call for Elimination of Cervical Cancer by 2030.

Key Points from the Address
i.Cervical Cancer is the 4th most common cancer in women, affecting half a million women across the world each year and killing a quarter of a million.
ii.He highlighted the efforts taken by India to stop Cervical Cancer.

  • India is one of the few developing countries which have formulated the national cancer control program.
  • Government of India is offering intervention to end cancer through two wings of Ayushman Bharat Programme – Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) & Health and Wellness Centres (HWCs).

About Indian Society of Colposcopy and Cervical Pathology (ISCCP)
President – Dr Saritha Shamsunder
Head Office – New Delhi
>>Read Full News

WHO awarded China a Malaria-Free Certificate

On June 30, 2021, the World Health Organization (WHO) awarded China a malaria-free certification. This certification recognized China’s 70-year effort to eradicate this disease.
i.It reported zero cases for last the 4 years.
ii.In the 1940s, the country reported 30 million cases of the disease annually.
iii.China is the first country in the WHO Western Pacific Region to be awarded a malaria-free certification in more than 3 decades. Other countries in the region that have achieved this status include Australia (1981), Singapore (1982) and Brunei Darussalam (1987).
It should be noted that countries that have achieved at least three consecutive years of zero indigenous cases can apply for WHO certification of their malaria-free status.

BANKING & FINANCE

NABARD Sanctioned Rs 388 crore for Drinking Water, Road Projects in OdishaNABARD-sanctions-Rs-388-crore-for-drinking-water,-road-projects-in-OdishaThe National Bank for Agriculture and Rural Development (NABARD) has sanctioned financial assistance of Rs 388 crore under the Rural Infrastructure Development Fund (RIDF) for Odisha to set up 4 mega piped drinking water supply projects and 20 rural road projects across 15 districts of the state.
Key points:
i.The 4 drinking water supply projects envisage providing 70 LPCD (litre per capita per day) safe, hygienic potable drinking water at the consumer end through a functional household tap connection (FHTC) with 8 hours of supply in the project area.
ii.The water projects include 1 each in Koraput district (Boipariguda block) and Balasore district (Nilgiri block), and 2 in Malkangiri district (Malkangiri and Kalimela blocks).
iii.So far, Rs 691 crore has been sanctioned under RIDF for Odisha in FY22 and the total sanctions under RIDF to the state since RIDF’s inception remained at Rs 28,732 crore.
About National Bank for Agriculture and Rural Development (NABARD):
It was established on the recommendations of the B.Sivaraman Committee (by Act 61, 1981 of Parliament) to implement the NABARD Act 1981.
Establishment – 12 July 1982
Headquarters – Mumbai, Maharashtra
Chairman – Govinda Rajulu Chintala
>>Read Full News

RBI Issued Directions for Appointment of MD/WTD in UCBsRBI-prescribes-qualifications-for-Managing-Directors,-whole-time-directors-of-UCBThe Reserve Bank of India (RBI) has issued directions relating to ‘Appointment of Managing Director (MD) / Whole-Time Director (WTD)’ in all Primary (Urban) Co-operative Banks (UCBs).
RBI’s Direction for MD/WTD Appointment:
i.Educational Qualifications:  He should be a graduate, preferably, with Qualification in banking (such as Diploma in Banking and Finance/ Chartered /MBA (Finance)) or Post-graduation in any discipline.
ii.Age Limit: From 35 years to 70 years. (the bank’s Boards are allowed to prescribe a lower retirement age).
iii.Ineligible Persons: Member of Parliament (MP), Member of the Legislative Assembly (MLA), Member of Municipal Corporation or Municipality or other local bodies, persons engaged in business, trade or having substantial interest in any company.
iv.Tenure of MD/ WTD: 

Criteria Tenure
Minimum period to hold the post after 1st appointment  3 years
Maximum period to hold the post at a time 5 years
Re-appointment
(in the same bank)
After a minimum gap of 3 years (In that 3 years they should not be appointed or associated with a bank (directly/indirectly))
Maximum Tenure to hold the post in the same bank 15 years.


