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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Monetary Policy Meeting: RBI keeps repo rate unchanged at 6.5%      

• The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the third bi-monthly Monetary Policy for FY25, August 8, 2024.
• The RBI Governor-headed six-member Monetary Policy Committee (MPC) decided to keep the benchmark repo rate unchanged at 6.5% and maintain the policy stance of ‘withdrawal of accommodation’.
• The MPC voted by a 4 to 2 majority to keep the policy rate unchanged. RBI retained real GDP growth estimates for FY25 at 7.2%, and CPI inflation projection at 4.5%.

RBI Monetary Policy Highlights: Key takeaways of August RBI Policy

GDP Growth Estimates:

• FY25 GDP growth estimates retained at 7.2%.

Quarterly estimates are -

• Q1FY25: Reduced to 7.1% from 7.3%
• Q2FY25: Retained at 7.2%
• Q3FY25: Retained at 7.3%
• Q4FY25: Retained at 7.2%
• Q1FY26 GDP growth estimated at 7.2%

CPI Inflation Forecast

• FY25 CPI Inflation forecast unchanged at 4.5%. Quarterly estimates are -
• Q2FY25: Raised to 4.4% from 3.8%
• Q3FY25: Raised to 4.7% from 4.6%
• Q4FY25: Lowered to 4.3% from 4.5%
• Q1FY26 CPI inflation forecast at 4.4%

Additional Measures

• Creation of public repository of Digital Lending Apps
• Increased frequency of reporting of credit information to Credit Information Companies
• Enhanced transaction limit for tax payments through UPI
• Introduction of ‘Delegated Payments’ through UPI
• Introduction of ‘on-realisation-settlement’ in CTS for continuous clearing of cheques
• The next RBI MPC meeting is scheduled from October 7 to 9, 2024.

About RBI :

• Founded : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
• Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D. Patra

Consortium of International Finance Corporation,Asian Development Bank, and Deutsche Investitions- und Entwicklungsgesellschaft to Inject $275 Million into Fourth Partner Energy        

• International Finance Corporation (IFC),Asian Development Bank (ADB), and Deutsche Investitions- und Entwicklungsgesellschaft (DEG) announced an investment of USD 275 million (about Rs 2,280 crore) into renewable energy solutions platform Fourth Partner Energy Ltd (FPEL).
• Purpose of Investment:The consortium's investment will infuse capital to fund FPEL's business expansion plans which include a target portfolio of 3.5 GW of renewable energy assets by 2026.

Key Highlights :

• Current Assets and Projects:FPEL currently has an installed base of 1.5 GW of green assets.
• The company plans to commission the first phase of its 575 MW wind-solar hybrid project in Karnataka under the ISTS (Inter-State Transmission System) route later this quarter.
• Investment Breakdown:World Bank's International Finance Corporation (IFC), is leading the consortium with an investment of USD 125 million, while Asian Development Bank (ADB) is infusing USD 100 million and Germany's Deutsche Investitions- und Entwicklungsgesellschaft (DEG) is at USD 50 million to complete this round of fundraising.
• For ADB, investing in FPEL includes USD 70 million from our ordinary capital resources and USD 30 million from Leading Asia's Private Infrastructure Fund 2 (LEAP 2), administered by ADB.
• Future Investment Projections:According to an estimate, India's renewables sector is expected to attract an annual investment of USD 25 billion through 2030.

About FPEL :

• Founded : 2010
• Headquarters : Hyderabad, Telangana
• Founder & Executive Director : Saif Dhorajiwala

About IFC :

• Founded : July 20, 1956
• Headquarters : Washington, D.C., United States
• Managing Director : Makhtar Diop
• Membership : 186 countries

About ADB : 

• Established : 1966
• Headquarters : Manila, Philippines
• President : Masatsugu Asakawa
• Membership : 68 members, including 49 regional members (countries in Asia and the Pacific) and 19 non-regional members (countries outside the region)

About DEG :

• Founded : 1962
• Headquarters : Cologne, Germany
• CEO : Roland Siller

Reserve Bank of India Extends Interest Subvention Scheme for Agricultural Loans Up to Rs 3 Lakhs via Kisan Credit Card  

• The Reserve Bank of India (RBI) has extended the Modified Interest Subvention Scheme (MISS) for short-term loans for agriculture and allied activities available through Kisan Credit Card (KCC) for the financial year 2024-25.

