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CURRENT AFFAIRS : BANKING & FINANCE

Asian Development Bank Keeps India's FY25 Gross Domestic Product Growth Forecast Unchanged at 7%

• According to the Asian Development Outlook July, 2024 report, India’s Gross Domestic Product (GDP) growth is expected to be 7% this year with inflation averaging 4.6%.

Key details :

• ADB Projections:ADB forecasts India's GDP to rise to 7.2% in 2025-26.
• Inflation in India is projected to average 4.5% in the next fiscal year
• China's Economic Outlook:ADB has maintained China's GDP growth projection at 4.5% for 2024.
• Inflation forecast for China has been revised down from 1.1% to 0.5%
• Developing Asia's Growth Forecast:Developing Asia is expected to grow at a rate of 5%, up from the earlier estimate of 4.9%.
• Inflation in the region is forecasted to decrease to 2.9% this year, aided by lower global food prices and the effects of higher interest rates.

ADB's GDP Growth Projection :     

*Year 2024 refers to FY2024-25 ending March 2025.

2025 refers to FY2025-26

Recent News :

• In July 2024, The International Monetary Fund (IMF) raised India’s GDP growth projection for FY25 by 20 basis points to 7% in its update to the World Economic Outlook (WEO), amid a boost to private consumption, especially in rural areas.

Securities and Exchange Board of India Amends REIT and InvIT Rules; Issues Framework for Unit-Based Employment Benefit Scheme     

• Capital markets regulator Securities and Exchange Board of India (SEBI) came out with a framework for a unit-based employment benefit scheme for investment trusts -Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
• Under the framework, SEBI has prescribed the manner of the implementation of the scheme through a trust, the manner of receiving units by the employee benefit trust and the manner of allotment of units to the employee benefit trust by REIT & InvIT.

Key Highlights :

• Nature of Scheme: The unit-based employee benefit scheme resembles an employee unit option scheme.
• Employee unit option scheme refers to a scheme under which the investment manager grants unit options to its employees through an employee benefit trust.
• Usage of Units : The implementation of the scheme would be done through a separate Employee Benefit Trust (EB Trust) which can be created by the manager of a REIT or the investment manager of InvIT.
• The units held by EB Trust would be used only for the limited purpose of providing unit-based employee benefits.
• Management Fees: The manager or investment manager can receive units of the REIT/InvIT in lieu of management fees to facilitate unit-based employee benefits.
• Voting Rights: The EB trust would not undertake any transfer or sale of units of REIT/InvIT held by it except for providing unit-based benefits to the employees of the manager or investment manager.
• The trustee of the EB Trust would not be eligible to vote on account of the units of the REIT/InvIT held by it.
• Cost Implications: Implementing the scheme will not incur additional costs for the REIT, InvIT, their respective HoldCo, or SPV (Special Purpose Vehicle).
• Disclosure Requirements: Unitholding of the EB Trust will be classified as "non-sponsor and non-public" for disclosure purposes to recognized stock exchanges.
• Regulatory Compliance : The provisions of Sebi's insider trading PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules should apply to the manager/investment manager, its directors, its key managerial personnel, and recipients of UBEB and EB Trust.
• Overview of REITs and InvITs: REITs comprise commercial real estate assets leased out for income, while InvITs hold infrastructure assets like highways, catering to investor interest in stable returns and capital appreciation.

Recent News :

• In June 2024, The SEBI 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).

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.

Asian Development Bank Approves $240.5 Million Loan for Rooftop Solar Systems   

• The Asian Development Bank (ADB) has approved $240.5 million in loans to finance rooftop solar systems in India that will help the government expand using renewable energy.
• The financing will support tranches 2 and 3 of the Multitranche Financing Facility (MFF) Solar Rooftop Investment Program, initially approved by ADB in 2016.
• In 2023, the program was restructured to focus specifically on deploying residential solar rooftop systems.

Key Highlights :

• Objectives and Targets:India aims to achieve 50% of cumulative electric power installed capacity from non-fossil fuel sources by 2030.
• This aligns with global commitments to reduce carbon emissions.
• Financial Allocation:State Bank of India (SBI) will receive $90.5 million from ADB's Clean Technology Fund (CTF).
• National Bank for Agriculture and Rural Development (NABARD) will receive $150 million, including $80 million from ADB's ordinary capital resources and $70 million from the CTF.
• Implementation and Benefits:The loans will facilitate the installation of rooftop solar systems across India by providing funding to developers and end-users.
• Rooftop solar systems reduce technical and operational burdens by generating electricity close to consumption points, reducing long-distance power supply needs and associated losses.
• Impact and Programs Supported:The initiative supports India's Prime Minister's Surya Ghar program, promoting widespread adoption of rooftop solar installations.
• It contributes to building a sustainable and resilient energy infrastructure nationwide.

