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CURRENT AFFAIRS : BANKING & FINANCE

AU Small Finance Bank Seeks Reserve Bank of India Green Light for Transition to Universal Bank    

• AU Small Finance Bank has formally applied to the Reserve Bank of India (RBI) for approval to transition from a small finance bank to a universal bank.
• The RBI's invitation for applications from small finance banks (SFBs) to become universal banks was issued on April 26, 2024.

Eligibility Criteria: To qualify for the transition, an SFB must:

• Net Worth: Minimum net worth of ₹1,000 crore at the end of the previous quarter.
• Listing: Shares of the bank should be listed on a recognized stock exchange.
• Profitability: Net profit in the last two financial years.
• Asset Quality: Gross non-performing assets (GNPA) and net non-performing assets (NNPA) should be ≤3% and ≤1%, respectively, in the last two financial years.
• Capital Adequacy: Adherence to the prescribed Capital-to-Risk Weighted Assets Ratio (CRAR).
• Performance Track Record: Minimum five-year satisfactory track record.
• Guidelines Issued: The RBI issued licensing guidelines for small finance banks in November 2014.

Promoter Requirements:

• Existing Promoters: Existing promoters should continue as promoters post-transition.
• New Promoters: Addition or change of promoters is not permitted during the transition period.
• Lock-in Requirement: No new mandatory lock-in requirement for existing promoters in the transitioned universal bank.
• Other SFBs: Besides AU Small Finance Bank, other SFBs like Equitas Small Finance Bank and Ujjivan Small Finance Bank are also subject to these guidelines.

About AU Small Finance Bank :

• Founded : 1996
• Headquarters : Jaipur, Rajasthan, India
• MD & CEO : Sanjay Agarwal
• Tagline : Badlaav Humse Hai

National Payments Corporation of India Unveils New ATM Products and Renames BBPS to Bharat Connect     

• The National Payments Corporation of India (NPCI) unveiled products aimed at transforming ATM infrastructure in the country.
• These new offerings include Bharat BillPay (BBPS) for Business, designed to streamline business-to-business (B2B) transactions across different ERPs and accounting platforms, and UPI Circle, which enables delegate payments to users.
• NPCI's launches at the Global Fintech Fest included UPI Interoperable Cash Deposit and banks showcasing digital banking units.
• The introduction of UPI interoperable cash deposit service will allow customers to use UPI to deposit cash at automated teller machines run by banks and white-label ATM operators, either into their own bank accounts or any other bank account without the need for a physical card.
• Such ATMs are cash recycler machines, used for both cash deposits and withdrawals.
• Additionally, RBI announced the rebranding of the Bharat Bill Payment System (BBPS) to Bharat Connect.
• This is an important step to refresh and strengthen the BBPS brand.
• Bharat Connect embodies NPCI Bharat BillPay Limited’s (NBBL) values and vision for stakeholders and customers.

About NPCI :

• Founded : 2008
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Dilip Asbe
• The NPCI is an umbrella organization for operating retail payments and settlement systems in India.
• It is an initiative of the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.

Securities and Exchange Board of India seeks Reserve Bank of India's assistance to enhance participation in the corporate bond repo market        

• The Securities and Exchange Board of India (SEBI) has requested the Reserve Bank of India (RBI) to provide certain approvals to AMC Repo Clearing (ARCL) to facilitate the participation from banks and primary dealers (PDs).

Key Highlights :

• ARCL Launch: ARCL was launched in July, 2023 by Finance Minister Nirmala Sitharaman to enhance liquidity in the corporate bond repo market.
• Market Growth: The corporate bond repo market volume has surpassed ₹1 trillion within a year, with monthly transactions ranging between ₹10,000 crore and ₹15,000 crore.
• QCCP Classification: ARCL is not classified as a Qualified Central Counterparty (QCCP), which restricts participation from banks and PDs.
• SEBI Recognition: ARCL is recognized in-principle by SEBI under the Stock Exchanges and Clearing Corporations (SECC) Regulations, 2018.
• Clearing Services: ARCL offers clearing and settlement services for trades executed on NSE and BSE under tri-party repo in corporate debt securities.
• Capital Contribution: The capital for ARCL is contributed by asset management companies (AMCs) based on their assets under management (AUM) of open-ended debt-oriented schemes.
• Extended Services: ARCL's services are available to insurance companies, market makers, and short-term traders for managing risks in listed corporate bonds, debentures (Non-Convertible Debt Securities), commercial papers (CPs), and certificates of deposits (CDs).

About ARCL :

• Chairman & Public Interest Director : Mr. Srinivasan Varadarajan
• ARCL is promoted by all Asset Management Companies (AMCs).

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.

SEBI Proposes Measures to Enhance Appeal of Rights Issues for Fundraising     

• The Securities and Exchange Board of India (SEBI) has proposed a number of steps to increase the attractiveness of rights issues as a mode of fundraising.
• The measures include doing away with the requirement of filing a draft letter of offer (DLoF) with SEBI, rationalising the content of the letter of offer (LoF) by reducing the number of disclosures, reviewing the role of intermediaries, reducing the timelines and enabling allotment to select investors.