Key Highlights :

• Loan Limit and Interest Rates:Farmers can avail of loans up to Rs 3 lakh at a concessional interest rate of 7%.
• An additional interest subvention of 3% per annum is provided to farmers who repay loans on time, reducing the effective interest rate to 4%.
• Scope of Loans:The scheme covers short-term crop loans and short-term loans for allied activities including animal husbandry, dairy, fisheries, and bee keeping.
• Interest Subvention to Lending Institutions:The rate of interest subvention to lending institutions will be 1.5% for 2024-25.
• Lending institutions include Public Sector Banks (PSBs), Private Sector Banks (only for loans given by their rural and semi-urban branches), Small Finance Banks (SFBs), and computerized Primary Agriculture Cooperative Societies (PACS) ceded with Scheduled Commercial Banks (SCBs).
• Priority and Sub-Limit:The limit for crop loan components will take priority for interest subvention and prompt repayment incentives.
• There is a specific sub-limit of Rs 2 lakh within the overall Rs 3 lakh cap for farmers exclusively involved in allied activities.
• Aadhaar Linking:Aadhaar linking is mandatory for applying for these short-term loans in 2024-2025.
• Increase in Rural Credit:Minister of State for Finance Pankaj Chaudhary presented data showing a significant increase in ground-level credit in rural areas, rising from Rs 7.3 lakh crore in 2014 to Rs 25.46 lakh crore in 2024.

About Modified Interest Subvention Scheme:

• It is a Central Sector Scheme, 100% funded by the Government of India.
• It was launched in the year 2006-07.
• Purpose:Provides short-term agricultural loans through KCC to farmers for working capital requirements at concessional interest rates.
• Implementing Agencies:Claims under the scheme are settled by the Reserve Bank of India (RBI) and the National Bank for Agriculture and Rural Development (NABARD).

What is the Kisan Credit Card?

• The Kisan Credit Card (KCC) scheme was introduced in 1998 for the issue of Kisan Credit Cards to farmers on the basis of their holdings for uniform adoption by the banks so that farmers may use them to readily purchase agriculture inputs such as seeds, fertilisers, pesticides etc. and draw cash for their production needs.

CURRENT AFFAIRS: NATIONAL NEWS

Lok Sabha Passes Finance Bill, 2024

• The Lok Sabha passed the Finance Bill, 2024, which gives effect to the Central Government's financial proposals for the fiscal year 2024-2025, marking the completion of the budgetary exercise.
• Finance Minister Nirmala Sitharaman, in her reply during the discussion, emphasised the government's focus on simplifying tax laws and procedures to promote growth and employment.

Key Highlights:

1. Taxation Reforms:
   • The Narendra Modi government has implemented significant changes in tax governance over the past decade, promoting a simplified taxation regime, greater transparency, and ease of compliance without significantly increasing taxes or exacerbating litigation.
   • In 2023, personal income tax slabs were liberalized, reducing the tax burden on individuals by ₹37,500. The 2024 budget further revised these slabs, offering additional relief to the middle class.
   • The standard deduction for salaried employees was increased from ₹50,000 to ₹75,000 in the new regime, providing up to ₹17,500 in tax relief. The deduction on family pensions for pensioners was also enhanced from ₹15,000 to ₹30,000.
   • For salaried employees in the private sector and public sector banks opting for the new regime, the deduction on employers' contributions was raised from 10% to 14%.
2. Support for Startups and Relief Measures:
   • The removal of the Angel Tax for startups was highlighted as a significant relief. Additionally, small, old, and petty unverified tax demands for 90 lakh taxpayers were removed, as announced in the Interim Budget of 2024.
   • During the COVID-19 pandemic, Prime Minister Narendra Modi directed that no additional taxes be imposed on citizens to cover pandemic-related expenditures, contrasting with the approach of many developed nations.
3. Indirect Taxes and Customs Reforms:
   • The Finance Minister mentioned that several steps have been taken to simplify customs processes, facilitate international trade, boost domestic production, and enhance export competitiveness. Customs duty on several items was reduced to lower the cost of raw materials and make domestic production more cost-effective.
4. Income Tax Filings:
   • A record 7.28 crore income tax returns for 2024-25 were filed by July 31, 2024, marking a 7.5% increase compared to the previous year. Over 58 lakh returns were from first-time filers, indicating a broadening of the tax base.

