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CURRENT AFFAIRS : BANKING & FINANCE

Securities and Exchange Board of India Strengthens Initial Public Offering Pricing Rules to Prevent Manipulation   

• The Securities and Exchange Board of India (SEBI) has imposed additional measures and surveillance to curb manipulation in the process involved in computing the opening price for a stock on the day of its listing following an initial public offering (IPO).
• The measures aim to enhance the surveillance mechanism at stock exchanges and ensure fair and transparent trading practices during the pre-open call auction sessions for IPOs and relisted stocks.

What is an Initial Public Offering?

• Initial Public Offering (IPO) is the process by which private companies sell their shares to the public intending to raise equity capital from public investors.

Key Highlights :

• Duration and Structure of New Session:The new pre-auction session lasts 60 minutes from 9 am to 10 am.
• The session is divided as follows:
• 45 minutes: Order entry, order modification, and order cancellation.
• 10 minutes: Order matching and trade confirmation.
• 5 minutes: Buffer period to transition from pre-open to normal trading session.
• Implementation Timeline:The new rules will take effect after 90 days from the issuance of the SEBI circular.
• Random Closures:System-driven random closures will occur during the last ten minutes of order entry (between the 35th and 45th minute) to prevent manipulation.
• Reason for Changes: Addressing issues related to the cancellation of large orders placed at higher prices just before the call auction session closes, which could create false demand and supply, potentially manipulating stock prices.
• Surveillance Mechanisms:Stock exchanges will implement additional surveillance mechanisms for pre-open call auction sessions for IPO and relisted scrips.
• Alerts will be generated based on parameters such as:
• Significant modification of prices from previously placed orders.
• Cancelled quantity/value exceeding 5% of total cancelled quantity/value across the market during the pre-open session.
• Cancelled quantity/value exceeding 50% of the quantity/value placed by the client.
• Reporting and Transparency Requirements : Stock exchanges are mandated to provide detailed reports to Sebi by the end of each trading day and seek explanations from clients on their cancellations.
• Stock exchanges also have to display cancelled orders information in real-time for investor decision-making.
• Purpose of Special Call Auction : In another circular, the SEBI has introduced a special call auction mechanism with no price bands for scrips of listed investment companies (ICs) and listed investment holding companies (IHCs), in a bid to enhance price discovery.
• Scope and Applicability:This development comes in response to Sebi’s observations that certain scrips of listed ICs and IHCs are traded infrequently and at significantly lower values than their disclosed book values.
• Implementation and Timing:The special call auction will be applied based on specific industry classifications across stock exchanges.
• The first auction under this mechanism is scheduled for October, with subsequent auctions following annually when companies publish their audited financial statements.
• Procedure and Continuation:Eligible companies will receive a 14-day advance notice before the special call auction.
• If the call auction fails to discover a price on the first day, it will continue on subsequent days until a price is determined, but it will only occur once a year.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Tata Communications Secures $250 Million Sustainability Loan from DBS, ANZ, and EDC   

• Tata Communications has secured a $250 million sustainability-linked loan (SLL) from ANZ, DBS Bank, and Export Development Canada (EDC).
• The loan has a maturity period of 5 years.
• Purpose and Focus : To support Tata Communications in achieving carbon emission reduction targets, which are critical for its long-term sustainability performance.

Key Highlights :

• Coordination and Framework:ANZ acted as the lead sustainability coordinator for the loan.
• DBS Bank and EDC served as joint sustainability coordinators.
• The transaction is the first SLL by Tata Communications under the company’s new SLL framework.
• Linkage to Environmental Goals:Through the framework, the company intends to link its funding with key objectives such as carbon emission reduction targets (non-financial covenants) that are core and material for the company’s long-term sustainability performance.
• Financial Mechanism : The interest rate margin of the loan will be adjusted based on Tata Communications' progress towards its carbon emission reduction targets.
• This mechanism aligns the cost of borrowing with the company’s environmental performance.
• Long-term Sustainability Goals:Tata Communications aims to achieve net zero carbon emissions across its global operations by 2035.
• The SLL supports this broader ambition by incentivizing and financing actions that contribute to environmental sustainability.

What is a sustainability-linked loan?

• Sustainability-linked loans (SLLs) tie the interest rate to the borrower's achievement of predefined sustainability targets or performance metrics.
• The primary objective of SLLs is to incentivize borrowers to improve their environmental, social, and governance (ESG) practices.
• SLLs are primarily available in capital markets, making them more accessible to large corporations and entities with significant financial transactions.
• They are less common and less accessible to small businesses due to the complexity of sustainability metrics and reporting requirements.
• SLLs are negotiated directly between borrowers (such as corporations) and lenders, typically banks or financial institutions.