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)

Insurance Regulatory and Development Authority of India Penalizes Bajaj Finance with Rs 2 Crore and Aegon Life with Rs 1 Crore for Norm Violations      

• The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 2 crore on Bajaj Finance, citing violations of norms.
• The IRDAI has fined Bajaj Finance Rs 1 crore concerning the reconciliation of commission and professional fees received and reported to the authority.
• An additional penalty of Rs 1 crore was imposed concerning the maintenance of records of customer documentation.
• IRDAI has also issued additional directions to the company and advised it to comply with these directions in a time-bound manner.
• Bajaj Finance added that the decision does not have any material impact on its financial, operational, or other activities.
• Additionally, IRDAI has imposed a penalty of Rs 1 crore on Aegon Life Insurance (now known as Bandhan Life) for violating certain provisions under the Anti-Money Laundering (AML) Master Circular, which shall be remitted within 45 days from the date of the order.

About IRDAI : 

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

About Bajaj Finance:

• Founded: 25 March 1987
• Headquarters: Pune, Maharashtra, India
• CEO: Rajeev Jain
• Type: Indian non-banking financial company (NBFC)

About Bandhan Life Insurance (formerly Aegon Life):

• Founded: 2008
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Satishwar Balakrishnan
• Type: Indian life insurance company offering individual and group insurance online and offline

Banco Bilbao Vizcaya Argentaria Colombia and International Finance Corporation Launch World's First Biodiversity Bond in the Financial Sector  

• Banco Bilbao Vizcaya Argentaria (BBVA) and the International Finance Corporation (IFC), a member of the World Bank Group, issued a US$15 million first tranche of the world's first biodiversity bond that will amount to US$70 million.
• Objective : To finance projects that address the key drivers of biodiversity loss, particularly focused on reforestation, regeneration of natural forests on degraded lands, climate-smart and regenerative agriculture, restoration of wildlife habitats, among others.

Key Highlights :

• Roles and Responsibilities :
• BBVA Colombia: Issuing bank.
• IFC: Structurer and investor.
• IFC's Additional Role: Providing advice on eligibility criteria and reporting indicators for activities that protect, maintain, or improve biodiversity and ecosystem services. Promoting sustainable natural resource management.
• BBVA Colombia's 2023 Biodiversity Financing:During 2023, BBVA in Colombia financed more than 214.8 billion Colombian pesos in areas aligned with biodiversity, such as land use, terrestrial habitat, ecotourism projects, smart agriculture and conservation of marine habitats, mammals, and birds.
• Climate Change Impact on Colombia : According to data from the World Bank, climate change could generate up to 10 million refugees in Colombia by 2050.

About BBVA Colombia :

• Main foreign investor in the Colombian financial system.
• 5th-largest bank in Colombia.

About IFC :

• Established : July 20, 1956
• Headquarters : Washington, D.C., United States
• Managing Director : Makhtar Diop
• Membership : 186 countries
• IFC provides investment, advisory, and asset-management services to encourage private-sector development in less developed countries.

CURRENT AFFAIRS: NATIONAL NEWS

Reconstitution of NITI Aayog by the Narendra Modi-led NDA Government

• The Narendra Modi-led National Democratic Alliance (NDA) government has reconstituted NITI Aayog, its apex think tank, to include a mix of full-time members and union ministers, enhancing its capacity to address key policy matters.

Mumbai metro: First underground line to start from July 24.

• Mumbai's first underground metro line, the Aqua Line, will begin operations on July 24.
• The 33.5 km line stretches from Aarey Colony to Cuffe Parade.
• The project includes 27 stations, with 26 being underground.

Project Cost and Completion:

• The Aqua Line project cost the Mumbai Metro Rail Corporation (MMRC) ₹37,000 crore.
• The completion of the second phase of the tunnel is expected to take a few more months.