About Reserve Bank of India(RBI):
Establishment– 1st April 1935
Headquarters– Mumbai, Maharashtra
Governor– Shaktikanta Das
Deputy Governors –  Mahesh Kumar Jain, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
>>Read Full News

World Bank increased COVID-19 Vaccine Funding by $8bn to $20 bnWorld Bank increases COVID-19 vaccine funding to $20 billionThe World Bank (WB) enhanced its available funding by $8 billion for COVID-19 vaccine purchases and deployment to $20 billion over next 18 months i.e. through 2022 from a previous target of $12 billion.

  • This decision has been taken to overcome the disproportionate vaccination rates between the advanced economies and developing countries as the latter are facing sharp increase in overall financing demand.

World Bank’s Assistance to Developing Countries:
i.It has provided more than $4 billion to 51 developing countries for the purchase and deployment of COVID-19 vaccines.
ii.Recently, WB’s private financing arm International Finance Corporation (IFC) mobilized €600 million euros for South African vaccine manufacturer, Aspen Pharmacare Holdings Limited, to ramp up production.

  • This was done in collaboration with three national development finance institutions, Proparco of France, DEG of Germany, and DFC of the United States (US).
  • Out of €600 million euros , €200 million euros from IFC’s account.

iii.World Bank can also fully fund the purchase of the up to 400 million Johnson & Johnson (J&J) doses negotiated by the Africa Center for Disease Control and the African Vaccine Acquisition Task Team (AVATT).
iv.Since the start of the pandemic, WB has approved more than $150 billion to address its health and social impacts.
Key Points:
i.This increase in funding will also cater to the 41 requests to WB from African countries where less than half the population has been vaccinated.
ii.Developing countries, WB, International Monetary Fund (IMF), and World Health Organization (WHO) urged G20 (Group of Twenty) countries to achieve vaccinated population targets of at least 40% by the end of 2021 and 60% by the first half of 2022.
iii.They also urged the G20 major economies to share at least 1 billion vaccine doses with developing countries in 2021.

  • It should be noted that the 3rd Finance Ministers and Central Bank Governors Meeting (FMCBGs) under the Italian Presidency for 2021 G20 will be held from July 9-10 2021 in Venice, Veneto, Italy. The meet is one of the ministerial meetings organized as part of the G20 Leaders Summit 2021, which will be hosted by Italy in October 2021.

The World Bank’s vaccine financing package can be used by countries to buy vaccine doses through COVAX (COVID-19 Vaccines Global Access) and AVATT or other sources.

Govt Extended Retirement Age of LIC Chairman from 60 to 62 Years 

Government (govt) has amended the Life Insurance Corporation (LIC) of India (Staff) Regulations, 1960 to extend the superannuation (retirement) age of Initial Public Offer (IPO)-bound LIC Chairman to 62 years from 60 years.

  • The changes made in the rules will be called the Life Insurance Corporation of India (Staff) Amendment Rules, 2021.
  • In June 2021, the govt made a 9-month extension to LIC Chairman M R Kumar till March 2022 in view of the ongoing preparation for the IPO.
  • M R Kumar was to retire on June 30, 2021, upon attaining the age of 60 years. To provide the extension beyond 60 years, the rules are amended now.

Note – The retirement age of the majority of PSUs top executives is 60 years.
IPO of LIC:
i.At the Budget 2021, Finance Minister Nirmala Sitharaman announced the IPO of LIC, to be floated in 2021-22 as a part of the Rs 1.75 lakh crore disinvestment target.
ii.Earlier, the government has amended the LIC Act, 1956 along with the Finance Act 2021 and increased the authorised share capital of LIC from Rs 100 crore to Rs 25,000 crore to facilitate the listing.
iii.As per the amendment, the authorised share capital of Rs 25,000 crore would be divided into 2,500 crore shares of Rs 10 each.
iv.100 percent stake of LIC was owned by the govt, it has an asset base of Rs 31,96,214.81 crore. It collected the highest ever new business premium of Rs 1.84 lakh crore in FY21.
v.After listing, LIC might become India’s biggest company by market capitalisation with an estimated valuation of Rs 8-10 lakh crore.
About Life Insurance Corporation (LIC):
Establishment -1956
Headquarters – Mumbai, Maharashtra
Chairman -M R Kumar

RBI Imposed Rs 25 lakh Penalty on Punjab and Sind Bank

Reserve Bank of India (RBI) imposed a monetary penalty of Rs 25 lakh on the state-owned Punjab and Sind Bank for non-compliance with certain provisions related to the directions on ‘Cyber Security Framework in Banks’.