About Tata Communications Limited :

• Founded : March 1986
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Amur Swaminathan Lakshminarayanan

Government Seeks Exemption for Sovereign Funds from Reserve Bank of India's Alternate Investment Fund Regulations-Sources Report     

• The Indian government has requested the Reserve Bank of India (RBI) to exempt sovereign funds from the recent tightened rules on investments in alternate investment funds (AIFs).
• In December,2023 RBI mandated banks and non-banking financial companies to increase provisions for AIF investments, including those involving sovereign funds, particularly if they were lenders to the projects funded by these AIFs.
• These rules were aimed at preventing the evergreening of loans but were partially relaxed in March.
• The government has written to the RBI seeking special dispensation for sovereign-backed funds – including a fund called Special Window for Affordable and Mid-Income Housing (SWAMIH) set up to rescue stressed real estate projects, citing its “socio-economic purpose”.

About SWAMIH :

• SWAMIH, set up in 2019 to provide debt financing for stalled housing projects, is managed by SBICAP Ventures, a wholly-owned subsidiary of the government-owned State Bank of India (SBI).
• SBI, a major investor in SWAMIH, made provisions of 1.2 billion rupees ($14.37 million) against its AIF investments for the fiscal year ending March 31, 2024.
• In discussions with the government, the RBI has conveyed that exempting SWAMIH from the AIF regulations would require similar dispensation for foreign sovereign funds.
• Based on the government’s suggestion, the central bank may consider exempting sovereign funds on a “case-by-case basis.

What are the alternative investment funds?

• Alternative Investment Fund or AIF is a privately pooled investment vehicle that invests in alternative asset classes such as private equity, venture capital, hedge funds, real estate, commodities, and derivatives.

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

.Indian Deposits in Swiss Banks Drop by 70% to Reach 4-Year Low of ₹9,771 Crore    

• Funds parked by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, fell sharply by 70% in 2023 to a 4-year low of 1.04 billion Swiss Francs (₹9,771 crore), annual data from Switzerland's central bank showed .
• This decline marks the second consecutive year of reduction, following a peak of CHF 3.83 billion in 2021.
• It reflects a downward trend since its peak in 2006, except for intermittent increases in certain years.
• These are official figures reported by banks to the Swiss National Bank (SNB) and do not indicate the quantum of the much-debated alleged black money held by Indians in Switzerland.
• These figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of third-country entities.

Key Highlights :

• Breakdown of Funds : The total amount of CHF 1,039.8 million, described by the SNB as 'total liabilities' of Swiss banks or 'amounts due to' their Indian clients at the end of 2023, included CHF 310 million in customer deposits (down from CHF 394 million at 2022-end), CHF 427 million held via other banks (down from CHF 1,110 million), CHF 10 million (down from CHF 24 million) through fiduciaries or trusts, and CHF 302 million as 'other amounts due to customers in form of bonds, securities and various other financial instruments (down from CHF 1,896 million).
• Comparison with Locational Banking Statistics : The Bank for International Settlements (BIS) reported a 25% decline in funds of Indian non-bank clients in Swiss-domiciled banks during 2023, amounting to $70.6 million (₹663 crore).
• Global Rankings and Assets:India ranked 67th in terms of funds held by foreign clients in Swiss banks, down from 46th place in 2022.
• Assets held by Indian clients in Swiss banks decreased by 63% in 2023, marking the lowest level in over two decades.
• Comparison with Other Countries:While the United Kingdom (UK) topped the charts for foreign clients' money in Swiss banks at CHF 254 billion, it was followed by the US (CHF 71 billion) at the second spot and France (CHF 64 billion) at the third place.
• These three were followed in the top 10 by West Indies, Germany, Hong Kong, Singapore, Luxembourg and Guernsey.
• Pakistan also saw a dip to CHF 286 million (from CHF 388 million), while Bangladesh witnessed a sharp plunge from CHF 55 million to CHF 18 million

CURRENT AFFAIRS: NATIONAL NEWS

Government Monetises ₹1.56 Lakh Crore in 2023-24 under National Monetisation Pipeline

• In the fiscal year 2023-24, the government monetised assets worth ₹1.56 lakh crore under the National Monetisation Pipeline (NMP), falling short of the target of ₹1.8 lakh crore.
• The NMP aims to monetise the central government's brownfield infrastructure assets with an estimated potential of ₹6 lakh crore over four years from FY22 to FY25.

Performance Over the Years

• For the first two years, 2021-22 and 2022-23, the NMP had a combined target of around ₹2.5 lakh crore, of which ₹2.30 lakh crore was achieved.
• The target for 2023-24 was the highest among the four years, and the achievement of ₹1.56 lakh crore represents about 159 per cent of the amount monetised in 2021-22.

Sector-wise Monetisation in FY24

• Road Transport and Highways: ₹40,314 crore
• Coal: ₹56,794 crore
• Power: ₹14,690 crore
• Mines: ₹4,090 crore
• Petroleum and Natural Gas: ₹9,587 crore
• Urban Development: ₹6,480 crore
• Shipping: ₹7,627 crore

Overall, these ministries achieved 70 per cent of their monetisation targets.