Operations and Maintenance:

• The Delhi Metro Rail Corporation (DMRC) will handle the operation and maintenance of the Aqua Line for 10 years.
• DMRC's responsibilities include managing the operation control centre, depot control centre, stations, running trains, and maintaining all metro systems infrastructure.
• Ensuring passenger safety is a key focus of DMRC's role.

Centre Plans Launch of PMGSY-IV to Enhance Rural Connectivity

• The Centre is set to launch the fourth phase of its flagship rural road scheme, Pradhan Mantri Gram Sadak Yojana (PMGSY), aiming to connect 50,000 habitations with all-weather roads.

Key Highlights:

1. Objective and Scope:
   • Target: 50,000 habitations.
   • Criteria: Population above 250 in plain areas and 100 in special category states.
2. Financial Details:
   • Total Budget: Rs 1.9 lakh crore.
   • Central Share: Rs 1.3 lakh crore.
   • State Contribution: Rs 60,000 crore.
3. Implementation Timeline:
   • Part of the 100-day agenda of the Ministry of Rural Development (MoRD).
   • Habitations identified based on Census 2011 data.
   • Approval Process: Expenditure Finance Committee (EFC) approval underway, with a draft note circulated for interministerial comments on May 28.
4. Historical Context:
   • PMGSY Phases:
     • Phase I: Launched on December 25, 2000, by then PM Atal Bihari Vajpayee-led NDA government.
     • Phase II: Launched in 2013.
     • RCPLWEA: Launched in 2016 for Left Wing Extremism Affected Areas.
     • Phase III: Launched in 2019.

Next Phase of PM Awas Yojana (Urban) is to Revise the Income Threshold and Subsidy Disbursement

• The government is set to implement significant changes in the next phase of the Pradhan Mantri Awas Yojna (PMAY) for urban areas, aiming to better target middle-income group (MIG) beneficiaries and improve subsidy disbursement.

Key Highlights:

1. Income Threshold Adjustment:
   • Current Threshold: Rs 18 lakh.
   • Proposed Threshold: Rs 10 lakh.
   • Objective: To better target the scheme towards deserving beneficiaries.
2. Subsidy Disbursement:
   • Current Method: One-shot payment.
   • Proposed Method: Spread over five years for better monitoring and control.
3. MIG Categories:
   • Previous Categories:
     • Annual income of Rs 6 lakh to Rs 12 lakh.
     • Annual income of Rs 12 lakh to Rs 18 lakh.
   • Proposed Change: Merge into a single category with an annual income up to Rs 10 lakh.
4. Scheme Redesign:
   • Aim: Ensure only deserving borrowers receive benefits.
   • Scheme to be placed before Cabinet for approval.
   • Redesign inspired by PM Modi's announcement to aid families in rented houses, unauthorized colonies, and shanties to build their own homes.
5. Cabinet Approval:
   • Government's first Cabinet meeting approved financial assistance for three crore houses (two crore rural, one crore urban) over the next five years.
   • Cost approval is pending.
6. Components of PMAY (U) 2.0:
   • Beneficiary-led construction.
   • In-situ slum rehabilitation.
   • Credit Linked Subsidy Scheme (CLSS).
   • Other categories receiving up to Rs 1.5 lakh assistance, excluding CLSS beneficiaries.

Prime Minister Narendra Modi Meets Author Dr. R Balasubramaniam: A Convergence of Politics and Literature

• Prime Minister Narendra Modi met with renowned author and development activist Dr. R Balasubramaniam.
• Modi signed a copy of Dr. Balasubramaniam’s latest book, “Power Within: The Leadership Legacy of Narendra Modi.”

About the Book "Power Within":

• The book provides a unique analytical framework, combining Western and Indic leadership perspectives.
• Western Leadership Theories: Focus on trait-oriented approaches and the concept of “being a leader.”
• Indic Leadership Perspectives: Emphasize the “exercise of leadership,” rooted in India’s civilizational wisdom.
• Offers a comprehensive understanding of Modi’s leadership style and its impact on Indian governance and society.

Content Highlights:

• Explores five decades of Narendra Modi’s public life.
• Delves into his formative years, discovery of purpose, and development of his unique leadership style.
• Central theme: Modi’s quest for self-discovery in the service of others, aligning with traditional Indian philosophical concepts of leadership and public service.

