Daily Current Affairs 19 June 2024 | Latest News | Download Free PDF

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CURRENT AFFAIRS : BANKING & FINANCE

City Union Bank Launches Digital Lending Platform for Micro, Small and Medium Enterprises                           

  • The City Union Bank (CUB) has introduced digital lending processes tailored for Micro, Small, and Medium Enterprises (MSMEs).
  • This includes instant loans for MSMEs and retail secured loans such as housing loans, affordable home loans, loans against property, and auto loans.

Key Highlights :

  • Turnaround Time:Loans ranging from ₹5 crore to ₹7.50 crore are disbursed to MSMEs within a turnaround time of 24-48 hours, showcasing rapid processing capabilities.
  • Loan Book Composition:As of March 2024, MSME and agriculture sectors constitute 56% of CUB's total loan book, indicating a significant focus on these segments.
  • Recruitment and Capability Enhancement:To enhance competitiveness, CUB has hired approximately 10 executives at the Assistant General Manager (AGM) level and above.
  • These recruitments aim to strengthen capabilities in retail banking, analytics, credit management, and operations.
  • Strategic Goals and Customer Segmentation:
  • Strategy 1: Targeting existing customers who have loans with other financial institutions.
  • Strategy 2: Focusing on existing depositors and customers seeking new loans.
  • Strategy 3: Attracting new customers.
  • Target Customer Segments:The bank focuses on salaried individuals and self-employed professionals as primary target customers, varying strategies based on customer needs and product offerings.

What do you mean by digital lending?

  • Digital lending in India refers to the provision of loans facilitated through online platforms and digital channels, bypassing traditional brick-and-mortar institutions.
  • It involves the use of technology such as mobile apps, websites, and data analytics to streamline the lending process, from application to disbursal.

About CUB :

  • Founded : 1904
  • Headquarters : Kumbakonam, Tamil Nadu, India
  • MD & CEO : Dr. N. Kamakodi

Reserve Bank of India Revokes Purvanchal Co-operative Bank's License in Ghazipur                   

  • The Reserve Bank of India (RBI) has cancelled the licence of Purvanchal Co-operative Bank, Ghazipur, Uttar Pradesh as it does not have adequate capital and earning prospects.
  • The Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh, has been instructed to issue an order for winding up the bank and appoint a liquidator.

Key Highlights :

  • Impact on Depositors:Upon liquidation, depositors will be entitled to receive deposit insurance claim amounts up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
  • Approximately 99.51% of depositors are expected to receive the full amount of their deposits from DICGC.
  • Financial Position:The cooperative bank is unable to pay its depositors in full based on its current financial position.
  • Prohibition on Banking Activities : Following the license cancellation, Purvanchal Co-operative Bank is prohibited from conducting banking activities, including accepting and repaying deposits.
  • RBI also informed that DICGC (as on May 30, 2024) has already paid Rs 12.63 crore of the total insured deposits based on the willingness received from the depositors concerned of the bank.

About RBI :

  • Established : 1 April 1935
  • Headquarters : Mumbai, Maharashtra, India
  • Governor : Shaktikanta Das
  • Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

Public Sector Unit Banks Maintain Dominance in Indian Banking Landscape: SBI Report   

  • The Public Sector Banks (PSBs) in India hold a dominant position in the banking sector by accounting for more than 50% of the banking business in terms of market share, branches, and Automated Teller Machines (ATMs), highlights a report by the State Bank of India.
  • The report indicates that public sector banks hold over 63% of the total ATMs in the country, whereas private banks manage only 35%.

Key Highlights :

  • Deposit Share: Public sector banks hold 59% of total deposits in the country, indicating higher public trust compared to private banks' 32% share.
  • Digital Banking: PSBs are leaders in digital banking with over 54% of credit cards issued, surpassing private banks' 37.8% share.
  • Efficiency: PSBs operate at an efficiency rate of 82.76%, higher than private banks' 79.59%, demonstrating their operational effectiveness.
  • State Bank of India (SBI): SBI stands out as the leading PSB, holding the highest share of deposits, operating the largest ATM network, and issuing the most credit cards.
  • Sector Growth: The banking sector has shown a 6% growth in Total Factor Productivity (TFP), primarily driven by efficiency improvements rather than technological advancements.
  • Role of Private Banks: While PSBs dominate, private banks contribute significantly by offering diverse services and competing in the market.
  • Diversification: Besides PSBs and private banks, the emergence of payment banks, small finance banks, and Regional Rural Banks (RRBs) has diversified the banking sector, enhancing financial inclusion.

