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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Increases Ways and Means Advances Limits for States/UTs by 28% to ₹60,118 Crore    

• The Reserve Bank of India (RBI) increased the Ways and Means Advances (WMAs) limits (or financial accommodation) of State governments and Union territories (UTs) by 28% to ₹60,118 crore from ₹47,010 crore (fixed in April 2022).
• The revised WMA limit is effective from July 1, 2024.
• Reason for Revision:The limits have been revised based on the recommendations made by the group constituted by the RBI, consisting of select state finance secretaries to take account of the expenditure data of states for recent years.
• The last review of WMA, Special Drawing Facility (SDF), and Overdraft (OD) schemes for state governments/UTs was announced on April 1, 2022.
• SDF availed by state governments/UTs is linked to their investments in marketable securities issued by the government, including auction treasury bills (ATBs).
• A State Government account can be in overdraft for a maximum of 14 consecutive working days with a limit of 36 days in a quarter.

Key Highlights :

• Recommendations on SDF:Based on the RBI working group’s recommendations on the Consolidated Sinking Fund (CSF) and Guarantee Redemption Fund (GRF):
• Maximum SDF limit is 50% of the lower of (i) outstanding balance of CSF/GRF as of the last date of the second preceding quarter, or (ii) the current balance held in CSF/GRF.
• For investments held in ATBs, the maximum limit of SDF will be 50 per cent of the lower of (i) outstanding balance in ATBs (91/182/364 days) as on the last date of the second preceding quarter, and (ii) the current ATB balance.

What is CSF and GRF?

• CSF promotes economic restructuring in States/UTs, especially those with chronic remuneration obligations.
• A GRF is established in the Public Account of India for redemption of guarantees given to PSEs, financial institutions, etc. by States/UT Govts, whenever such guarantees are invoked.
• CSF and GRF are reserve funds maintained by some State Governments with the Reserve Bank of India.

About WMAs :

• Definition and Purpose : WMA is a mechanism used by Reserve Bank of India (RBI) under its credit policy to provide to States, banking with it, to help them tide over temporary mismatches in the cash flow of their receipts and payments.
• Introduction and Legal Framework:The WMA scheme was introduced in 1997.
• Guided by Section 17(5) of the RBI Act, 1934.
• Advances are repayable within three months from the date of making the advance.
• Interest Rates:Interest is charged at the existing repo rate.
• If the WMA exceeds 90 days, it is treated as an overdraft, with an interest rate 2 percentage points higher than the repo rate.
• Eligibility and Objective:Section 17(5) of the RBI Act allows the RBI to make WMA to both the Central and State Governments.
• The objective is to bridge the interval between expenditure and receipts.
• Types of WMA:
• Normal WMA: Clean advances without any collateral.
• Special WMA (Special Drawing Facility (SDF)): Secured advances provided against the pledge of Government of India dated securities.
• Limit Determination and Flexibility:WMA limits for the Centre are decided mutually by the government and RBI and are revised periodically.
• A higher WMA limit provides the government with the flexibility to raise funds from the RBI without borrowing from the market.

Recent News :

• In June 2024, The RBI, with the Government of India’s concurrence, decided to put in place a revised framework on currency swap arrangement for SAARC (South Asian Association for Regional Cooperation) countries for the period 2024 to 2027.

About RBI :

• Established : 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

Reserve Bank of India Reports Rs 3.4 Lakh Crore Increase in Home Loan Outstanding Over 12 Months    

• Housing loan outstanding expanded at a faster pace even as the growth in the personal loan segment decelerated on a year-on-year basis in May 2024.

Key Highlights :

• Accelerated Growth in Housing Loans:Housing loan outstanding grew by 16.9% (Rs 3.40 lakh crore) to Rs 23.49 lakh crore in May 2024, compared to 13.8% (Rs 20.09 lakh crore) in May 2023.
• Moderation in Personal Loans:Growth in personal loans slowed to 17.8% (y-o-y) in May 2024 from 19.1% in May 2023, mainly due to decelerated growth in other personal loans.
• Increase in Credit Card Outstanding:Credit card outstanding rose by 26.2% (around Rs 55,000 crore) to Rs 2.67 lakh crore in May 2024, compared to 31.5% (Rs 2.12 lakh crore) in May 2023.
• Regulatory Measures:Increased Risk Weight:In November 2023, the RBI increased the risk weight on banks' exposure to consumer credit, credit card receivables, and NBFCs by 25% up to 150% to address risk build-up in these segments.
• Non-Food Bank Credit:Overall Growth:On a year-on-year (y-o-y) basis, non-food bank credit registered a growth of 16.2% to Rs 162.30 lakh crore in May 2024 as compared with 15.5% a year ago.
• Industry-Specific Credit Growth:Growth in Bank Credit to Industry:Bank credit to industry grew by 8.9% (y-o-y) to Rs 36.87 lakh crore in May 2024, up from 6.0% in May 2023.
• Credit to large industries grew by 7.1% (Rs 26.53 lakh crore) in May 2024 from 4.6% (Rs 24.77 lakh crore) in May 2023.
• Credit to medium industries grew by 15.5% (Rs 3.13 lakh crore) in May 2024, up from 11% in May 2023.
• Credit to micro and small industries grew by 15.5% (Rs 7.36 lakh crore) in May 2024 from 9.9% (Rs 6.37 lakh crore) in May 2023.
• A medium enterprise is a unit where the investment in plant and machinery or equipment does not exceed Rs 50 crore and turnover does not exceed Rs 250 crore.
• For small enterprises, these figures should be Rs 10 crore and Rs 50 crore respectively.
• Major Industries:Accelerated credit growth to all engineering, chemicals and chemical products, food processing, infrastructure, and textiles in May 2024.
• Decelerated credit growth to basic metal and metal products, and petroleum, coal products, and nuclear fuels.
• Sector-Specific Credit Growth:Agriculture and Allied Activities:Credit growth to agriculture and allied activities accelerated to 21.6% (y-o-y) to Rs 21.39 lakh crore in May 2024, from 16.0% in May 2023.
• Services Sector:Credit growth to the services sector was robust at 20.7% (y-o-y) in May 2024, supported by commercial real estate, transport operators, and professional services.
• NBFCs:Credit growth to non-banking financial companies (NBFCs) decelerated in May 2024 compared to May 2023.

