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NATIONAL AFFAIRS
STPI Celebrated 33rd Foundation Day in New Delhi
Software Technology Parks of India (STPI), an autonomous society under the Ministry of Electronics and Information Technology (MeitY), celebrated its 33rd Foundation Day on 5th June 2024 at a special event held in New Delhi, Delhi.
- The foundation day event was held under the theme “Positioning Bharat as a Tech Product Nation”.
i.STPI launched two new web portals, SayujNet, a networking and resource discovery platform, and STPI-Workspace, an STPI Workspace portal.
ii.STPI also announced its new initiative under the brand name “Ananta
iii.Krishnan, Secretary (MeitY) released the DeepTech Knowledge Report on “Cutting-Edge Tech Forging India a Software Product Nation”
About Software Technology Parks of India (STPI):
STPI, established on 5th June 1991, is registered as an autonomous society under the Societies Registration Act, 1860.
Director General (DG)- Arvind Kumar
Headquarters- New Delhi, Delhi
>> Read Full News
MeitY Secy Inaugurated Indigenous Air Quality Monitoring System & launched Air-Pravah App
On the occasion of World Environment Day 2024 (5th June 2024), S Krishnan, Secretary of the Ministry of Electronics and Information Technology (MeitY), inaugurated an indigenous Air Quality Monitoring System (AQ-AIMS) during the event held in New Delhi, Delhi.
- He also launched the mobile application “Air-Pravah” for real-time Air Quality Index (AQI) monitoring.
- The AQ-AIMS and Air-Pravah were developed under MeitY-supported technologies.
The government of India (GoI) has designated Bihar’s Nagi Bird Sanctuary and Nakti Bird Sanctuary as wetlands of International Importance under the Ramsar convention, taking the total number of RAMSAR sites in India to 82.
>> Read Full News
MoD Signed MoUs with 4 Banks To Onboard Them As ‘SPARSH’ Service Centres
The Defence Accounts Department (DAD) of the Ministry of Defence (MoD) has signed Memorandum of understanding (MoUs) with four banks to onboard them as System for Pension Administration – Raksha (SPARSH) service centres across 1,128 branches of these banks in India.
- The four banks were Bank of India (BOI), Canara Bank, Central Bank of India (CBI) and Utkarsh Small Finance Bank Limited (USFBL).
- The SPARSH is a web-based system for processing pension claims and crediting the pension directly into the bank accounts of defence pensioners without any external intermediary.
i.The MoUs will provide last-mile connectivity to pensioners, especially in remote areas where they lack the technical ability to access SPARSH.
ii.These Service Centres will serve as an interface for SPARSH pensioners, giving an efficient means of updating their profile, registering grievances, obtaining digital annual identity, and verifying data, as well as retrieving detailed monthly pension information.
iii.The access to these centres would be provided free of cost, with the DAD bearing only nominal service charges.
iv.SPARSH Services will now be offered at over 26,000 branches of 15 banks across India, in addition to the DAD’s 199 dedicated service centres and over 3.75 lakh Common Service Centers (CSCs)around India.
BANKING & FINANCE
SEBI Issued Guidelines to Relax Timelines for FPIs to Make Material Event Disclosures
On 5th June 2024, The Securities Exchange Board of India (SEBI) issued a Master Circular for Foreign Portfolio Investors(FPIs), Designated Depository Participants and Eligible Foreign Investors specifying the timelines for disclosure of material changes/events.
- To relax the timeline of material changes by FPI, SEBI (FPIs) (Amendment) Regulations 2024, was notified on 3rd June 2024, amending the SEBI (FPIs) Regulations 2019.
Points to Note:
i.SEBI categorised material changes notified by FPIs into 2 groups:
- Type I includes changes that require FPIs to seek fresh registration, or which affect any privileges or exemptions available to such foreign investors.
- Type II includes all other material changes.
ii.Type 1 material changes needs to be now informed within seven days and supported documents to be provided within 30 days.
iii.Type II changes, need to be informed within 30 days with supporting documents if any.
iv.The circular outlined 14 instances which will be considered as Type-I category of material changes, including change of jurisdiction, name change of an account of acquisition, merger, demerger, and ownership, among others.
- The changes which are not covered under Type I will automatically come under Type-II changes.
v.Designated Depository Participants (DDPs) are required to examine all material changes informed by FPIs and revaluate the eligibility of FPIs where, they seek fresh registration.
