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CURRENT AFFAIRS : BANKING & FINANCE

Star Health Introduces Insurance Policy in Braille   

• Star Health and Allied Insurance Company Limited has introduced an insurance policy in Braille named ‘Special Care Gold’.
• The policy is designed for individuals with 40% or more disability and offers comprehensive protection tailored to persons with disabilities (PWD), including those with physical, sensory, or cognitive impairments.

Key Highlights :

• Accessibility:The Braille version enables visually impaired individuals to independently access and review policy information and make informed decisions regarding their health and finances.
• Collaboration: The Braille version was produced in collaboration with the National Association of the Blind (NAB).
• Statistics:According to the Ministry of Health & Family Welfare, approximately 34 million people in India (2.5% of the population) are visually impaired.
• Diversity Initiative:Star Health also announced a diversity drive to train and employ visually impaired individuals as health insurance agents.
• Regulatory Alignment:The launch aligns with the Insurance Regulatory and Development Authority of India’s (IRDAI) vision of 'Insurance for All'.

About Star Health and Allied Insurance Co Ltd :

• Founded : 2006
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Mr. Anand Roy

India's Foreign Direct Investment Inflows Surge 47.8% to $16.17 Billion in April-June FY25, Boosted by Services, Telecom, and Pharma Sectors   

• According to the government data, Foreign direct investment (FDI) in India jumped 47.8% to $ 16.17 billion in April-June this fiscal on healthy inflows in services, computer, telecom and pharma sectors.
• FDI inflows were at $ 10.94 billion in April-June 2023-24.

Key Highlights :

• Monthly FDI Data:May: Inflows rose to $5.85 billion (from $2.67 billion in May FY24).
• June: Inflows increased to $5.41 billion (from $3.16 billion in June FY24).
• April: Inflows were slightly down at $4.91 billion (compared to $5.1 billion in April FY24).
• Total FDI: Including equity inflows, reinvested earnings, and other capital, total FDI increased by 28% to $22.49 billion in Q1 FY25 (from $17.56 billion in Q1 FY24).
• Key Source Countries:During the period, FDI equity inflows rose from major countries, including Mauritius, Singapore, the US, the Netherlands, the UAE, Cayman Islands and Cyprus.
• However, inflows declined from Japan, the UK, and Germany.
• Sectoral Contributions: Sectorally, inflows rose in services, computer software and hardware, telecommunication, pharma and chemicals.

Top FDI Recipients (States):

• Maharashtra: Received the highest inflow at $8.48 billion.
• Karnataka: Inflows of $2.28 billion.
• Telangana: Inflows of $1.08 billion.
• Gujarat: Inflows of $1.02 billion.
• Declining FDI: Inflows dropped in Delhi and Rajasthan compared to the previous year.

Association of Mutual Funds in India Sets Out Plan to Address Front Running at Asset Management Companies     

• The Association of Mutual Funds in India (AMFI) has established minimum standards to prevent front running and market abuse by Asset Management Companies (AMCs).
• In August 2024, SEBI issued a circular directing AMCs to implement an institutional mechanism to deter front running and market abuse.

Key Highlights :

• Implementation Timeline:Phase-wise Implementation:
• From November 2024: For equity schemes with assets over ₹10,000 crore.
• By February 2, 2025: For equity schemes with assets less than ₹10,000 crore.
• By May 2, 2025: For trades in passive schemes, arbitrage schemes, and overseas securities across all schemes.
• By August 2, 2025: For debt securities and other securities, including commodities, real estate investment trusts (REITs), and infrastructure investment trusts (InvITs).
• Alert Mechanism:AMCs must generate 3-tier level alerts on suspicious trading activity weekly and establish standard operating procedures (SOPs) for reviewing these alerts.
• First Set of Alerts: Based on participation volume and volume-weighted average price for large caps, mid-caps, and small-caps.
• Subsequent Alerts: Include price movements during deal execution, block trades, and scrip volumes traded one hour before the AMC's trade.
• Review Procedures:Examine Suspicious Alerts: AMCs will review recorded communication of key employees, entry logs of AMC premises, and CCTV footage.
• Biometric Access: Mandatory for dealing rooms to enhance security and monitoring.