Mutual Fund Houses Introduce Thematic Funds Focused on Thriving Manufacturing Sector     

  • The mutual fund industry is all set to ride the manufacturing wave as a theme for investment.
  • The National Democratic Alliance government, under Prime Minister Narendra Modi, is continuing incentive policies aimed at boosting corporate investments, particularly in manufacturing.

Key Highlights :

  • New Fund Offers (NFOs):Motilal Oswal Asset Management and Invesco India MF have filed papers with SEBI to launch thematic funds focused on manufacturing.
  • Mahindra Manulife AMC and Baroda BNP Paribas are also launching new fund offers on manufacturing by the end of the month.
  • Fund Performance and Assets:HDFC AMC raised ₹9,563 crore through its manufacturing fund launched last month.
  • Canara Robeco Manufacturing Fund, launched in March, already has an AUM (Assets Under Management) of ₹1,374 crore as of May-end.
  • Number of Funds:Currently, there are 8 manufacturing funds, with 3 of them being passively managed.
  • Returns:Over the last six months, manufacturing funds have provided an average return of 34%, with Quant Manufacturing Fund offering the highest return at 36%.
  • Passive funds like Mirae Asset Nifty India Manufacturing ETF FoF and Navi Nifty India Manufacturing Index Fund delivered returns of 60% over the last year.
  • Kotak Manufacture in India Fund recorded a 54% return in the same period.
  • Nifty India Manufacturing - TRI saw a 62% increase over the last year and a 45% increase over three years.
  • Government Initiatives:The government aims to increase the manufacturing sector's contribution to GDP from 17% to 25% through initiatives like 'Make in India' and 'Atmanirbhar Bharat'.
  • These efforts have diversified the global supply chain and positioned India as a key player in the international market.

E Magazine

CURRENT AFFAIRS: NATIONAL NEWS

Implementation of Three New Criminal Laws Scheduled for July 1

  • From July 1,2024, India will witness the enforcement of three new criminal laws: Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita, and Bharatiya Sakshya Act.
  • These laws, replacing the Indian Penal Code, Code of Criminal Procedure, and Evidence Act, bring innovative ideas to address contemporary challenges.

Key Points:

  • Legislative Background: Passed by Parliament in December and granted presidential assent the same month, these laws were scheduled for implementation from February 25, following a deferred notification by the Centre.
  • Training Initiatives: Preparations for the laws' implementation are underway, focusing on training stakeholders for effective enforcement.
  • Objectives: The new laws aim to modernize criminal justice procedures and enhance citizen security under the framework of Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita, and Bharatiya Sakshya Act.
  • This transition marks a significant reform in India's legal framework, aiming to meet contemporary legal challenges effectively.

Ministry of Heavy Industries Proposes Ambitious Plans for FAME 3.0

  • The Ministry of Heavy Industries (MHI) is gearing up to launch the third iteration of the flagship government scheme, Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) 3.0, expected to be announced in the Union Budget 2024.
  • According to sources familiar with the matter, the new phase aims to significantly boost electric vehicle (EV) adoption with a budget ranging from Rs 12,600 crore to over Rs 30,000 crore.

Key Proposals:

  • Inclusion of Alternative Fuel Vehicles: One proposal seeks to incorporate vehicles powered by alternative sources such as hydrogen and biofuels, expanding the scope beyond conventional electric vehicles.
  • Budget Allocation: The scheme is anticipated to be allocated a substantial budget, reflecting the government's commitment to promoting sustainable mobility solutions.
  • Strategic Objectives: FAME 3.0 aims to accelerate the adoption and manufacturing of EVs, fostering innovation and infrastructure development in the sector.