On average, the resolution of cases under IBC took 716 days at NCLT in 2023-24

• The average time for resolving insolvency cases at the National Company Law Tribunal (NCLT) increased to 716 days.
• Previous Years:
  • FY 2022-23: 654 days
  • FY 2021-22: 557 days

Realisable Amount vs. Admitted Claims:

• FY 2023-24: 27% of the admitted claims were realized.
• FY 2022-23: 36% realization.
• FY 2021-22: 23% realization.

Stipulated Resolution Time:

• As per the Insolvency and Bankruptcy Code (IBC), the stipulated time for resolution is 330 days, which includes time spent on litigations. However, a significant number of cases are exceeding this timeline.

Challenges and Amendments:

• Litigation: The increase in resolution time is largely attributed to associated litigation and the growing number of interlocutory applications.
• Amendments: The IBC has been amended six times since its inception in 2016. In FY 2023-24, the government introduced 12 amendments to various regulations, effectuating around 86 changes aimed at strengthening the insolvency resolution process.

Pending Cases:

• As of June 30, 2024:
  • Ongoing Insolvency Processes: 1,973 cases.
    • Cases Exceeding 330 Days: 1,249 cases.
  • Pending Cases at NCLT: 19,770 cases, with 10,125 pending for more than a year.
  • Pending Cases at NCLAT: 3,019 cases, with 1,356 pending for over a year.

Launch of "Million Designers, Billion Dreams" Initiative to Empower Rural India

• The Deendayal Antyodaya Yojana–National Rural Livelihoods Mission (DAY-NRLM) has launched the "Million Designers, Billion Dreams"
• This program aims to equip individuals across India with systems design knowledge to address complex societal challenges.
• The initiative is spearheaded by LEAP in collaboration with DAY-NRLM.
• LEAP emerged from multidisciplinary work developed in India by the Design Laboratory at Harvard T.H. Chan School of Public Health (D-Lab) and the Transform Rural India Foundation (TRIF), with seed funding from the Bill and Melinda Gates Foundation (BMGF).
• Launch Event Details:
  • The event was chaired by Shri Charanjit Singh, Additional Secretary of Rural Livelihoods (RL), Ministry of Rural Development (MoRD), Government of India (GoI).
  • It featured presentations by Mr. Andre Nogueira, CEO of LEAP, and Shri Anish Kumar, Managing Director of TRIF, among others.
  • The event included vibrant discussions on the program's impact on rural communities, with online participation from SMDs/CEOs of State Rural Livelihoods Missions (SRLMs).
• Program Objectives:
  • Enhance participants' proficiency in design frameworks to drive systems change.
  • Promote collaboration among diverse stakeholders to tackle complex challenges.
  • Foster confidence and agency in rural leaders to develop impactful, scalable solutions.
• Vision:
  • "Million Designers, Billion Dreams" aims to transform approaches to societal challenges by empowering rural leaders to drive sustainable development and innovation in their communities.

Indian Railways to Roll Out Kavach 4.0: Enhancing Train Safety Across Key Routes

• Indian Railways is set to commence the rollout of Kavach 4.0, the latest version of its indigenous automated train protection system, starting in October.
• This initiative marks a significant step towards enhancing train safety across the country’s extensive railway network.

Key Highlights:

• Initial Rollout and Coverage: The first phase of Kavach 4.0 will involve deployment on 10,000 locomotives (engines) and across 9,000 route kilometres (RKMs) over the next few years.
• By the end of this fiscal year, 3,000 RKMs are expected to be under Kavach coverage.
• High-Density Routes: The rollout will begin with the Delhi – Howrah and Delhi – Mumbai routes, covering 3,000 RKMs, which have been identified as high-density corridors.
• Section-by-section commissioning of the system will start immediately after upgrading to Kavach 4.0.
• Future Expansion: Following the initial deployment, the Delhi – Chennai and Mumbai – Chennai routes, covering 3,300 RKMs, will also be equipped with Kavach.
• Additionally, all automatic signalling sections, amounting to 5,000 RKMs, will be brought under the system's coverage.