About AMFI :

• Founded : 22 August 1995
• Location : Mumbai, Maharashtra, India
• CEO : Venkat Nageswar Chalasani
• AMFI is an Indian trade association for all the asset management companies of SEBI registered mutual funds in India.

Securities and Exchange Board of India Updates Rules to Regulate Unregistered Financial Influencers Amid Growing Concerns   

• Markets watchdog, Securities and Exchange Board of India (SEBI) has amended norms in a bid to regulate unregistered financial influencers or finfluencers amid growing concerns about potential risk associated with such unregistered persons.
• The regulator has restricted associations between its regulated entities and unregistered individuals.

Key Highlights :

• Prohibited Activities:SEBI-regulated entities and their agents are prohibited from any association involving:
• Money transactions
• Referral of clients
• Interaction of information technology systems with finfluencers who provide financial advice, recommendations, or make claims of returns.
• Mandatory Registration: SEBI requires finfluencers to register with the regulator and adhere to specific guidelines, ensuring accountability and expertise.
• Partnership Prohibition: SEBI's new framework prevents regulated entities like mutual fund houses, research analysts, registered investment advisors, and stock brokers from partnering with unregistered finfluencers.
• Finfluencers' Influence: SEBI's move aims to make finfluencers accountable for the financial advice they provide, which has significantly influenced followers' financial decisions in recent years.
• Norm Amendments: SEBI has amended norms related to depository participants, intermediaries, and Securities Contracts to implement these changes effectively.

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.

National Company Law Tribunal approves ICICI Securities de-listing scheme     

• The Mumbai bench of the National Company Law Tribunal (NCLT) has approved ICICI Securities Limited’s application for delisting from the stock exchanges.
• Under the approved scheme, ICICI Securities shareholders will receive 67 ICICI Bank Ltd shares for every 100 shares they hold in ICICI Securities.
• The delisting proposal was approved by 93.82% of ICICI Securities' equity shareholders in terms of value.
• Quantum Mutual Fund and Manu Rishi Guptha have raised objections to the delisting, arguing that the swap ratio adversely affects minority shareholders.
• Quantum Mutual Fund holds 0.08% and Manu Rishi Guptha holds 0.002% of the paid-up equity share capital of ICICI Securities.

About NCLT :

• Headquarters : New Delhi
• The NCLT is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
• The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the government of India and is based on the recommendation of the Balakrishna Eradi committee on the law relating to the insolvency and the winding up of companies.

Visa partners with Pine Labs to expand digital payment acceptance nationwide    

• Visa, a global leader in digital payments, has partnered with fintech company Pine Labs to expand digital payment acceptance across India.
• The collaboration aims to improve the in-store payment experience for millions of merchants currently using printed QR codes or other low-tech solutions.
• The two companies have jointly unveiled Pine Labs Mini, a soundbox-enabled device for QR, near-field communication (NFC) and card payments.
• It aims to enable small and medium-sized merchants to capitalise on the growing adoption of tap-to-pay card (and smartphone) payments and UPI in India.
• Earlier, Pine Labs’ subsidiary Setu had announced the launch of UPISetu, a platform for businesses and developers to tap the ongoing advances in the Unified Payments Interface space.

About Pine Labs :

• Founded : 1998
• Headquarters : Noida, Uttar Pradesh
• CEO : B Amrish Rau

CURRENT AFFAIRS: NATIONAL NEWS

Indian Government Launches 'AgriSure' Fund to Support Agritech Startups

• The Indian government has introduced a ₹750 crore (approximately $90 million) fund named 'AgriSure' to support agritech startups.
• The fund aims to provide financial assistance in the form of both equity and debt capital to startups and agripreneurs in the agriculture sector.

2. Approval of Seven Agricultural Schemes:
   • The Union Cabinet has approved seven schemes for the agriculture sector with a combined outlay of nearly ₹14,000 crore ($1.7 billion).
   • These schemes aim to enhance agricultural productivity, reduce input costs, ensure better prices for farm produce, promote crop diversification, introduce modern technology, and provide substantial subsidies on fertilizers.
3. Launch of KrishiNivesh Portal:
   • Alongside AgriSure, the government launched an integrated agri-investment portal called KrishiNivesh.
   • The portal is designed to serve diverse stakeholders such as farmers, entrepreneurs, and industries by providing easy access to information on various Central and state government schemes.
4. Agriculture Infrastructure Fund:
   • A significant ₹1 lakh crore ($12 billion) Agriculture Infrastructure Fund has been established to develop farm-related infrastructure in rural areas.
   • This fund focuses on building supply chains, cold storage facilities, warehousing, and other vital infrastructure to support agricultural development.
5. Agriculture's Contribution to GDP:
   • Agriculture contributes around 18% to India's GDP, underlining its significance to the economy.
6. Focus on Agritech Startups Amid Funding Challenges:
   • The AgriSure fund comes at a time when agritech startups face a decline in funding, with only $150 million raised across over 30 deals in the first eight months of 2024, according to TheKredible.
   • The government's initiative aims to address these challenges by offering financial support and promoting innovation in the sector.

