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CURRENT AFFAIRS : BANKING & FINANCE

Total Project Costs Financed by Lenders Hit Record ₹3.91 Lakh Crore in FY24: RBI Bulletin   

• According to an article in Reserve Bank of India’s (RBI’s) latest monthly bulletin, the total envisaged cost of the projects financed by banks/financial Institutions (FIs) reached a new high of ₹3.91 lakh crore during 2023-24, with 54% planned to be invested by the year-end.

Key Highlights :

• Project Financing Growth:In FY 2023-24, 944 projects were financed with a total cost of ₹3,90,978 crore.
• This is a significant increase from FY 2022-23, where 547 projects were financed with a total cost of ₹2,66,546 crore per the article “Private Corporate Investment: Growth in 2023-24 and Outlook for 2024-25” authored by RBI officials Kamal Gupta, Rajesh B Kavediya, Sukti Khandekar and Snigdha Yogindran.
• Investment Outlook:The expected capital expenditure (capex) from these projects is set to increase to ₹2.45 lakh crore in FY 2024-25, up from ₹1.59 lakh crore in FY 2023-24.
• This growth is driven by factors such as rising domestic demand, higher capacity utilisation, improved corporate profitability, sustained credit demand, business optimism, and government infrastructure initiatives.
• Project Size Distribution:FY 2023-24 saw the sanctioning of 11 mega projects (costing ₹5,000 crore or more) and 77 large projects (costing between ₹1,000 crore and ₹5,000 crore).
• Mega projects accounted for 21.7% and large projects for 37.1% of the total project costs.
• Greenfield Projects:Investment in new (greenfield) projects accounted for about 89% of the total project cost in FY 2023-24, indicating likely capacity expansion by private corporations.
• Expansion and modernization of existing projects accounted for 8.6% of the total project cost.
• Industry and State Distribution:The infrastructure sector dominated, accounting for 55.5% of the total project cost, with significant investments in roads, bridges, and power sectors.
• Other major industries included metals, construction, electrical equipment, and food products.
• The top 5 states-Gujarat, Maharashtra, Karnataka, Andhra Pradesh, and Uttar Pradesh, accounted for about 55% of the total project costs.

Non-banking finance companies Gross Bad Loans Expected to Increase by 30-50 Bps in FY25: ICRA       

• According to the domestic rating agency ICRA report, Non-banking finance companies (NBFCs) will likely see their gross stage-3 asset ratio or gross bad loans rising by 30-50 basis points (bps) in the current financial year, from 2.8% in FY24.
• Slower growth and portfolio seasoning, due to rapid credit expansion in retail assets over the last two fiscal years, will impact asset quality in FY25.
• Concerns related to over-leveraging and increased share of unsecured loans also exist, posing elevated loan quality risk for the sector.

Key Highlights :

• Unsecured Loans: The share of unsecured loans (personal and business) in NBFCs’ assets under management (AUM) increased to 11% in March 2024 from 7% in March 2021, raising concerns about loan quality risk.
• Infrastructure and Housing Loans: Shadow lenders in the infrastructure and housing loan segments are anticipated to see an improvement in their gross bad loans ratio by 10-20 bps in the current fiscal year.
• Funding Challenges:Growth: NBFCs are expected to experience slower AUM growth, easing to 13-15% in FY25 compared to 18% in FY24.
• Debt Funding: Estimated incremental debt funding required for AUM expansion is ₹5.6-6 trillion for FY25.
• Mutual Funds Exposure: Mutual funds’ debt exposure to NBFCs, including Commercial Paper (CP) and Corporate Debt, was ₹2.21 trillion in June 2024, marking a 36% yearly increase and 5.6% sequentially.
• Cost of Funds:Challenges: Deposit challenges for banks and the need for NBFCs to diversify their borrowing will likely increase the cost of funds by 20-40 bps over FY24 levels.
• Profitability: Elevated costs of funds, competitive pressure from banks, slowing growth, and asset quality issues are expected to lead to a decline in profitability for NBFCs by 25-45 bps compared to FY24 levels.

About ICRA Limited :

• Founded : 1991
• Headquarters : Gurgaon,Haryana
• Managing Director & Group CEO : Ramnath Krishnan

Securities and Exchange Board of India Proposes Amendments to Regulations for Debenture Trustees      

• Markets regulator Securities and Exchange Board of India (SEBI) has proposed changes to the regulations concerning debenture trustees (DTs).
• SEBI issued a consultation paper to clarify the term 'pecuniary relationship' between a Debenture Trustee and the issuer under existing norms.
• Stakeholders can submit comments on the paper until September 11, 2024.