Key Highlights :

• Merchant Banker Requirement : The requirement of appointing a merchant banker may be done away with and their activities may be outsourced to the issuer, registrar to the issue, and stock exchanges.
• Validation and Allotment Process : Validation of applications and finalisation of the basis of allotment, presently carried out by the registrar to the issue, may be carried out by stock exchanges and depositories concurrently.
• Reduced Timelines:The timeline for rights issues may be shortened to T+20 working days from board approval to issue closure.
• The time between the closure of rights issues and listing/trading is proposed to be T+3 working days.
• Current vs. Proposed Timelines: Non-fast-track rights issues currently take an average of 317 days, while fast-track rights issues take 126 days.
• The proposed timeline aims to significantly reduce this period.
• Selective Allotment: SEBI may allow promoters or promoter groups to renounce their rights in favour of selective investors, except in cases involving wilful defaulters or fraudulent borrowers.
• ICDR Regulations for Small Issues: Rights issues of less than ₹50 crore may come under the purview of ICDR (Issue of Capital and Disclosure Requirements) Regulations.

India's Account Aggregator Framework Reaches 100 Million Consents in 3 Years       

• India’s Account Aggregator (AA) framework has surpassed 100 million consents in three years.
• Approximately 80-90 million individuals, or about 8% of the adult population in India, are utilising the AA system.

Key Highlights :

• Function of AAs : In India, account aggregators act as consent managers independent of Financial Information Users (FIUs), that enable individuals and businesses to share their financial data with their consent and manage their consents at one place.
• Components of the AA Ecosystem:An FIU and an FIP are major components of the AA ecosystem.
• Financial Information Providers (FIPs): Institutions like banks, non-banking financial companies (NBFCs), and depositories that store user data.
• Financial Information Users (FIUs): Entities that receive and use financial information with consent from AAs.
• Regulatory Framework: The AA framework resulted from consultations between the Financial Stability and Development Council (FSDC), Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory Development Authority of India (IRDAI), and Pension Fund Regulatory Development Authority (PFRDA).
• Digital Public Infrastructure (DPI): The AA ecosystem implements a digital public infrastructure (DPI) for consent-based data sharing in the financial sector.
• India launched account aggregator framework in September 2021 to ease the accessibility of financial data and boost financial inclusion.

Role of Account Aggregators (AAs) :

• Account Aggregators (AAs) are a category of RBI-regulated NBFCs that function as consent managers (CMs).
• Consent Managers act as a single point of contact for consumers to give, manage, review, and withdraw consents from FIUs to access their data from FIPs.
• With AAs, consumers can access, manage, and share data across all financial institutions (FIs) with explicit, informed consent.
• AA is for both individuals and enterprises.
• The NBFC-AA license is issued by the Reserve Bank of India (RBI) to Account Aggregators.
• An Account Aggregator initially receives an in-principle NBFC-AA license on satisfying the registration pre-requisites set by RBI.
• An FIU and an FIP are major components of the AA ecosystem.
• FIPs are institutions that store user data such as banks, non-banking financial companies (NBFCs), and depositories.
• They share customer’s financial information with an FIU through requests generated by an AA.

CURRENT AFFAIRS: NATIONAL NEWS

Government Plans National Brand for FPO Products Amid Policy Finalization

• The Union government is finalizing a national policy for Farmer Producer Organisations (FPOs) and is considering the creation of a national brand for products emerging from the FPO ecosystem.
• As part of the 10,000 FPO Programme launched in 2020, approximately 9,000 FPOs have already been formed, involving 20 lakh farmers.
• Over the next two years, the program aims to increase the FPO membership base to 50 lakh farmers with plans to boost equity infusion to over ₹800 crore.

1. FPO Grading Tool Development:
   • The government is working on developing a uniform grading tool for FPOs, consolidating guidelines from SFAC, Samunnati, Crisil, and NABARD.
2. Efforts to Reduce Finance Costs:
   • To ease financial access for FPOs, the Agriculture Ministry is in discussions with the Finance Ministry to lower the cost of capital for these organizations.
3. Samunnati's Contribution and Future Predictions:
   • Samunnati, celebrating 10 years of operations, has significantly contributed to the FPO movement, with NABARD playing a crucial role.
   • SG Anil Kumar, Founder and CEO of Samunnati, anticipates that within two years, there could be 100 FPOs with turnovers exceeding ₹100 crore.