About Dr. R Balasubramaniam:

• A prominent figure in India’s development sector.
• Known for his roles as a development activist, leadership trainer, thinker, and author.
• Founder of significant organizations such as:
  • Swami Vivekananda Youth Movement: Focuses on youth empowerment.
  • Grassroots Research and Advocacy Movement: Advocates for grassroots-level change.

CURRENT AFFAIRS : STATE NEWS

Maharashtra Government Allocates Rs 5,500 Crore for Internship Scheme Providing Stipends to Unemployed Youth      

• The Maharashtra government will spend Rs 5,500 crore on the Mukhyamantri Yuva Karya Prashikshan Yojana internship scheme for unemployed youth.
• This scheme, which aims to enhance the employability and skill set of the youth and prepare them for a competitive job market, was announced in Budget 2024-25 presented by Deputy Chief Minister and Finance Minister Ajit Pawar.
• The announcement was made on Ashadhi Ekadashi Day in Pandharpur.

Key Highlights :

• Stipend Details :
• Rs 6,000 for 12th pass candidates.
• Rs 8,000 for candidates with ITI and diploma.
• Rs 10,000 for candidates with degree and postgraduate.
• Stipend duration: 6 months.
• Stipend disbursement: Direct bank transfer.
• Eligibility Criteria for Candidates:
• Age: 18 to 35 years.
• Residency: Must be residents of Maharashtra.
• Industry and Non-Industry Establishments Eligibility:
• Must be working in Maharashtra.
• Registration: Must be registered with the Skills, Employment, Entrepreneurship, and Innovation web portal as an employer.
• Establishment duration: At least 3 years.
• Required registrations: EPF, ESIC, GST, DPIT, and Udyog Aadhaar.
• Must have a certificate of incorporation.
• Implementing Agencies : As per the government resolution issued by the Department of Skills, Employment, Entrepreneurship & Innovation—which is the implementing agency of the scheme along with the CM Public Welfare cell.

About Maharashtra :

• Governor: Ramesh Bai
• Chief Minister: Eknath Shinde
• Capital: Mumbai
• National Park: Tadoba National Park, Navegaon National Park
• Wildlife Sanctuaries: Bhimashankar Wildlife Sanctuary, Karnala Bird Sanctuary, Nagzira Wildlife Sanctuary
• UNESCO Heritage Sites: Chhatrapati Shivaji Maharaj Terminus, The Victorian and Art Deco Ensemble of Mumbai, Ajanta Caves, Elephanta Caves, Ellora Caves

CURRENT AFFAIRS: BUSINESS NEWS

Cropin Technology Launches Sage: World's First Real-Time Agri-Intelligence Solution

• Agritech firm Cropin Technology has announced the launch of Sage, the planet’s first real-time agri-intelligence solution powered by Google Gemini.

Key Highlights:

1. Grid-Based Mapping:
   • Sage converts the agricultural landscape into a proprietary grid-based map.
   • Options available: 3x3 meters, 10x10 meters, or 5x5 kilometres.
   • Delivers data and intelligence with unprecedented scale, accuracy, and speed.
2. Decision-Making Support:
   • Benefits consumer product goods (CPG) players, seed manufacturers, food processors, multilateral organizations, financial institutions, and governments.
   • Provides data on historical, present, and future cultivation practices, crop, irrigation, climate, and soil.
3. Future-Proofing Agri-Food Businesses:
   • Integrates with the Cropin Cloud platform.
   • Helps agri-food businesses secure their production and supply chains.
4. State-of-the-Art Technologies:
   • Utilizes Generative AI, multi-layered global climate data, a global crop knowledge graph, earth observation data, and advanced crop models.
   • Enhances crop production planning, precision agriculture, and sustainability.

CURRENT AFFAIRS: AWARDS AND HONOURS

APCNF Wins Prestigious Gulbenkian Prize for Humanity 2024

• The Andhra Pradesh Community Managed Natural Farming (APCNF) program, led by the Government of Andhra Pradesh, received the Gulbenkian Prize for Humanity 2024.
• Announcement made by Angela Merkel, former Federal Chancellor of Germany, in Lisbon, Portugal on July 11th.
• Event attended by dignitaries including the President of Portugal, government officials, and global experts.

Prize Sharing:

• APCNF shares the €1 million prize with Dr. Rattan Lal (USA), a renowned soil scientist, and SEKEM (Egypt), a network promoting biodynamic farming.
• Recognized for their collaborative efforts in sustainable agriculture through scientific research and practical applications.