- DDPs are also required to ensure that in case of Type I material changes, FPIs seek registration.
- If there is any delay in intimation of material change by FPI, DDP will soon report the matter to SEBI.
About the Securities and Exchange Board of India (SEBI):
Chairman- Madhabi Puri Buch
Headquarters- Mumbai, Maharashtra
Established in- 1992
NIPL Partners with Central Bank of Peru To Introduce a UPI-like Payments System in Peru
NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI), has signed an agreement with the Central Reserve Bank of Peru (BCRP- Banco Central de Reserva del Perú) to introduce Unified Payments Interface (UPI)-like real-time payments system in Peru.
- The collaboration makes Peru the first South American (SA) nation to adopt UPI technology.
- This also mark’s NIPL’s second partnership with a central bank to deploy the UPI stack in the international market.
Note: In May 2024, NIPL signed an agreement with the Bank of Namibia (BoN), the central bank of Namibia, to develop an instant payment system like UPI in Namibia(an African country)
Key Points:
i.The partnership will empower the BCRP to establish a reliable and efficient real-time payment platform within Peru.
ii.This UPI system facilitates instant payments between individuals and businesses, eliminating dependency on cash transactions and increasing the use of digital payments to Peru’s large unbanked population.
iii.The UPI’s collaborative and open banking approach enhances connectivity and interoperability with domestic and international payment networks, promoting innovation and resilience in the Peruvian payment ecosystem.
iv.The Peruvian citizens will gain access to an unparalleled level of convenience, security, and efficiency in financial transactions with this partnership.
About NPCI International Payments Limited (NIPL):
Chief Executive Officer (CEO) – Ritesh Shukla
Headquarters – Mumbai, Maharashtra
Incorporated on – 3rd April 2020
About the Republic of Peru:
Prime Minister (PM) – Gustavo Lino Adrianzén Olaya
Capital – Lima
Currency – Peruvian sol
Universal Sompo Launches ‘Insure Today For a Safe Tomorrow’ Campaign To Promote Awareness
Universal Sompo General Insurance Company Limited has launched a new theme, ‘Insure today for a safe tomorrow,’ to raise awareness about the importance of insurance in safeguarding against unforeseen risks.
i.It offers a wide range of insurance products, including motor, health, personal accident, fire, and burglary insurance. It is dedicated to ensure comprehensive protection for individuals, assets, and businesses.
ii.As part of an initiative called ‘Insurance for All by 2047,’ Universal Sompo collaborated with Maruti Suzuki Insurance Broking Private Limited to spread insurance awareness in Andhra Pradesh (AP).
- Under the theme, a free vehicle checkup was provided at Krishna district, AP.
iii.It also includes key initiatives such as free vehicle check-ups, identifying and ensuring uninsured vehicles, educating the public about the benefits of property insurance and encouraging them to buy an on-the-spot insurance policy.
Note: Universal Sompo General Insurance is a Joint venture (JV)of Indian Bank, Indian Overseas Bank (IOB), Karnataka Bank Limited (KBL), Dabur Investments, and Sompo Japan Insurance Inc.
ECONOMY & BUSINESS
DBS Retained India’s GDP Projection at 7% for FY25 (2024-25)
Singapore-based DBS Bank Ltd (formerly known as Development Bank of Singapore Limited) retained its projection for India’s Gross Domestic Product (GDP) at 7% for FY25 (2024-25).
- It also projected India’s GDP growth to remain at 7% for Q1 (April to June 2024) of FY25.
Key Points:
i.The DBS outlined various factors which support their GDP prediction for India for FY25: stable economic growth, public and household capex investments, rural recovery, a normal monsoon and better composition of trade.
- It mentioned that high-frequency data for April and May indicated positive economic growth and slow government spending and investments during the general elections of India.
ii.GDP growth for Q4(January-March 2024) of FY24 increased to 7.8% year on year(yoy). This figure is revised from 8.6% yoy.
iii.Gross Value Added (GVA) stood at 6.3% Year-on-Year (Y-o-Y) in Q4FY24.
iv.The wider gap between GDP and GVA decreased by approximately 150 bp to 22% in net direct taxes in the quarter.
v.The bank cited that apart from political stability, the economic agenda will be the main focus on the final budget in July 2024 in the near term combined with capex commitments, fiscal consolidation and reforms targeted at the factors of production.