Defence Acquisition Council (DAC) Approves Rs 1.44 Lakh Crore for Defence Proposals to Boost Indigenous Manufacturing

• The Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, approved the Acceptance of Necessity (AoN) for 10 capital acquisition proposals worth Rs 1,44,716 crore.
• 99% of the acquisitions will be sourced from indigenous origins under the Buy (Indian) and Buy (Indian-Indigenously Designed Developed and Manufactured) categories.
• This decision aligns with the government’s vision of boosting local manufacturing and reducing dependency on foreign imports.
• Modernisation of the Indian Army's Tank Fleet:
  • The proposals include the procurement of Future Ready Combat Vehicles (FRCVs) for the Indian Army.
  • The FRCV will be a futuristic Main Battle Tank featuring superior mobility, all-terrain capability, multilayered protections, precision and lethal firepower, and real-time situational awareness.
• Procurement of Air Defence Fire Control Radars:
  • AoN was also accorded for the procurement of Air Defence Fire Control Radars capable of detecting and tracking aerial targets and providing firing solutions.
  • Another proposal includes the approval of Forward Repair Team (Tracked) vehicles designed and developed by Armoured Vehicles Nigam Limited. These vehicles will provide in-situ repair during mechanised operations and will be authorised for both Mechanised Infantry Battalion and Armoured Regiment.
• Enhancing Indian Coast Guard (ICG) Capabilities:
  • Three AoNs were granted to enhance the capabilities of the Indian Coast Guard (ICG).
  • The procurement involves Dornier-228 aircraft, Next Generation Fast Patrol Vessels, and Next Generation Offshore Patrol Vessels. These will enhance the ICG's abilities in surveillance, patrolling of maritime zones, search & rescue, and disaster relief operations.
• New Engine Procurement for Su-30MKI Fighter Jets:
  • The Cabinet Committee on Security (CCS), led by Prime Minister Narendra Modi, approved the procurement of new AL-31FP engines for the Su-30MKI fighter jets.
  • Hindustan Aeronautics Limited (HAL) will receive a Rs 26,000 crore contract to manufacture these engines at its Koraput plant.
  • 240 new engines will be delivered over an eight-year period, with 54% indigenous content, replacing older engines nearing the end of their service life.

CURRENT AFFAIRS : STATE NEWS

West Bengal Assembly Unanimously Approves Landmark ‘Aparajita’ Anti-Rape Bill Amidst Political Tensions   

• The West Bengal Assembly unanimously passed the 'Aparajita Woman and Child Bill (West Bengal Criminal Laws and Amendment) Bill 2024'.
• The bill seeks capital punishment for rape convicts if their actions result in the victim’s death or leave her in a vegetative state.
• The bill proposes to amend the Bharatiya Nyay Sanhita 2023, Bharatiya Nagarik Suraksha Sanhita 2023, and the Protection of Children from Sexual Offences (POCSO) Act 2012 within the state.
• West Bengal becomes the first state to amend central laws relating to rape, gang-rape, and sexual crimes against children.
• The bill is named 'Aparajita' in tribute to a 31-year-old trainee doctor who was raped and murdered at RG Kar Medical Centre and Hospital.

Key Provisions:

• Death Penalty for Rape: Imposed if the victim dies or suffers severe brain damage, or is left in a vegetative state.
• Life Imprisonment Without Parole: For other rape convicts not resulting in death or vegetative state.
• Aparajita Task Force: Established to ensure that punishment is delivered within 21 days of the preliminary report.

Enhanced Safety Measures:

• Installation of CCTV cameras.
• Increased security on routes used by female healthcare workers.
• Allocation of ₹120 crores for these safety measures.
• ‘Ratri Saathi’ Provision: Extends duty hours for female workers, ensuring their safety during night shifts.
• Time-Bound and Faster Trials: Provision for expedited trials in rape cases to ensure swift justice.
• The bill will be sent to the West Bengal Governor and subsequently to the President of India for formal assent.

About West Bengal :

• Governor : C. V. Ananda Bose
• Chief Minister : Mamata Banerjee
• Capital : Kolkata
• Wildlife Sanctuaries : Ballabhpur Wildlife Sanctuary, Bethuadahari Wildlife Sanctuary, Bibhutibhushan Wildlife Sanctuary.

CURRENT AFFAIRS: BUSINESS NEWS

Finance Ministry Eases Cash Management Guidelines to Enhance Fiscal Spending

• The Finance Ministry has relaxed cash management guidelines to boost spending in the remaining months of the current fiscal year.
• This change aims to address the impact of low government spending due to the general elections on economic growth during the April-June quarter.
• The government has set a target of exceeding ₹11 lakh crore in capital expenditure for the ongoing fiscal year.
• This target underscores the need for increased spending to drive economic growth.

1. Operational Flexibility:
   • An official memorandum from the Economic Affairs Department has relaxed stipulations for large releases (₹500 crore or more) to provide operational flexibility. This relaxation is subject to compliance with Single Nodal Agency (SNA), Central Nodal Agency (CAN) guidelines, and Monthly Expenditure Plan (MEP) and Quarterly Expenditure Plan (QEP) requirements.
2. Changes to Release Scheduling:
   • Previously, releases between ₹500 crore and ₹2,000 crore required tracking for expenditure and cash flow, and bulk expenditure items over ₹2,000 crore were timed to align with direct tax receipts. These stipulations have been removed to facilitate more flexible spending.
3. Expenditure and Revenue Data:
   • Controller General of Accounts (CGA) data indicates that total expenditure during April-July was over ₹13 lakh crore, with net tax revenues rising by 23% and non-tax revenues expanding by 55%. Despite this, revenue expenditure and capital expenditure both showed contractions.
4. Capex Requirements:
   • To meet the fiscal year 2025 budget estimate, ₹8.5 lakh crore of capital expenditure must be achieved in the remaining eight months of the year. This represents a 34.6% increase compared to the same period in FY2024.
5. No Change in Other Provisions:
   • The Quarterly Expenditure Plan (QEP) remains divided into four periods: QEP-1 (April-June), QEP-2 (July-September), QEP-3 (October-December), and QEP-4 (January-March). There are no monthly or quarterly caps for the first nine months, but the last quarter has a quarterly cap of 33% and a monthly cap of 15%.

