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NATIONAL AFFAIRS
Indian Army Conducts ‘Parvat Prahaar‘ Exercise in Ladakh, Focusing on High-Altitude Warfare Operations
The Indian Army conducted ‘Parvat Prahaar‘ (Mountain Strike), a large-scale strike corps exercise, in the Union Territory (UT) of Ladakh. The strategic military exercise focused on high-altitude warfare and operations, involving various military units and equipment to maintain readiness near the India-China border.
- The exercise assisted the Indian Army to validate new warfighting concepts and technology integration. The Strike Corps, attached to the Northern Command, is focused on developing high-altitude warfare and operations.
- This fortnight’s exercise emphasises mountainous and rugged terrains, such as those found in regions like Eastern Ladakh.
Participants:
i.The exercise includes all major fighting elements including artillery, armoured, infantry troops, and supporting units.
ii.The drill involves tanks, artillery guns, Unmanned Aerial Vehicles (UAVs), air defence systems, and aviation assets.
iii.The exercise also involves the deployment of new weapons acquired by the armed forces over the past 4 years to counter the Chinese threat.
iv.The new weapons deployed include:
- Loitering munitions, swarm drones, counter-drone systems, and enhanced surveillance capabilities.
- Significant armoured units, including T90 and T72 main battle tanks, are near the border.
- K9 Vajra self-propelled artillery guns and Brahmos supersonic cruise missile systems are deployed.
About the Exercise:
i.With over 500 tanks and 50,000 troops deployed since 2020, India continues to test the readiness of troops near the Line of Actual Control (LAC) in Eastern Ladakh,
- Additional troops were posted at the frontlines to counter Chinese deployments.
ii.New infrastructure like all-weather roads and communication networks along the LAC in Eastern Ladakh has been created to support troops through harsh winters.
About the Indian Army:
Indian Army was established in 1895.
Chief of the Army Staff (COAS)- Lieutenant General Upendra Dwivedi
Headquarters– New Delhi, Delhi
The theme of the Year 2024- Year of Technology Absorption.
INTERNATIONAL AFFAIRS
India needs 75 yrs to Reach Quarter of US per capita GDP: WDR 2024
The World Bank (WB) has released its report titled ‘World Development Report(WDR) 2024: The Middle Income Trap‘, highlighting the challenges faced by middle-income countries in achieving high-income status.
- As per the report, India would take nearly 75 years to reach one-quarter of the United States of America(USA) income per capita, while China would take more than 10 years, and Indonesia nearly 70 years.
Key Points:
i.The report identifies a ‘middle-income trap’ refers to a situation where country typically struggle to transition to high-income status.
ii.The report finds that as countries grow wealthier, they usually hit a ‘trap’ at about 10% of annual the USA’s GDP (Gross Domestic Product) per person, which is equivalent to USD 8,000 today.
iii.At the end of 2023, there are 108 middle-income countries with annual GDP per capita between USD 1,136 and USD13,845, responsible for 40% of the world’s total economic output, nearly two-thirds of global carbon emissions, and three-quarters of the global population.
- These countries are home to 6 billion people – 75% of the global population – and 2 out of every three people living in extreme poverty.
- Only 34 middle-income economies have transitioned to high-income status since 1990, with most being either the European Union(EU) beneficiaries or having previously undiscovered oil.
iv.The report proposes a strategy for countries to reach high-income status, recommending a sequenced and progressively more sophisticated mix of policies depending on their stage of development.
v.In India, Mexico, and Peru, firms typically double in size over 40 years, whereas in the USA, they grow seven-fold in the same period, highlighting firms in middle-income countries’ struggles to grow significantly.
vi.In India, Peru, and Mexico, around 90% of firms have fewer than five employees, with only a small fraction having 10 or more.
vii.The report also proposed a framework for countries to “escape” the trap. First focus on investment; then add an emphasis on infusion of new technologies from abroad; and adopt a three-pronged strategy that balances investment, infusion, and innovation.
Recommendations:
The report proposes a “3i strategy” for countries to reach high-income status. Depending on their stage of development, all countries need to adopt a sequenced and progressively more sophisticated mix of policies.
- 1i phase-Investment : Low-Income Countries(LIC) can focus to increase investment.