CURRENT AFFAIRS: RANKING AND REPORTS

Microsoft Named India's Most Attractive Employer Brand in 2024: Randstad Survey

• Microsoft has emerged as India's most attractive employer brand, securing the top position in the Randstad Employer Brand Research (REBR) 2024.
• The tech giant was highly rated for its financial health, good reputation, and career progression opportunities—the top three Employee Value Proposition (EVP) drivers identified by the survey.

Top 10 Most Attractive Employer Brands in India:

1. Microsoft
2. Tata Consultancy Services (TCS)
3. Amazon
4. Tata Power Company
5. Tata Motors
6. Samsung India
7. Infosys
8. Larsen & Toubro
9. Reliance Industries
10. Mercedes-Benz

Survey Insights:

• Workforce Expectations: The survey indicates a shift in workforce expectations, with a growing emphasis on work-life balance, equity, and career progression opportunities. These factors are increasingly important as talent seeks a holistic benefits package that includes flexibility and a supportive work environment.
• Inflation Compensation: A significant number of employees received inflation-related compensation, reflecting employers' responsiveness to the rising cost of living.
• AI Integration: The report highlights a strong inclination among employees to integrate Artificial Intelligence (AI) into their work. 88% of respondents expect AI to impact their jobs within the next five years, with 60% of Gen Z employees already using AI regularly. Despite this, only 8% view AI's impact negatively.
• Sector Attractiveness: The automotive sector remains the most attractive, followed by IT, Communication, Telecom &ITeS, FMCG, Durables, Retail, and E-Commerce. The consistent appeal across sectors underscores the competitive nature of the job market in India.

Talent Retention Challenges:

• Career Growth: 38% of employees cited a lack of career growth opportunities as a reason for leaving their employer.
• Compensation: 34% left due to inadequate compensation relative to the rising cost of living.
  • Flexible Work Options: 30% of employees departed because of insufficient flexible work options.

CURRENT AFFAIRS: AWARDS AND HONOURS

Inaugural Rashtriya Vigyan Puraskars Announced: Honoring Excellence in Science and Innovation

• In a landmark initiative to recognize and celebrate outstanding contributions to science, technology, and innovation, the Indian government has introduced the Rashtriya Vigyan Puraskars.
• This new award system, which consolidates over 300 previous awards from various science departments, is designed to honour the achievements of academics, technologists, and inventors across the nation.

Key Highlights:

• Vigyan Ratna Puraskar: The highest honour, the Vigyan Ratna Puraskar, has been awarded to Govindarajan Padmanabhan, a distinguished biochemist and former director of the Indian Institute of Science, Bengaluru. Dr. Padmanabhan, also a Padma Bhushan laureate, received this lifetime achievement award for his significant contributions to the field of biochemistry.
• Vigyan Shri Awards: Thirteen eminent scientists were honoured with the Vigyan Shri award for their distinguished work across various scientific domains. Notable recipients include:
  • Annapurini Subramanian (Astrophysics)
  • Dr Anandharamakrishnan C (Agriculture Science)
  • Avesh Kumar Tyagi (Atomic Energy)
  • Umesh Varshney and Prof. Jayant Bhalchandra Udgaonkar (Biological Sciences)
  • Syed Wajih Ahmad Naqvi (Earth Sciences)
  • Bhim Singh (Engineering Sciences)
  • Adimurthi Adi and Prof. Rahul Mukherjee (Mathematics and Computer Science)
  • Dr. Sanjay Behari (Medicine)
  • Lakshmanan Muthusamy and Prof. Naba Kumar Mondal (Physics)
  • Rohit Srivastava (Technology and Innovation)
• Vigyan Yuva Awards: Eighteen young scientists under the age of 45 were recognized with the Vigyan Yuva-Shanti Swarup Bhatnagar awards, continuing the legacy of the prestigious Shanti Swarup Bhatnagar prize. Some of the notable awardees include:
  • Krishna Murthy SL and Swarup Kumar Parida (Agricultural Science)
  • Radhakrishnan Mahalakshmi and Aravind Penmatsa (Biological Sciences)
  • Vivek Polshettiwar and Vishal Rai (Chemistry)
  • Roxy Mathew Koll (Earth Sciences)
  • Abhilash and Radha Krishna Ganti (Engineering Sciences)
  • Purabi Saikia and Bappi Paul (Environmental Science)
  • Mahesh Ramesh Kakde (Mathematics and Computer Science)
  • Jitendra Kumar Sahu and Pragya Dhruv Yadav (Medicine)
  • Urbasi Sinha (Physics)
  • Digendranath Swain and Prashant Kumar (Space Science and Technology)
  • Prabhu Rajagopal (Technology and Innovation)
• Vigyan Team Award: The Team Chandrayaan-3 was honoured with the Vigyan Team award for their exceptional contribution to India’s space program, particularly for the successful moon landing mission.
• Presentation Ceremony: President Droupadi Murmu is expected to present these awards on August 23, which has been designated as National Space Day to commemorate the landing of Chandrayaan-3 near the Moon’s South Pole.
• Significance of the Rashtriya Vigyan Puraskars: This new award system represents a significant consolidation of India’s science honours. It replaces the previous system, including the Shanti Swarup Bhatnagar award, which was instituted in 1958 and named after the renowned chemist who was the first chairman of the University Grants Commission and the Council for Scientific and Industrial Research.