About DBS Bank Ltd:
Chief Executive Officer (CEO)– Piyush Gupta
Headquarters- Marina Bay Financial Centre, Singapore
Established in- 1968
Tagline- Live more, Bank less
Goldman Sachs Raised India’s GDP Growth Forecast to 6.9% for CY24
Foreign Brokerage Goldman Sachs Group, Inc., has raised India’s Gross Domestic Product (GDP) growth forecast for the Calendar Year (CY) 2024, by 20 basis points (bps) to 6.9% from the earlier projection of 6.7%.
- Goldman Sachs has projected India’s GDP growth at 6.8% for the current fiscal (FY2024-25).
Note: Goldman Sachs Group, Inc., is a leading global investment banking, securities and investment management firm that delivers a broad range of financial services to a large and diversified client base.
GDP Growth Forecast:
i.In May 2024, the Central Statistics Office (CSO) announced that India’s 4th quarter (Q4) (January to March 2024) GDP growth was 7.8%, bolstered by manufacturing.
ii.Following the higher-than-expected Q1 growth, Goldman Sachs revised the CY24 real GDP growth forecast to 6.9% year-on-year.
Fiscal Deficit:
i.Goldman Sachs expects the Central government to meet the 2024-25 fiscal deficit target of 5.1% of GDP from a higher-than-budgeted dividend from the Reserve Bank of India (RBI).
ii.The fiscal deficit for 2023-24 (April to March 2024) was consolidated to 5.6% of GDP, lower than the revised estimate of 5.8%, due to expenditure cuts and higher-than-expected receipts in March 2024.
Key Fiscal Developments:
i.Overall expenditure was reduced by Rs 50,000 crore compared to the Revised Estimates (RE).
- This reduction was primarily due to a cut in subsidy payouts by Rs 30,000 crore.
ii.Receipts exceeded expectations by Rs 20,000 crore, boosted by higher dividends from the Reserve Bank of India (RBI) and Public Sector Undertakings (PSUs).
iii.The RBI announced a significant dividend of Rs 2.1 lakh crore to the Central government, surpassing the budget estimate of Rs 1 lakh crore.
About the Goldman Sachs Group, Inc.:
Chairman and Chief Executive Officer (CEO)– David Solomon
Headquarters– New York, The United States of America (USA)
Founded in- 1869
TotalEnergies Inked LNG Deals with IOC Limited and Korea South-East Power for Supply of LNG
On 4th June 2024, French energy major TotalEnergies signed agreements with Indian Public Sector Enterprise (PSE), Indian Oil Corporation Limited (IOCL)and Korea South-East Power Co Ltd for the supply of Liquefied Natural Gas (LNG) over a medium to long term period.
About The Agreements:
i.A Sales and Purchase Agreement was signed between TotalEnergies and IOC Limited. As per the agreement, TotalEnergies will supply up to 8 lakh Metric Tons Per Annum (MTPA) of LNG to India. The supply of LNG will commence from 2026 for a period of 10 years.
ii.TotalEnergies also signed a Head of Agreement (HoA) with Korea South-East Power Ltd to supply up to 5 lakh MTPA of LNG to South Korea starting from 2027 for a period of 5 years.
Point to Note:
In July 2023, Indian Oil Corporation (IOC) Limited signed A Head of Agreement (HoA) with United Arab Emirates (UAE’s) Abu Dhabi Gas Liquefaction Co (ADNOC) Limited. As per the agreement, IOC Limited will import 1.2 million MTPA of LNG for 14 years starting in 2026.
AWARDS & RECOGNITIONS
C-DOT Won UN’s WSIS 2024 ‘Champion’ Award at Geneva, Switzerland
The Centre for Development of Telematics (C-DOT) has won the United Nations World Summit on the Information Society (UN’s WSIS) 2024 ‘Champion’ Award at the WSIS+20 Forum in Geneva, Switzerland.
- The award was given for the project ‘Mobile-Enabled Disaster Resilience through Cell Broadcast Emergency Alerting’ which was recognised under Artificial Intelligence (AI), Category – 7 (C-7), E-environment, in the category of ‘Benefits in all aspects of life – E-environment’.
About WSIS+20 Forum High-Level Event 2024:
i.The WSIS+20 Forum 2024 is a High-Level Event which was conducted from 27th to 31st May 2024 by the International Telecom Union (ITU) in Geneva, Switzerland.
- It recognises the project of C-DOT’s Cell Broadcast Emergency Alerting Platform for its contribution towards strengthening the WSIS outcomes and underscores C-DOT’s commitment to leveraging technology for societal impact.
ii.The AI for Good Global Summit was also organised along with WSIS, from 29th May to 31st May, 2024 at Geneva.