- 2i phase-Infusion: Lower Middle Income Countries(LMIC) can start to adopting technologies from abroad and spreading them across the economy.
- 3i phase-Innovation. Upper Middle Income Countries(UMIC) no longer merely borrow ideas from the global frontiers of technology, they push the frontier.
i.South Korea is the best example for implementation of the 3i strategy. In 1960, its Per Capita Income(PCI) stood at just USD 1,200. By end of 2023, that number had climbed to USD 33,000.
ii.Poland and chile are also implementing the 3i strategy.
BANKING & FINANCE
DBS Bank India Launches ‘DBS Golden Circle’ Banking Program for Senior Citizens in India
DBS Bank India Limited (DBIL) has unveiled the ‘DBS Golden Circle‘, a priority banking program for senior citizens, ensuring convenient, and secure banking. This program offers numerous exclusive benefits and services for resident Indian citizens aged 60 years and above, to address income security.
- With this program, senior citizens can earn higher interest rates on savings accounts and Fixed Deposits (FDs), cyber insurance, and several other benefits compared to regular customers.
- This initiative aligns with the bank’s 30th anniversary in India, using its branches and digital services to enhance customer experiences.
Note: DBIL is a wholly-owned, and locally incorporated subsidiary of DBS Bank Ltd, Singapore.
Key Features:
i.Senior citizens enrolled in this program can earn competitive interest rates of up to 7% per annum on savings account balances above Rs 4 lakhs and up to Rs 5 lakhs.
- An additional 0.50% per annum on FDs with tenures from 376 days to 540 days.
ii.This program offers cyber insurance coverage of up to Rs 1,00,000 to enhance security.
iii.Flexible interest payout options (including monthly, quarterly, or cumulative payouts) and no penalties for premature withdrawals on FDs over one year.
Exclusive Benefits:
i.Special overdraft rates against FDs and loans on deposits.
ii.Zero transaction fees for National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), and duplicate statements.
iii.Unlimited and free domestic Automated Teller Machine (ATM) transactions, lifetime free debit cards, discounts on locker rentals, etc.
iv.In addition, the program also features a selection of products from leading life insurance companies and ecosystem partners, including curated health and wellness benefits, comprehensive annual health check-ups, etc.
About DBS Bank India Limited (DBIL):
Managing Director (MD) & Chief Executive Officer (CEO)- Surojit Shome
Headquarters– Mumbai, Maharashtra
Founded – 1994
L&T Finance Receives RBI Certificate for NBFC-ICC Status
L&T Finance Limited, a subsidiary of Larsen & Toubro(L&T) Ltd, one of the leading Non-Banking Financial Companies (NBFCs) in India, received its Certificate of Registration (CoR) from the Reserve Bank of India (RBI), as a NBFC Investment and Credit Company(NBFC-ICC). It was earlier registered as an NBFC-Core Investment Company (CIC).
- This conversion follows the amalgamation of the wholly owned subsidiaries of the company, L&T Finance Limited, L&T Infra Credit Limited, and L&T Mutual Fund Trustee Limited.
This transition would not impact the company’s operations as compliance with the NBFC-ICC guidelines continues.
Note: The merger followed Sections 230-232 and Section 52 of the Companies Act, 2013.
About NBFC-ICC:
i.NBFC-ICC is a category of Non-Banking Financial Companies (NBFCs) in India regulated by the RBI.
ii.In 2019, the RBI consolidated 3 separate categories of NBFCs, a Asset Finance Companies (AFC), Loan Companies (LCs) and Investment Companies (ICs) into a single unified category known as NBFC-ICC.
iii.It is a non-banking institution that carries out the business of providing loans and investments.
iv.They can provide both secured and unsecured loans to various sectors including retail, small businesses, and corporates.
Criteria:
i.NBFC-ICCs are regulated by the RBI under the Reserve Bank of India Act, 1934, and must comply with various norms related to capital requirements, asset classification, income recognition, and provisioning.
ii.As of current regulations, NBFC-ICCs are required to have a minimum Net Owned Fund (NOF) of Rs 2 crore.
iii.Unlike banks, NBFC-ICCs cannot accept demand deposits and are not part of the payment and settlement system.
About L&T Finance Limited:
L&T Finance Limited (formerly known as L&T Finance Holdings Limited) was incorporated in 1994.