Future Plans and Investor Facilitation

• To facilitate investor planning and accelerate the monetisation process, the National Highways Authority of India (NHAI) has identified and published a list of 33 assets for monetisation in 2024-25.
• Additionally, NHAI has made macroeconomic assumptions used for calculating the Indicative Economic Value (IECV) available on its website to enhance the bidding process's success rate.

Goals and Benefits of Asset Monetisation

• Union Minister for Finance and Corporate Affairs on 23 August 2021 launched the asset monetisation pipeline of Central ministries and public sector entities as 'National Monetisation Pipeline'.
• Asset monetisation under NMP aims to attract private sector investment for new infrastructure creation, generating employment opportunities, fostering high economic growth, and integrating rural and semi-urban areas for overall public welfare.
• This initiative aligns with the Union Budget 2021-22 announcement and is a collaborative effort between NITI Aayog and the relevant infrastructure ministries.

DGCA Advisory Circular on Gender Equality in the Civil Aviation Sector

• The Directorate General of Civil Aviation (DGCA) has issued a comprehensive advisory circular focused on promoting gender equality within the civil aviation sector in India.

Principles and Objectives

• Constitutional and International Commitments: Aligned with the principles of gender equality enshrined in the Constitution of India and the vision of the International Civil Aviation Organisation (ICAO).
• Targeted Representation: Aims to achieve a representation of at least 25% women in various positions within the aviation industry by 2025.

Key Recommendations

1. Enhanced Representation: Encourages stakeholders to increase the participation of women across all levels of the aviation workforce.
2. Leadership and Mentorship: Introduce leadership and mentorship programs specifically designed for women to support their career progression.
3. Addressing Stereotypes and Bias: Mitigate stereotypes and gender bias through awareness programs and inclusive organizational practices.
4. Work-Life Balance: Promote policies that facilitate better work-life balance for women employees, enhancing retention and career satisfaction.
5. Policy and Practices Enhancement: Adopt a zero-tolerance policy towards sexual harassment, establish diversity objectives, and formulate HR policies to achieve them.
6. Diversified Work Profiles: Encourage diversification of job roles and responsibilities for women employees, ensuring equal opportunities for growth and development.
7. Highlighting Role Models: Recognize and showcase women role models and achievers within the organization to inspire future generations.

Conclusion

• The DGCA's advisory circular provides a roadmap for aviation stakeholders to create a more inclusive and equitable workplace environment. By implementing these recommendations, the aviation industry in India aims to not only meet regulatory requirements but also foster a culture of diversity, equality, and empowerment for all employees.

CURRENT AFFAIRS: BUSINESS NEWS

e-WAY Bill Generation Reaches 10.32 Crore in May 2024, Second Highest on Record

• In May 2024, e-WAY bill generation soared to 10.32 crore, marking the second-highest figure recorded since its introduction.
• This spike, unusual for May, likely stems from increased demand for electronic and cooling products.
• This surge underscores the evolving landscape of indirect taxation under GST, where digital integration and enforcement measures enhance transparency and regulatory oversight.

Historical Data

• Previous Peaks: March 2024 saw the highest e-WAY bill generation at 10.35 crore, with the second-highest recorded in October 2023 at 10.03 crore.
• Consistent Performance: Except for November, e-WAY bill generation consistently exceeded nine crore since August last year. Seven months in the fiscal 2023-24 recorded over nine crore bills, with two months surpassing 10 crore.

Impact on GST Collection

• Positive Influence: The rise in e-WAY bill generation is expected to positively impact GST collection, underscoring increased economic activity.

Function and Compliance

• Definition and Purpose: An e-WAY bill is an electronic document indicating the movement of goods and whether taxes are paid, mandatory for consignments over ₹50,000 in value.
• Enforcement: Integration with e-invoicing and stringent enforcement by regulatory bodies have expanded compliance, bringing previously unorganized movements under the GST ambit.

Drivers of Growth

• Sectoral Consumption: Higher e-WAY bill generation correlates with increased consumption across sectors, indicative of heightened economic vitality.
• Technological Advancements: Effective implementation of technology-driven scrutiny and compliance mechanisms has bolstered sustained growth in e-WAY bill issuance.

What is an e-Way Bill?

• An e-Way Bill is an electronic document required for the movement of goods worth more than INR 50,000 across state borders and within states in India. It is generated on the e-Way Bill portal and serves as a permit for transporting goods.
• The e-Way Bill system is a significant component of India's Goods and Services Tax (GST) framework, aimed at streamlining the movement of goods and reducing tax evasion.
• It is a critical initiative to modernise and digitise the transportation of goods under the GST regime, promoting ease of doing business and improving tax compliance in India.

Visakhapatnam Port Leads in Marine Products Shipments

• Visakhapatnam Port has emerged as India's top port for marine products shipments in FY24, handling 3,14,199 tonnes valued at ₹17,983.99 crore ($2,194 million).

Top Ports and Shipments

• Chennai and Kolkata: Chennai handled 1,01,903 tonnes valued at ₹6,120 crore, while Kolkata managed 94,559 tonnes valued at ₹4,452 crore.
• Overall Contribution: Together, these ports contributed significantly to India's marine products export sector, as reported by Marine Products Export Development Authority (Mpeda).