Reserve Bank of India Imposes ₹29.6 Lakh Fine on HSBC for Violating Credit Card Regulations     

• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹29.60 lakh on The Hongkong and Shanghai Banking Corporation Limited (HSBC) for non-compliance with specific RBI directions.
• Non-Compliance Details:HSBC failed to comply with RBI directions on ‘Credit Card, Debit Card, and Rupee Denominated Co-branded Prepaid Card operations of Banks’, reiterated in the ‘Reserve Bank of India (Credit Card and Debit Card – Issuance and Conduct) Directions, 2022’.
• Specifically, HSBC did not ensure proper calculation methods to prevent negative amortisation while computing the Minimum Payment Due in certain credit card accounts.
• Regulatory Provisions:The penalty was imposed under Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

What is Minimum Payment Due?

• The Minimum Payment Due (MPD) is the least amount that must be paid on a credit card bill each month to avoid late fees and penalties.
• Typically, it is a percentage of the total outstanding balance on the credit card.

About HSBC :

• Founded: 3 March 1865
• Headquarters: London, United Kingdom

SEBI Increases Basic Demat Account Limit to Rs 10 Lakh to Encourage Participation                                              

• Securities and Exchange Board of India (SEBI) increased the threshold for the Basic Services Demat Account (BSDA) to Rs 10 lakhs from the current Rs 2 lakhs to boost participation of small investors in the securities market.
• The new guidelines will come into force from September 1,2024.
• Objective : To encourage small investors to trade in the stock market and ensure their financial inclusion.

What is meant by BSDA?

• A basic service demat account, or BSDA, is a more basic version of a regular demat account.
• The facility was introduced by markets regulator Sebi in 2012 to reduce the burden of demat charges on investors with small portfolios.

Eligibility Criteria :

• The investor must have only one demat account as the sole or first holder.
• The investor must have only one BSDA across all depositories.
• The value of securities in the BSDA must not exceed Rs 10 lakh for debt and non-debt securities combined.
• Previous Limits: Previously, an individual could hold up to Rs 2 lakh in debt securities and Rs 2 lakh in other securities to be eligible for a BSDA.
• Annual Maintenance Charges:No annual maintenance charge for portfolio values up to Rs 4 lakh.
• Rs 100 annual maintenance charge for portfolio values above Rs 4 lakh and up to Rs 10 lakh.
• Conversion to Regular Account: If the portfolio value exceeds Rs 10 lakh, the BSDA will automatically be converted into a regular demat account.
• Statements and Charges:Electronic statements will be provided free of cost.
• Physical statements can be charged at Rs 25 per statement.
• Account Opening and Review:As per the circular, Depository Participants (DPs) will open only BSDAs for eligible accounts unless the account holder opts for a regular demat account via email.
• DPs must review and convert existing eligible demat accounts to BSDA within two months unless the account holder opts to keep their regular demat account via email.

Recent News :

• In June 2024, SEBI revised its oversight framework for stock exchanges and other market infrastructure institutions (MIIs), defining the structure and responsibilities of various statutory committees to enhance governance.

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), Go

World Bank Sanctions $1.5 Billion Loan for India's Green Hydrogen Initiative   

• The World Bank has approved a $1.5-billion loan to help India accelerate its low-carbon energy development.
• The funds will be used to promote a market for green hydrogen, electrolysers, and increased renewable energy penetration.
• This is the second round of funding from the World Bank towards India's green energy initiatives, following the $1.5 billion First Low-Carbon Energy Programmatic Development Policy Operation in June 2023.
• The fresh funding aims to expand the production and consumption of green hydrogen, along with the development of climate finance to mobilize investments for low-carbon projects.

Key Highlights :

• Reforms and Targets: The Second Low-Carbon Energy Programmatic Development Policy Operation will support reforms to boost green hydrogen production and electrolysers.
• The expected outcomes include:
• Production of at least 450,000 metric tons of green hydrogen annually from FY 25/26 onwards.
• Installation of 1,500 MW of electrolysers per year.
• Significant increase in renewable energy capacity.
• Reduction of emissions by 50 million tons per year.
• National Initiatives: This operation aligns with India's energy transition goals, including:
• Achieving 500 GW of installed renewable energy capacity by 2030.
• Reaching net zero emissions by 2070.
• Launch of the ₹17,000-crore National Green Hydrogen Mission to promote electrolyser and green hydrogen manufacturing.
• Alignment with Initiatives: This operation aligns with the Government of India’s energy security and the World Bank’s Hydrogen for Development (H4D) partnership.
• Partnership and Financing: The financing for this operation includes:
• $1.46 billion loan from the International Bank for Reconstruction and Development (IBRD).
• $31.5 million credit from the International Development Association (IDA).