Managing Director (MD) & Chief Executive Officer (CEO)- Sudipta Roy
Headquarters– Mumbai, Maharashtra
SWFI’s Top 100 Largest Central Bank Rankings by Total Assets 2024: RBI Ranked 12 Globally
According to the Sovereign Wealth Fund Institute’s (SWFI), Top 100 Largest Central Bank Rankings by Total Assets in the World in 2024, India’s Central Bank, the Reserve Bank of India (RBI) ranked 12th globally with a current total assets of USD 839 Billion. The RBI registered a balance sheet growth of 11.08% Year-on-Year (Y-o-Y) to Rs 70.47 trillion as of March 2024.
- The Federal Reserve System (FRS), the central bank of the United States of America (USA) topped the list, boasting assets worth USD 7.84 trillion.
- It is followed by China’s People’s Bank of China (PBC) in the 2nd place, with USD 6 trillion, and Japan’s Bank of Japan (BOJ) in the 3rd, with USD 5.54 trillion.
Note: The central banks included in the list are responsible for managing the world’s most significant and largest economies. Their substantial asset bases and influence highlight their crucial role in the global financial system.
Key Indicators of Wealth:
i.Central Banks hold significant assets, including gold, foreign currencies, and government bonds.
ii.The wealth of a central bank is often measured by its assets, which are a reflection of the overall health of the country’s economy.
- The total wealth of central banks is mainly assessed through their assets, with the balance sheet acting as a crucial indicator.
iii.The assets of central banks are often measured by their foreign exchange reserves, including monetary gold, foreign exchange funds, Special Drawing Rights (SDRs), and reserve positions in the International Monetary Fund (IMF).
Top 10 Largest Central Bank Rankings by Total Assets
| Rank | Name of the Bank | Total Assets (in USD) | Country |
|---|---|---|---|
| 1 | Federal Reserve System (FRS) | 7.84 Trillion | United States of America (USA) |
| 2 | People’s Bank of China (PBC) | 6 Trillion | China |
| 3 | Bank of Japan (BOJ) | 5.54 Trillion | Japan |
| 4 | Deutsche Bundesbank(DBB) | 2.77 Trillion | Germany |
| 5 | Bank of France | 2.01 Trillion | France |
| 6 | Norges Bank | 1.63 Trillion | Norway |
| 7 | Bank of Italy (BOI) | 1.38 Trillion | Italy |
| 8 | Bank of England (BoE) | 1.28 Trillion | United Kingdom (UK) |
| 9 | Bank of Spain (BOS) | 1.04 Trillion | Spain |
| 10 | Swiss National Bank (SNB) | 944 Billion | Switzerland |
| 12 | Reserve Bank of India (RBI) | 839 Billion | India |
Global Distribution:
i.European central banks dominate the top 10 positions, holding a combined USD 11.09 trillion.
ii.African central banks face challenges like inflation and weak monetary policies, affecting their rankings.
iii.According to the IMF, African central banks can address reduced growth and higher inflation by conducting foreign exchange interventions, restricting capital flows, and addressing structural problems.
Role of Central Banks:
i.Central banks play a critical role in the global economy, primarily by managing a country’s money supply and interest rates.
ii.They also regulate and supervise the other financial institutions within their jurisdiction.
iii.Additionally, central banks work to ensure financial stability in the country, promoting sustained economic growth.
About the Sovereign Wealth Fund Institute (SWFI):
The SWFI incorporated in 2008 is a platform offering comprehensive research and analysis of global capital, investor intelligence, money flows, and transparency.
Chairman– Lakshmi Narayanan
Corporate Offices– Las Vegas, Nevada, the United States of America (USA).
RBI Extended MISS for Agriculture Loans through KCC for FY25
On 7th August 2024, the Reserve Bank of India (RBI) announced that it has extended the Modified Interest Subvention Scheme (MISS) for short-term loans availed through the Kisan Credit Card (KCC) for agriculture and allied activities for the Financial Year 2024-25(FY25).
- This announcement was made after the approval of Government of India (GoI) for continuation of interest subvention scheme for short-term loans of up to Rs 3 lakh.
Key Features:
i.Interest Subvention for short-term loans: As per MISS, farmers can access short-term crop loans for allied activities including animal husbandry, dairy, fisheries, and beekeeping, among others at a concessional rate of interest of 7% per annum.