CURRENT AFFAIRS : STATE NEWS

Nagaland Leads as 1st Indian State to Launch Disaster Management Insurance    

• Nagaland became the first state in India to implement the disaster management insurance
• The state government of Nagaland and SBI General Insurance have signed a Memorandum of Understanding (MoU) for Disaster Risk Transfer Parametric Insurance Solution (DRTPS).
• The MoU will be effective for three years, from 2024 to 2027.

Key Highlights :

• Signatories:Officials from SBI General Insurance and the Nagaland State Disaster Management Authority (NSDMA) signed the MoU.
• Objective:The insurance aims to lessen financial losses brought on by extreme events and safeguard vital infrastructure in the state.
• Coverage:According to Chief Minister Neiphiu Rio, the entire state of Nagaland is covered by the insurance.
• Premium Payment:The insurance premium will be paid by the government.
• Disaster Assistance:In the event of a disaster, the insurer will provide assistance for the duration of the MoU (2024 to 2027).
• Benefit of DRTPS:The Disaster Risk Transfer Parametric Insurance Solution will aid in protecting the state's critical infrastructure and reduce economic losses due to disasters.

About Nagaland :

• Governor : La. Ganesan
• Chief Minister : Neiphiu Rio
• Capital : Kohima
• National Park : Ntanki National Park

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

President Mohammed Shahabuddin Appoints Nobel Laureate Muhammad Yunus as Head of Bangladesh's Interim Government    

• Nobel laureate Muhammad Yunus was appointed as the head of Bangladesh's interim government by President Mohammed Shahabuddin.
• The appointment followed the resignation of Prime Minister Sheikh Hasina on August 05, 2024, amid deadly protests over a controversial job quota system.
• Sheikh Hasina Wazed was the longest-serving prime minister in the history of Bangladesh until her resignation.
• The decision was made during a meeting between President Shahabuddin, chiefs of the three services, and a 13-member delegation of the Anti-Discrimination Student Movement at Bangabhaban.

About Muhammad Yunus :

• Muhammad Yunus was born on 28 June 1940 in Chittagong, Bangladesh.
• In 1983, he established the Grameen Bank which was founded on the belief that “credit is a fundamental human right".
• He also served as a board member of the United Nations Foundation from 1998 to 2021.

Awards & Honors :

• US Presidential Medal of Freedom.
• Congressional Gold Medal.
• Mohamed Shabdeen Award for Science (1993, Sri Lanka).
• Humanitarian Award (1993, CARE, USA).
• World Food Prize (1994, World Food Prize Foundation, USA).
• Independence Day Award (1987, Bangladesh’s highest award).
• King Hussein Humanitarian Leadership Award (2000, King Hussein Foundation).
• He won the Nobel Peace Prize in 2006 for his anti-poverty campaign through the Grameen Bank, a model which was replicated across continents.