  • RBI has also imposed a Rs 1 lakh penalty on the Nagar Sahkari Bank Limited, Etawah, Uttar Pradesh for contravention of certain regulations such as ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs (Urban Cooperative Banks)’.

ECONOMY & BUSINESS

Overview of Ministry of Commerce and Industry’s Achievements in Q1 of 2021-22India has set target of USD 400 billion merchandise export in 2021-22Union Minister for Commerce & Industry Piyush Goyal stated the achievements of the Ministry of Commerce and Industry in Q1 (April – June) of 2021-22.
Key Points

  • Merchandise exports of USD 95 billion was achieved in Q1 of 2021-22, which is the highest in the history of India.
  • India’s exports growth during April 2021 was higher than other major advanced economies like European Union, Japan, USA, South Korea & UK.
  • India received the highest ever FDI inflow in 2020-21 of USD 81.72 billion.
  • Target – India has set a target of USD 400 billion Merchandise exports for 2021-22.

Performance of Service Sector
Despite the pandemic, almost 97% of 2019-20 service export levels were achieved in the last FY. India is aiming to achieve USD 350 billion service exports by 2025, it is planning to make the target USD 500 billion soon in the future.
About Ministry of Commerce & Industry
Union Minister– Piyush Vedprakash Goyal (Maharashtra)
Minister of State – Hardeep Singh Puri (Uttar Pradesh), Som Parkash ( Hoshiarpur, Punjab)
>>Read Full News

AWARDS & RECOGNITIONS

Invest India awarded as World’s Most Innovative Investment Promotion Agency of 2021 

In July 2021, Union Minister of Commerce and Industry, Piyush Goyal and Union Minister of Information and Broadcasting Prakash Javadekar congratulated ‘Invest India’ for winning the World’s Most Innovative Investment Promotion Agency for 2021 by the OCO Global.
i.Invest India has been continuously identifying innovative areas of investment and bringing in sustainable investors to India, despite the disruptions caused by COVID-19 pandemic
Note- In December 2020, the United Nations Conference on Trade and Development (UNCTAD) declared ‘Invest India’ as winner of the 2020 United Nations Investment Promotion Award
About Invest India:
Objective – Promotion of India’s National Investment through sector specific targeted development in partnership with substantial investment promotion agencies and multilateral organizations.
Established in 2009, under the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry
Managing Director & CEO – Deepak Bagla
About OCO Global:
Headquarters – Belfast, Ireland
Founder & CEO – Mark O’Connell
Established – 2001

RK Sabharwal awarded “The Order of Polar Star” – Highest Civilian Award of Mongolia 

Chairman & Managing Director of Engineers India Ltd. (EIL), RK Sabharwal, was awarded the highest civilian award of Mongolia “The Order of Polar Star”. He was honoured with the prestigious award for his contribution towards the construction of Mongolia’s 1st ever Oil Refinery.
i.The Oil Refinery is constructed by the Mongolian government with the USD 1 billion Line of Credit provided by Prime Minister Narendra Modi during his visit to Mongolia in 2019.

        APPOINTMENTS & RESIGNATIONS

Shambhu Nath Srivastava Appointed as IFUNA Chairman Shambhu Nath Srivastava appointed as IFUNA chairmanShambhu Nath Srivastava, the former Allahabad High Court Judge and former chief Lokayukta of Chhattisgarh, has been appointed as the Chairman of the Indian Federation of United Nations Associations (IFUNA). He succeeded Mukul Sangma, a former chief minister of Meghalaya.
About Indian Federation of United Nations Associations (IFUNA):
i.IFUNA is a Non-governmental, Voluntary, Nonprofit Organization working for International Peace and Understanding, and to promote the objectives of the United Nations and its Specialized Agencies.
ii.It was founded by social reformer Acharya Narendra Dev and it is affiliated with the World Federation of United Nations Associations (WFUNA), which is headquartered at Geneva, Switzerland.
iii.It is the only body to represent India in the UN forums and it also has the Consultative Status of the UN Economic and Social Council (ECOSOC).
iv.ECOSOC is the highest status granted by the UN to non-governmental organizations (NGO’s), thereby allowing them to participate in the work of the UNs.
Headquarters – New Delhi
President – Bijoya Chakrabarty, former Union Minister