• Historical Context of the Prize:

• 2020: Awarded to Greta Thunberg.
• 2021: Awarded to the Global Covenant of Mayors for Climate and Energy.
• 2022: Jointly awarded to the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) and the Intergovernmental Panel on Climate Change (IPCC).
• 2023: Jointly awarded to Bandi "Apai Janggut" (Indonesia), Cécile Bibiane Ndjebet (Cameroon), and Lélia Wanick Salgado (Brazil).

About APCNF

• Launched in 2016 by the Government of Andhra Pradesh.
• Aim: Transition smallholder farmers from chemically intensive agriculture to natural farming practices.
• Key practices: Use of organic residues, minimal tillage, reintroduction of indigenous seeds, and crop diversification including trees.
• Implemented by the Rythu Sadhikara Samstha (RySS), also known as the Farmers Empowerment Corporation.
• Recognized as the world's largest agroecology program by the number of practicing farmers.

Honouring Indian Space Scientists: COSPAR Awards Prahlad Chandra Agrawal and Anil Bhardwaj

• Two Indian space scientists, Prahlad Chandra Agrawal and Anil Bhardwaj, were honoured with prestigious awards by the Committee on Space Research (COSPAR), the world’s first scientific body dedicated to space science research.
• The event took place during the 45th COSPAR scientific assembly in Busan, South Korea.

Prahlad Chandra Agrawal:

• Retired professor from the Department of Astronomy and Astrophysics at the Tata Institute of Fundamental Research.
• Awarded the Harrie Massey Award, recognizing outstanding contributions to space research with a leadership emphasis.
• The award includes naming a minor planet after him.
• Known for work in X-ray astronomy and leading the AstroSat program, India’s first multiwavelength astronomy satellite.
• Involved in the Chandrayaan-1 mission.
• AstroSat observations cited in over 300 research papers.

Anil Bhardwaj:

• Director of the Physical Research Laboratory (PRL) in Ahmedabad since 2017.
• Awarded the Vikram Sarabhai Medal for outstanding space science research in developing countries.
• Specializes in planetary space sciences and solar system exploration.
• Key player in ISRO's missions, including Chandrayaan, Mangalyaan, and Aditya-L1.

• Significance of the Awards:
  • Harrie Massey Award:Recognizes leadership in space research.
  • Vikram Sarabhai Medal:Honors contributions to space science research in developing countries.Instituted jointly by COSPAR and ISRO.

About Committee on Space Research (COSPAR):

• Established in 1958 after the launch of the first-ever satellite by the Soviet Union in 1957.
• World's first scientific body dedicated to space science research.
• Holds its scientific assembly every two years, attracting 2,000 to 3,000 scientists globally.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Center Nominates Former Foreign Secretary Vinay Kwatra as Ambassador to the United States to Strengthen Diplomatic Relations    

• The Indian government has nominated retired diplomat Vinay Kwatra as the next ambassador to the United States.
• The position has been vacant since January 31, 2024, after Taranjit Singh Sandhu completed his tenure.
• Kwatra's tenure as ambassador is expected to play a pivotal role in enhancing bilateral cooperation and navigating key policy issues between India and the US

About Vinay Kwatra :

• Vinay Kwatra retired as India’s Foreign Secretary earlier this month.
• He is a career diplomat with extensive experience, having served in various key roles including in China, the US, in the Prime Minister's office, and as India's envoy to France.
• Kwatra's immediate priority will be to strengthen and stabilize the India-US relationship amidst potential political changes in the US after the November elections.
• He aims to engage with officials who could influence India-related policies in the upcoming US administration.

Recent News :

• Vikram Misri, a seasoned diplomat and expert on China and national security, assumed charge as India's 35th Foreign Secretary, succeeding Vinay Kwatra.

Pakistan: Justice Aalia Sworn In as Lahore High Court's First Female Chief Justice 

• Justice Aalia Neelum took oath as the Chief Justice of the Lahore High Court (LHC) of Pakistan (Lahore), making her the first woman to be elevated as the court’s top judge.
• Punjab Governor Sardar Saleem Haider Khan administered the oath of office to her.
• Punjab province’s first woman Chief Minister Maryam Nawaz was also present in the oath-taking ceremony.
• Justice Neelum, 57, stood 3rd in the seniority list of judges of the LHC but the Judicial Commission of Pakistan headed by Chief Justice of Pakistan Qazi Faez Isa had decided to consider her nomination for the office of the LHC chief justice.