DBS Appoints Tan Su Shan as First Female CEO to Succeed Piyush Gupta     

• DBS Group announced that Tan Su Shan, its head of institutional banking, will succeed Piyush Gupta as Chief Executive Officer (CEO) when he retires in March 2025.
• Tan Su Shan will be the first woman to lead Singapore's and Southeast Asia's biggest bank.
• She is also the first internal candidate to be appointed as CEO.
• Tan will be the second female leader of a major Singaporean bank, following Helen Wong, who was appointed head of Oversea-Chinese Banking Corp in 2021.
• Tan, 56, who joined DBS in 2010 from Morgan Stanley, will serve as the deputy CEO until Gupta's retirement on March 28, 2025, when the bank hosts its next annual general meeting.
• Under Piyush Gupta, DBS expanded regionally with acquisitions in India and Taiwan.
• In May 2023, DBS became the first Singapore-listed company to achieve S$100 billion in market capitalisation.

About DBS Bank Limited :

• Founded : 16 July 1968
• Headquarters : Singapore
• Chairman : Peter Seah

CURRENT AFFAIRS ; DEFENCE NEWS

Indian Naval Ship Shivalik Clinches Naval Gunfire Support Competition at RIMPAC 2024      

• Indian Naval Ship (INS) Shivalik of the Eastern Fleet emerged victorious in the Naval Gunfire Support Competition at the Rim of the Pacific Exercise- 2024 (RIMPAC-2024), held in Hawaii and won the coveted RODEO trophy.
• The event which featured 25 partner nations saw INS Shivalik demonstrate exceptional firepower and precision in delivering ordnance on target.
• This biennial event, known as the world’s largest international maritime exercise, saw participation from 29 nations.
• INS Shivalik’s exceptional performance, clinching the coveted RODEO trophy, highlights the professionalism and precision of the Indian Navy, marking a significant milestone in India’s maritime journey.
• The Indian Navy’s participation in RIMPAC 2024 was marked by the advanced capabilities of the P-8I and INS Shivalik.

About RIMPAC :

• RIMPAC, initiated in 1971, has evolved into a premier platform for international maritime cooperation.
• RIMPAC 2024, featuring 29 nations, 40 surface ships, three submarines, and over 150 aircraft, epitomized the spirit of global collaboration.
• The 2024 theme, “Partners: Integrated and Prepared,” emphasized unity and readiness in addressing maritime challenges.

Recent News :

• In June 2024, INS Shivalik was mission-deployed in the South China Sea and North Pacific Ocean and arrived at Pearl Harbor, Hawaii, to participate in RIMPAC.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth

CURRENT AFFAIRS : OBITUARIES

Nobel Prize-winning physicist Tsung-Dao Lee Passed away    

• Chinese-American physicist Tsung-Dao Lee, who in 1957 became the second-youngest scientist to receive a Nobel Prize, Passed away at the age of 97 in San Francisco, California, the United States of America (USA).

About Tsung-Dao Lee :

• Lee was born in Shanghai, China.
• He was a Chinese-American physicist, known for his work on parity violation, the Lee–Yang theorem, particle physics, relativistic heavy ion (RHIC) physics, nontopological solitons, and soliton stars.
• Between 1946 and 1950, he studied at the University of Chicago under Enrico Fermi, a Nobel laureate in physics.
• In 1953, he joined Columbia University as an assistant professor.
• He Became the youngest-ever full professor at Columbia University at age 29.
• He developed a model for studying various quantum phenomena known as the “Lee model”.
• He was a member of the United States National Academy of Sciences, the American Academy of Arts and Science, the World Academy of Sciences, and the Lincean Academy.
• In 1994, Lee was appointed as a foreign member of the Chinese Academy of Sciences.

Awards and Honors :

• In 1957, Prof. Lee was awarded the Nobel Prize in physics together with Chen-Ning Yang for work exploring the symmetry of subatomic particles as they interact with the force that holds atoms together.
• At the age 31, he was the second-youngest scientist to receive the distinction.
• He received numerous awards including the Galileo Galilei Medal, G. Bude Medal, Science for Peace Prize, China National-International Cooperation Award, New York City Science Award, and others.
• He was also honoured with the Order of Merit Grande Ufficiale from Italy and the Friendship Award of the Chinese Government.