World Bank and IMF Boost India's Growth Forecast for FY 2024-25

• The World Bank has increased India's GDP growth forecast for the Financial Year 2024-25 to 7%, up from 6.6%.
• This change reflects strong economic momentum driven by private consumption and investment.
• IMF Projection: The International Monetary Fund (IMF) has similarly revised its growth projection for India to 7%, an increase of 20 basis points. This adjustment aligns with the World Bank’s optimistic outlook.
• Quarterly GDP Data: According to the Ministry of Statistics and Programme Implementation, India’s GDP growth for the first quarter of FY 2024-25 was recorded at 6.7%. This was influenced by a reduction in government spending due to the Model Code of Conduct for the General Elections 2024.

Key Highlights:

• Increased Forecast: Both the World Bank and IMF have raised their growth projections for India, reflecting confidence in continued economic strength.
• Economic Drivers: The positive forecast is attributed to strong private consumption and investment.
• Election Impact: Government spending cuts related to the election code have affected short-term GDP growth.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Philips Names Bharath Sesha as New Managing Director for India   

• Dutch multinational conglomerate Philips has appointed Bharath Sesha as Managing Director for India, starting September 1, 2024.
• Responsibilities: He will lead Philips' growth strategy in India, oversee the healthcare business based in Gurugram, and manage operations across key locations in India.
• Sesha succeeds Daniel Mazon, who has transitioned to a global role at Philips' headquarters in the Netherlands.
• Before joining Philips, Bharath Sesha was the Managing Director at Heubach Colorants India.
• The appointment comes after Philips reported stronger-than-expected second-quarter results in 2023, with a 9.3% increase in adjusted earnings (EBITA) to 495 million euros.

About Philips :

• Founded : 15 May 1891
• Headquarters : Amsterdam, Netherlands
• CEO : Roy Jakobs

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Gujarat Gas Board Approves Merger and Demerger Plan Involving Gujarat State Petroleum Corporation Limited and GSPL    

• The board of Gujarat Gas Limited (GGL) approved a scheme of arrangement and amalgamation involving Gujarat State Petroleum Corporation Limited (GSPC), GSPC Energy Limited, and Gujarat State Petronet Limited (GSPL) merging into GGL.
• The arrangement outlines the integration of GSPC, GSPL, and GEL with GGL.
• The scheme also includes the demerger of GGL's Gas Transmission Business, which will be separately listed as GSPL Transmission Limited (GTL) on stock exchanges.

Key Highlights :

• Shareholding Arrangement:Gujarat Gas shareholders will receive 1 equity share of ₹10 each in GSPL Transmission for every 3 equity shares of ₹2 held in GGL.
• Under the merger, GSPC shareholders will receive 10 equity shares of ₹2 each in GGL for every 305 equity shares of ₹1 each held in GSPC.
• Purpose of Merger: The merger aims to foster business synergies, simplify the GSPC Group holding structure, unlock shareholder value, enhance operational efficiency, expand business scale, and ensure optimal resource utilization.
• Company Focus Areas:GSPC: Primarily involved in natural gas trading and exploration and production activities.
• GSPL: Operates in the natural gas transmission sector through its pipeline network.
• GGL: Focuses on city gas distribution and managing the delivery of gas from supply points to end-users.

CURRENT AFFAIRS : DEFENCE NEWS

Defence Research and Development Organisation Transfers Production Documentation for 30mm High Explosive Preformed Fragmentation Shell to the Director General of Naval Armament Inspection    

• The Defence Research and Development Organisation (DRDO) handed over the production document for the 30mm High Explosive Preformed Fragmentation (HEPF) Shell to the Director General of Naval Armament Inspection (DGNAI).
• The ceremony took place at the Armament Research and Development Establishment (ARDE) in Pashan, Pune.
• This 30mm HEPF shell, developed by ARDE, the Pune-based laboratory of DRDO, will further enhance the combat capability of the Indian Navy against drones.

Features:

• The features of HEPF shell are similar to the in-service ammunition (HE/I Shell) so that it can be fired from existing AK-630 Naval gun.
• The HEPF shell yields better fragmentation lethality than HE/I shell, making it effective for neutralisation of drone swarms.
• Manufacturing and Testing:The shell hardware was produced by three Indian firms according to ARDE specifications.
• It underwent gun firing proof tests in collaboration with the Naval Armament Inspectorate, Jabalpur.
• Test results confirmed its suitability for adaptation in the AK-630 Gun.
• Approval and Production:The handover of the production document has led to the Integrated Headquarters of MoD (Navy)/DGNAI obtaining approval for the HEPF Shell induction.
• ARDE has prepared the production documentation to commence manufacturing of the shells for service use.