About World Bank :

• Established : July 7, 1944
• Headquarters : Washington, D.C., United States
• President : Ajay Banga
• The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects.

CURRENT AFFAIRS: NATIONAL

Health Ministry launches dashboard to aid quick monitoring of public health standards compliance

• The Union Health Ministry launched a dashboard that will aid the national, state and district health facilities in quickly monitoring compliance concerning Indian Public Health Standards (IPHS) and taking action accordingly.
• It also rolled out a virtual National Quality Assurance Standards (NQAS) assessment for Ayushman Arogya Mandirs (AAM) and a spot food licence and registration initiative for food vendors.
• Union ministers of state for health and family welfare, Prataprao Ganpatrao Jadhav and Anupriya Singh Patel, unveiled these three initiatives which will play a major role in improving the quality of healthcare services and promoting the ease of doing business in India.
• The launch of the spot food licence initiative is a ground-breaking new functionality for the instant issuance of licenses and registrations through the Food Safety and Compliance System (FoSCoS).
• FoSCoS is a state-of-the-art, pan-India IT platform designed to address all food safety regulatory needs.
• This innovative system simplifies the licensing and registration processes, offering an enhanced user experience.
• Addressing the session, Jadhav stated the launch of these important initiatives is part of a continuation of the government's effort to provide 'Healthcare for All' and promote wellness.
• He highlighted the Union government's achievements in establishing over 1.73 lakh Ayushman Arogya Mandirs, doubling the number of medical colleges since 2014, increasing the number of AIIMS from seven to 23 and more than doubling the number of PG and MBBS seats since 2014.
• The virtual certification of Ayushman Arogya Mandir Sub-centres (AAM-SC) represents a significant innovation in the quality assurance framework for public health facilities, the ministry said in a statement.

Key highlights:

• Under the Ayushman Bharat scheme, initiated by Prime Minister Narendra Modi, AAM has been established and operationalised to provide comprehensive and accessible healthcare services for all citizens, it stated.
• Currently, more than 1,70,000 Ayushman Arogya Mandirs are operational nationwide.
• Led by Community Health Officers, the primary healthcare teams at AAM are trained to manage initial care, triage and refer patients to appropriate facilities for further treatment.
• To ensure that every citizen receives quality health services, NQAS was developed for district hospitals, community health centres, rural and urban primary healthcare centres and AAM-SC with the goal of full compliance by

Central Railway instals first-ever floating solar plant of Indian Railways

• The Central Railway has installed a floating solar plant of 10 MWp capacity in the Igatpuri Lake located in the Western Ghats, a first-of-its-kind initiative by the Indian Railways, senior officials stated.
• According to the Central Railway officials, the plant is committed to leveraging renewable energy sources, utilising solar power, installing wind-energy resources, providing adequate passenger amenities and contributing significantly towards the railways' goal of a "green Earth".
• Besides, the officials stated moving towards its ultimate goal of zero carbon emission by 2030, the Central Railway has commissioned 12.05-MWp solar plants by utilising the rooftop of railway stations and buildings, out of which, 4-MWp solar plants were provided last year.

Other Benefits:

• "MWp stands for Megawatt Peak, which is a measure of the maximum potential output of power. This has resulted in a saving of Rs 4.62 crore in 2023-24 and a saving of carbon footprints of 6,594.81 MT. There are further plans to install an additional 7-MWp solar plant in the current year," a senior Central Railway official stated.
• At present, 56.4 MW of wind energy and 61 MW of solar energy are being tapped," he added.
• According to the Central Railway, agreements have been signed for the utilisation of 325 MW of solar and wind energy, which will be on the "round-the-clock"
• Besides this, 180 MW of solar and 50 MW of wind power is also likely to flow in the current financial year, officials stated.
• The Central Railway maintains that its present monthly power consumption is 236.92 million units for traction work and 9.7 million units for non-traction work.

Nearly 2 lakh women benefit from ITC’s ‘Climate Smart Agriculture’ programme

• ITC has extended its ‘Climate Smart Agriculture’ programme to nearly 2 lakh women in the country.
• The annual report of the company for 2023-24 stated it has launched a comprehensive ‘Climate Smart Agriculture’ programme across 19 States to enable a transformation journey from ‘low yield low resilient’ areas to ‘high yield and high resilient’ villages through a package of agronomy practices, climate resilient varieties, precision farming, water management and appropriate mechanisation.
• According to the report, 27.94 lakh acres and over 10.5 lakh farmers, including 1.95 lakh women farmers, have been covered under ITC’s ‘Climate Smart Agriculture’ programme till date.
• In addition to promotion of ‘Climate Smart Agriculture’ practices at scale in core agricultural catchments, ITC also has a ‘Climate Smart Village’ (CSV) programme, it stated.

Climate Smart Village’ (CSV) programme:

• Under the CSV programme, support is provided to the majority of the village population to enable adaptation to climate risks, mitigating the same through knowledge, livelihood diversification, natural resources management and institutional support.
• It stated that 6,755 CSVs covering major crop value chains are currently part of the programme.
• To provide additional support to farmers in dealing with climate risks, 15.24 lakh linkages were facilitated for farmers with six major government schemes.
• Aimed at boosting agricultural and allied activities in 27 aspirational districts of eight States under the ‘Aspirational Districts’ programme, ITC’s collaboration with NITI Aayog is in its second phase.
• This phase focuses on internalising capability enhancement methodology for training of farmers as well as communicating the model village template amongst government teams and agencies such as Krishi Vikas Kendras.
• During the year, over 12 lakh farmers were trained on package of practices for principal crops of the region as well as on livestock management, resulting in over 44 lakh cumulative farmer interactions.