Union Government Sets Up the 23rd Law Commission (2024-2027)

• The Union government has established the 23rd Law Commission for a period of three years, from September 1, 2024, to August 31, 2027.
• The commission's main responsibilities include identifying obsolete laws for repeal, auditing laws that impact the poor, and providing recommendations on laws referred by the Law and Justice Ministry.

2. Composition of the Commission:
   • The commission will have a full-time chairperson, four full-time members, Secretaries of the Legal Affairs and Legislative departments as ex-officio members, and up to five part-time members.
   • The members and chairperson are yet to be appointed by the government.
   • The chairperson and members could be serving judges of the Supreme Court or High Courts or other qualified persons, similar to the past commissions.
3. Objectives and Mandate:
   • Similar to the 22nd Law Commission, the 23rd Commission is tasked with:
     • Examining existing laws in the light of the Directive Principles of State Policy.
     • Suggesting improvements, reforms, and new legislations to fulfill the Preamble's objectives of the Constitution.
   • It will also review the judicial administration system to make it more responsive and effective by:
     • Eliminating delays.
     • Simplifying High Court rules.
     • Implementing a framework for case flow management.

4. Focus Areas:
   • Examining the impact of globalisation on aspects like food security and unemployment, and recommending measures for protecting marginalised communities—a point also in the 22nd Commission's terms of reference.
5. Previous Commission's Status:
   • The 22nd Law Commission, notified in February 2020, saw appointments delayed until November 2022.
   • Chaired by former Karnataka High Court Chief Justice Ritu Raj Awasthi, it worked on reports on the Uniform Civil Code and simultaneous elections, but these were not submitted before the end of its term on August 31, 2024.

Vishanu Yuddh Abhyas: India's First Comprehensive Pandemic Preparedness Mock Drill

• Under the National One Health Mission (NOHM), a national mock drill named "Vishanu Yuddh Abhyas" (Virus War Exercise) was conducted from August 27 to August 31, 2024, in Ajmer district, Rajasthan.
• The exercise aimed to assess pandemic preparedness by evaluating the readiness and response of the National Joint Outbreak Response Team (NJORT), which includes experts from human health, animal husbandry, and wildlife sectors.

2. Purpose and Significance:
   • A mock zoonotic disease outbreak scenario was created to simulate a real-world outbreak, allowing stakeholders to test their response capabilities.
   • Union Health and Family Welfare Minister, Shri J P Nadda, praised the exercise as a first-of-its-kind initiative, emphasising its role in fostering collaboration across sectors to address the health of humans, animals, plants, and the environment holistically and sustainably.
3. Stakeholders Involved:
   • The drill involved multiple stakeholders, including:
     • National Centre for Disease Control (NCDC)
     • Indian Council of Medical Research (ICMR)
     • Directorate General of Health Services (DGHS)
     • Department of Animal Husbandry and Dairying (DAHD)
     • Ministry of Environment, Forest, and Climate Change (MoEF&CC)
     • Indian Council of Agricultural Research (ICAR)
     • Rajasthan State Administration
     • State Directorate of Health Services (DHS)
     • State Veterinary Department
     • State Forest Department
     • AIIMS Jodhpur BSL-3 Lab (one of the 19 National BSL-3 Network Laboratories)
     • District Administration
     • Chief District Medical Officer
     • District Veterinary Officer
     • Community Health Centre doctors and staff

4. Key Components of the Drill:
   • The exercise was structured around two main components:
     • Investigation and Identification: Determining the virus responsible for the mock outbreak.
     • Response Actions: Measures to control the spread of the disease among human and animal populations.
   • Independent observers monitored the response, and the NJORT directed the district and state teams, whose responses were generally found to be prompt and appropriate. However, the exercise also identified areas needing further improvement.
5. Outcomes and Insights:
   • Vishanu Yuddh Abhyas was deemed a successful exercise that provided valuable insights for enhancing India's preparedness and response to zoonotic disease outbreaks.
   • It fostered a coordinated and efficient approach across relevant sectors, informing future strategies for better pandemic preparedness and collaboration under the One Health Mission.