About Justice Aalia Neelum :

• Born on November 12, 1966, Justice Neelum obtained her LLB degree from the University of Punjab in 1995.
• She was enrolled as an advocate in 1996 and later as an advocate of the Supreme Court in 2008.
• Justice Neelum was elevated to the Lahore High Court in 2013 and became a permanent judge on March 16, 2015.
• She has held roles such as Inspection Judge for multiple districts and served as the Monitoring/Administrative Judge for various special courts and tribunals.
• Notably, she was the first female Administrative Judge of Anti-Terrorism Courts in Punjab.

Deepa Malik Appointed as Asian Paralympic Committee Representative for South Asia                                    

• Deepa Malik, India’s first woman Paralympic medallist, has been appointed as the sub-regional representative for South Asia by the Asian Paralympic Committee (APC).
• This appointment was confirmed during the 34th Executive Board meeting of the APC, highlighting gender diversity and athlete-centric leadership in para-sports.
• Role and Responsibilities: Malik will represent South Asian nations and advocate for the development and promotion of para-sports in the region.
• Her appointment aligns with the Paralympic Committee of India’s goal to promote excellence and inclusivity in para-sports.
• Malik's appointment increases female representation on the APC Executive Board to five members, the highest in the organization’s history.

About Deepa Malik :

• Deepa is the first Indian woman to win a medal in Paralympic Games and won a silver medal at the 2016 Summer Paralympics in shot put
• She is currently the world number one in the F-53 category.
• She is associated with Himalayan Motorsports Association (H.M.A.) and Federation of Motor Sports Clubs of India (F.M.S.C.I.).
• In 2020, she was elected as President of the Paralympic Committee of India.

Awards & Honors :

• She was honored with the Arjuna award in 2012, at the age of 42 years.
• She has also been conferred the prestigious Padma Shri award in 2017.
• She created a New Asian Record in Asian Para Games 2018 and is the only Indian woman to win medals in 3 consecutive Asian Para Games (2010, 2014, 2018).

About APC :

• Established : 30 October 2002
• Headquarters : Dubai, United Arab Emirates
• President : Majid Rashed
• CEO : Tarek Souei
• Membership : 45 Members
• It organizes the Asian Para Games and is affiliated to the International Paralympic Committee.

CURRENT AFFAIRS : OBITUARIES

Former Sri Lankan U19 Captain Dhammika Niroshana Shot Dead      

• Former Sri Lankan cricketer Dhammika Niroshana was shot dead at 41 at his residence in Ambalangoda.

About Dhammika Niroshana :

• Niroshana, a right-arm fast bowler and capable lower-order batsman, was regarded as a rising talent during his playing career.
• He played 12 first-class matches and 8 List-A games for Galle Cricket Club from 2001 to 2004, scoring over 300 runs and taking 19 wickets.
• He debuted for the Sri Lankan U19 team in 2000, participating in under-19 Test and ODI cricket for two years.
• He also captained the Sri Lankan U19 team in 10 matches, leading future stars like Farveez Maharoof, Angelo Mathews, and Upul Tharanga, who went on to represent Sri Lanka at the highest level.
• He played his last competitive cricket match in December 2004, marking the end of his professional playing career.

CURRENT AFFAIRS: SPORTS NEWS

Trent Bridge Cricket Stadium to Officially Unveil ‘Stuart Broad End’ Ahead of 2nd Test

• The Pavilion End at Trent Cricket Stadium will be officially renamed the 'Stuart Broad End' during the second Test match between England and West Indies.
• A plaque will be unveiled at the ‘Stuart Broad End’ to honor his illustrious career.
• Broad will be joined by his father, Chris Broad, the club president and a former Nottinghamshire and England opener.
• Stuart Broad played his final match for England in July 2023 against Australia.

Stuart Broad's Achievements:

• Stuart Broad is Nottinghamshire’s most successful international bowler.
• He played 167 Test matches for England, taking 604 wickets and securing 20 five-wicket hauls.
• Broad's career with Nottinghamshire and England concluded last summer.

Yashasvi Jaiswal, Shubman Gill make gains in ICC T20I batting rankings

• India’s Yashasvi Jaiswal rose up 4 places to occupy the 6th place in the latest ICC T20I batters’ rankings.
• His captain for the series Shubman Gill who was the leading run scorer in the Zimbabwe series moved up 36 places to be ranked 37th.