National Export Highlights

• Record Volume: India achieved an all-time high in seafood exports, shipping 17,81,602 tonnes valued at ₹60,523.89 crore during FY24.
• Major Export Destinations: The US and China were primary importers, with frozen shrimp being the top export item despite challenges in overseas demand.

Regional Factors

• Andhra Pradesh: Significant shrimp production in Andhra Pradesh, particularly of Vanammei shrimp varieties, contributed to Visakhapatnam's prominence.
• Odisha: Contributed to Visakhapatnam's rise as a leading port through its seafood exports.

JNPT Contribution

• Gujarat Influence: JNPT secured the second position due to shipments from Gujarat, underscoring regional contributions to India's marine exports.

Conclusion

• Visakhapatnam Port's leadership in marine products shipments reflects robust regional aquaculture industries and strategic export contributions from states like Andhra Pradesh and Odisha. The sector's resilience and growth are pivotal amid global market challenges, sustaining India's position as a major seafood exporter.

Launch of Mirae Asset Nifty EV and New Age Automotive ETF

• Mirae Asset Mutual Fund has introduced India’s first Exchange Traded Fund (ETF) focusing on the Electric Vehicles (EV) and New Age Automotive segment.
• Mirae Asset’s Nifty EV and New Age Automotive ETF presents investors with an opportunity to capitalize on the burgeoning electric vehicles and new-age automotive sectors in India.
• By tracking the Nifty EV and New Age Automotive Total Return Index, the ETF aims to provide exposure to innovative companies driving advancements in the automotive industry.
• This initiative underscores Mirae Asset’s commitment to facilitating long-term capital appreciation while aligning with future trends in sustainable mobility and technology.

Fund Details

• Name: Mirae Asset Nifty EV and New Age Automotive ETF
• Nature: Open-ended scheme replicating/tracking Nifty EV and New Age Automotive Total Return Index
• Objective: Long-term capital appreciation by investing in equity of companies leading the automotive sector and its value chain
• Index Coverage: Includes Electric Vehicles, Hybrid Vehicles, Battery Manufacturing, Hydrogen-fuel cell, Autonomous Vehicles, etc.
• Management: Managed by Ekta Gala and Akshay Udeshi

Key Features

• Focus Areas: Targets companies in dynamic automotive segments and market cap sectors
• Investment Strategy: Seeks to capture growth potential and future disruptions in the automotive industry
• Special Incentives: Portfolio includes entities benefiting from Production Linked Incentives (PLI) and initiatives like FAME

Investment Details

• NFO Dates: Opens on June 24, 2024, and closes on July 05, 2024
• Minimum Investment: ₹5,000 during NFO, subsequent investments in multiples of ₹1

About ETF

• Exchange-traded funds (ETFs) are investment companies that allow investors to pool their money into a fund that invests in assets like stocks, bonds, or other assets. ETFs are registered with the SEC and can be traded throughout the day on a national securities exchange. They combine features of mutual funds with the ability to trade.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

President Appoints Bhartruhari Mahtab, 7-time Member of Parliment, as Pro-Tem Speaker of Lok Sabha     

• President Droupadi Murmu appointed Bhartruhari Mahtab, a 7-term Member of Parliament (MP) from Cuttack, as the pro-tem Speaker of the 18th Lok Sabha.
• This appointment was made under Article 95(1) of the Constitution to perform the duties of the Speaker until the election of a Speaker.

Role of Pro-tem Speaker:

• The Speaker is the Presiding Officer of Lok Sabha and thus have some key duties related to the day-to-day proceedings of the House.
• Since the Speaker has to be elected by a simple majority in the House, until then, a pro-tem Speaker is chosen to perform the Speaker’s duties, including the oath-taking of MPs.
• The word ‘pro-tem’ means ‘for the time being’ or ‘temporarily’.
• Although the ‘pro-tem’ post is not mentioned in the Constitution, the ‘Handbook on the Working of Ministry of Parliamentary Affairs' mentions the ‘Appointment and Swearing in of Speaker pro-tem'.

About Bhartruhari Mahtab :

• Bhartruhari Mahtab, a prominent figure in Odisha’s political landscape, is a seven-term Lok Sabha MP.
• Previously a member of the Biju Janta Dal (BJD), he joined the BJP in March,2024 ahead of the elections.
• In 2017, the now Speaker Protem was awarded the Outstanding Parliamentarian Award for this performance in Lok Sabha debates.
• In addition, the President also appointed Suresh Kodikunnil, Thalikkottai Rajuthevar Baalu, Radha Mohan Singh, Faggan Singh Kulaste and Sudip Bandyopadhyay to assist the Speaker Pro Tem in oath to the newly elected members of the 18th Lok Sabha till the election of the Speaker.