About FAME:

  • FAME stands for Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India.
  • It's a government-backed scheme.
  • It seeks to promote the use of electric vehicles in India.
  • The scheme was introduced in 2015 and is divided into two phases: FAME India Phase I and FAME India Phase II.

Government's 100 Days Programme to Launch National Mission on Oilseeds

  • The Union government is set to announce its 100 days programme, which is expected to feature the long-awaited National Mission on Oilseeds.
  • This initiative, spearheaded by the Agriculture Ministry, aims to significantly increase domestic oilseeds production.
  • The target is to raise production by an additional 2-3 million tonnes by 2025-26, surpassing the current output of approximately 40-41 million tonnes.
  • This initiative underscores the government's commitment to enhancing agricultural productivity and achieving greater self-reliance in the crucial sector of edible oils.

Key Objectives:

  • Reducing Import Dependency: The primary goal of the National Mission on Oilseeds is to lower India's dependency on imported edible oils.
  • Production Enhancement: By boosting domestic production, the mission aims to enhance India's self-sufficiency in oilseed cultivation.
  • Strategic Timeline: The target timeline for achieving the production increase is set for 2025-26, aligning with broader agricultural objectives.

CURRENT AFFAIRS : STATE NEWS

Jharkhand Government Announces Waiver of Farm Loans Up to ₹2 Lakh                   

  • The Jharkhand government, led by Chief Minister Champai Soren, plans to waive farm loans up to ₹2 lakh.
  • This is an increase from the previous waiver amount of ₹40,000.
  • The free electricity quota for households will be raised from the current 125 units to 200 units.

Other Initiatives :

  • Support for Unemployed Youth : Financial Support : The government aims to support unemployed youth by offering loans of ₹25 lakh with a 40% subsidy to facilitate the establishment of businesses for sustainable livelihoods.
  • Education Sector InitiativesTeacher Recruitment:The recruitment process for 40,000 assistant teachers is underway and expected to be completed by September.
  • Recruitment of tribal and regional language teachers is scheduled to begin next month.
  • Development Projects and Housing SchemeDevelopment Projects:Inaugurated and laid foundation for 182 development projects valued at ₹152.76 crore.
  • Housing Scheme:The state government initiated construction and distribution of houses under the Abua Awas Yojana for tribal communities.

About Jharkhand :

  • Governor : C. P. Radhakrishnan
  • Chief Minister : Champai Soren
  • Capital : Ranchi
  • Tiger Reserve : Palamu Tiger Reserve
  • Wildlife Sanctuary : Dalma Wildlife Sanctuary, Gautam Budha Wildlife Sanctuary, Udhwa Lake Bird Wildlife Sanctuary

Madhya Pradesh Finalizes Preparations for Second Cheetah Habitat at Gandhi Sagar Sanctuary   

  • The Madhya Pradesh (MP) government has completed its preparations for the reintroduction of the cheetahs in the Gandhi Sagar Wildlife Sanctuary, which will be the second home for cheetahs in India, after the Kuno National Park (KNP).
  • Under the ambitious cheetah reintroduction project, 8 Namibian cheetahs were released into enclosures at KNP in MP’s Sheopur district on September 17, 2022.
  • Later (in February 2023), 12 more cheetahs were brought from South Africa.

Why is Gandhi Sagar an ideal habitat for cheetahs?

  • According to MP’s wildlife officials, the sanctuary makes for perfect cheetah habitat, as it looks like Maasai Mara - a national reserve in Kenya known for its savanna wilderness and wildlife.

About the Gandhi Sagar Wildlife Sanctuary :

  • The sanctuary (notified in 1974) is spread across (an area of 368.62 sq km) the districts of Mandsaur (187.12 sq km) and Neemuch (181.5 sq km) in western MP, right on the border with Rajasthan.
  • The Chambal River cuts the sanctuary into two almost equal halves and the Gandhi Sagar dam (constructed on the river in 1960) lies within the area of the sanctuary.
  • Preparations for the Introduction of Cheetahs in Gandhi Sagar : A 64 sq km area has been developed for the cheetahs at a cost of Rs. 17.72 crores.
  • A soft release enclosure (boma) of 1 sq km, with four equal partitions, has been constructed to provide a suitable and secure habitat.
  • The Chairperson of the Cheetah Steering Committee was tasked to oversee and evaluate the overall readiness of the WLS to “ensure that the sanctuary is adequately equipped and prepared to support the successful integration and conservation of cheetahs within its natural landscape”.
  • Previous Cheetah Releases : On September 17, 2022, 8 Namibian cheetahs – 5 females and 3 males were released into enclosures at Kuno National Park in Sheopur district.
  • In February 2023, 12 more cheetahs were brought from South Africa.
  • Now, only 13 of the 20 adult cheetahs survive.
  • Another 13 cubs born to these cheetahs put the total population of the animals in Kuno at 26 currently.