Batters' Rankings:

• Yashasvi Jaiswal: Rose 4 places to 6th after scoring 141 runs against Zimbabwe.
• Shubman Gill: Climbed 36 places to 37th after being the leading run-scorer with 170 runs in the Zimbabwe series.
• Ruturaj Gaikwad: Dropped one place to 8th.
• Suryakumar Yadav: Retained the 2nd spot behind Australia’s Travis Head.

Bowlers' Rankings:

• No Indian bowlers feature in the top 10.
• Axar Patel: Dropped four places to 13th.
• Mukesh Kumar: Gained 36 places to 46th after taking eight wickets in three games.
• Washington Sundar: Moved up 21 spots to 73rd after picking up eight wickets in five matches.
• Top Bowlers: England’s Adil Rashid leads, followed by South Africa’s Anrich Nortje and Sri Lanka’s Wanindu Hasaranga.

All-rounders' Rankings:

• Hardik Pandya: Dropped four places to 6th.
• Axar Patel: Slipped one place to 13th.
• Washington Sundar and Shivam Dube: Rose to 41st and 43rd spots, respectively.
• Top All-rounders: Sri Lanka’s Wanindu Hasaranga, Australia’s Marcus Stoinis, and Zimbabwe’s Sikandar Raza lead the rankings.

Daily CA One- Liner: July 19^th

• The Narendra Modi-led National Democratic Alliance (NDA) government has reconstituted NITI Aayog, its apex think tank, to include a mix of full-time members and union ministers, enhancing its capacity to address key policy matters.
• Mumbai's first underground metro line, the Aqua Line, will begin operations on July 24.
• The Centre is set to launch the fourth phase of its flagship rural road scheme, Pradhan Mantri Gram Sadak Yojana (PMGSY), aiming to connect 50,000 habitations with all-weather roads
• The government is set to implement significant changes in the next phase of the Pradhan Mantri Awas Yojna (PMAY) for urban areas, aiming to better target middle-income group (MIG) beneficiaries and improve subsidy disbursement
• Prime Minister Narendra Modi met with renowned author and development activist Dr. R Balasubramaniam.
• Agritech firm Cropin Technology has announced the launch of Sage, the planet’s first real-time agri-intelligence solution powered by Google Gemini.
• The Andhra Pradesh Community Managed Natural Farming (APCNF) program, led by the Government of Andhra Pradesh, received the Gulbenkian Prize for Humanity 2024.
• Two Indian space scientists, Prahlad Chandra Agrawal and Anil Bhardwaj, were honoured with prestigious awards by the Committee on Space Research (COSPAR), the world’s first scientific body dedicated to space science research
• The Pavilion End at Trent Cricket Stadium will be officially renamed the 'Stuart Broad End' during the second Test match between England and West Indies
• India’s Yashasvi Jaiswal rose up 4 places to occupy the 6th place in the latest ICC T20I batters’ rankings
• According to the Asian Development Outlook July, 2024 report, India’s Gross Domestic Product (GDP) growth is expected to be 7% this year with inflation averaging 4.6%.
• Capital markets regulator Securities and Exchange Board of India (SEBI) came out with a framework for a unit-based employment benefit scheme for investment trusts -Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
• The Asian Development Bank (ADB) has approved $240.5 million in loans to finance rooftop solar systems in India that will help the government expand using renewable energy.
• The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 2 crore on Bajaj Finance, citing violations of norms.
• Banco Bilbao Vizcaya Argentaria (BBVA) and the International Finance Corporation (IFC), a member of the World Bank Group, issued a US$15 million first tranche of the world's first biodiversity bond that will amount to US$70 million
• The Maharashtra government will spend Rs 5,500 crore on the Mukhyamantri Yuva Karya Prashikshan Yojana internship scheme for unemployed youth.
• The Indian government has nominated retired diplomat Vinay Kwatra as the next ambassador to the United States.
• Justice Aalia Neelum took oath as the Chief Justice of the Lahore High Court (LHC) of Pakistan (Lahore), making her the first woman to be elevated as the court’s top judge
• Deepa Malik, India’s first woman Paralympic medallist, has been appointed as the sub-regional representative for South Asia by the Asian Paralympic Committee (APC).
• Former Sri Lankan cricketer Dhammika Niroshana was shot dead at 41 at his residence in Ambalangoda.