Session and Election Schedule:

• The first session of the 18th Lok Sabha is scheduled to begin on June 24, with oath-taking ceremonies for newly elected members continuing until June 25.
• The election of the Speaker is set to take place on June 26, following the duties performed by the pro-tem Speaker.

Government Appoints Atul Kumar Chaudhary as Secretary of Telecom Regulatory Authority of India    

• The government has appointed Atul Kumar Chaudhary as the new Secretary of the Telecom Regulatory Authority of India (TRAI).
• The position was vacant following the superannuation of V Raghunandan on May 31, 2024.
• As the new Secretary of the telecom regulator, Chaudhary would have major responsibilities to steer some of the guidelines and policies, along with the stakeholders in terms of quality of services, especially to on pesky (unsolicted calls) and new Broadcasting Policy.

About Atul Kumar Chaudhary :

• Atul Kumar Chaudhary is an Indian Telecom Service (ITS) officer from the 1989 batch.
• He has been serving as Deputy Director General (DDG) in the Unique Identification Authority of India (UIDAI) since 2021.
• He has worked in various capacities in Personnel, HR, Administration, Licencing, Vigilance wing of Bharat Sanchar Nigam Limited (BSNL) and Department of Telecommunications (DoT).
• He served as the Deputy Director General (DDG) at the DoT.

About TRAI :

• Established : 20 February 1997
• Headquarters : New Delhi
• Chairperson : Anil Kumar Lahoti
• The TRAI is a regulatory body set up by the Government of India under section 3 of the Telecom Regulatory Authority of India Act, 1997.
• It is the regulator of the telecommunications sector in India.

Bharat Electronics Names Manoj Jain as New Managing Director and Chairman    

• Bharat Electronics Limited (BEL) has appointed Manoj Jain as the new Chairman and Managing Director of the company.

About Manoj Jain :

• Jain joined BEL as a Probationary Engineer in August 1991 and has a career spanning over three decades.
• He made significant contributions to Research and Development (R&D) during his tenure.
• He also served as Chief Scientist of CRL-Bangalore from December 2017 to May 2019, and in June 2019, became the General Manager of BEL’s Product Development and Innovation Centre (PD&IC).
• Previously, he served as Director (R&D) from September 26, 2022, and took on additional roles, including Director (Bangalore Complex) from August 1, 2023, and Director (HR) from November 1, 2022, to May 31, 2023.
• Before his elevation as Director (R&D), he was the General Manager of the Electronic Warfare and Avionics SBU at BEL’s Bangalore Complex, which he took over in June 2021.

About BEL :

• Founded: 1954
• Headquarters : Bangalore, Karnataka, India
• BEL is an Indian Government-owned aerospace and defence electronics company.
• It primarily manufactures advanced electronic products for ground and aerospace applications.
• BEL is one of sixteen PSUs under the Ministry of Defence of India.
• It has been granted Navratna status by the Government of India.
• As of 31 March 2024, the Government of India held a 51.14% stake in the company.

CURRENT AFFAIRS : ACQUISITION & MERGERS

Axis Bank to Invest Up to ₹336 Crore for Additional Stake in Max Life Insurance      

• Axis Bank has decided to raise its shareholding in Max Life Insurance for an amount of up to ₹336 crore.
• This transaction would lead to the aggregate shareholding of the Axis Entities going up from 19.02% to 19.99%.
• The additional stake buy in Max Life would be through cash consideration .
• In 2023-24, Max Life Insurance recorded a Gross Written Premium of ₹29,529 crore.
• Axis Bank’s Board had in August, 2023 approved the proposal to infuse ₹1,612 crore in Max Life, resulting in the bank’s direct stake in Max Life increasing to 16.22% and the collective stake of Axis Entities rising to 19.02%.
• Post this additiona acquisition by Axis Bank, the stake of MFSL in Max Life had come down from 87% to 81%.
• In April 2021, Axis Bank and its subsidiaries, Axis Securities and Axis Capital, collectively acquired a 12% stake in Max Life through a secondary transfer from Max Financial.

About Axis Bank :

• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi

About Max Life Insurance Company Limited :

• Founded : 2001
• Headquarters : New Delhi, India
• MD & CEO : Prashant Tripathy

CURRENT AFFAIRS: MOUS AND AGREEMENT

EESL ties up with APEPDCL to promote energy efficiency, conservation

• Energy Efficiency Services Ltd (EESL) has entered into a strategic partnership with Andhra Pradesh Eastern Power Distribution Company Ltd (APEPDCL) to promote energy efficiency initiatives within the power distribution sector.
• The collaboration between EESL and APEPDCL represents a significant stride towards promoting energy efficiency in the power distribution sector.
• By leveraging technology and consumer outreach, the partnership not only aims to reduce energy consumption but also empowers consumers with cost-effective and sustainable energy solutions.

Objective

• Energy Efficient Appliance Programme: The partnership aims to implement the 'Energy Efficient Appliance Programme' to enhance energy efficiency and promote energy conservation among residential and institutional consumers of APEPDCL.