About ITCMAARS:

• The report stated ITC has scaled up ITCMAARS – a crop-agnostic full stack agritech digital platform, together with a physical ecosystem, across 10 States.
• The ITCMAARS ‘phygital’ platform spans more than 1,650 farmer producer organisations (FPOs) encompassing more than 15 lakh connected farmers and several industry partners, including agri-input manufacturers, banks, financial institutions and agritech start-ups.

Government amends the EPS rule to provide withdrawal benefits to members having less than 6 months of service         

• The Centre tweaked the Employees’ Pension Scheme (EPS), 1995, to ensure that members with less than 6 months of contributory service can also withdraw funds.
• Every year, lakhs of EPS members leave the scheme prior to rendering the requisite 10 years of contributory service for pension.
• These members are given withdrawal benefit as per the provisions of the scheme.
• The new amendment will benefit more than 7 lakh EPS members every year who leave the scheme with less than 6 months of contributory service.
• The government has also modified the EPS details to ensure that every completed month of service rendered is taken into account to give proportionate withdrawal benefit to the members.
• The amount of withdrawal benefit will henceforth depend upon the number of completed months of service rendered by the member and the wages on which EPS contribution was received.
• Till now, the withdrawal benefit was being calculated on the basis of the period of contributory service in completed years and the wages on which EPS contribution has been paid.
• Only after completing 6 months and above of contributory service, the members were entitled for such withdrawal benefits.
• Consequently, the members leaving the scheme, before contributing for 6 months or more, used to get no withdrawal benefit.
• Due to the old clause, many claims were rejected as many members were exiting without having less than 6 months of contributory service.

EPS :

• The Employee's Pension Scheme (EPS) was introduced in the year 1995 with the main aim of helping employees in the organised sector.
• All employees who are eligible for the Employees Provident Fund (EPF) scheme will also be eligible for EPS.
• The Employees' Provident Fund Organisation (EPFO) administers the system, which assures that employees receive a pension after they reach the age of 58.
• The scheme's benefits are available to both existing and new EPF members.
• Both the employee and the employer contribute 12% of the employee's basic salary and Dearness Allowance(DA) to the EPF.

CURRENT AFFAIRS : STATE NEWS

Maharashtra Budget Announces Major Sops Ahead of Assembly Polls: ₹1,500 Monthly for Women, 3 Free LPG Cylinders Annually      

• Maharashtra Deputy Chief Minister Ajit Pawar, who holds the finance portfolio, presented a Rs 20,051 crore revenue deficit budget for the current fiscal even as he announced several sops for women, youths and farmers, among other sections, entailing an expenditure of more than Rs 80,000 crore.
• An outlay of Rs 92 lakh crore was proposed under the scheme expenditure in the annual plan 2024-25.

Schemes and Benefits

• Mukhyamantri Majhi Ladki Bahin Yojana
• Target Group: Women aged 21 to 60 years.
• Benefit: Monthly allowance of Rs 1,500.
• Purpose: Ensuring overall development and empowerment of women, including economic independence, self-reliance, health, and nutrition.
• Annual Allocation: Rs 46,000 crore.
• Implementation: From July 2024.
• Mukhyamantri Annapurna Yojana
• Benefit: Three free LPG cylinders per household per year.
• Purpose: Improving women's health by ensuring access to clean cooking fuel.
• Beneficiaries: 52,16,412 families.
• Stipend for Youths
• Benefit: Rs 10,000 per month.
• Purpose: Skill training for youths to enhance employability.
• Punyashlok Ahilyadevi Holkar Mahila Startup Scheme
• Objective: Support small women entrepreneurs.
• Implementation: Launch scheduled for this year.
• Reimbursement of Tuition and Examination Fees for Professional Courses
• Beneficiaries: Girls from OBC communities and economically weaker sections (annual family income up to Rs 8 lakh).
• Courses Covered: Engineering, architecture, pharmacy, medicine, and agriculture.
• Benefit: Full reimbursement of fees.
• Impact: Benefits 2.05 lakh girls, starting from academic year 2024-25.
• Cost: Approximately Rs 2,000 crore from the state exchequer.
• Magel Tyala Scheme
• Initiative: Providing solar power pumps to 8.5 lakh farmers.
• Objective: Solarizing agricultural electricity grids to provide free daytime electricity.
• Benefit: Free electricity for agriculture pumps up to 7.5 horse power capacity.
• Support: 44.06 lakh cultivators to benefit.
• Provision: Rs 14,761 crore subsidy allocated.
• Mukhyamantri Yuva Karyaprashikshan Yojana
• Purpose: Skill training program for youths.
• Training Scope: Industrial and non-industrial establishments.
• Beneficiaries: 10 lakh youths annually.
• Stipend: Up to Rs 10,000 per month per trainee.
• Cost: Estimated expenditure of Rs 10,000 crore.
• VAT Reduction on Diesel and Petrol
• Region: Mumbai, Thane, and Navi Mumbai.
• Reduction: VAT reduced from 24% to 21%.
• Impact: Decrease in diesel price by around Rs 2 per litre and petrol by 65 paise per litre.
• Cost: Rs 200 crore impact on state exchequer.