Key Highlights :

• Pecuniary Relationship Restrictions:Currently, an entity cannot be appointed as a DT if its pecuniary relationship with the issuer equals or exceeds 2% of its gross turnover or total income, or ₹50 lakh, whichever is lower.
• The calculation of gross income includes the two immediately preceding financial years or the current financial year.
• Clarification on Remuneration:There is ambiguity regarding whether the remuneration paid to DTs by the issuer is included in the 'pecuniary relationship' when determining eligibility.
• Working Group Suggestion: A SEBI working group recommended that remuneration paid to DTs should not be considered when assessing their pecuniary relationship with the issuer.
• Proposed Changes:SEBI proposes excluding DT remuneration from the computation of 'pecuniary relationship'.
• SEBI also suggests that DTs disclose the proportion of their total remuneration/revenue from debenture trusteeship services relative to the total remuneration/revenue received from the issuer for all services.

Recent News :

• In Aug 2024, SEBI proposed amendments to ease the compliance requirements for entities with listed non-convertible securities.

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.

Nippon AMC Mutual Fund Introduces Nifty 500 Equal Weight Index Fund    

• Nippon Life India Asset Management launched the Nifty 500 Equal Weight Index Fund, a unique open-ended scheme tracking the Nifty 500 Equal Weight Index.
• The fund aims to capitalise on India's growth by providing exposure to a broad market, including various market capitalizations.
• The fund invests 20% across all 500 stocks in the Nifty 500 Equal Weight Index, providing a diversified portfolio across large-cap, mid-cap, and small-cap companies.

Key Highlights:

• Index Rebalancing: The index is rebalanced every six months, requiring the fund to adjust its holdings by selling stocks that are removed from the index and purchasing new entrants.
• Risk Mitigation: The equal weight allocation across the 500 stocks helps mitigate concentration risk associated with market-capitalization-weighted indices.
• Sector Exposure: The fund spreads its investments over 21 sectors, with 20% in large-cap, 30% in mid-cap, and 50% in small-cap stocks, offering balanced exposure to the Indian market.
• Minimum Investment: The minimum application amount is ₹1,000, with subsequent investments allowed in multiples of ₹1.

Centre Secures USD 500 Million Loan Package from Asian Development Bank for Health Infrastructure in Maharashtra   

• India has signed a USD 500 million loan package with the Asian Development Bank (ADB) for the Maharashtra Tertiary Care and Medical Education Sector Development Program.

Signatories:

• Government of India: Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance.
• ADB: Mio Oka, Country Director of ADB’s India Resident Mission.
• Government of Maharashtra: Dinesh Waghmare, Principal Secretary, Medical Education and Drugs Department.

Program Objectives:

• Health Care Improvement: Enhance access to quality and affordable tertiary health care and medical education in Maharashtra.
• Infrastructure Development:
• Establish four new medical colleges attached to tertiary care teaching hospitals in under-served districts.
• Incorporate climate-resilient, disaster-resilient, gender-responsive, and socially inclusive features in these facilities.
• Capacity Expansion:
• Increase bed capacity in government tertiary care hospitals.
• Recruit at least 500 new doctors for the four new governmental medical colleges.
• Policy Reforms and Goals:Reduce Out-of-Pocket Expenditure: Improve availability of quality drugs.
• Asset Management: Implement a policy for climate-resilient asset planning, management, and sustainability.
• Competition and Performance: Develop a performance management system to foster healthy competition among medical colleges.

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)

Department of Economic Affairs Revises Foreign Exchange Management Rules, 2019 Following Union Budget 2024-25 Announcement       

• The Department of Economic Affairs has amended the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, to support the global expansion of Indian companies through cross-border share swaps, mergers, and acquisitions.
• These changes, following the Union Budget's focus on simplifying foreign investment rules, aim to help Indian companies grow internationally.
• The amendments aim to simplify cross-border share swaps and provide for the issue or transfer of Indian company equity instruments in exchange for foreign company equity instruments.