Key Initiatives

1. Comprehensive Solutions: Offer a wide range of energy-efficient solutions tailored for both residential and institutional consumers.
2. Consumer Awareness: Utilize the APEPDCL web portal, text messages, and WhatsApp to educate consumers about the benefits and availability of energy efficiency solutions.
3. Agreement Highlights: The agreement focuses on providing easy access to advanced technologies that result in significant savings on electricity bills for consumers.

Benefits to Consumers

• Cost Savings: Lower electricity bills due to reduced energy consumption through efficient appliances and technologies.
• Technological Access: Access to state-of-the-art energy-efficient solutions contributing to sustainable living.

Impact and Vision

• Shared Vision: EESL and APEPDCL aim to advance energy efficiency standards and foster a sustainable future for India.
• Scalability: The partnership is poised to scale up and deliver substantial benefits across a large consumer base, enhancing overall energy conservation efforts.

CERT-In and Mastercard India sign MoU for collaboration in cyber security to enhance India’s cyber-resilience in Financial Sector

• The Indian Computer Emergency Response Team (CERT-In), under the Ministry of Electronics and Information Technology, Government of India, has partnered with Mastercard to enhance cybersecurity within the financial sector through cooperation and information sharing.
• The partnership between CERT-In and Mastercard marks a significant step in fortifying cybersecurity defences within India's financial sector.
• By pooling their expertise and resources, both entities aim to foster a secure digital environment, protect against evolving cyber threats, and promote confidence in financial transactions nationwide.

Objectives

• Memorandum of Understanding (MoU): Signed to foster collaboration in cybersecurity incident response, capacity building, and sharing cyber threat intelligence specific to the financial sector.
• Areas of Focus: Joint efforts include advanced malware analysis, cyber threat trends, and technical information exchange.

Key Initiatives

1. Training Programs and Workshops: Conducting sessions on cyber capacity building, market trends, and best practices to bolster the cybersecurity posture of financial sector organizations.
2. Information Sharing: Sharing relevant cyber threat intelligence, technical details, and vulnerability reports to fortify information security in the financial sector of India.

CERT-In's Role

• National Incident Response: CERT-In serves as the national agency for incident response under Section 70B of the Information Technology Act, 2000, operating a 24x7 incident response Help Desk.
• Services: Provides Incident Prevention and Response services along with Security Quality Management Services to mitigate cyber threats.

Mastercard's Contribution

• Global Expertise: Leveraging Mastercard's global footprint and technological expertise to ensure secure digital transactions and build a resilient financial ecosystem.
• Inclusive Digital Economy: Committed to powering an inclusive, digital economy through secure, accessible, and innovative payment solutions.

Shared Vision

• Cybersecurity Enhancement: Joint efforts aim to strengthen cybersecurity frameworks, mitigate risks, and promote resilience across financial services.
• Sustainable Collaboration: Working towards a sustainable world where cybersecurity measures unlock potential and protect critical digital infrastructures.

Tata Steel, ICAR-NRRI join Odisha government to reclaim acidic soils in the state

• Tata Steel and the Odisha government have embarked on a sustainable agricultural initiative aimed at reclaiming acidic soils in the state using industrial waste as soil amendments.
• The collaboration between Tata Steel and the Odisha government under the SAFAR initiative signifies a significant step towards sustainable agriculture and environmental stewardship.
• By leveraging industrial waste for soil reclamation, the project not only addresses environmental challenges but also supports the circular economy agenda in Odisha, ensuring long-term benefits for agricultural productivity and community well-being.

Project Name: SAFAR

• Objective: "Economic and Environment-Friendly Utilisation of Basic Slag and Fly Ash as Soil Amendments to Reclaim Acid Soils of Odisha (SAFAR)."
• Implementation: Spearheaded by the Indian Council of Agricultural Research (ICAR)-National Rice Research Institute (ICAR-NRRI) in Cuttack, Odisha.

Components of the Initiative

1. Industrial Waste Utilization: Utilizing basic oxygen furnace (LD) slag and fly ash from Tata Steel's plants as soil amendments.
2. Circular Economy: Aligns with Odisha government's "Waste to Wealth" programme, promoting sustainable practices and circular economy principles.

Implementation Plan

• Supply and Distribution: Tata Steel will supply LD slag and fly ash to be used as soil amendments in targeted districts such as Dhenkanal, Angul, and Jajpur.
• Timing: Amendments will be distributed before the Kharif (monsoon) and Rabi (winter) crop seasons to support optimal crop growth.

Regulatory Compliance

• Environmental Approval: The project has received approval from the State Pollution Control Board, Odisha, adhering to Fly Ash Notification and Central Pollution Control Board guidelines.

Impact and Benefits

• Soil Reclamation: Enhances soil fertility and productivity by neutralizing acidic soils.
• Sustainable Agriculture: Promotes sustainable agricultural practices and supports farmers with essential soil amendments during critical planting periods.