- Also, RBI has decided to provide interest subvention of 1.50% to lending institutions such as: Public Sector Banks (PSBs), Private Sector Banks(in respect of loans given by their rural and semi-urban branches only), Small Finance Banks (SFBs), and computerized Primary Agriculture Cooperative Societies (PACS) ceded with Scheduled Commercial Banks (SCBs).
ii.Incentives for timely repayment: An additional interest subvention of 3% per annum will be provided to those farmers who pay their loans on time, thus, effectively reducing the interest rate to 4% per annum for prompt repayments within 1 year.
iii.Loan Limit: The interest subvention and prompt repayment incentive are available for an overall limit of Rs 3 lakh per annum.
- It has prescribed maximum sub-limit of Rs 2 lakh within the overall cap of Rs 3 lakh, for farmers who are exclusively engaged in allied activities.
iv.Discourage Distress Sale: In order to discourage distress sales, small and marginal farmers who store their produce in warehouses accredited with Warehousing Development Regulatory Authority (WDRA), can avail themselves of interest subvention for further period of up to 6 months post harvest of the crop against negotiable warehouse receipts.
v.Relief for Natural Calamities: RBI announced that in cases of natural calamities, the applicable interest subvention will be available for the 1st year on restructured loan amounts, with normal interest rates applying from the 2nd year.
- The interest subvention will be extended to 3 years, with maximum period of 5 years for severe natural calamities, and a prompt repayment incentive of 3% will also be provided.
- However, the grant of such benefit in cases of severe natural calamities will be decided by a High Level Committee (HLC) based on the recommendations of the Inter-Ministerial Central Team (IMCT) and Sub Committee of National Executive Committee (SC-NEC).
vi.Compulsory Aadhar Linkage: Aadhar linkage will continue to be compulsory for availing the benefits of short-term loans in FY25, which will ensure hassle-free benefits to farmers under the MISS.
vii.Implementation and Reporting: RBI has directed the banks to capture and report detailed data on individual farmer beneficiaries under the MISS through Kisan Rin Portal (KRP) to settle audited claims for FY25.
- Computerised PACS claims ceded with SCBs are required to be uploaded separately by the respective banks, which will ensure that claims for interest subventions and prompt repayment are for loans without National Bank for Agriculture and Rural Development (NABARD) refinance.
- Banks are required to take necessary actions to upload the claims which are duly certified by their statutory Auditors on KRP module for FY25 by 30th June, 2025.
Recent Related News:
- The Reserve Bank of India (RBI) has moved 100 Metric Tonnes (MT) or 1 Lakh kg of gold stored in the United Kingdom (UK) to domestic vaults in FY24, which marks a significant shift in gold storage. It marks the first time since 1991 that India has moved such a heavy scale of gold.
About Reserve Bank of India(RBI):
Governor– Shaktikanta Das (25th Governor of RBI)
Headquarter–Mumbai, Maharashtra
Established–1 April, 1935
Capital Small Finance Bank Limited Entered into Bancassurance Partnership with Edelweiss Life Insurance
On 6th August 2024, Jalandhar (Punjab)-based, Capital Small Finance Bank Limited (CSFB), India’s 1st Small Finance Bank (SFB), entered into a strategic bancassurance partnership with Edelweiss Life Insurance Company Limited, a private life insurer, to enable its customers to access the wide range of value-packed, customized life insurance products from Edelweiss Life Insurance, thereby meeting their need for financial security.
- Aim: To enhance the life insurance offerings of CSFB by enabling its customers with access to Edelweiss Life’s digital platform and service touch points.
Note:
i.Bancassurance is a financial services model under which insurance companies’ partners with banking institutions to offer wide range of financial products and services to customers.
ii.In 2022, the Insurance Regulatory and Development Authority of India (IRDAI) launched the bancassurance channel for insurers as part of its overall effort to increase insurance penetration in the country and to achieve the long-term goal of “insurance for all” by 2024.