About MP :

  • Governor : Mangubhai C. Patel
  • Chief Minister : Mohan Yadav
  • Capital : Bhopal
  • National Park : Satpura National Park, Kanha National Park, Bandhavgarh National Park
  • Wildlife Sanctuary : Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Dassault Systèmes Aims for $1 Billion Revenue from India by 2027

  • Dassault Systèmes, the technology arm of the Paris-based Dassault Group, has set an ambitious target of achieving $1 billion in revenue from India by 2027.
  • The company, renowned for its virtual twin technology across various industries, sees India as a rapidly growing market.

Key Points:

  • Revenue Projection: Dassault Systèmes anticipates reaching $1 billion in revenue from India by 2027, leveraging the fast-growing demand for virtual twin solutions.
  • Global Perspective: Globally, the company reported revenue close to 7 billion euros in 2023, highlighting its substantial presence and capabilities.
  • Virtual Twin Technology: Dassault Systèmes offers virtual twin technology across industries such as aerospace, healthcare, automotive/EV manufacturing, and consumer goods.
  • This technology enables iterative product development and evaluation in a simulated environment, minimizing costs and time.
  • Post-Pandemic Insights: A joint study by Dassault Systèmes and Nasscom revealed a significant increase in virtual twin implementations among mid-sized enterprises post-pandemic, underscoring its growing relevance and adoption.

IFC Partners with Brookfield for 550 MW Solar Power Project in Rajasthan

  • The International Finance Corporation (IFC) has committed to partially finance a 550 MW solar power project in Bikaner, Rajasthan, developed by Brookfield Asset Management.
  • With an investment of $105 million through long-term non-convertible debentures allocated to the project’s special purpose vehicles, IFC aims to support India's renewable energy goals and facilitate competitive tariffs for commercial and industrial (C&I) consumers across the country.

Key Details:

  • Project Scope: The solar power project will generate 550 MW and supply electricity to C&I consumers under long-term power purchase agreements (PPAs) and through the merchant market via exchanges.
  • Green Energy Corridor: The project will be integrated into India's inter-state transmission system, contributing to the nation's green energy corridor initiative.
  • IFC's First Hybrid Offtake Structure in Asia-Pacific: This investment marks IFC's first in the region using a hybrid offtake structure, combining corporate PPAs with C&I consumers and merchant market sales.
  • India's Renewable Energy Ambitions: India aims to scale up its non-fossil fuel capacity to 500 GW by 2030, fostering a conducive environment for significant investments in renewable energy.

Impact and Outlook:

  • With over $10 billion in annual investments attracted between 2017 and 2022, India's renewable energy sector is poised for continued growth, expecting annual investments to reach $25 billion by 2030.
  • Brookfield's extensive portfolio of renewable power assets, exceeding 25 GW in operation or development, underscores its commitment to capitalizing on India's transition towards sustainable energy solutions.
  • This partnership between IFC and Brookfield signifies a pivotal step towards advancing India's renewable energy landscape and achieving its decarbonization objectives.

UK Surpasses China to Become India's 4th Largest Export Market

  • In a significant development, the United Kingdom has overtaken China to become India's fourth-largest export market as of May 2024.
  • This shift reflects a notable increase in exports to the UK compared to the previous year.