Government Extends Interest Equalisation Scheme for Exporters till September 30, 2024

• The government has extended the Interest Equalisation Scheme on pre- and post-shipment rupee export credit by one more month, now valid until September 30, 2024.
• This extension aims to support the country's outbound shipments.
• The scheme, which offers interest benefits to exporters, was initially set to expire on August 31, 2024.
• It had already been extended for two additional months in June.

2. Specific Applicability:
   • The latest extension only applies to MSME manufacturing exporters, as stated in a trade notice by the Directorate General of Foreign Trade (DGFT).
3. Additional Allocation:
   • On December 8, 2023, the Union Cabinet approved an additional allocation of Rs 2,500 crore for the continuation of the scheme up to June 30, 2024.
   • This additional outlay is above the current allocation of Rs 9,538 crore and was necessary to bridge the funding gap for the scheme's continuation.
4. Scheme Background:
   • The Interest Equalisation Scheme was launched on April 1, 2015, initially valid for five years until March 31, 2020. It has since been extended multiple times, including during the Covid-19 pandemic.
   • The scheme is fund-limited with a cap of Rs 10 crore per annum per Import Export Code (IEC) for individual exporters.
5. Economic Context:
   • India's exports, after remaining positive for three months, saw a contraction of 1.5% to USD 33.98 billion in July. Concurrently, the trade deficit widened to USD 23.5 billion.
   • During the April-July period of this fiscal year, exports surged 4.15% to USD 144.12 billion, while imports grew 7.57% to USD 229.7 billion.

Government Poised to Approve Third Phase of FAME Scheme

• The Centre is anticipated to approve the third phase of the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME) scheme within the next one to two months, according to Heavy Industries Minister H.D. Kumaraswamy.

1. Current Status: The Electric Mobility Promotion Scheme (EMPS) 2024, set to expire at the end of the month, is being reviewed. An inter-ministerial group is working to address issues identified in the earlier phases of the FAME scheme.
2. Minister’s Statement: Kumaraswamy indicated that the government is addressing suggestions and issues from FAME-I and FAME-II, with input from the PMO. He expects the new phase to be cleared within one to two months.
3. Industry Push: Electric vehicle manufacturers and industry bodies have urged the government to expedite the introduction of FAME-III due to a decline in sales of battery-powered vehicles.
4. Scheme Details:
   • Current Scheme: Unlike FAME-II, the EMPS provides subsidies only for electric two- and three-wheelers.
   • Anticipated Changes: It is expected that the subsidy criteria for FAME-III will remain largely unchanged from FAME-II.
   • Timeline: The new scheme is expected to be announced around early October.
5. Previous Scheme: FAME-II, launched in 2019 with an initial budget of Rs 10,000 crore, was extended to March 2024 with an additional Rs 1,500 crore. It aimed to support various electric vehicles, including two-wheelers, three-wheelers, passenger cars, and buses.

Key Differences Between ICAI and NFRA on ISA 600 Adoption

• Discrepancies between the Institute of Chartered Accountants of India (ICAI) and the National Financial Reporting Authority (NFRA) regarding the adoption of the revised International Standard on Auditing (ISA) 600.
• Cause: The differences are attributed to a communication gap between the two organizations.
• Resolution: The issue is expected to be resolved through dialogue between ICAI and NFRA.

Key Points:

• ICAI's Stance: ICAI is not opposed to the revised ISA 600 but is currently determining the appropriate implementation path. They plan to address the issue in their next council meeting.
• Purpose of Revised ISA 600:
  • Address Audit Lapses: The update aims to address gaps that have led to major audit lapses in the recent past.
  • Strengthen Auditor Interaction: Enhances and clarifies aspects of the group auditor's interaction with component auditors, including:
    • Ethical Requirements: Communicating relevant ethical requirements.
    • Competence and Capabilities: Assessing the competence and capabilities of component auditors.
    • Involvement: Determining the nature, timing, and extent of involvement by the group auditor in the work of component auditors.
  • NFRA's Actions:
    • Public Comments: NFRA is expected to invite public comments on the adoption of the revised ISA 600 for public listed companies and non-public sector banks.
    • Exclusions: The new standards will not apply to auditors of public sector banks, their branches, and public sector undertakings.