Pine Labs & Axis Bank Launches ‘UPISetu’ India’s First UPI-Focused Payments Platform
Pine Labs-owned Setu, an Application Programming Interface (API) infrastructure provider has introduced UPI-Setu, India’s first Unified Payments Interface (UPI)-focused payments platform for businesses and developers in partnership with Axis Bank Limited, Mumbai, Maharashtra.
i.It facilitates a wide range of UPI products, such as Third-Party Validation(TPV) services, Equated Monthly Instalments (EMIs), UPI Autopay, and basic Quick Response (QR) code payments.
ii.It has features like enhanced dispute resolution, instant cashback and refunds, bank and brand offers, and instant cashback that are all offered by APIs.
iii.The merchants can create custom links or QR codes for one-time or multiple payments through this platform.
iv.In May 2024, Setu introduced Sesame, India’s first Large Language Model (LLM)designed for the Banking, Financial services, and Insurance (BFSI) sector.
Note: Pine Labs, an Indian company that provides point of sales systems and payment systems headquartered at Noida, Uttar Pradesh (UP).
APPOINTMENTS & RESIGNATIONS
ACC Approved Appointment of C.S. Setty as new SBI Chairman; Rana Ashutosh Kumar Singh as MD
On 6th August 2024, the Appointments Committee of the Cabinet (ACC) approved the appointment of Challa Sreenivasulu Setty (CS Setty)(59 years old) as new Chairman of the State Bank of India (SBI), India’s largest Public Sector Bank (PSB), for a 3 year term with effect from the date he assumes office, on or after 28th August 2024.
- He is currently serving as one of the Managing Directors (MDs) of SBI.
- He will succeed the current chairman Dinesh Khara, whose term is set to retire on 28th August 2024 on attaining the age of 63 (the upper age limit for the post of SBI’s chairman).
Note: In June 2024, the Financial Services Institutions Bureau (FSIB) approved the appointment of CS Setty as next chairman of SBI.
About Challa Sreenivasulu Setty:
i.He started his career with SBI as Probationary Officer (PO) in 1988.
ii.In January 2020, C.S. Setty joined the Board of SBI as MD and managed departments like International Banking, Global Markets, and Technology.
iii.He also served as the Deputy MD, Stressed Assets Resolution Group, Chief General Manager (CGM), and General Manager (GM) in the Corporate Accounts Group, Deputy General Manager (DGM) in the Mid-Corporate Group.
iv.He has also worked as Vice President (VP) and Head (Syndications) at SBI’s New York branch in the United States of America (USA).
Rana Ashutosh Kumar Appointed as MD of SBI:
The ACC has also approved the appointment of Rana Ashutosh Kumar Singh as the MD of SBI. He is currently serving as the Deputy MD (Retail-Personal Banking and Real Estate), SBI.
- The appointment follows the retirement of Alok Kumar Choudhary, who served as the MD of SBI from June 2022 to 30th July 2024.
About Rana Ashutosh Kumar Singh:
i.He is a certified Associate of the Indian Institute of Bankers (IIB) and he joined SBI as PO on 1st August 1991.
ii.He has played pivotal roles in various sectors of the banking such as: retail banking, credit, human resources, and international banking.
iii.He has also served as the Chief Executive Officer (CEO) of the Frankfurt branch of SBI in Germany.
Note: The Board of SBI includes 4 MDs. Currently, C.S. Setty; Ashwini Kumar Tewari; Vinay M Tonse and Rana Ashutosh Kumar Singh are serving as the MD of SBI.
About State Bank of India(SBI):
Chairman– Dinesh Kumar Khara
Headquarters- Mumbai, Maharashtra
Tag line–“The Banker to Every Indian”
Founded in- 1st July 1955
Tunisian President appointed Kamel Madouri as Prime Minister replacing Ahmed Hachani
Kais Saied, President of Tunisia, has appointed Kamel Madouri as the New Prime Minister (PM) of Tunisia succeeding Ahmed Hachani, who was dismissed by the President without explanation on 7th August 2024.
- Kamel Madouri has been serving as the Minister of Social Affairs since May 2024.
- Ahmed Hachani took office as PM in August 2023 by replacing Najla Bouden (PM 2021-23), who was also dismissed by President Saied.
About Kamel Madouri:
i.Kamel Madouri served as the Chairman and Chief Executive Officer (CEO) of the Calsse Nationale de Retraite et Prevoyance Sociale (CNRPS) and chairman and CEO of Calsse Nationale d’Assurance Maladie (CNAM).
ii.In May 2024, he was appointed as the Social Affairs Minister of Tunisia, by replacing Malek Zahi.
iii.At present, he is a member of the National Council for Social Dialogue and Vice-Chairman of the Social Protection Sub-Committee of the same council.