About DRDO :

• Established : 1958
• Headquarters : New Delhi, India
• Chairman : Sameer V. Kamat

Department of Defence Production Becomes Licensing Authority for Ammunition Exports under Special Chemicals, Organisms, Materials, Equipment and Technologies  

• The Directorate General of Foreign Trade (DGFT) has designated the Department of Defence Production (DDP) under the Ministry of Defence as the licensing authority for the export of ammunition items listed under Category 6 of the SCOMET (Special Chemicals, Organisms, Materials, Equipment and Technologies) meant for military use.
• The DGFT, under the Ministry of Commerce and Industry, has notified and updated the SCOMET list for 2024.
• The list is outlined in Appendix 3 to Schedule 2 of the ITC (HS) Classification of Export and Import Items.

Key Highlights :

• Regulatory Framework: The policy and procedures under SCOMET are detailed in Chapter 10 of the Foreign Trade Policy (FTP) and Handbook of Procedures (HBP) 2023, and are regulated under Chapter IVA of the Foreign Trade (Development & Regulation) Act, 1992 (amended in 2010).
• Scope of Regulation: The SCOMET list includes dual-use items, nuclear-related items, military items, software, and technology, and is updated based on changes in multilateral export control regimes and national policy amendments.
• Export Control: India regulates the export of sensitive items under the SCOMET framework, ensuring compliance with international norms and national security interests.

About Ministry of Defence (MoD) :

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

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

International Solar Alliance to Unveil $100 Million Solar Facility and Insurance Initiative to Enhance Solar Projects Across Africa   

• The International Solar Alliance (ISA) will launch a $100 million fund, Global Solar Facility, that will help catalysing up to $1.5 billion in funding to expand decentralised solar power capacities across the least developed countries in Africa, where more than 700 million people have no access to electricity.

Key Highlights :

• Insurance Mechanism:ISA is developing an insurance mechanism to accelerate investment in solar projects in impoverished nations.
• The insurance initiative aims to create financial security for investors and enhance financial flows into the solar sector.
• International Solar Festival:The announcement of both initiatives is expected at ISA’s first international solar festival in New Delhi.
• The festival is designed to catalyze global solar adoption through partnerships, innovative financing, technology deployment, and capacity building.
• Funding Details:The $100 million guarantee fund is projected to leverage approximately 15 times its value, potentially resulting in $1.5 billion in solar projects.
• Currently, $39 million has been committed to the fund, with an additional $15 million expected soon. The fund will be operational once it reaches $50 million.
• Nuru Project and Insurance:The insurance mechanism will be applied to the Nuru project in Congo, which involves hybrid solar mini-grids.
• Collaboration with the Multilateral Investment Guarantee Agency (MIGA) aims to expand the insurance facility to support similar solar projects across Africa.
• MIGA previously issued a $50.3 million guarantee to Congo Energy Solutions for its investments in Nuru SASU, covering risks such as expropriation and civil disturbances for 15 years.

About ISA :

• Founded : 30 November 2015
• Headquarters : Gurugram, Haryana, India
• Director General : Ajay Mathur
• Membership : 120+ members of UN, incl. the United States, Japan, France, Brazil, Argentina, Chile, Algeria and Australia etc.
• Purpose : Bring together a group of nations to endorse clean energy, sustainable environment, public transport and climate
• ISA was originally initiated by India and France to combat climate change through solar power.

Japan's Space Agency Halts Moon Lander Mission After Losing Contact with Uncrewed Spacecraft   

• Japan's space agency ended its Moon lander operation after losing communication with the uncrewed spacecraft.
• The Smart Lander for Investigating Moon (SLIM), dubbed the "Moon Sniper" for its landing precision, touched down eight months ago-making Japan only the 5th nation to achieve a soft lunar landing.
• The touchdown of the unmanned lander in January was a success, but it landed at a wonky angle that left its solar panels facing the wrong way.
• The SLIM's mission aims to examine a part of the Moon's mantle, the usually deep inner layer beneath its crust believed to be accessible at the crater where it landed.
• The spacecraft carried two probes: one with a transmitter and a mini-rover that could move like a turtle around the lunar surface, sending images back to Earth.

About Japan :

• Prime Minister : Fumio Kishida
• Capital : Tokyo
• Currency : Japanese yen

European Union and Council of Scientific and Industrial Research, India Announce Co-Funding to Boost EU-India Research Collaboration under Marie Skłodowska-Curie Actions  

• The European Union and India’s Council of Scientific and Industrial Research (CSIR) have launched a new co-funding initiative for the Marie Skłodowska-Curie Actions (MSCA) Staff Exchanges, part of the EU’s research and innovation programme, Horizon Europe.

Key Highlights :

• Through this scheme, CSIR will top up selected MSCA Staff Exchanges projects, enabling its institutes to engage in joint research projects with European and international partners and second their scientific and technical staff to European research organisations for knowledge sharing and research activities.
• The funding will be from 2025 to 2027 and be open to any CSIR institution involved in successful projects selected under the upcoming Staff Exchange calls.
• Through its Staff Exchanges scheme, the MSCA promotes collaborative research, knowledge transfer and innovation by supporting the secondment of research and innovation staff within international consortia of organisations based in the EU, countries associated with Horizon Europe and third countries.
• The Marie Skłodowska-Curie Actions under Horizon Europe is the reference programme for doctoral education and postdoctoral training.