Key Points:

  • Export Growth: India's exports to the UK surged, reaching $1.37 billion in May 2024, marking a one-third increase.
  • Comparison with China: While exports to the UK grew significantly, exports to China also increased but at a slower rate of 3%, totaling $1.33 billion.
  • Previous Ranking: The UK was previously ranked sixth in India's export markets, indicating a substantial rise in its position.
  • Trend Analysis: Although specific disaggregated data for May wasn't detailed, recent months have shown a consistent upward trend in exports to the UK.
  • The United States (US) continued to remain India's largest export destination, with 13 per cent growth, followed by the United Arab Emirates (UAE), which saw 19 per cent jump.
  • Export to the Netherlands, which is also India’s third-largest export market, soared to $2.19 billion with nearly 44 per cent growth in May 2024.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Paytm Names Former-SEBI Whole-Time Member Rajeev Agarwal as Independent Director        

  • Rajeev Krishnamuralilal Agarwal has been appointed as Non-Executive Independent Director at One 97 Communications Limited (OCL), the company that owns the Paytm brand.
  • Neeraj Arora has stepped down as Non-Executive Independent Director of One 97 Communications Limited due to other commitments and personal reasons.

About Rajeev Krishnamuralilal Agarwal :

  • Agarwal is an Engineering graduate from IIT-Roorkee and belongs to the 1983 batch of the Indian Revenue Service (IRS).
  • He has over four decades of experience in the stock market, including 28 years with the Indian Revenue Services.
  • He served as a Whole Time Member of the Securities and Exchange Board of India (SEBI).
  • He played a key role in significant market policy reforms, including the revival package for the mutual fund industry in 2012 and the merger of the Forward Markets Commission with SEBI in 2015.
  • He initiated IPO reforms to enhance transparency and introduced mechanisms like the offer for sale for Public Sector Undertaking (PSU) disinvestment and the SME exchange to support small enterprises and startups.
  • Currently, Agarwal serves as Chairman and Independent Director on the board of Trust Mutual Fund.
  • He is also an Independent Director on the boards of ACC Limited., Star Health Insurance, UGRO Capital Limited., and MK Ventures Capital Limited.

About Paytm :

  • Founded : August 2010
  • Headquarters : Noida, Uttar Pradesh, India
  • Founder & CEO : Vijay Shekhar Sharma

Global Wind Energy Council India Appoints Girish Tanti from Suzlon Group as New Chairman    

  • Suzlon Vice Chairman Girish Tanti has been elected as the Chair of Global Wind Energy Council India (GWEC India).
  • He was elected Vice-Chair of GWEC in April, 2024.
  • Responsibilities: As Chair of GWEC India, Tanti will play a crucial role in collaborating with national and state governments to establish policy frameworks and drive momentum in India's wind energy sector, encompassing both onshore and offshore wind projects.
  • India ranks as the world’s 4th-largest wind market with significant onshore wind capacity (46 GW) and a prominent manufacturing hub for wind energy components.
  • Note : Global Wind Day or World Wind Day is a worldwide event that is held on June 15.
  • GWEC India Chair : Girish Tanti

About GWEC :

  • Established : 2005
  • Headquarters : Brussels, Belgium
  • CEO : Ben Backwell
  • Membership: Represents over 1,500 companies, organizations, and institutions in more than 80 countries, including manufacturers, developers, suppliers, research institutes, and renewable energy associations.
  • GWEC is a member-based organisation that represents the entire wind energy sector.

CURRENT AFFAIRS : PERSON IN NEWS

Maharashtra Farmer Siddhesh Sakore Honoured as Land Hero by United Nations Convention to Combat Desertification                

  • Siddhesh Sakore, a farmer and the founder of AGRO RANGERS, from Maharashtra, has been named Land Hero by the United Nations Convention to Combat Desertification (UNCCD).
  • On the occasion of World Desertification and Drought Day, June 17, the UNCCD announced the names of 10 Land Heroes in a programme in Bonn, Germany.
  • Apart from Siddhesh Sakore, other Land Heroes are from Brazil, Costa Rica, Germany, Mali, Moldova, Morocco, the Philippines, the US, and Zimbabwe.

About Siddhesh Sakore :

  • Sakore, hailing from a farming family, holds a graduation degree in mechanical engineering.
  • He has developed cost-effective mechanical devices to convert organic waste into compost.
  • Sakore is dedicated to natural farming and waste management, focusing on solving soil degradation issues and empowering small and marginal farmers through innovative agroforestry models.