Uttarakhand CM Tirath Singh Rawat Resigned Uttarakhand CM Tirath Singh Rawat resignsUttarakhand Chief Minister(CM) Tirath Singh Rawat of Bharatiya Janata Party(BJP), has submitted his resignation to Baby Rani Maurya, Governor of Uttarakhand.  He resigned 4 months after taking charge as the Chief Minister.
The BJP Legislature party has scheduled a meeting at the BJP Headquarters in Uttarakhand to select a new Chief Minister.
Background:
i.Tirath Singh Rawat was not an elected member of the legislative assembly(MLA) in the Uttarakhand Assembly while he took over as the Chief Minister, under the Representative of People Act.
ii.The term of the Uttarakhand assembly expires in March 2022.
About Tirath Singh Rawat:
i.Tirath Singh Rawat was a Lok Sabha Member of Parliament representing the Pauri Garhwal constituency of Uttarakhand.
ii.He replaced Trivendra Singh Rawat as the Chief Minister on 10th March 2021.
About Uttarakhand:
National Park– Corbett National Park, Nanda Devi National Park, Valley of Flowers National Park.
Tiger Reserve– Corbett Tiger Reserve, Rajaji Tiger Reserve

          ACQUISITIONS & MERGERS

Edelweiss Group Sold its Entire Stake in EGIBL to Gallagher & CoEdelweiss Group divests stake in Edelweiss Gallagher Insurance BrokersEdelweiss Group, one of India’s leading diversified financial services firms, has sold its entire stake in Edelweiss Gallagher Insurance Brokers Limited(EGIBL), an insurance broking joint venture to Gallagher & Co. 
Gallagher previously held 30% stakes in EGIBL and has now acquired the remaining shares.

  • The Edelweiss Group has sold 3.7 million shares of EGIBL at Rs 10 each which represents around 70% of the paid-up share capital of a total value of Rs 307.60 crore.
  • The deal was approved by the Insurance Regulatory and Development Authority of India(IRDAI).

Background:
i.In May 2019, the Edelweiss group and Gallagher & Co entered into a partnership with Gallagher taking a minority stake in EGIBL.
ii.In August 2020, Edelweiss sold a 51% stake in its wealth management business to Pacific Alliance Group for around 300 million USD.
About Edelweiss Group: 
Chairman– Rashesh Shah
Headquarters– Mumbai, Maharashtra

       SCIENCE & TECHNOLOGY

Indrajaal: Grene Robotics developed India’s 1st Indigenous Drone Defence Dome1st indigenous drone defence domeIndia’s first indigenous Autonomous Drone Defence Dome (AD3) namely ‘Indrajaal’ has been developed by Grene Robotics, a Hyderabad (Telangana) based company into building autonomous technologies.

  • This Anti-Drone Dome provides a 24*7 protection to a large area / city of 1,000-2,000 sq km against threats such as Unmanned Aerial Vehicles (UAVs), incoming weapons (missiles), loitering munitions and Low-Radar Cross Section (RCS) targets autonomously.
  • It also provides real time situation updates.

About Indrajaal:
i.It is a comprehensive 3-dimensional geographic information system (GIS) based Display System for C4ISRT i.e. Command, Control, Communications, Computers, Intelligence, Surveillance, Reconnaissance, and Targeting.
ii.It is an autonomous defence weapon system composed of 9-10 technologies such as Artificial Intelligence (AI), cybersecurity and robotics to identify and counter threats.
Point to be noted:
Earlier this year, Grene Robotics entered into a partnership with Bharat Electronics Limited (BEL) to develop autonomous air defence technology to make Indian defence tech at par with the best defence systems in the world.

Virgin Orbit Launches 7 Satellites from 747 Plane

In July 2021, Richard Charles Nicholas Branson’s rocket company, Virgin Orbit delivered 7 satellites from 3 countries viz, United States(US), Netherlands, and Poland into space using its modified Boeing 747 aircraft, making it the company’s 1st commercial launch.