Key Points:
i.C-DOT demonstrated cutting-edge telecom solutions such as an ITU-Common Alerting Protocol (CAP)- based early warning alert system and cell broadcast technology for disaster management, as well as ASTR (AI and Facial Recognition-powered Solution for Telecom SIM subscriber verification) for detecting Subscriber Identity Module (SIM) used in cyber fraud.
ii.C-DOT chose two AI startups from India, DeepVision Tech and Nayancom to showcased their innovative solutions.
About C-DOT’s Cell Broadcast Emergency Alerting Platform:
i.The C-DOT’s mobile–enabled Cell Broadcast Emergency Alerting Platform is an end-to-end solution for delivering life-saving emergency information to mobile phones in near real time through cellular networks.
ii.This indigenous, cost-effective, and automated solution has enabled geo-targeted multi-hazard alerts with multilingual support, thus improving the overall efficiency of disaster risk management activities.
iii.This initiative aligns with global Early Warnings for All (EW4All), the International Telecommunication Unions (ITU) – Common Alerting Protocol (CAP), the ‘Call to Action’, and promotes SDG (Sustainable Development Goal) targets while strengthening countries’ disaster resilience efforts.
iv.It uses the AI/Machine Learning (ML) to generate proactive intelligence to combat the threat of fake/forged SIM cards and neutralise cybercrime syndicates and also detects point-of-sale (PoS) transactions, which facilitate the purchase of fraudulent mobile connections.
About Centre for Development of Telematics (C-DOT):
C-DOT was established in August 1984 as an autonomous Telecom Research and Development (R&D) centre of the Department of Telecommunications (DoT), Government of India (GoI).
Chief Executive Officer (CEO) – Rajkumar Upadhyay
Headquarters – New Delhi, Delhi
ACQUISITIONS & MERGERS
RBI Approves Zurich Insurance’s 70% Acquisition of Kotak General For Rs 5,560 crore
The Reserve Bank of India (RBI) has approved Zurich Insurance Company Limited’s proposed acquisition of a 70% stake in Kotak Mahindra General Insurance Company Limited (KGI) (Target) for a total consideration of approximately Rs 5,560 crore.
Note: Zurich Insurance Company Limited (acquirer) is a wholly owned subsidiary of Zurich Insurance Group Limited. (Zurich Insurance Group) which is headquartered in Zürich, Switzerland.
Background:
i.In November 2023, Zurich Insurance Company announced plans to acquire a 51% stake, followed by a subsequent 19% stake in KGI through a combination of capital infusion and share purchase.
ii.In February 2024, KGI announced Zurich Insurance’s plan to acquire a 70% stake in the insurance company for Rs 5,560 Crore in a single tranche.
iii.On February 6 2024, the Competition Commission of India (CCI) has granted approval for the Zurich-based firm to acquire a 70% stake in KGI.
About Kotak Mahindra General Insurance Company Limited (KGI):
Kotak Mahindra General Insurance Company is a 100 percent subsidiary of Kotak Mahindra Bank Limited.
In November 2015, KGI received the licence to start the business and since then it has a national footprint of 25 branches spread across India.
Managing Director & Chief Executive Officer ( MD & CEO) – Suresh Agarwal
Headquarters – Mumbai, Maharashtra
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Headquarters – Mumbai, Maharashtra
Established in – 1 April, 1935
PNB Approved Diluting 10% Stake in Canara HSBC Life Insurance Company
On 4th June 2024, The Board of Directors of Punjab National Bank (PNB) approved the initiation of process of diluting 10% shareholding its associate company Canara HSBC Life Insurance Company Limited by listing the company in stock exchanges through an Initial Public Offering (IPO).
Point to Note:
i.At present, Canara Bank has 51% stakes , HSBC Insurance (Asia Pacific) Holdings Limited has 26% stakes in Canara HSBC Life Insurance Company.
- After the merger of erstwhile Oriental Bank of Commerce (OBC) with PNB in 2020. PNB acquired 23% stakes in the life insurer.
ii.On 31st May 2024, Canara Bank approved a proposal to divest 14.50% of its stakes in Canara Life Insurance Company Limited through an IPO.