Veteran Communist Leader and Former West Bengal Chief Minister Buddhadeb Bhattacharjee Passed away     

• Former West Bengal Chief Minister and veteran Communist leader Buddhadeb Bhattacharjee passed away at the age of 80 in Kolkata, West Bengal.

About Buddhadeb Bhattacharjee :

• Bhattacharya was born on 1 March 1944 in North Kolkata.
• He was an Indian communist politician and a former member of the Politburo of the Communist Party of India (Marxist), who served as the 7th Chief Minister of West Bengal from 2000 to 2011.
• In a political career of over 5 decades, he became one of the senior leaders of the Communist Party of India (Marxist) during his regime.

Awards :

• In 2022, he declined the Padma Bhushan award announced by the NDA government.

CURRENT AFFAIRS: SPORTS NEWS

MiltiadisTentoglou Retains Olympic Long Jump Title at Paris 2024

• MiltiadisTentoglou of Greece achieved a historic feat at the Paris 2024 Olympics by becoming the first man since Carl Lewis in 1996 to retain the Olympic long jump title.
• Tentoglou secured gold with a leap of 48 meters, continuing his dominance in the sport.

Key Results:

• Gold: MiltiadisTentoglou (Greece) - 8.48m
• Silver: Wayne Pinnock (Jamaica) - 8.36m
• Bronze: Mattia Furlani (Italy) - 8.34m

Tentoglou’s Achievement

• Gold Medal Count: This victory adds to Tentoglou's impressive collection of global gold medals, which includes:
  • Tokyo 2020 Olympic gold
  • Two World Indoor Championships titles
  • One World Outdoor Championship title
• Historic Context: Tentoglou's win marks Greece's first Olympic men’s long jump medal in 2020 and repeats the achievement in Paris.

Vinesh Phogat Announces Retirement Following Olympic Disqualification

• Vinesh Phogat, a 29-year-old Indian wrestler, has announced her retirement after being disqualified from the Olympics.
• She was disqualified for being 100gm overweight before her 50kg category gold medal bout.
• Disqualification and Appeal:
  • Vinesh appealed her disqualification to the Court of Arbitration for Sports (CAS), seeking to be awarded a joint silver medal.
  • She experienced severe dehydration due to extreme measures to meet the weight requirement, including fasting, avoiding fluids, and sweating it out overnight.
  • The CAS, set up in Paris for disputes during the Olympic Games, was set to review her appeal.
• Replacement and Final Match:
  • Cuban wrestler Yusneylis Guzman Lopez replaced Vinesh in the final against American Sarah Ann Hildebrandt.
  • Hildebrandt won the gold, and Vinesh hopes to secure a joint silver with Lopez through her appeal.
• Weigh-In Rule Controversy:
  • The sport's governing body, United World Wrestling (UWW), stated that the current weigh-in rule could not be changed retrospectively.
  • UWW President Nenad Lalovic met with IOA chief P T Usha and expressed sympathy but confirmed that rule changes could only be discussed for future events.
• Achievements and Legacy:
  • Vinesh Phogat made history as the first Indian woman wrestler to reach the gold medal bout in her category.
  • Despite her disqualification, she was assured of at least a silver medal.
  • Haryana Chief Minister Nayab Saini acknowledged her achievements and announced she would be honoured as a medal-winner upon her return.
• Career Highlights:
• She is a three-time Olympian, having competed in three different weight classes - 48 kg in 2016, 53 kg in 2020 and 50 kg in 2024. In the 2024 Summer Olympics, she became the first international wrestler to defeat the then-reigning Olympic champion Yui Susaki on the way to becoming the first Indian female wrestler to reach an Olympic final.
• She is a multiple Commonwealth Games gold medalist, having won gold at the 2014, 2018, and 2022 Games. She became the first Indian woman wrestler to win a gold medal at the Commonwealth and Asian Games after she won the gold medal in the 2018 Asian Games. She has also won two bronze medals at the World Wrestling Championships.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day of World’s Indigenous People - August 9

• International Day of World’s Indigenous People Day is observed annually on August 9.
• The theme for the 2024 International Day of the World's Indigenous Peoples is "Protecting the Rights of Indigenous Peoples in Voluntary Isolation and Initial Contact".
• This day is observed to raise awareness about life and to protect the indigenous people.
• This day was first observed by the United Nations General Assembly (UNGA) in December 1994.
• This day is observed annually to recognize the first UN working group on indigenous people meeting in Geneva in 1982.
• On December 23, 1994, the UN General Assembly observed August 9 as the International Day of World’s Indigenous People Day.
• The second International Decade of World’s Indigenous People was observed by the assembly in 2004 and it was continued annually as International Day of World’s Indigenous People Day.
• This day explains the problems faced by Indigenous people in the areas like education, health, culture, environment and economic development.
• In April 2000, the Human Rights Commission established the permanent UN Forum on indigenous people’s issues showcased by the Economic and Social Council.