Key Highlights :

• This will facilitate the global expansion of Indian companies through mergers, acquisitions, and other strategic initiatives, enabling them to reach new markets and grow their presence worldwide.
• Another key change brings further clarity on the treatment of downstream investments made by Overseas Citizen of India (OCI)-owned entities on a non-repatriation basis, aligning it with the treatment of Non-Resident Indian (NRI)-owned entities.
• Standardising the definition of 'control' to ensure consistency with other Acts and laws
• Enabling Foreign Direct Investment (FDI) in White Label ATMs to boost financial inclusion nationwide
• Harmonizing the definition of 'startup company' with the Government of India's notification G.S.R. 127 (E) dated February 19, 2019, issued by the Department for Promotion of Industry and Internal Trade.
• White-label ATMs (WLAs) are ATMs operated by non-bank entities, allowing customers of any bank to withdraw cash and access other banking services.
• These ATMs do not display the logo of any specific bank and charge fees for transactions.
• The amendments follow the Union Budget's push to simplify FDI rules, promote the use of the Indian Rupee in overseas investments, and align the definition of "startup" with updated DPIIT standards.
• This revised startup definition, which raises the turnover threshold to ₹100 crore and extends the recognition period to 10 years, aims to attract more foreign investment.
• The updates also introduce provisions for equity share swaps, permitting them with government approval.
• These changes are part of efforts to create a more foreign-investor-friendly environment and enhance the ease of doing business in India.

About FEMA:

• FEMA (Foreign Exchange Management Act) was introduced in 1999 to replace the Foreign Exchange Regulation Act (FERA) of 1973, in response to post-liberalization economic conditions.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary

CURRENT AFFAIRS: NATIONAL NEWS

Government Plans to Expand Ayushman Bharat Beneficiaries and Increase Insurance Coverage to ₹10 Lakh

• The Indian government is considering a significant expansion of its flagship Ayushman Bharat health insurance scheme, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY).
• The proposed changes include doubling the number of beneficiaries and increasing the annual insurance coverage limit from ₹5 lakh to ₹10 lakh per family.

Key Highlights:

1. Expansion of Beneficiary Base:
   • The government aims to double the beneficiary base under the AB-PMJAY over the next three years. The initial focus will be on including all individuals aged above 70 years, potentially adding 4-5 crore more beneficiaries.
   • This expansion would cover more than two-thirds of the Indian population, addressing the critical issue of medical expenses that often lead families into debt.
2. Increased Insurance Coverage:
   • The proposal includes raising the insurance coverage limit from the current ₹5 lakh to ₹10 lakh per year. This increase is intended to account for inflation and provide better financial protection for high-cost treatments such as organ transplants and cancer care.
3. Financial Implications:
   • If approved, the expanded coverage is expected to cost an additional ₹12,076 crore annually, as estimated by the National Health Authority.
4. Union Budget Announcement:
   • These proposals, or parts of them, are likely to be announced in the upcoming Union Budget.
5. Current Status of AB-PMJAY:
   • The current allocation for AB-PMJAY was increased to ₹7,200 crore in the interim Budget 2024. The scheme currently provides health coverage of ₹5 lakh per family per year to 12 crore families for secondary and tertiary care hospitalization.
6. Addressing the "Missing Middle":
   • The NITI Aayog's 2021 report titled "Health Insurance for India's Missing Middle" highlighted that about 30% of the population lacks health insurance coverage. The government’s expansion plan aims to bridge this gap, especially for the self-employed and informal sector workers.
7. Universal Health Coverage Goal:
   • The expansion of AB-PMJAY aligns with India's broader goal of achieving Universal Health Coverage (UHC), providing comprehensive hospitalization cover to the bottom 50% of the population while working to include the currently uninsured "missing middle."

India Permits Export of Non-Basmati White Rice to Malaysia

• The Indian government has authorized the export of 200,000 tonnes of non-basmati white rice to Malaysia through National Cooperative Exports Limited (NCEL).
• This decision comes despite a ban on such exports that has been in place since July 20, 2023, aimed at boosting domestic supply.