  • LauncherOne, the 70-foot-long (21-meter) two-stage rocket was carried by the aircraft and dropped from its left wing. The drop occurred at an altitude of about 37,000 feet (11,000 meters) over the Pacific near the Channel Islands.
  • It is the company’s 2nd successful rocket launch from a plane. The satellites are from the U.S. Defense Department, the Royal Netherlands Air Force, and Poland’s SatRevolution company.
  • The 747 took off from Mojave Desert, California. The company plans 3 more test flights of its rocket ship in 2021.

About Virgin Orbit:
Headquarters – California, United States
President and CEO –  Dan Hart

SPORTS

Sports Ministry recognises WAKO India Kickboxing Federationrecognition as National Sports FederationOn June 2nd, The Ministry of Youth Affairs and Sports recognised WAKO India Kickboxing Federation as National Sports Federation (NSF) of India. In June 2021, International Olympics Committee (IOC) recognised “World Association of Kickboxing Organizations (WAKO)”, the international federation for Kickboxing, as a full-time member of Olympic games.
i.Kickboxing is set to be a permanent member from 2021’s Tokyo Olympics
ii.Recognition as a NSF, will provide extended promotion and development of the Sport at a faster pace in India.
About Ministry of Youth Affairs and Sports:
Minister of State (I/C) – Kiren Rijiju (Constituency – Arunachal West)
Sports Authority of India (SAI) is the apex national sports body of India, established in 1984
About World Association of Kickboxing Organizations (WAKO):
Founded – 1976
President – Roy Baker
Headquarters – Milan, Italy

BOOKS & AUTHORS

Dhaval Kulkarni Authored a New Book Titled “Nathuram Godse: The True Story of Gandhi’s Assassin”Pan Macmillan to publishJournalist Dhaval Kulkarni has authored a book titled “Nathuram Godse: The True Story of Gandhi’s Assassin”, the biography of Nathuram Godse, the assassin of Mahatma Gandhi.
Teesta Guha Sarkar, editorial head at Pan Macmillan India acquired the book from Anish Chandy, founder of Labyrinth literary agency in an auction.
About the Book:
i.The book features the unknown aspects of Godse’s life, his ideologies and other factors that led to the assassination of Gandhi.
ii.The book also accounts for the chain of events that took place before and after the assassination of Gandhi.
About Dhaval Kulkarni: 
i.Dhaval Kulkarni is a journalist based in Mumbai, who has worked with newspapers like Times of India, Hindustan Times, the Indian Express, New Indian Express and DNA.
ii.Other Books: “The Cousins Thackeray: Uddhav, Raj and the Shadow of Their Senas” and “The Bawla Murder Case: Love, Lust and Crime in Colonial India”.

‘India To The Rescue’ A Children’s Book Authored by Sushant Singh & Shruthi Rao  

Journalist Sushant Singh and children’s book writer Shruthi Rao have authored a new children’s book titled “India To The Rescue”.  The illustrations of the book were done by Shangnik Chakraborty.
The book features the rescue operation “Operation Cactus” which averted the Maldives crisis on 3rd November 1988.

  • Operation Cactus is India’s one of the quickest and most successful missions.
  • The accounts of the operation cactus were originally written by Sushant Singh, who has researched the story and interviewed many of the characters of the operation.

IMPORTANT DAYS

International Plastic Bag Free Day 2021 – July 3 International Plastic Bag Free DayThe International Plastic Bag Free Day is annually observed across the globe on 3rd July to create awareness about the issues of plastic pollution and to highlight the effects of plastic pollution on the natural environment ranging from land to marine.
The day also promotes the use of paper bags and cloth bags and eliminate the use of single-use plastic.
Background:
i.The Plastic Bag Free Day is a global initiative of Zero Waste Europe that aims to eliminate the usage of single-use plastic bags in the world.
ii.At present the Plastic Bag Free Day is a part of the Break Free From Plastic movement, which unites the international movement of plastic pollution fighters to build a future free from plastic waste.
About Zero Waste Europe:
Executive Director– Joan Marc Simon
Headquarters– Brussels, Belgium
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National Postal Worker Day 2021 – July 1

The National Postal Worker Day is annually observed on 1st July to recognise the work of the postal workers who work hard to deliver the mail and delivery on time. The day encourages the general public to appreciate the work of postal workers amid the COVID-19 pandemic.
The Seattle-area postal carrier proclaimed July 1st was proclaimed as the Nation Postal Worker day in 1997 to honour their fellow employees.