Financial Overview :

• Scheme Expenditure Outlay: Rs 1.92 lakh crore proposed.
• Scheduled Caste Plan: Rs 15,893 crore allocated.
• Tribal Development Sub-plan: Rs 15,360 crore allocated.
• Total Expenditure 2024-25: Rs 6,12,293 crore.
• Revenue Receipts: Rs 4,99,463 crore.
• Revenue Expenditure: Rs 5,19,514 crore.
• Revenue Deficit: Estimated at Rs 20,051 crore.
• Fiscal Deficit: Rs 1,10,355 crore.
• Own Tax Revenue (2023-24): Rs 3,26,397 crore (revised estimate).
• Projected Own Tax Revenue (2024-25): Rs 3,43,040 crore.

About Maharashtra :

• Governor: Ramesh Bais
• 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

Jharkhand Cabinet Approves Financial Aid Scheme for 4.5 Million Women                      

• The Jharkhand Cabinet approved the 'Mukhya Mantri Bahan Beti Maiqui Swabalamban Protsahan Yojana,' a financial assistance scheme for 45 lakh women in the state.
• Under the scheme, each eligible woman will receive Rs 1,000 per month.
• The state government will bear Rs 5,500 crore annually for this initiative.
• The approval was granted during the Cabinet meeting chaired by Chief Minister Champai Soren.
• Aim of the Scheme : To empower women, make them self-reliant, and ensure better education and health improvement.
• Eligibility Criteria: The scheme is applicable to women aged 21 to 50 years.
• Exclusions include income tax payees, government employees,Employees Provident Fund (EPF) holders, and a few other categories.
• Application Campaign: The department will soon launch a campaign to generate applications to maximise the number of beneficiaries.

Recent News :

• In January,2024 the Jharkhand Cabinet approved a proposal to include all women, tribals, and Dalits above 50 years old in its old-age pension scheme, which provides Rs 1,000 per month to each beneficiary.
• Previously, only those above 60 years were eligible.

About Jharkhand :

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

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

European Union Leaders Reappoint von der Leyen for Second Term as Commission Chief     

• European Union leaders agreed to nominate Ursula von der Leyen of Germany for a second five-year term as president of the European Commission.
• At a summit in Brussels, the bloc's 27 national leaders also picked former Portuguese premier Antonio Costa as the future chair of their European Council meetings and selected Estonian Prime Minister Kaja Kallas as the next EU foreign policy chief.
• The leadership package represents continuity for the 27-member bloc, with centrist pro-EU factions keeping hold of top posts despite a far-right surge in elections to the European Parliament earlier this month.
• The deal was announced by the current European Council president, Charles Michel.
• At the summit, the EU also signed a security agreement with Ukraine, debated how to bolster EU defences against Russia and agreed bloc's strategic priorities for the next five years.
• The agreement lays out the EU's commitments to help Ukraine in nine areas of security policy - including arms deliveries, military training, defence industry cooperation and demining.

About Ursula von der Leyen :

• Von der Leyen was born in 1958 in Ixelles, Brussels, Belgium
• She is a German politician, serving as the 13th president of the European Commission since 2019.
• She served in the German federal government between 2005 and 2019, holding positions in Angela Merkel's cabinet, most recently as federal minister of defence.
• She is a member of the centre-right Christian Democratic Union (CDU) and its affiliated europarty, the European People's Party (EPP).
• On 7 March 2024, the EPP elected her as its Spitzenkandidat to lead the campaign for the 2024 European parliament

About European Commission :

• Established : 16 January 1958
• The European Commission (EC) is part of the executive of the European Union (EU).
• It operates as a cabinet government, with 27 members of the Commission (directorial system, informally known as "Commissioners").

CURRENT AFFAIRS: BUSINESS

GAIL fast-tracks net zero carbon goal to 2035 from 2040  

• GAIL (India) Ltd has revised its target to achieve net zero carbon emissions to 2035, advancing it by five years from the initially set goal of 2040. The board of directors of GAIL approved this advancement.
• This decision follows an extensive study undertaken by GAIL to enhance its sustainability goals and align with India’s broader Net Zero commitments, the Maharatna company stated.
• India’s largest gas utility plans to achieve this ambitious goal through a strategic approach involving electrification of NG-based equipment, renewable energy, battery energy storage systems (BESS), compressed biogas (CBG), green hydrogen, CO2 valorisation initiatives and afforestation, it added.
• GAIL CMD Sandeep Kumar Gupta, the CPSU, is in the business of marketing and transmitting natural gas.

Key Highlights:

• Natural gas is a cleaner fuel that aids in reducing emissions of various industries and end-consumers.
• Additionally, GAIL is undertaking various measures to reduce emissions within its own operations, contributing to a cleaner environment.
• By advancing its emission reduction targets to 2035, GAIL reaffirms its role as a trailblazer in India’s energy landscape, driving sustainable development and contributing significantly to India’s Net Zero emission target.

About GAIL:

• The Gas Authority of India Ltd. was incorporated in August 1984 as a Public Sector Undertaking (PSU) of the Government of India under the Ministry of Petroleum & Natural Gas (MoP&NG) to build, operate and maintain HVJ gas pipeline.
• Headquartered in New Delhi.