Key Highlights :

  • Global Context: Land degradation affects up to 40% of the world's land and nearly half the world's population, with the highest costs borne by indigenous communities, rural households, smallholder farmers, and especially youth and women.
  • Youth Engagement: Engaging youth in land restoration could create an estimated 600 million jobs over the next 15 years, contributing to economic growth and environmental sustainability.

About UNCCD :

  • Establishment: June 17, 1994.
  • Headquarters: Bonn, Germany.
  • Executive Secretary: Ibrahim Thiaw.
  • Membership: Comprises 197 parties, including 196 countries and the European Union.
  • Rio Conventions: The UNCCD is one of the three Rio Conventions, alongside the United Nations Convention on Biological Diversity (UNCBD) and the United Nations Framework Convention on Climate Change (UNFCCC).
  • Mandate: The UNCCD aims to combat Desertification, Land Degradation, and Drought (DLDD) by promoting sustainable land management practices, restoring degraded ecosystems, and supporting communities affected by these issues.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Scientists from Physical Research Laboratory Discover Three New Craters on Mars                  

  • The scientists of Ahmedabad-based Physical Research Laboratory (PRL) have discovered three new craters on Mars.
  • They have been discovered in the Tharsis volcanic region on Mars.
  • On the recommendation of the PRL, the International Astronomical Union (IAU) Working Group for Planetary System Nomenclature approved naming the three craters on Mars.

Naming of Craters :

  • One crater has been named “Lal crater” after Prof. Devendra Lal, a renowned Indian geophysicist and former director of PRL from 1972-1983.
  • It is a 65 km wide crater, centred at -20.98° and 209.34°.
  • The second crater has been named “Mursan crater” after a town in Uttar Pradesh, India.
  • Mursan crater is a ~10 km wide crater superimposed on the eastern side of the rim of the Lal crater.
  • The third crater is “Hilsa crater”.
  • It is a ~10 km wide crater superimposed on the western side of the rim of the Lal crater.
  • It is named after a town in Bihar, India.

What is a Crater?

  • A crater is a depression or hole on the surface of a planetary body.
  • Craters are typically formed by the impact of objects (such as meteorites) or by geological processes like volcanic activity or explosions.

About Physical Research Laboratory (PRL) :

  • Established : 1947 by Dr. Vikram Sarabhai, who is considered the father of India’s space program.
  • Location : Ahmedabad, Gujarat, India
  • Director : Anil Bhardwaj
  • The PRL is a National Research Institute for space and allied sciences, supported mainly by the Department of Space, Government of India.

About International Astronomical Union :

  • Established : 28 July 1919
  • Headquarters : Paris, France
  • President : Debra Meloy Elmegreen
  • General Secretary : Piero Benvenuti (interim)
  • The IAU is an international non-governmental organization (INGO) with the objective of advancing astronomy in all aspects, including promoting astronomical research, outreach, education, and development through global cooperation.

Woman-Led Start-up Develops 'Divya Drishti', a Cutting-Edge AI Personal Identification Tool Under Technology Development Fund   

  • A woman-led start-up, Ingenious Research Solutions Private Limited, developed 'Divya Drishti', an Artificial Intelligence (AI)-based tool combining facial recognition with gait analysis.
  • This innovative solution marks a “significant advancement” in biometric authentication technology, offering “enhanced accuracy and reliability” in identifying individuals.
  • The start-up was established by woman entrepreneur Shivani Verma after winning the prestigious ‘Dare to Dream 2.0’, a pan India theme-based contest organised by the Defence Research and Development Organisation (DRDO).

Key Highlights :

  • Technical Features:'Divya Drishti' integrates face recognition with immutable physiological parameters like gait and skeleton analysis.
  • This dual approach improves identification accuracy, suitable for sectors including defence, law enforcement, corporate security, and public infrastructure.
  • Support and Mentoring : The tool has been developed under the technical guidance and mentoring of the Centre for Artificial Intelligence & Robotics (CAIR), a laboratory of the DRDO based in Bengaluru.
  • The initiative is supported by the DRDO's Technology Development Fund (TDF), aimed at promoting start-ups in defence and aerospace sectors for 'Aatmanirbhar Bharat'.