MSDE partners with the Australian Government to energise the Agriculture Sector of India with emerging skills

• The Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with the Australian Government, recently hosted a productive roundtable focusing on the outcomes of the Australia-India Critical Agriculture Skills Pilot Project.
• Led by Shri Atul Kumar Tiwari, Secretary of MSDE, and Mr. Mathew Johnston, Minister Counsellor of Education and Research at the Australian High Commission, the roundtable aimed to discuss the project's achievements and future prospects for scaling and replicating its success in other sectors.

Key Highlights of the Roundtable:

1. Participants: The roundtable included representatives from various key organizations:
   • National Council for Vocational Education and Training (NCVET)
   • National Skill Development Corporation (NSDC)
   • Indian Council for Agricultural Research (ICAR)
   • Ministry of Education (MoE)
   • Agriculture Skill Council of India (ASCI)
2. Project Background: Envisaged in March of the previous year, the Critical Agriculture Skills Pilot Project underwent extensive consultations with experts, government bodies, research institutions, multilateral organizations, non-profits, and industry associations. This included face-to-face and virtual consultations involving 89 experts from 64 organizations.
3. Scope and Findings: The project's scoping study identified and mapped 107 emerging job roles in the agriculture sector. From these, 5 critical emerging job roles were selected for the pilot projects.
4. Alignment of Qualification Standards: The Agricultural Skill Council of India (ASCI) and Skills Impact (Australia's Sector Skill Council equivalent) collaborated to align qualification standards. These standards were subsequently approved by the National Council for Vocational Education and Training (NCVET).
5. Pilot Projects: Six pilot projects, focused on the identified critical job roles, were implemented across four states: Andhra Pradesh, Maharashtra, Tamil Nadu, and Telangana. The job roles include:
   • Digital Agriculture Extension Promoter
   • Carbon Farming Practitioner
   • Livestock Green Management Promoter
   • Organic Farm & Business Promoter
   • Integrated Farming Practitioner
6. Alignment with SDGs: The selected job roles align with Sustainable Development Goals (SDGs), particularly focusing on climate action, reduced inequalities, quality education, and industry innovation & infrastructure.

CURRENT AFFAIRS: RANKING AND INDEX

Sweden leads, while India ranks 63rd on the Global Energy Transition Index according to the World Economic Forum (WEF).

• According to the Global Energy Transition Index 2024, released by the World Economic Forum (WEF) India has shown improvement by moving up to the 63rd position out of 120 countries surveyed.
• This marks an improvement of three ranks from its previous position of 67th in 2023.
• The Global Energy Transition Index provides insights into each country's progress towards sustainable and equitable energy systems.
• India's upward movement in the ranking reflects its ongoing efforts and initiatives to enhance energy security, sustainability, and equity.

Key Points from the Global Energy Transition Index 2024:

1. Rankings:
   • Top Countries: Sweden has retained its top position in the Index, followed by Denmark, Finland, Switzerland, and France.
   • India's Rank: India improved to 63rd place, reflecting progress in energy equity, security, and sustainability.
   • China was ranked 20th.
2. Global Trends:
   • Progress: The report highlights that 107 out of 120 countries have made progress in their energy transition journeys over the past decade.
   • Challenges: Economic volatility, geopolitical tensions, and technological shifts have slowed down the pace of global energy transition efforts.
3. Role of India and China:
   • Significance: India and China, representing one-third of the global population, are crucial players in the global energy transition.
   • Initiatives: WEF appreciated India's efforts in promoting non-fossil-based energy sources, particularly solar energy, and suggests these efforts can serve as a model for other countries.

About the World Economic Forum

• The World Economic Forum (WEF), founded by German economist Klaus Schwab in 1971, is a non-profit international organization headquartered in Cologny, Switzerland.
• Its primary mission is to provide a platform for global stakeholders to collaborate and address common global challenges.
• Headquarters of WEF: Cologny, Switzerland

Other Report Released by WEF

• Energy Transition Index
• Global Travel and Tourism Report
• Global IT Report in collaboration with INSEAD and Cornell University
• Global Gender Gap Report
• Global Competitiveness Report

CURRENT AFFAIRS : OBITUARIES

Canadian Actor Donald Sutherland Passed away     

• Donald Sutherland, the Canadian actor whose wry, arresting screen presence spanned more than half a century of films from M.A.S.H. to The Hunger Games, has passed away at the age of 88.

About Donald Sutherland :

• Sutherland, who was born in 1935 in Saint John, New Brunswick, Canada.
• He had a more than seven-decade cinematic career, was well-known for his appearances in Pride and Prejudice, M*A*S*H, The Hunger Games, and Ad Astra, among many more films.
• His television roles included appearances in series like Trust, The Pillars of the Earth, and Dirty Sexy Money.

Awards and Recognitions :

• Sutherland won a Golden Globe for the television film Path To War and an Emmy for the miniseries Citizen X.
• He was also honored with an Academy Honorary Award in 2017 for his brilliant acting.