About CSIR :

• Founded in 1942
• Location : New Delhi, India
• CSIR is India’s premier research and development organisation, comprising 37 national laboratories and a dedicated team of over 8,000 scientific and technical staff.

CURRENT AFFAIRS: MOUS AND AGREEMENT

National Test House (NTH) and BEE Collaborate to Promote Energy Efficiency in India

• The National Test House (NTH) under the Department of Consumer Affairs signed a Memorandum of Understanding (MoU) with the Bureau of Energy Efficiency (BEE) to strengthen India's energy efficiency initiatives.
• The MoU aims to enhance the Standards & Labelling (S&L) Programme, a vital initiative that promotes energy efficiency across the country.
• Under this agreement, NTH will be recognized as a referral laboratory by BEE, handling cases related to technical disputes regarding test results.

1. Collaboration for Market Surveillance:
   • Power Secretary Pankaj Agarwal emphasized the importance of verifying the consistency of star ratings provided by BEE to electrical appliances. The collaboration with NTH will aid in market surveillance and ensure reliable testing.
   • NTH will conduct capacity-building training for BEE officers and will have its officers nominated to BEE's various technical committees.
2. Role of NTH and BEE:
   • NTH is India's largest multidisciplinary testing laboratory, providing technical consultancy, testing, calibration, and quality evaluation across various sectors.
   • BEE, established in 2002 under the Ministry of Power, focuses on reducing the energy intensity of the Indian economy through policies and strategies for energy conservation.

CAG of India Signs MoU with UAE Accountability Authority to Enhance Public Sector Audit Cooperation

• The Comptroller and Auditor General of India (CAG) has signed a Memorandum of Understanding (MoU) with the Accountability Authority of the United Arab Emirates (UAE) during a bilateral meeting in Abu Dhabi.
• The MoU aims to promote and develop cooperation between the two Supreme Audit Institutions (SAIs), enhancing their professional capacity and improving methodologies in public sector auditing.

1. Areas of Cooperation:
   • The agreement encompasses various areas, including:
     • Exchange of Knowledge and Experiences: Facilitating the sharing of expertise in public auditing.
     • Capacity Development Programmes: Conducting training programs at SAI India or SAI UAE based on identified needs.

2. Significance of the Agreement:
   • The MoU is expected to foster cooperation and friendship between the audit institutions, ultimately enhancing the effectiveness and efficiency of public sector audits in both countries.

CURRENT AFFAIRS: RANKING AND INDEX

Telangana, Tamil Nadu, and Rajasthan Record Highest GSDP Growth in FY24

• Telangana, Tamil Nadu, and Rajasthan have recorded the highest growth in real Gross State Domestic Product (GSDP) in FY24 among India's ten largest states.

1. Growth Rates:
   • Telangana (9th largest state) grew its economy by 9.2%, reaching a real GSDP of ₹7.9 lakh crore, surpassing the national GDP growth of 8.2%.
   • Tamil Nadu (3rd largest state) grew by 8.2%, achieving a real GSDP of ₹15.7 lakh crore.
   • Rajasthan (7th largest state) recorded an 8%
2. Sectoral Contributions:
   • The services sector significantly contributed to the growth of these states, being the largest contributor to Gross Value Added (GVA).
     • Tamil Nadu’s services sector (52% of total GVA) grew by 9%.
     • Telangana’s services sector (63% of total GVA) grew by 11%.
   • In contrast, Maharashtra's services sector growth was only 9%, down from 13% in FY23.
3. Economic Rankings:
   • Maharashtra, with a real GSDP of ₹24.1 lakh crore, remains the largest economy in India.
   • Estimates for Gujarat, the second-largest in FY23, are not yet available but are expected to retain that position based on budget estimates.
   • Uttar Pradesh and Karnataka are closely matched for the fourth and fifth positions, with UP’s GSDP just ₹130 crore higher than Karnataka's.
4. Agricultural Performance:
   • The agricultural sector underperformed in many states due to El Niño, affecting growth.
   • For Tamil Nadu, sectors such as agriculture, construction, and real estate boosted overall growth.
   • In Telangana, growth was aided by real estate and services, along with a rebound in the manufacturing sector after a lull between FY20 and FY23.

CURRENT AFFAIRS: SPORTS NEWS

BCCI Appoints Ajay Ratra as New Selector for Men's Cricket Team

• The Board of Control for Cricket in India (BCCI) has appointed Ajay Ratra, a former India wicketkeeper, as a selector for the men's cricket team.
• Ratra replaces Salil Ankola in the five-member selection panel.

1. Zone Representation:
   • As per the convention, each of the five selectors represents a different zone. Ratra will represent the North Zone in the committee, which is headed by Ajit Agarkar.
   • This change was necessary as there were two selectors from the West Zone after Agarkar was appointed chief selector last year, with Ankola already part of the committee.
2. Cricket Advisory Committee Decision:
   • The Cricket Advisory Committee (CAC) of the BCCI decided to appoint Ratra, ensuring balanced representation across zones in the selection panel.
3. Upcoming Responsibilities:
   • Ajay Ratra's appointment comes just before the two-Test series against Bangladesh, starting on September 19.
   • He will also be actively involved in selection duties during the Duleep Trophy.