About DRDO :

  • Formed : 1958
  • Headquarters : New Delhi,India
  • Chairman : Sameer V. Kamat
  • The DRDO is an agency under the Department of Defence Research and Development in the Ministry of Defence of the Government of India.

CURRENT AFFAIRS: SPORTS NEWS

Neeru Pathak Sets New U18 National Record in Women's 400m at National Youth Athletics Championships

  • Neeru Pathak delivered a stunning performance at the National Youth Athletics Championships in Bilaspur, Chhattisgarh, setting a new U18 national record in women's 400m.
  • Clocking an impressive 52.85 seconds, she not only secured the gold medal but also surpassed the qualification mark for the World U20 Championships.
  • Her time marks the fourth-best U18 performance globally this year, highlighting her exceptional sprinting prowess throughout the competition.

Key Highlights:

  • Performance Overview: Neeru Pathak showcased outstanding sprinting skills, dominating Heat 3 with a timing of 54.93s and continuing her strong form in subsequent rounds.
  • World Championship Qualification: Her record-breaking performance ensures her participation in the upcoming World U20 Championships.
  • Men's 400m Champion: Bapi Handsa set a meet-record of 47.12s to clinch gold in the men's 400m, demonstrating his impressive form despite missing his personal best.
  • Women's 100m Victory: Abhinaya Rajarajan claimed the gold in women's 100m with a time of 12.09s, adding to her recent achievements in athletics.

Sumit Nagal Achieves Career-High ATP Singles Ranking of 71

  • Sumit Nagal, India's rising tennis star, has reached a career-best ATP singles ranking of 71, marking a significant milestone in his career trajectory.
  • This achievement follows closely on the heels of his previous best ranking of 77, highlighting his rapid ascent in the ATP rankings.

Key Highlights:

  • Recent Success: Nagal's impressive performance at the Perugia ATP Challenger tournament, where he finished as runner-up, propelled him to his career-high ranking.
  • Olympic Qualification: With a commendable 777 ATP points, Nagal has secured his place as India's sole representative in men's singles at the upcoming Paris Olympics.
  • 2024 Highlights: His year began with a notable run at the Australian Open, reaching the second round, and included victories at the Heilbronn Neckarcup in Germany and the Chennai Open.
  • Upcoming Events: Nagal is set to compete in the main draw of Wimbledon followed by the prestigious Paris Olympics at Roland Garros, highlighting his packed schedule on the global stage.

Impact and Inspiration:

  • Sumit Nagal's consistent success on the ATP Challenger circuit and his ability to perform at Grand Slam events underline his potential and determination. As India's top-ranked singles player, Nagal continues to inspire aspiring tennis talents nationwide with his achievements and dedication to the sport.
  • Top 5 rank are:

Jannik Sinner- Italy

Carlos Alcaraz- Spain

Novak Djokovic- Serbia

Alexander Zverev- Germany

Daniil Medvedev- Russia

CURRENT AFFAIRS: IMPORTANT DAYS

World Sauntering Day 2024: June 19

  • On the 19th of June every year, World Sauntering Day is observed each year all over the world to encourage people to slow down and appreciate the world around them and connect with nature.
  • In 1979, W.T. Rabe established World Sauntering Day.
  • He was the one who started this holiday in the 1970s.
  • This day was created in response to jogging's growing popularity. W.T. Rabe, it appears, has also devised a few sauntering norms.
  • This act must be performed in comfortable clothing, and "some people are just born with it," according to W.T. Rabe.
  • The purpose of commemorating this day is to encourage people to take a break, enjoy life, and appreciate what they have.

World Sickle Cell Awareness Day 2024: June 19

  • Every year on June 19th, World Sickle Cell Day is commemorated to raise awareness of the human Sickle Cell illness.
  • The theme of 2024 is “Hope Through Progress: Advancing Care Globally.”
  • The UN declared the day, and it has served to raise awareness of the condition, its organization, the care and measures that should be taken, and the treatment that should be given to someone who is suffering from it.