Honors and Inductions:

• Donald Sutherland was honored with inductions into the Hollywood Walk of Fame (2011) and the Canadian Walk of Fame (2000).
• He was named a Companion of the Order of Canada in 2019, recognizing his significant impact on Canadian culture.
• In addition to being named a Companion of the Order of Canada in 2019, he was appointed an Officer of the Order of Canada in 1978 and a Commandeur of the Ordre des Arts et des Lettres in 2012.
• Canada Post released a stamp honouring him in October 2023, marking his remarkable career as one of the country's most esteemed and diverse actors.

Filmography Highlights:

• His film credits include notable roles in Klute (1971), Don't Look Now (1973), Ordinary People (1980), JFK (1991), The Italian Job (2003), and Pride & Prejudice (2005).
• He portrayed President Snow in The Hunger Games franchise from 2012 to 2015.

Former Indian Fast Bowler David Johnson Passed away      

• Former Indian pacer David Johnson passed away at the age of 52 in a tragic incident where he fell from the balcony of his fourth-floor apartment in Bengaluru, Karnataka.

About David Johnson :

• David Johnson hailed from Arasikere, Hassan district, Karnataka, and was known for his fast bowling prowess.
• He played for Karnataka in domestic cricket and made his international debut for India in 1996.
• Johnson represented India in two Test matches and also participated in the Karnataka Premier League.
• He toured South Africa and played in his first Test match there, contributing to India's cricketing journey during his brief international stint.
• He took a total of three wickets in his two Test appearances for India.
• In first-class cricket, David Johnson played 39 matches, securing 125 wickets at an average of 28.63 and a strike rate of 47.4.
• His impressive performance, including a notable bowling spell of 10 for 152 against Kerala in the 1995-96 Ranji Trophy season, highlighted his talent.
• Johnson's last competitive appearance came in the Karnataka Premier League in 2015.

Daily CA One-Liner: June 22

• In the fiscal year 2023-24, the government monetised assets worth ₹1.56 lakh crore under the National Monetisation Pipeline (NMP), falling short of the target of ₹1.8 lakh crore.
• The Directorate General of Civil Aviation (DGCA) has issued a comprehensive advisory circular focused on promoting gender equality within the civil aviation sector in India
• In May 2024, e-WAY bill generation soared to 10.32 crore, marking the second-highest figure recorded since its introduction
• Visakhapatnam Port has emerged as India's top port for marine products shipments in FY24, handling 3,14,199 tonnes valued at ₹17,983.99 crore ($2,194 million).
• Mirae Asset Mutual Fund has introduced India’s first Exchange Traded Fund (ETF) focusing on the Electric Vehicles (EV) and New Age Automotive segment
• Energy Efficiency Services Ltd (EESL) has entered into a strategic partnership with Andhra Pradesh Eastern Power Distribution Company Ltd (APEPDCL) to promote energy efficiency initiatives within the power distribution sector
• The Indian Computer Emergency Response Team (CERT-In), under the Ministry of Electronics and Information Technology, Government of India, has partnered with Mastercard to enhance cybersecurity within the financial sector through cooperation and information sharing
• Tata Steel and the Odisha government have embarked on a sustainable agricultural initiative aimed at reclaiming acidic soils in the state using industrial waste as soil amendments
• The Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with the Australian Government, recently hosted a productive roundtable focusing on the outcomes of the Australia-India Critical Agriculture Skills Pilot Project
• According to the Global Energy Transition Index 2024, released by the World Economic Forum (WEF) India has shown improvement by moving up to the 63rd position out of 120 countries surveyed
• The Securities and Exchange Board of India (SEBI) has imposed additional measures and surveillance to curb manipulation in the process involved to compute the opening price for a stock on the day of its listing following an initial public offering (IPO).
• Tata Communications has secured a $250 million sustainability-linked loan (SLL) from ANZ, DBS Bank, and Export Development Canada (EDC).
• The Indian government has requested the Reserve Bank of India (RBI) to exempt sovereign funds from the recent tightened rules on investments in alternate investment funds (AIFs).
• Funds parked by Indian individuals and firms in Swiss banks, including through local branches and other financial institutions, fell sharply by 70% in 2023 to a 4-year low of 1.04 billion Swiss Francs (₹9,771 crore), annual data from Switzerland's central bank showed .
• President Droupadi Murmu appointed Bhartruhari Mahtab, a 7-term Member of Parliament (MP) from Cuttack, as the pro-tem Speaker of the 18th Lok Sabha.
• The government has appointed Atul Kumar Chaudhary as the new Secretary of the Telecom Regulatory Authority of India (TRAI).
• Bharat Electronics Limited (BEL) has appointed Manoj Jain as the new Chairman and Managing Director of the company.
• Axis Bank has decided to raise its shareholding in Max Life Insurance for an amount of up to ₹336 crore.
• Donald Sutherland, the Canadian actor whose wry, arresting screen presence spanned more than half a century of films from M.A.S.H. to The Hunger Games, has passed away at the age of 88.
• Former Indian pacer David Johnson passed away at the age of 52 in a tragic incident where he fell from the balcony of his fourth-floor apartment in Bengaluru, Karnataka.