Core sector growth slows to 6.3% in May 2024

• The eight key infrastructure sectors’ growth rose 6.3 per cent in May 2024 on healthy expansion in the production of coal, natural gas, and electricity, though the growth rate is lower than in April 2024.
• The production of the eight sectors grew 6.7 per cent in April.
• The growth of these core sectors — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity — was 5.2 per cent in May 2023.
• The official data showed that fertiliser, crude oil, and cement output contracted in May.
• During April-May, the output of these sectors was up 6.5 per cent against 4.9 per cent in the same period last fiscal.
• The production growth of coal, natural gas and electricity rose by 10.2 per cent, 7.5 per cent and 12.8 per cent, respectively, against 7.2 per cent, (-) 0.3 per cent and 0.8 per cent in May 2023
• The growth rate in the production of refinery products and steel slowed down to 0.5 per cent and 7.6 per cent.

Fiscal deficit

• The central government’s fiscal deficit was only at 3 per cent of the annual estimates at the end of May.
• The fiscal deficit — the gap between the government’s expenditure and revenue — was 11.8 per cent of Budget Estimates (BE) of 2023-24 in the first two months of the previous financial year.
• For the current financial year (2024-25), the government estimates the fiscal deficit at 5.1 per cent of the GDP, or ₹16,85,494 crore.
• According to data released by the Controller General of Accounts (CGA), fiscal deficit during April-May 2024 was ₹50,615 crore or 3 per cent of the BE 2024-25.
• In the corresponding period of the last fiscal, it was 11.8 per cent of that year’s BE.

Reliance Industries becomes first Indian company to cross Rs 8 lakh crore market cap  

• Mukesh Ambani-led Reliance Industries (RIL) became the first Indian company to cross Rs 8 lakh crore market capitalisation, racing ahead of Tata Sons' crown jewel TCS by more than Rs 20,000 crore in valuation.
• RIL stock has gained 85 per cent since the beginning of this year.
• The market valuation of the oil-to-telecom conglomerate crossed the $100-billion mark last month.

Key Highlights:

• A few days later, its m-cap surged past Rs 7 lakh crore, making it the second company after IT bellwether Tata Consultancy Services to achieve the coveted milestone.
• TCS had crossed the $100 billion milestone on April 23.
• While RIL is the first homegrown major to achieve this feat, the aggregate market capitalisation of 15 Tata group companies comes to Rs 11.32 lakh crore.
• Also, the collective valuation of Deepak Parekh-led financial services behemoth HDFC Group had recently crossed Rs 10 lakh crore.
• This includes HDFC Ltd, HDFC Bank, HDFC Asset Management Company and HDFC Standard Life Insurance Company.

Indian government bonds to enter JP Morgan Bond index   

• In a significant development for domestic fixed-income markets, Indian government bonds are now included in JPMorgan Chase & Co’s emerging markets bond index as of June 28, 2024.
• This follows an announcement made in September 2023, paving the way for substantial inflows of foreign capital into the Indian economy.
• Indian Government Bonds (IGBs) will be included into the widely followed JPMorgan Government Bond Index-Emerging Markets (GBI-EM) starting with a 1% weight, which will gradually increase to 10% over the next 10 months. 
• IGBs issued by the Reserve Bank of India (RBI) under the Fully Accessible Route (FAR) will be included in the global indices.
• The country is set to be the biggest entrant in the index after China got added in 2020.
• The GBI-EM GLOBAL consists of China,Indonesia,Malaysia, Thailand, Czech Republic, Hungary, Poland, Romania, Turkey, Brazil, Chile, Colombia, Mexico, Peru, India, Egypt and South Africa .

Other Benefits:

• According to JPMorgan, the average maturity of the Indian bonds included is seven years, with a yield-to-maturity (YTM) of 7.09%.
• The bonds with the highest weightage in the index (over 0.5%) include 18 GS 2033, 7.30 GS 2053, and 7.18 GS 2037.
• India has become the 25th market to be included in the index since its launch in June
• This inclusion is anticipated to result in global flows worth $20 billion to $25 billion into the Indian bond market.
• Since the announcement, India’s index-eligible bonds have already attracted $10 billion.

About JP Morgan Index:

• JPMorgan's Government Bond Index-Emerging Markets (GBI-EM) indices are comprehensive emerging market debt benchmarks that follow local currency bonds issued by emerging market governments.
• The index was introduced in June 2005 and is the first comprehensive global local Emerging Markets index.
• As emerging market governments increasingly turn to their domestic markets for financing, investors are paying closer attention to local markets in search of higher yields and greater diversification.

Interest equalisation scheme for exporters extended for 2 months

• The interest equalisation scheme for exporters, which allows access to bank credit at a subsidised rate, will be extended only for the MSME sector beyond June 30, 2024 for two months till August, as per a government notification.
• “Claims of non-MSME exporters are not to be entertained beyond June 30, 2024,” a trade notice issued by the Directorate General of Foreign Trade

Outlay of ₹750-cr

• The two-month continuation of the scheme for the MSME sector comes with an outlay cap of ₹750 crore, the notice added. All other terms and conditions remain the same.
• Non-MSME exporters are disappointed with the discontinuation of the popular scheme for the 410 products that were earlier eligible for the benefit as they had hoped for its extension by 3-5 years. 
• First implemented in April 2015 for five years, the scheme was extended several times with the last extension set to lapse on June 30 2024.
• At present, the scheme provides a 2 percent interest subvention or subsidy on loans taken by exporters from 410 identified sectors and a 3 per cent subvention to exporters of all products from the MSME sector.
• The government’s decision to not continue the scheme for non-MSME exporters was taken after the Finance Ministry asked the DGFT to conduct a study to find out its usefulness.
• In its submission to the government, exporters’ body FIEO had stated that the interest equalisation scheme provided much needed competitiveness to Indian exports and should be continued for 3-5 years.
• It also made a case for higher subvention rates arguing that interest rate in India was much higher than the rates in competitor countries.