Key Points:

• Export Authorization: The Directorate General of Foreign Trade (DGFT) has issued a notification allowing this specific export, in line with the government’s policy to address food security needs in certain countries upon request.
• Export Ban: The general export ban on non-basmati white rice is intended to stabilize domestic rice availability and prices. However, exceptions are made for specific requests from countries facing food security issues.
• Previous Allowances: India has previously permitted non-basmati white rice exports to several countries including Nepal, Cameroon, Côte d'Ivoire, Guinea, Malaysia, the Philippines, and Seychelles.
• NCEL Role: National Cooperative Exports Limited (NCEL), a multi-state cooperative society, will handle this export. NCEL is supported by leading cooperatives like Gujarat Cooperative Milk Marketing Federation (AMUL), Indian Farmers Fertiliser Cooperative Ltd (IFFCO), Krishak Bharati Cooperative Ltd (KRIBHCO), and National Agricultural Cooperative Marketing Federation of India Ltd (NAFED).

165th Anniversary of Income Tax Day Celebrated in New Delhi

• The 165th anniversary of Income Tax Day was marked on August 21 by a special event presided over by the Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, in New Delhi.
• The ceremony was attended by various dignitaries, including Union Minister of State for Finance, Shri Pankaj Chaudhary, Shri Sanjay Malhotra, Secretary of Revenue, Shri Ravi Agrawal, Chairman of the CBDT, members of the CBDT, and other senior officials from the Income Tax Department.

Key Highlights of the Event:

• Release of "My Stamp": Sitharaman released a special “My Stamp” to commemorate the occasion.
• Achievements Recognized:
  • Sitharaman praised the Income Tax Department for achieving its highest-ever tax collection and the success of its faceless assessment and appeals regime.
  • The Finance Minister emphasized the importance of fairness and friendliness in tax administration, urging for tax notices to be clear and comprehensible. She stressed the need for judicious use of power to ensure compliance without instilling fear and highlighted the importance of speedy refunds and adherence to due process.
• Growth in Tax Compliance:
  • The Finance Minister expressed gratitude to honest taxpayers and noted the increase in first-time Income Tax Return (ITR) filers, which rose to 58.57 lakh for Assessment Year 2024-25. This growth reflects India’s increasing formalization and voluntary tax compliance.

CURRENT AFFAIRS : STATE NEWS

57 Casual Employees Reinstated at Namdapha National Park and Tiger Reserve After 3-Month Termination    

• 57 casual employees of Namdapha National Park and Tiger Reserve (NNP&TR) have been reinstated three months after their services were terminated.
• Their reinstatement, effective August 13,2024 under Project Tiger, comes with certain conditions.

About Namdapha National Park and Tiger Reserve (NNP&TR) :

• Namdapha National Park and Tiger Reserve is located in the Changlang District of Arunachal Pradesh, surrounded by Myanmar in the Southeast.
• It is located at the junction of the Indian Sub-Continent Biogeographic Regionand the Indo-China Biogeographic Region.
• Namdapha is the name of a river which originates from Daphabum and meets Noa-Dehing River.
• This river flows right across a north-south direction of the National Park and hence the name Namdapha has been given.
• Namdapha, named after a river meandering through it, was declared India’s 15th Tiger Reserve in 1983, the very year it was elevated to a national park from a wildlife sanctuary.
• It is the only park in the World to have the four Feline species of big cat namely the Tiger, Leopard, Snow Leopard, and Clouded Leopard, and numbers of Lesser cats.

CURRENT AFFAIRS: BUSINESS NEWS

Decathlon to Invest €100 Million in India Over the Next Five Years

• French sports retailer Decathlon announced plans to invest €100 million (approximately ₹933 crore) in India over the next five years.
• This significant investment underscores the importance of India as one of Decathlon's fastest-growing markets.

Key Points:

1. Investment Focus:
   • Decathlon plans to use the investment to expand its retail footprint and manufacturing operations in India.
   • The company aims to double its business in the next three to five years, according to Decathlon India CEO Sankar Chatterjee.
2. Retail Expansion:
   • Decathlon intends to expand its network to 190 stores across over 90 cities in India within the next five years. This expansion is part of the company’s broader strategy to increase its presence in the Indian market.
3. Omni-Channel Strategy:
   • The investment will also focus on enhancing Decathlon’s digital channels, aligning with the company's omni-channel approach to provide a seamless shopping experience across both physical and digital platforms.
4. Manufacturing and Sourcing:
   • Decathlon will boost its manufacturing operations in India, aiming to increase local sourcing for both the domestic market and global operations. Currently, 68% of the goods sold by Decathlon in India are produced locally, with 8% of Decathlon's global products also sourced from India.