About Canara HSBC Life Insurance Company Limited:
Managing Director (MD) and Chief Executive Officer (CEO)- Anuj Mathur
Headquarters- Gurugram, Haryana
Established in- 2008
SCIENCE & TECHNOLOGY
Boeing Starliner Launches NASA Astronauts into Space for 1st time with Indian-origin Astronaut Sunita Williams
On 5 June 2024, Boeing’s Starliner spacecraft lifted off to space on its maiden voyage to the International Space Station (ISS) with 2 National Aeronautics and Space Administration (NASA) astronauts Barry Eugene “Butch” Wilmore and Sunita Williams. The astronauts are in orbit on the 1st crewed flight test for the ISS.
- The astronauts lifted off on a United Launch Alliance (ULA) Atlas V rocket from Space Launch Complex-41 at Cape Canaveral Space Force Station in Florida, the United States of America (USA).
- Indian Origin American Sunita Williams is the 1st female astronaut to fly on the 1st flight of a crewed mission of Boeing Starliner.
The launch is part of NASA’s Boeing Crew Flight Test, to validate and certify the crew system for operational crewed rotation missions to the ISS.
Note:
Boeing’s Crew Space Transportation (CST)-100 Starliner spacecraft, dubbed Calypso, is being developed by Boeing in collaboration with NASA’s Commercial Crew Program.
i.This mission marks the 1st launch with astronauts of the Boeing spacecraft and ULA Atlas V rocket to the ISS as part of NASA’s Commercial Crew Program.
ii.This mission marks Butch Wilmore’s and Sunita Williams’ 3rd mission aboard the ISS.
Flight Test Goals:
i.Validate the Starliner’s transportation system, launch pad, rocket, and spacecraft.
ii.Test in-orbit operations capabilities.
iii.Ensure a safe return to Earth with astronauts aboard.
Previous Starliner missions: Starliner had previously conducted 2 uncrewed orbital flights, a test to and from the ISS, and a pad abort demonstration.
Crew:
i.Butch Wilmore, a retired USA Navy Captain, is the Mission Commander. He has 178 days in space over 2 missions.
ii.Sunita Williams is the Spacecraft Pilot for the flight test.
- She has spent 322 days in space across 2 missions: Expedition 14/15 in 2006 through 2007, and Expedition 32/33 in 2012.
- She also conducted 7 spacewalks, totaling 50 hours and 40 minutes.
Operations:
i.The crewed flight autonomously docked with the ISS’ Harmony module and will remain at the orbital laboratory for about a week.
ii.The astronauts will test various Starliner systems during the flight.
iii.Upon arrival, they will join the Expedition 71 crew (already aboard the ISS).
IMPORTANT DAYS
UN Russian Language Day 2024 – June 6
The United Nations (UN)’s Russian Language Day is annually observed across the globe on 6th June to highlight the significance of the Russian language as a symbol of national identity and cultural heritage and honour the richness and beauty of the Russian language.
- The day marks the birth anniversary of the great Russian poet, novelist, and playwright Alexander Sergeevich Pushkin (1799 to 1837), the father of modern Russian literature.
- 6th June 2024 marks the 225th birth anniversary of Alexander Sergeevich Pushkin.
Background:
i.The decision to hold language days was made by the UN Department of Public Information (DPI) (now the Department of Global Communications).
ii.In 2010, on the eve of International Mother Language Day, the DPI announced the launch of “Language Days at the UN”, a new initiative to celebrate multilingualism and cultural diversity.
iii.The celebration of Russian Language Day, along with the days of the other official UN languages, was welcomed by the United Nations General Assembly (UNGA) in 2017.
>> Read Full News
World Pest Day 2024 – June 6
World Pest Day is annually observed across the globe on 6 June to raise awareness about the critical role of pest management in addressing pest-related challenges and protecting public health, food safety, and ensuring a safe, pest-free environment.
- The 2024 theme of World Pest Day is, “Global Solutions, Local Impact: Mapping Success in Pest Management.”
The Global Pest Management Coalition (GPMC) serves as a centralised lead for World Pest Day, uniting pest management organisations worldwide to raise awareness about the industry’s impact on public health and safety.
Background:
i.World Pest Day was initiated by the Chinese Pest Control Association, and co-sponsored by the Federation of Asian and Oceania Pest Managers’ Association (FAOPMA), NPMA, and the Confederation of European Pest Management Associations (CEPA).
ii.The 1st World Pest Day was observed on 6 June 2017 and the inaugural ceremony was held at the Beijing Hotel in China.
>> Read Full News
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