Interest equalisation scheme:

• Interest Equalisation scheme was first implemented on 1st April 2015, to provide pre- and post-shipment export credit to exporters in
• It was initially valid for 5 years, up to 31.3.2020. The scheme has been continued thereafter, including a one-year extension during COVID and further extensions and fund allocations.
• The scheme shall be implemented by the RBI through various Public and non-Public Sector banks who provide pre- and post-shipment credit to the exporters.
• The Scheme is jointly monitored by the Directorate General of Foreign Trade (DGFT) and the RBI through a consultative mechanism.
• The scheme helps the identified export sectorsto be internationally competitive and to achieve a high level of export performance.
• The scheme is primarily meant for the labour-intensive sectors.

CURRENT AFFAIRS: MOUs & AGREEMENTS

VIT, Nokia sign MoU for collaborative research on 5G   

• Vellore Institute of Technology (VIT) signed a memorandum of understanding (MoU) with Nokia to pursue 5G and next-generation collaborative research with artificial intelligence (AI) and machine learning
• Experts from Nokia will be part of VIT’s Board of Studies, mentor students and faculty with hands-on learning, prototyping and student projects and will actively engage with all the relevant departments of VIT, which are closely linked to the project and skill requirements of Nokia, says a release.
• Through this MoU, VIT and Nokia will focus on key areas like new study areas in 5G, AI-enhanced communication, digital twin, radio-based sensing, connected aerial vehicles, eHealth, cloud technologies and automation, zero-touch mobile networks,
• VIT and Nokia will exchange information related to research practices in the form of corporate/academic training based on the expertise of both partners.
• Nokia will provide hands-on learning opportunities for the students of VIT and jointly organise short-term continuing education programmes, the release stated.

CURRENT AFFAIRS: AWARDS & HONOURS

Dr Usha Thakur Awarded the 12th Vishwa Hindi Samman In the Hindi Samvad Event

• Dr Usha Thakur was awarded the 12th Vishwa Hindi Samman in a Hindi Samvad event organised by the Embassy of Indiain Nepal recognising her contribution in development of Hindi literature.
• She has translated more than 40 literature in Hindi and Nepali and strengthened Hindi language.
• This award is given by the Ministry of External Affairs, Government of India.
• 12th WorldHindi Conference was held in Fiji in 2023.
• As Dr Thakur could not attend the event in Fiji, she was given the award in an event organised in Tribhuvan University in
• She emphasised that Hindi is a widespread contact language for tourists and locals in Nepal.

CURRENT AFFAIRS : DEFENCE NEWS

INS Shivalik Arrives at Pearl Harbour to Participate in RIM of the Pacific Exercise (RIMPAC) – 24   

• Indian multi-role stealth frigate Indian Navy Ship (INS) Shivalik, mission deployed in the South China Sea and North Pacific Ocean, has reached Pearl Harbour in Hawaii to take part in the Rim of the Pacific (RIMPAC) exercise, which is the world's largest naval exercise.
• INS Shivalik sailed into Pearl Harbour on completion of JIMEX 24, a bilateral exercise between India and Japan.

Exercise Phases :

• The harbour phase of the exercise from 27 June to 07 July 2024 will see participation in multiple symposiums, exercise planning discussions, sports competitions and reciprocal deck visits.
• The sea phase of RIMPAC – 24, divided into three sub-phases will witness ships undertaking basic and advanced level integration exercises during the first two sub-phases.
• The event will conclude with a theatre level large force tactical exercise.

Participants :

• The exercise will witness the participation of an Aircraft Carrier Battle Group, submarines, maritime reconnaissance aircraft, unmanned aerial vehicles, remotely piloted surface ships and also an amphibious force landing operations including joint operations with special forces of multinational navies.

About RIMPAC-24 :

• RIMPAC-24, spanning over six weeks of intense operations and training, is aimed at enhancing interoperability and building trust among the navies of friendly foreign countries.
• Led by the US Navy, approx 29 countries are participating in the current edition of the multi-dimensional exercise.
• The exercise provides a unique training opportunity while fostering and sustaining cooperative relationships among participants, critical to ensuring the safety of sea lanes and security of the world's oceans.
• The theme of RIMPAC 2024 is "Partners: Integrated and Prepared.
• INS Shivalik's participation in RIMPAC-24, 9000 Nautical Miles away from Indian coast Stands testimony to the Indian Navy's capability to operate in any part of the world.
• INS Shivalik is an indigenously designed and built 6000 tonnes guided missile stealth frigate.
• Note : The first RIMPAC, held in 1971, involved forces from Australia, Canada, New Zealand, the United Kingdom (UK), and the United States (US).