CURRENT AFFAIRS: AWARDS AND HONOURS

Rajiv Gandhi International Airport Recognized as Best Airport in India for Third Consecutive Year

• The Rajiv Gandhi International Airport (RGIA) in Hyderabad has been honoured as the Best Airport at the prestigious India Travel Awards for the third consecutive year.
• This recognition reflects the airport's ongoing commitment to providing exceptional experiences for travellers.

Key Highlights:

• Award Significance: This accolade showcases RGIA’s ability to consistently exceed industry benchmarks while catering to the evolving needs of its users. The recognition is a collaborative effort between the airport management, stakeholders, and the traveling public.
• Previous Recognition: Last year, RGIA received the Skytrax ‘Best Airport Staff in India & South Asia 2024’ award in Frankfurt, further cementing its reputation for delivering world-class service and customer-focused initiatives.
• Growing Aviation Hub: The airport's recognition underscores Hyderabad's growing status as a major aviation hub, characterized by its strategic location and state-of-the-art infrastructure. This has made it a preferred choice for domestic and international travelers.
• Commitment to Excellence: The management at RGIA has continually invested in modernization, technological advancements, and service-oriented initiatives to enhance the overall passenger experience. This dedication is crucial for maintaining its standing as a leading airport.
• Impact on Hyderabad: The airport’s consistent performance significantly contributes to Hyderabad’s growth as a thriving metropolitan city, attracting more investments, businesses, and tourism, which strengthens its position as a premier destination.

National Geoscience Awards 2023 Conferred by President Draupadi Murmu

• President of India, Smt. Droupadi Murmu was awarded the National Geoscience Awards (NGA) for 2023 at a ceremony held at the Rashtrapati Bhavan Cultural Centre in New Delhi.
• The event celebrated the contributions of 21 distinguished geoscientists from across India and highlighted the vital role of geosciences in sustainable development.

Key Highlights:

Dignitaries Present:

• Shri G. Kishan Reddy, Minister of Coal and Mines
• Shri Satish Chandra Dubey, Minister of State for Coal and Mines
• Shri V.L. Kantha Rao, Secretary, Ministry of Mines
• Shri Asit Saha, Director General, Geological Survey of India (GSI)
• Other high-ranking officials and guests.

Award Categories and Winners:

• • National Geoscience Award for Lifetime Achievement:
    • Dhiraj Mohan Banerjee, Emeritus Scientist at the Indian National Science Academy (INSA), recognized for his pioneering work in phosphorites, isotope geology, and organic geochemistry, which has significantly advanced global understanding of the Himalayas and phosphorites.
  • National Young Geoscientist Award:
    • Ashutosh Pandey, Assistant Professor at the Indian Institute of Science Education and Research (IISER), Thiruvananthapuram, honored for his innovative research on the geodynamic evolution of the Eastern Dharwar Craton and his alternative model for the origin of Paleoproterozoic Lesser Himalayan mafic rocks.
  • Other Awards:
    • A total of 12 awards were presented, including three to teams, recognizing excellence in various aspects of geosciences.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Rajesh Nambiar Appointed as NASSCOM President-Designate, Succeeding Debjani Ghosh    

• Rajesh Nambiar has stepped down as Cognizant Technology Solutions Corp’s India chairman and managing director to become president of information technology (IT) industry body National Association of Software and Service Companies (Nasscom).
• Nambiar will succeed Debjani Ghosh, who has been the president of NASSCOM since 2018.
• Ghosh will remain in her role until her term ends in November 2024.

About Rajesh Nambiar :

• Nambiar has been serving as NASSCOM’s chairman since April 2023.
• He joined Cognizant in November 2020 and was removed from the company’s executive council two years later.
• He served in leadership roles at Ciena, IBM, and TCS.

Other Appointments ;

• Cognizant named Rajesh Varrier as his successor.
• He will assume the role of global head of operations on September 2, 2024 and take over as Chairman and Managing Director on October 1, 2024.
• Prior to joining Cognizant, Rajesh Varrier was the Executive Vice-President, Head of Global Services, and Infosys Americas.
• Varrier’s new responsibilities will include operations, delivery excellence, workforce planning.
• He will also provide regional leadership for Cognizant’s India employees with a strong emphasis on driving company transformation programs.

About NASSCOM :

• Established : 1 March 1988
• Headquarters : Noida, Uttar Pradesh, India
• NASSCOM is an Indian non-governmental trade association and advocacy group that primarily serves the Indian technology industry.