India's Achievements at the 2nd World Deaf Shooting Championship

• Dhanush Srikanth and Mahit Sandhu secured the gold medal in the mixed air rifle event at the 2nd World Deaf Shooting Championship in Hannover, Germany.
• The duo defeated fellow Indian competitors Mohammed Vania and Natasha Joshi with a score of 17-5 in the final.

World Record Achievement:

• Dhanush Srikanth and Mahit Sandhu set a world record in the qualification round with a score of 8, showcasing their exceptional shooting skills.

Dhanush Srikanth's Double Gold:

• This event marked Dhanush Srikanth’s second gold medal at the championship. He had earlier won the individual gold in the men's air rifle category, setting two world records in the process.

Mixed Air Pistol Silver:

• In the mixed air pistol event, Abhinav Deshwal and Pranjali Dhumal were defeated 17-7 by the Ukrainian team of Oleksii Lazenyk and Inna Afonchenko in the gold medal match.
• Despite leading the qualification round with a score of 565, which was seven points higher than their Ukrainian counterparts, the Indian pair was unable to secure the gold in the final.

Brendon McCullum to Lead England Across All Formats from 2024

• Brendon McCullum, currently the coach of England’s Test cricket team since 2022, will also take charge of the one-day international (ODI) and Twenty20 (T20) teams starting from 2024.
• This decision is part of a revised leadership structure within the England and Wales Cricket Board (ECB).
• Unified Coaching Structure:
  • The ECB has extended McCullum's contract until 2027.
  • The revised international schedule has made it feasible for McCullum to manage both formats, a challenge that was previously difficult due to overlapping schedules of different formats.
• Matthew Mott’s Resignation:
  • Matthew Mott, the former white-ball coach of England, resigned on July 30 after England's disappointing defenses of their ODI and T20 world titles.
  • Mott, who served for two years, led England to the T20 World Cup title in 2022 but faced criticism for not getting the best out of the team under Jos Buttler’s captaincy.
• Bazball Approach:
  • McCullum’s laid-back yet effective “Bazball” approach, known for its emphasis on attacking play and strategic freedom, has revitalized England’s Test team under Ben Stokes.
  • The ECB believes McCullum’s strategy could bring similar success to England’s limited-overs teams, aligning with their vision for a "new direction" in leadership.

Suhas Yathiraj Shines with Silver in Para-Badminton at Paris 2024 Paralympics

• Suhas Lalinakere Yathiraj, a prominent Indian para-badminton star, secured the silver medal in the men’s singles SL4 category at the Paris 2024 Paralympics.
• The match was held at the Stade Pierre de Coubertin, where Suhas faced world champion Lucas Mazur.
• Despite a hard-fought battle, Suhas finished with a silver medal.

• Back-to-Back Paralympic Silver Medals:
  • This is Suhas’s second consecutive Paralympic silver, following a similar achievement at the Tokyo 2020 Paralympics.
  • In both finals, he faced Lucas Mazur, the formidable opponent who narrowly defeated him. Despite the result, Suhas’s resilience earned him admiration and respect.
• Background and Achievements:
  • Suhas Yathiraj was born with a congenital deformity in his left ankle but never let it hinder his aspirations.
  • He pursued Computer Engineering at the National Institute of Technology (NIT) Surathkal and later became an Indian Administrative Service (IAS) officer, joining the 2007 Uttar Pradesh cadre.
• Role as an IAS Officer:
  • Suhas served as the District Magistrate of Gautam Buddha Nagar, where he was known for his leadership and administrative skills.
  • Despite the challenges of his role, he continued to excel in badminton, balancing both his administrative duties and sports career remarkably.
• Recognition and Awards:
  • In recognition of his dual contributions to sports and public service, Suhas Yathiraj was honoured with the Arjuna Award, one of India’s most prestigious sports honours.
  • His journey is a testament to the power of perseverance, hard work, and unwavering commitment. Suhas stands as a unique figure in India, excelling both on the badminton court and in his administrative responsibilities.

CURRENT AFFAIRS: IMPORTANT DAYS

National Teachers Day 2024: September 5

• In India, every year 5th of September is celebrated as National Teachers Day to contribute to our teachers.
• The theme for Teacher's Day 2024 is "Empowering Educators for a Sustainable Future,"
• Fifth September is the birth anniversary of Dr. Sarevepalli Radhakrishnan, the former president of India who was a well-known Teacher, Scholar, and Philosopher.
• In India, the President, Dr. Sarevepalli Radhakrishnan’s birthday is celebrated as Teacher's Day. He was one of the greatest teachers and very popular among the students.
• On his birthday his students and friends asked to celebrate it grandly. For that, he replied instead of celebrating in a grand manner he wanted to observe his birthday as a Teachers day.
• Since 1962 every year 5th of September is celebrated as National Teachers Day in India.
• As the common adage goes, the future of a country lies in the hands of its children, and teachers, as mentors, can mould students into future leaders who shape the destiny of India.