Recent News :

• In June 2024, INS Shivalik participated in the 8th edition of the Japan-India Maritime Exercise (JIMEX 24) at Yokosuka, Japan, showcasing bilateral naval cooperation between the two countries since 2012.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS : SPORTS NEWS

Team India clinches its second ICC T20 World Cup title against South Africa

• India clinched its second T20 World Cup title after beating South Africa by seven runs in the final at the Kensington Oval, Bridgetown, Barbados.
• The title triumph ended India's 11-year ICC trophy drought, dating back to the ICC Champions Trophy in 2013. This is India’s second T20 World Cup victory after they had won it in 2007 and first since winning the Champions Trophy in 2013.
• India's ICC trophy cabinet now contains six titles. It has won the ODI World Cup twice (1983, 2011), the T20 World Cup in 2007 and 2024, and the ICC Champions Trophy in 2002 and 2013.
• Virat Kohli was declared the Player of the Match award for his fabulous innings. Pacer Jaspreet Bumrah was awarded the Player of the Tournament.
• Virat Kohli and Rohit Sharma, two of India's greatest cricketers, announced their retirement from T20 Internationals following the team's second T20 World Cup victory.

CURRENT AFFAIRS: IMPORTANT DAYS

World Asteroid Day 2024: June 30

• World Asteroid Day, observed annually on June 30, is a global event aimed at raising awareness about asteroids and the potential hazards they pose to our planet.
• This day serves as a reminder of the importance of scientific research and international collaboration in detecting and mitigating asteroid impacts.

World Asteroid Day History

• World Asteroid Day commemorates the anniversary of the Tunguska event in
• This event was caused by an asteroid or comet fragment exploding over Siberia, Russia, flattening around 2,000 square kilometers of forest.
• The United Nations officially declared World Asteroid Day in 2016 to raise awareness about the potential hazards of asteroid impacts.
• The day was established through the efforts of astrophysicist Brian May, filmmaker Grig Richters, Apollo 9 astronaut Rusty Schweickart, and B612 Foundation president Danica Remy.
• Their goal was to inform the public about the dangers of asteroids and encourage global efforts to study and mitigate these risks.

Daily CA on June 30 & July 01 :

• The Reserve Bank of India (RBI) increased the Ways and Means Advances (WMAs) limits (or financial accommodation) of State governments and Union territories (UTs) by 28% to ₹60,118 crore from ₹47,010 crore (fixed in April 2022).
• Housing loan outstanding expanded at a faster pace even as the growth in the personal loan segment decelerated on a year-on-year basis in May 2024.
• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹29.60 lakh on The Hong Kong and Shanghai Banking Corporation Limited (HSBC) for non-compliance with specific RBI directions.
• Securities and Exchange Board of India (SEBI) increased the Basic Services Demat Account (BSDA) threshold to Rs 10 lakh from the current Rs 2 lakh to boost the participation of small investors in the securities market.
• The World Bank has approved a $1.5-billion loan to help India accelerate its low-carbon energy development.
• Maharashtra Deputy Chief Minister Ajit Pawar, who holds the finance portfolio, presented a Rs 20,051 crore revenue deficit budget for the current fiscal even as he announced several sops for women, youths and farmers, among other sections, entailing an expenditure of more than Rs 80,000 crore.
• The Jharkhand Cabinet approved the 'Mukhya Mantri Bahan Beti Maiqui Swabalamban Protsahan Yojana,' a financial assistance scheme for 45 lakh women in the state.
• European Union leaders agreed to nominate Ursula von der Leyen of Germany for a second five-year term as president of the European Commission.
• Indian multi-role stealth frigate Indian Navy Ship (INS) Shivalik, mission deployed in the South China Sea and North Pacific Ocean, has reached Pearl Harbour in Hawaii to take part in the Rim of the Pacific (RIMPAC) exercise, which is the world's largest naval exercise.
• The Union Health Ministry launched a dashboard that will aid the national, state and district health facilities in quickly monitoring compliance with respect to Indian Public Health Standards (IPHS) and taking action accordingly.
• According to the report, 27.94 lakh acres and over 10.5 lakh farmers, including 1.95 lakh women farmers, have been covered under ITC’s ‘Climate Smart Agriculture’ programme till date.
• The Centre tweaked the Employees’ Pension Scheme (EPS), 1995, to ensure that members with less than 6 months of contributory service can also withdraw funds.
• GAIL (India) Ltd has revised its target to achieve net zero carbon emissions to 2035, advancing it by five years from the initially set goal of The board of directors of GAIL approved this advancement.
• The eight key infrastructure sectors’ growth rose 3 per cent in May 2024 on healthy expansion in the production of coal, natural gas, and electricity, though the growth rate is lower than in April 2024.
• Mukesh Ambani-led Reliance Industries (RIL) became the first Indian company to cross Rs 8 lakh crore market capitalisation, racing ahead of Tata Sons' crown jewel TCS by more than Rs 20,000 crore in valuation.
• In a significant development for domestic fixed-income markets, Indian government bonds are now included in JPMorgan Chase & Co’s emerging markets bond index as of June 28.
• The interest equalisation scheme for exporters, which allows access to bank credit at a subsidised rate, will be extended only for the MSME sector beyond June 30, 2024 for two months till August, as per a government notification.
• Vellore Institute of Technology (VIT) signed a memorandum of understanding (MoU) with Nokia to pursue 5G and next-generation collaborative research with artificial intelligence (AI) and machine learning
• Dr Usha Thakur was awarded the 12th Vishwa Hindi Samman in a Hindi Samvad event organised by the Embassy of Indiain Nepal recognising her contribution to the development of Hindi literature.
• India clinched its second T20 World Cup title after beating South Africa by seven runs in the final at the Kensington Oval, Bridgetown, Barbados.
• World Asteroid Day, observed annually on June 30, is a global event aimed at raising awareness about asteroids and the potential hazards they pose to our planet.