Senior IAS officer Amardeep Singh Bhatia assumes role as new Department for Promotion of Industry and Internal Trade Secretary  

• Senior IAS officer Amardeep Singh Bhatia has assumed the charge of Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT).
• Bhatia assumes charge during a period when India's Foreign Direct Investment (FDI) declined by 3.49% to $44.42 billion in 2023-24, due to global uncertainties
• He has replaced Rajesh Kumar Singh, who has been appointed as Officer on Special Duty, Department of Defence.

About Amardeep Singh Bhatia :

• Bhatia, a 1993 Batch IAS from Nagaland cadre, was serving as Additional Secretary in the Department of Commerce and was involved in trade policies and free trade agreement negotiations.
• In the central government, he has held many important positions in the Ministries of Corporate Affairs and Health and Family Welfare.
• In the state government, he has handled Departments of Planning and Coordination, Health and Family Welfare, Environment and Forest, Municipalities and Local Self Government and Home amongst others.

About DPIIT :

• The DPIIT is a central government department under the Ministry of Commerce and Industry in India.
• It is responsible for developing and implementing policies to promote and develop the industrial sector.

CURRENT AFFAIRS: RANKING AND INDEX

WEF Report: India's Agriculture Sector Faces Severe Impact from Extreme Climate Events

• A recent report by the World Economic Forum (WEF) sheds light on the significant challenges facing India's agriculture sector due to extreme climate events.
• Between 2015 and 2021, India lost 33.9 million hectares of crops due to excessive rainfall and an additional 35 million hectares due to drought conditions.

Key Highlights:

1. Impact on Agriculture:
   • Agriculture is a crucial sector for India, contributing 15% to the country's GDP and employing approximately 40% of the population. However, extreme climate events like excessive rainfall, droughts, heat waves, and floods pose severe risks to this sector.
2. Economic Losses:
   • In 2021 alone, Indian industries, including agriculture, faced economic losses of $159 billion due to lost working hours from extreme climate impacts. The report forecasts a potential 5.8% decline in working hours by 2030, equivalent to losing 34 million full-time jobs, primarily due to heat stress.
3. Insurance Coverage Gap:
   • Despite the growing risks, there is a significant gap in insurance coverage, leaving many vulnerable to the financial impacts of climate change. This gap hinders effective protection against these extreme weather events.
4. Government Initiatives:
   • The Indian government has launched several initiatives to address these challenges, including the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather-based Crop Insurance Scheme (RWBCIS). These programs aim to provide insurance for crops and weather-related risks, helping farmers mitigate the impacts of climate volatility.
5. Focus on Vulnerable Populations:
   • The report highlights that low-income Indians, particularly small and marginal farmers, are disproportionately affected by extreme weather events. To address this, innovative weather-based insurance products are being developed, targeting specific regions and sectors.
6. Innovations and Future Challenges:
   • Initiatives like the Sandbox for Agricultural and Rural Security, Technology, and Insurance (SARATHI) and the Women’s Climate Shock Insurance and Livelihoods Initiative (WCS) are being introduced to enhance resilience against climate shocks and provide income replacement for vulnerable populations.
   • The WEF warns that if climate-induced migration reaches 45 million people by 2050, it could have significant economic repercussions, including reduced tax revenues.

Evolution of Indian Consumer Preferences: Insights from 'The X Index' India Report 2024

• The latest edition of "The X Index" India report by Havas CX India highlights a significant shift in consumer preferences and expectations, reflecting the changing landscape of customer experience (CX) in India.
• This sixth annual report, based on a survey of 55,000 consumers across nine global markets, including India, evaluates the CX performance of 525 brands across 23 metrics.

Top Brands Leading in Customer Experience in India:

The report identifies ten brands that have excelled in delivering superior customer experiences in India:

1. Tata Motors
2. Apple
3. Tata Cliq Luxury
4. Kia
5. Samsung
6. ITC
7. Nexa
8. Zara
9. JBL
10. Tata Cliq Palette

These brands have distinguished themselves by combining innovation with a deep understanding of Indian consumer preferences, setting new standards in customer experience.

Three Key Principles for Brands to Adapt:

1. Efficiency is Non-Negotiable:
   • Smooth and efficient interactions are the foundation of successful customer experiences in India.
2. Make Every Interaction Enjoyable:
   • Emotional connections are vital. Brands that create delightful, relationship-focused experiences will foster long-term loyalty.
3. Go Above and Beyond:
   • Indian consumers appreciate grandeur and premium experiences. Brands that offer exceptional service and exceed expectations are more likely to succeed.