History

  • The United Nations General Assembly declared World Sickle Cell Day in 2008 to promote awareness of sickle cell illness.
  • They also highlighted the agony and emotional devastation that a patient with the condition must endure.
  • As a result, on June 19, 2009, World Sickle Cell Day was commemorated for the first time. Sickle cell disease has spread throughout the world and has gradually evolved into a hereditary and genetic illness. Due to the fact that a large population is now infected with the illness, it is critical that sufferers receive increased knowledge, effective care, and treatment.
  • Furthermore, correct diagnosis and early therapy aid in the better management and treatment of the condition. In addition to the UN, the WHO now offers a number of options for treating illness patients in a more humane manner.
  • According to official data and sources, more than 1000 newborns die of the condition before they reach the age of five.
  • The illness has spread rapidly over Africa and the United States, affecting more than 90,000 to 100,000 people.
  • In addition, sickle cell anaemia affects people in India, Saudi Arabia, Turkey, the Arabic peninsula, Brazil, Surinam, Guiana, Southern Italy, Greece, and other nations.

Daily CA One- Liner: June 19

  • From July 1,2024, India will witness the enforcement of three new criminal laws: Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita, and Bharatiya Sakshya Act
  • The Ministry of Heavy Industries (MHI) is gearing up to launch the third iteration of the flagship government scheme, Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) 3.0, expected to be announced in the Union Budget 2024
  • The Union government is set to announce its 100 days programme, which is expected to feature the long-awaited National Mission on Oilseeds
  • Dassault Systèmes, the technology arm of the Paris-based Dassault Group, has set an ambitious target of achieving $1 billion in revenue from India by 2027
  • The International Finance Corporation (IFC) has committed to partially finance a 550 MW solar power project in Bikaner, Rajasthan, developed by Brookfield Asset Management.
  • In a significant development, the United Kingdom has overtaken China to become India's fourth-largest export market as of May 2024.
  • Neeru Pathak delivered a stunning performance at the National Youth Athletics Championships in Bilaspur, Chhattisgarh, setting a new U18 national record in women's 400m
  • Sumit Nagal, India's rising tennis star, has reached a career-best ATP singles ranking of 71, marking a significant milestone in his career trajectory.
  • The City Union Bank (CUB) has introduced digital lending processes tailored for Micro, Small, and Medium Enterprises (MSMEs).
  • The Reserve Bank of India (RBI) has cancelled the licence of Purvanchal Co-operative Bank, Ghazipur, Uttar Pradesh as it does not have adequate capital and earning prospects.
  • The Public Sector Banks (PSBs) in India hold a dominant position in the banking sector by accounting for more than 50% of the banking business in terms of market share, branches, and Automated Teller Machines (ATMs), highlights a report by the State Bank of India.
  • The mutual fund industry is all set to ride the manufacturing wave as a theme for investment.
  • The Jharkhand government, led by Chief Minister Champai Soren, plans to waive farm loans up to ₹2 lakh.
  • The Madhya Pradesh (MP) government has completed its preparations for the reintroduction of the cheetahs in the Gandhi Sagar Wildlife Sanctuary, which will be the second home for cheetahs in India, after the Kuno National Park (KNP).
  • Rajeev Krishnamuralilal Agarwal has been appointed as Non-Executive Independent Director at One 97 Communications Limited (OCL), the company that owns the Paytm brand.
  • Suzlon Vice Chairman Girish Tanti has been elected as the Chair of Global Wind Energy Council India (GWEC India).
  • Siddhesh Sakore, a farmer and the founder of AGRO RANGERS, from Maharashtra, has been named Land Hero by the United Nations Convention to Combat Desertification (UNCCD).
  • The scientists of Ahmedabad-based Physical Research Laboratory (PRL) have discovered three new craters on Mars.
  • A woman-led start-up, Ingenious Research Solutions Private Limited, developed 'Divya Drishti', an Artificial Intelligence (AI)-based tool combining facial recognition with gait analysis.
  • On the 19th of June every year, World Sauntering Day is observed each year all over the world to encourage people to slow down and appreciate the world around them and connect with nature
  • Every year on June 19th, World Sickle Cell Day is commemorated to raise awareness of the human Sickle Cell illness
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