- He has also been member of the boards of various national institutions, the General Insurance Committee and the boards of the 3 social security funds.
Points to note:
i.Kais Saied was democratically elected to the post of President in 2019.
- Later, he expanded his presidential powers in 2021 by making certain amendments in Tunisian constitution to limit the powers of Parliament.
ii.President Kais Saied is now seeking another term in elections which will held on 6th October, 2024.
About Tunisia:
President- Kais Saied
Capital- Tunis
Currency- Tunisian Dinar (TND)
DBS Chief Piyush Gupta To Step Down in March 2025; Tan Su Shan To Take Over
Piyush Gupta, the Chief Executive Officer (CEO) and Director of DBS Group is set to step down on March 28 2025. He has held the position since 2009.
- Prior to joining DBS, Piyush had a 27 year career at Citigroup Inc. In 2020, he was awarded the Public Service Star by Singapore’s President.
i.He will be succeeded by Tan Su Shan, who become the first woman to lead Singapore’s and Southeast Asia’s biggest bank.
ii.Tan Su Shan has been appointed as the Deputy CEO of DBS Group in addition to her present role as group head of institutional banking.
iii.Tan has over 35 years of experience in consumer banking, wealth management and institutional banking and worked in major financial centres in Hong Kong (China), Tokyo (Japan)and London (the United Kingdom, UK).
Note: DBS is a leading financial services group in Asia, headquartered at Singapore. It has been named as the ‘World’s Best Bank’ by publications Euromoney and Global Finance.
ACQUISITIONS & MERGERS
CCI Approvals on August 6, 2024
On August 6, 2024, the Competition Commission of India (CCI) has approved the following proposals:
i.CCI approved the acquisition of 100% of the share capital of ATC Telecom Infrastructure Private Limited (ATC India) by Data Infrastructure Trust (DIT) and certain inter-connected transactions.
ii.CCI approved the restructuring of Re Sustainability Limited (ReSL) business, its subsidiaries, and joint ventures through demerger of the Municipal Solid Waste (MSW) Business and Waste to Energy (WTE) business (Demerged Businesses) to Ramky Sustainability Solutions Private Limited (RSSPL), a newly incorporated entity.
iii.CCI has approved the acquisition of 100% equity, management and control stake in PNC Infratech Limited and PNC Infra Holdings’s 12 Special Purpose Vehicles (SPVs) by Highway Infrastructure Trust (Acquirer Trust).
iv.CCI has approved acquisition by 360 ONE Private Equity Fund in Vastu Housing Finance Corporation Limited (VHFCL). The acquisition is a secondary purchase of equity shares in the VHFCL through various schemes and affiliates.
About Competition Commission of India (CCI):
It was established in March 2009 by Government of India (GoI) under the Competition Act, 2002 for the administration, implementation, and enforcement of the Act.
Chairperson– Ravneet Kaur
Headquarters– New Delhi, Delhi
>> Read Full News
SCIENCE & TECHNOLOGY
IIT Indore and DRDO Developed Energy-Harvesting, GPS Tracking Shoes
The Indian Institute of Technology (IIT) Indore, Madhya Pradesh(MP) in partnership with the Defence Research and Development Organisation (DRDO) under the Ministry of Defence (MoD), has developed energy-harvesting shoes with Global Positioning System (GPS) tracking.
- These shoes are specifically designed for soldiers which are equipped with a technology that can generate electricity and can track the real-time location of the wearer.
- The 1st batch of 10 pairs of these shoes was already supplied by IIT Indore to the units of DRDO.
Key Features:
i.These shoes are made under the guidance of Professor IA Palani, faculty at IIT Indore. It is based on Tribo-Electric Nanogenerator (TENG) technology that can generate electricity with every step. The electricity will get stored in a device fixed in the soles of shoes and can be used to operate small appliances.
ii.These shoes equipped with a GPS and Radio Frequency Identification (RFID) technologies will help to detect the location of personnel in real-time.