International Day of Cooperatives observed on July 3 (1st Saturday of July)International Day of CooperativesThe UN International Day of Cooperatives (#CoopsDay) is observed annually on the First Saturday of July, which falls on July 3 in 2021. It is observed to increase awareness of cooperatives and highlight the contributions of the cooperative movement.

  • It aims to strengthen and extend partnerships between the International cooperative movement and other actors, including governments, local, national, and international levels.
  • The Theme for International Day of Cooperatives is ‘Rebuild better together’.
  • 2021’s celebration will be the 27th International Day of Cooperative recognized by the UN and the 99th International Cooperative Day (being observed since 1923).

Background
On 16th December 1992, the United Nations General Assembly (UNGA) passed a resolution to proclaim the 1st saturday of july 1995 to be the International Day of Cooperatives. It was done to mark the centenary of the establishment of the International Co-operative Alliance (ICA), which was founded in 1895.
Key Points
i.Cooperatives can be found mostly in the fields of health, agriculture, production, retail, finance, housing, employment, education, social services.

  • The largest 300 cooperatives and mutuals report a total turnover of USD 2,034.98 billion. Cooperatives employ 280 million people across the globe (10% of the world’s employed population).

About International Cooperative Alliance (IAC)
President – Ariel Guarco (Argentina)
Headquarters – Brussels, Belgium
>>Read Full News

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Current Affairs Today (AffairsCloud Today)

S.no  Current Affairs 4 & 5 July 2021
1 Rural Development Minister Released Compendium on Best Practices to Address Gender Issues by DAY-NRLM
2 DoS releases ‘Draft National Space Transportation Policy – 2020’
3 MoCI’s Logistics Division unveiled Plan for ‘Freight Smart Cities’ during Consultative Meeting chaired by HS Puri
4 6th BRICS Culture Ministers Meeting held virtually under the Chairship of India
5 Role of Women in Leading Scientific Research increases by 4%: DST Report
6 India joins G20-OECD Tax Framework Deal for Global Minimum Corporate Tax
7 Harsh Vardhan addresses 17th World Congress for Cervical Pathology and Colposcopy
8 WHO awarded China a Malaria-Free Certificate
9 NABARD Sanctioned Rs 388 crore for Drinking Water, Road Projects in Odisha
10 RBI Issued Directions for Appointment of MD/WTD in UCBs
11 World Bank increased COVID-19 Vaccine Funding by $8bn to $20 bn
12 Govt Extended Retirement Age of LIC Chairman from 60 to 62 Years
13 RBI Imposed Rs 25 lakh Penalty on Punjab and Sind Bank
14 Overview of Ministry of Commerce and Industry’s Achievements in Q1 of 2021-22
15 Invest India awarded as World’s Most Innovative Investment Promotion Agency of 2021
16 RK Sabharwal awarded “The Order of Polar Star” – Highest Civilian Award of Mongolia
17 Shambhu Nath Srivastava Appointed as IFUNA Chairman
18 Uttarakhand CM Tirath Singh Rawat Resigned
19 Edelweiss Group Sold its Entire Stake in EGIBL to Gallagher & Co
20 Indrajaal: Grene Robotics developed India’s 1st Indigenous Drone Defence Dome
21 Virgin Orbit Launches 7 Satellites from 747 Plane
22 Sports Ministry recognises WAKO India Kickboxing Federation
23 Dhaval Kulkarni Authored a New Book Titled “Nathuram Godse: The True Story of Gandhi’s Assassin”
24 ‘India To The Rescue’ A Children’s Book Authored by Sushant Singh & Shruthi Rao
25 International Plastic Bag Free Day 2021 – July 3
26 National Postal Worker Day 2021 – July 1
27 International Day of Cooperatives observed on July 3 (1st Saturday of July)