International Day Of Charity 2024: September 5

• International Day of Charity is observed on September 5th to promote and encourage charitable activities around the globe.
• In 2012, the United Nations General Assembly declared the International Day of Charity was observed on the 5th of September.
• They declared September 5 as an International Day of Charity in order to remember the death anniversary of Mother Theresa who was awarded the Nobel Prize for Peace in 1979.
• This day was constructed by a Hungarian civil society with the support of the Hungarian government.
• On 17 December 2012, the UN General Assembly declared the 5th of September as the International Day of Charity.
• To celebrate this day every year, the work of different charities all over the world is published and encourages people to donate money and time to carry out charitable works.
• To honour the tireless work of Mother Thersa for charity, her death anniversary is celebrated as the International Day of Charity.

Daily CA One- Liner: September 5

• The Union government is finalizing a national policy for Farmer Producer Organisations (FPOs) and is considering the creation of a national brand for products emerging from the FPO ecosystem
• The Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, approved the Acceptance of Necessity (AoN) for 10 capital acquisition proposals worth Rs 1,44,716 crore.
• The Finance Ministry has relaxed cash management guidelines to boost spending in the remaining months of the current fiscal year.
• The World Bank has increased India's GDP growth forecast for the Financial Year 2024-25 to 7%, up from 6.6%.
• The National Test House (NTH) under the Department of Consumer Affairs signed a Memorandum of Understanding (MoU) with the Bureau of Energy Efficiency (BEE) to strengthen India's energy efficiency initiatives.
• The Comptroller and Auditor General of India (CAG) has signed a Memorandum of Understanding (MoU) with the Accountability Authority of the United Arab Emirates (UAE) during a bilateral meeting in Abu Dhabi.
• Telangana, Tamil Nadu, and Rajasthan have recorded the highest growth in real Gross State Domestic Product (GSDP) in FY24 among India's ten largest states.
• The Board of Control for Cricket in India (BCCI) has appointed Ajay Ratra, a former India wicketkeeper, as a selector for the men's cricket team
• Dhanush Srikanth and Mahit Sandhu secured the gold medal in the mixed air rifle event at the 2nd World Deaf Shooting Championship in Hannover, Germany.
• Brendon McCullum, currently the coach of England’s Test cricket team since 2022, will also take charge of the one-day international (ODI) and Twenty20 (T20) teams starting from 2024
• Suhas Lalinakere Yathiraj, a prominent Indian para-badminton star, secured the silver medal in the men’s singles SL4 category at the Paris 2024 Paralympics
• AU Small Finance Bank has formally applied to the Reserve Bank of India (RBI) for approval to transition from a small finance bank to a universal bank.
• The National Payments Corporation of India (NPCI) unveiled products aimed at transforming ATM infrastructure in the country.
• The Securities and Exchange Board of India (SEBI) has requested the Reserve Bank of India (RBI) to provide certain approvals to AMC Repo Clearing (ARCL) to facilitate the participation from banks and primary dealers (PDs).
• The Securities and Exchange Board of India (SEBI) has proposed a number of steps to increase the attractiveness of rights issues as a mode of fundraising.
• India’s Account Aggregator (AA) framework has surpassed 100 million consents in three years.
• The West Bengal Assembly unanimously passed the 'Aparajita Woman and Child Bill (West Bengal Criminal Laws and Amendment) Bill 2024'.
• Dutch multinational conglomerate Philips has appointed Bharath Sesha as Managing Director for India, starting September 1, 2024.
• The board of Gujarat Gas Limited (GGL) approved a scheme of arrangement and amalgamation involving Gujarat State Petroleum Corporation Limited (GSPC), GSPC Energy Limited, and Gujarat State Petronet Limited (GSPL) merging into GGL.
• The Defence Research and Development Organisation (DRDO) handed over the production document for the 30mm High Explosive Preformed Fragmentation (HEPF) Shell to the Director General of Naval Armament Inspection (DGNAI).
• The Directorate General of Foreign Trade (DGFT) has designated the Department of Defence Production (DDP) under the Ministry of Defence as the licensing authority for the export of ammunition items listed under Category 6 of the SCOMET (Special Chemicals, Organisms, Materials, Equipment and Technologies) meant for military use.
• The International Solar Alliance (ISA) will launch a $100 million fund, Global Solar Facility, that will help catalysing up to $1.5 billion in funding to expand decentralised solar power capacities across the least developed countries in Africa, where more than 700 million people have no access to electricity.
• Japan's space agency ended its Moon lander operation after losing communication with the uncrewed spacecraft.
• The European Union and India’s Council of Scientific and Industrial Research (CSIR) have launched a new co-funding initiative for the Marie Skłodowska-Curie Actions (MSCA) Staff Exchanges, part of the EU’s research and innovation programme, Horizon Europe.
• In India, every year 5th of September is celebrated as National Teachers Day to contribute to our teachers.
• International Day of Charity is observed on September 5th to promote and encourage charitable activities around the globe.