Benefits:
i.The TENG technology will help to monitor the location of senior citizens suffering from Alzheimer, school children and climbers. It can also help to track the attendance and work of workers in factories.
ii.This will also help sports-persons to examine their movements and enhance their performance.
ENVIRONMENT
‘Ceropegia Shivarayina’: New Flowering Plant Species Discovered in Maharashtra
A team of researchers have discovered new flowering plant species of Kandil Pushpa named ‘Ceropegia Shivarayina’ at Vishalgarh fort in Kolhapur district, Maharashtra. The research findings were published in Phytotaxa, an international journal published from New Zealand.
- The species is named after Chhatrapati Shivaji Maharaj, an Indian king and founder of the Maratha Empire. It is the first time a plant species has been named after Shivaji Maharaj.
Note: Vishalgarh (Vishalgad) fort is one of most significant forts of the Maratha Empire during the reign of Shivaji Maharaj. It has abundance of flora and fauna in its ecosystem.
Research team: Akshay Jangam, Ratan More and Nilesh Pawar from the Department of Botany, New College, Kolhapur; Sharad Kamble from Chandwad in Nashik and S. R. Yadav from Shivaji University, Kolhapur has discovered the new plant species.
About Ceropegia Shivarayina:
i.Ceropegia Shivarayina belongs to the Kandil flower class, genus Ceropegia and family Apocynaceae.
ii.It is similar to Ceropegia lawii Hooker f. but differs in climbing habit, hairy peduncles, obovate corolla cage with reflexed corolla lobes.
Background:
i.Akshay Jangam and Ratan More have been studying the flora of the Vishalgarh fort for the past six years and in 2013, found a different plant of Ceropegia (Kandil Pushpa) class at the fort.
ii.Kamble, an expert in ceropegia species in India also suggested the possibility of this being a new species. Yadav, who has discovered six new species of ‘Ceropegia’, declared that the discovered one is a new plant species.
About Kandil Pushpa:
i.Kandil Pushpa is a vine-like plant belonging to the Ceropegia group.
ii.These are very rare species, found in the Western Ghats (Sahyadri).
iii.The flowers are like lanterns and have a potato like tuber in the ground. So far six new species have been discovered in this class.
About Maharashtra:
Chief Minister (CM) – Eknath Sambhaji Shinde
Governor – C. P. Radhakrishnan
Wildlife Sanctuaries- Tipeshwar Wildlife Sanctuary, Koyna wildlife sanctuary
Tiger Reserves – Melghat Tiger Reserve, Sahyadri tiger reserve
OBITUARY
Former WB CM & Communist Party Leader Buddhadeb Bhattacharjee Passed Away 
Buddhadeb Bhattacharjee, former Chief Minister (CM) of West Bengal (WB) and veteran Communist Party Leader passed away at the age of 80 in Ballygunge, Kolkata, WB. He was born on March 1, 1944 in Kolkata.
- He served as the CM of WB from 2000 to 2001; 2001 to 2006 and 2006 to 2011.
About Buddhadeb Bhattacharjee:
i.BuddhadebBhattacharjee joined Communist Party of India (CPI) (Marxist) as a primary member in 1966 and later he was elected to the CPI(M) state committee in 1972 and became a full time member of CPI (M) in 1985.
ii.In 1996, he became the Home Minister of WB, and in 1999 he was named the Deputy CM of WB.
iii.He took over as the CM of WB for the first time in November 2000, after Jyoti Basu stepped down.
iv.In the 2011 assembly elections, Bhattacharya lost to the Mamata Banerjee-led Trinamool Congress.
v.He resigned from the CPI(M) politburo and central committee in 2015 and in 2018, he relinquished his membership in the party’s state secretariat.
Awards:
Government of India (GoI) honoured him with Padma Bhushan for Public Affairs in 2022. He refused to receive it.
IMPORTANT DAYS
Quit India Movement Day 2024 – August 8
The Quit India Movement Day, also known as August Kranti Day, is annually observed across India on 8th August to commemorate the launch of the Quit India Movement in 1942, a significant movement in India’s struggle for independence from British colonial rule, demanding the immediate withdrawal of British forces.
- The day underscores the power of non-violent resistance and civil disobedience in achieving social and political change, highlighting democracy, freedom, and unity.
- 8 August 2024 marks the 82nd anniversary of the Quit India Movement Day.
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