Nagasaki Day 2024 - August 9

• Nagasaki Day is observed on August 9 every year.
• On August 9, 1945, during the Second World War, the US dropped a bomb on Nagasaki in the city of Japan.
• The nuclear bomb that was attacked by the US in Nagasaki called the ‘FAT MAN’.
• This bomb attack suddenly devastated Nagasaki and killed almost 70,000 people during the attack.
• The US warplane dropped the bomb named FAT MAN in Nagasaki and this led to the surrender of Japan in the Second World War II.
• Due to the bomb attack, several people develop cancer and severe illness due to the sudden radiation exposure.
• After 5 to 6 years of bombing, the incidence of leukaemia causes several other diseases like thyroid, breast diseases, lung cancer etc.
• After so many decades, the risk caused by radiation exposure continues to increase and causes disease.

Daily CA One- Liner: August 9

• The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the third bi-monthly Monetary Policy for FY25, on August 8, 2024.
• International Finance Corporation (IFC),Asian Development Bank (ADB), and Deutsche Investitions- und Entwicklungsgesellschaft (DEG) announced an investment of USD 275 million (about Rs 2,280 crore) into renewable energy solutions platform Fourth Partner Energy Ltd (FPEL).
• The Reserve Bank of India (RBI) has extended the Modified Interest Subvention Scheme (MISS) for short-term loans for agriculture and allied activities available through Kisan Credit Card (KCC) for the financial year 2024-25.
• Nagaland became the first state in India to implement disaster management insurance
• Nobel laureate Muhammad Yunus was appointed as the head of Bangladesh's interim government by President Mohammed Shahabuddin.
• DBS Group announced that Tan Su Shan, its head of institutional banking, will succeed Piyush Gupta as Chief Executive Officer (CEO) when he retires in March 2025.
• Indian Naval Ship (INS) Shivalik of the Eastern Fleet emerged victorious in the Naval Gunfire Support Competition at the Rim of the Pacific Exercise- 2024 (RIMPAC-2024), held in Hawaii and won the coveted RODEO trophy.
• Chinese-American physicist Tsung-Dao Lee, who in 1957 became the second-youngest scientist to receive a Nobel Prize, Passed away at the age of 97 in San Francisco, California, the United States of America (USA).
• Former West Bengal Chief Minister and veteran Communist leader Buddhadeb Bhattacharjee passed away at the age of 80 in Kolkata, West Bengal.
• The Lok Sabha passed the Finance Bill, 2024, which gives effect to the Central Government's financial proposals for the fiscal year 2024-2025, marking the completion of the budgetary exercise.
• The average time for resolving insolvency cases at the National Company Law Tribunal (NCLT) increased to 716 days.
• The Deendayal Antyodaya Yojana–National Rural Livelihoods Mission (DAY-NRLM) has launched the "Million Designers, Billion Dreams"
• Indian Railways is set to commence the rollout of Kavach 4.0, the latest version of its indigenous automated train protection system, starting in October.
• Microsoft has emerged as India's most attractive employer brand, securing the top position in the Randstad Employer Brand Research (REBR) 2024
• In a landmark initiative to recognize and celebrate outstanding contributions to science, technology, and innovation, the Indian government has introduced the Rashtriya Vigyan Puraskars.
• MiltiadisTentoglou of Greece achieved a historic feat at the Paris 2024 Olympics by becoming the first man since Carl Lewis in 1996 to retain the Olympic long jump title.
• Vinesh Phogat, a 29-year-old Indian wrestler, has announced her retirement after being disqualified from the Olympics
• International Day of World’s Indigenous People Day is observed annually on August 9
• Nagasaki Day is observed on August 9 every year.