CURRENT AFFAIRS: SPORTS NEWS

Jay Shah Poised to Become ICC Chair, Succeeding Greg Barclay

• Jay Shah, the current secretary of the Board of Control for Cricket in India (BCCI), is expected to succeed Greg Barclay as the next chair of the International Cricket Council (ICC).
• With strong backing from the cricket boards of Australia and England, Shah's appointment seems likely to be unanimous.

Key Points:

1. Nomination Process:
   • According to ICC rules, the 16 current ICC directors must file nominations for the chair position by August 27. If there are multiple nominations, an election will be held in the second week of November, with the new chair taking over on December 1.
2. Shah's Prospective Appointment:
   • Shah, who is well-supported by key cricket boards, is seen as the leading candidate for the role. Greg Barclay, the current ICC chair, has decided not to seek a third term, clearing the way for Shah’s potential elevation.
3. BCCI Tenure and Resignation:
   • Shah will need to resign from his position as BCCI secretary before assuming the ICC chairmanship. His second term as BCCI secretary began in October 2022, with a cooling-off period required after his current tenure ends in September 2025. Moving to the ICC offers a viable option for Shah, who is also the son of Union Home Minister Amit Shah.
4. Proposed Rule Changes:
   • The ICC has proposed amendments to limit the chair’s tenure to two terms of three years each, aligning it with the BCCI constitution.
5. Youngest ICC Chief:
   • If appointed, Shah will become the youngest-ever ICC chief at 36 years old, joining an elite group of Indians who have previously held the position, including Jagmohan Dalmiya, Sharad Pawar, N. Srinivasan, and Shashank Manohar.
6. Current Roles:
   • Shah is currently the BCCI-appointed ICC director and the chairperson of the ICC’s Finance and Commercial Affairs sub-committee, one of the most influential arms of the ICC.

Manuel Neuer Retires from International Football After 15 Years

• Germany's legendary goalkeeper, Manuel Neuer, announced his retirement from international football after an illustrious 15-year career and 124 caps for the national team.
• Although Neuer will continue playing club football with Bayern Munich, his decision marks the end of an era for Germany.

Key Highlights:

1. Career Overview:
   • Neuer made his debut for Germany in 2009 and quickly established himself as one of the best goalkeepers in the world. He was instrumental in Germany's World Cup victory in 2014 and is widely recognized for revolutionizing the role of the modern goalkeeper with his "sweeper-keeper" style.
2. Final International Match:
   • Neuer's last game for Germany was the 2-1 extra-time loss to Spain in the Euro 2024 quarterfinals, a tournament hosted by Germany.
3. Decision to Retire:
   • At 38, Neuer was tempted to stay on for the 2026 World Cup in the United States, Canada, and Mexico. However, after discussions with family and friends, he decided to step away from international duty, prioritizing his well-being and longevity in club football.
4. Legacy:
   • Neuer leaves behind a legacy as one of the greatest goalkeepers of his generation. His contributions to both Germany and Bayern Munich have solidified his place in football history.

CURRENT AFFAIRS : OBITUARIES

World's Oldest Person, Maria Branyas Morera, Passed away in Spain   

• The world's oldest person, Spain's Maria Branyas Morera, who was born in the United States, passed away at the age of 117.
• Branyas was officially recognized as the world's oldest person by Guinness World Records in January 2023, following the death of French nun Lucile Randon aged 118.
• Historical Ranking : Branyas was the 8th oldest verified person in history at the age of 117.
• Jeanne Calment, a Frenchwoman, was the oldest person ever recorded, living to 122 years and 164 days.
• Current Oldest Living Person: Japan's Tomiko Itooka, born on May 23, 1908, currently holds the title of the oldest living person, according to the US Gerontology Research Group.

About Maria Branyas Morera :

• Branyas was born on 4 March 1907 in San Francisco, California.
• She lived through significant historical events, including two World Wars, the Spanish Civil War, and two pandemics (the 1918 flu and COVID-19).
• Remarkably, she recovered from COVID-19 in 2020 at the age of 113 after experiencing mild symptoms.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day For The Remembrance Of Slave Trade And Abolition 2024 - August 23

• International Day for the Remembrance of Slave Trade and Abolition is celebrated on 23 August every year.
• The theme for the 2024 International Day for the Remembrance of the Victims of Slavery and the Transatlantic Slave Trade is "Creating Global Freedom: Countering Racism with Justice in Societies and Among Nations".
• This day is designated by UNESCO to memorialize the transatlantic slave trade. UNESCO member states organize every year to celebrate the International Day for Remembrance of the Slave Trade and Abolition, inviting participation from young people, educators, artists, etc.
• International Day for the Remembrance of Slave Trade and Abolition 2024 involved trading ships from Europe, sailing from Europe with manufactured goods to the West coast of Africa, where the goods would be exchanged for people captured by African traders.
• The transatlantic trading patterns were established in the mid-17th century.
• The transatlantic slave trade benefited the colonial powers of Western Europe primarily.
• More than 4,80,000 people were enslaved in the British Colonies by the 1790s. Enslaved people were forced to toil on plantations in the Caribbean and the Americas.
• International Day for the Remembrance of Slave Trade and Abolition is observed to commemorate the uprising on August 23, 1791, in Santo Domingo, Haiti, which played a crucial role in the abolition of the transatlantic slave trade.

Daily CA One- Liner: August 23

• The Indian government is considering a significant expansion of its flagship Ayushman Bharat health insurance scheme, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY).
• The Indian government has authorized the export of 200,000 tonnes of non-basmati white rice to Malaysia through National Cooperative Exports Limited (NCEL).
• The 165th anniversary of Income Tax Day was marked on August 21 by a special event presided over by the Union Minister of Finance & Corporate Affairs, Smt. Nirmala Sitharaman, in New Delhi
• French sports retailer Decathlon announced plans to invest €100 million (approximately ₹933 crore) in India over the next five years.
• The Rajiv Gandhi International Airport (RGIA) in Hyderabad has been honoured as the Best Airport at the prestigious India Travel Awards for the third consecutive year.
• President of India, Smt. Droupadi Murmu was awarded the National Geoscience Awards (NGA) for 2023 at a ceremony held at the Rashtrapati Bhavan Cultural Centre in New Delhi
• A recent report by the World Economic Forum (WEF) sheds light on the significant challenges facing India's agriculture sector due to extreme climate events
• The latest edition of "The X Index" India report by Havas CX India highlights a significant shift in consumer preferences and expectations, reflecting the changing landscape of customer experience (CX) in India.
• Jay Shah, the current secretary of the Board of Control for Cricket in India (BCCI), is expected to succeed Greg Barclay as the next chair of the International Cricket Council (ICC).
• Germany's legendary goalkeeper, Manuel Neuer, announced his retirement from international football after an illustrious 15-year career and 124 caps for the national team
• According to an article in Reserve Bank of India’s (RBI’s) latest monthly bulletin, the total envisaged cost of the projects financed by banks/financial Institutions (FIs) reached a new high of ₹3.91 lakh crore during 2023-24, with 54% planned to be invested by the year-end.
• According to the domestic rating agency ICRA report, Non-banking finance companies (NBFCs) will likely see their gross stage-3 asset ratio or gross bad loans rising by 30-50 basis points (bps) in the current financial year, from 2.8% in FY24.
• Markets regulator Securities and Exchange Board of India (SEBI) has proposed changes to the regulations concerning debenture trustees (DTs).
• Nippon Life India Asset Management launched the Nifty 500 Equal Weight Index Fund, a unique open-ended scheme tracking the Nifty 500 Equal Weight Index.
• India has signed a USD 500 million loan package with the Asian Development Bank (ADB) for the Maharashtra Tertiary Care and Medical Education Sector Development Program.
• The Department of Economic Affairs has amended the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, to support the global expansion of Indian companies through cross-border share swaps, mergers, and acquisitions.
• 57 casual employees of Namdapha National Park and Tiger Reserve (NNP&TR) have been reinstated three months after their services were terminated.
• Rajesh Nambiar has stepped down as Cognizant Technology Solutions Corp’s India chairman and managing director to become president of information technology (IT) industry body National Association of Software and Service Companies (Nasscom).
• Senior IAS officer Amardeep Singh Bhatia has assumed the charge of Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT).
• The world's oldest person, Spain's Maria Branyas Morera, who was born in the United States, passed away at the age of 117.
• International Day for the Remembrance of Slave Trade and Abolition is celebrated on 23 August every year