CURRENT AFFAIRS : STATE NEWS

TANGEDCO Launches ₹10,000 Crore Project to Upgrade Low Tension Lines to High Tension to Reduce Transmission Losses    

• Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) is undertaking a ₹10,000 crore project to convert low tension (LT) lines to high tension (HT) lines in its transmission system.
• Primary goal of the project : To reduce transmission losses. HT lines are preferred for long-distance transmission due to their higher voltage (11kV and above), which minimises transmission losses compared to LT lines (220V) used for shorter distances.

Key Highlights :

• Current Situation:Tamil Nadu has built numerous LT lines because they are cheaper than HT lines.
• However, LT lines have higher transmission losses compared to HT lines.
• Transmission Losses:The state's Aggregate Technical and Commercial (AT&C) losses are approximately 11.6%, which is among the lowest in India.
• The aim is to reduce these losses to under 10%.
• Each percentage point reduction in AT&C losses corresponds to a financial gain of ₹800 crore.
• Impact of Higher Voltage:HT lines are used for reducing transmission losses due to their higher voltage, which leads to lower losses over long distances.

About Tangedco :

• Founded : 1 November 2010
• Headquarters : Chennai, Tamil Nadu, India
• Chairman and Managing Director : Rajesh Lakhoni
• TANGEDCO is an electrical power generation and distribution public sector undertaking owned by the Government of Tamil Nadu.

Centre Sanctions 8 Lakh Pradhan Mantri Awas Yojana Houses in Chhattisgarh   

• The Centre has sanctioned the construction of more than 8 lakh houses under the Pradhan Mantri Awas Yojana (PMAY) in rural areas of Chhattisgarh.
• The newly-elected BJP government approved the sanctioning of 18 lakh houses for beneficiaries in rural areas as a key promise made ahead of the 2023 assembly elections.

State Government Initiatives:

• The state government has also launched the ‘Niyad Nellanar’ (your good village) scheme for development in villages within a 5-km radius of security camps.
• Under the PM Janjati Adivasi Nyay Maha Abhiyaan (PM-JANMAN) scheme, 24,064 houses have been sanctioned for Particularly Vulnerable Tribal Groups (PVTGs), with most of them already completed.

About PMAY:

• Pradhan Mantri Awas Yojana (Urban) (PMAY-U) was launched by the Government of India in June 2015.
• Objective: To provide affordable housing to the urban poor, with a target of constructing 2 crore (20 million) housing units by 31 March 2022.
• Implementation: Under the Ministry of Housing and Urban Affairs (MoHUA).
• Vision of PMAY-U:Ensure “Housing for All” by providing affordable, sustainable, and resilient housing to economically weaker sections (EWS) and low-income groups (LIG) in urban areas.

Key Verticals of PMAY-U:

• In-situ Slum Redevelopment (ISSR)
• Credit Linked Subsidy Scheme (CLSS)
• Affordable Housing in Partnership (AHP)
• Beneficiary-Led Construction or Enhancement (BLC/E)

About Chhattisgarh :

• Governor : Ramen Deka
• Chief Minister : Vishnu Deo Sai
• Capital : Raipur

Uttar Pradesh Government to Construct 3D Vedic Museum in Varanasi   

• The Uttar Pradesh (UP) government will build the Vedic-3D museum in Varanasi, Prime Minister Narendra Modi’s parliamentary constituency.
• The museum will be situated in the main building of Sampurnanand Sanskrit University.
• Museum Focus:The museum will be dedicated to Indian astrology, astronomy, and Vedic literature.
• It will highlight the evolution of Vedic literature, including aspects such as:
• 16 Sanskars
• 64 arts
• 18 Vidya Sthans
• Contributions of Indian sages
• Exhibits:The museum will feature rare manuscripts from the historic Saraswati Bhawan, including:
• “Raas Panchadhyayi”
• Shrimad Bhagwat Gita
• Durgasaptashati
• These manuscripts are intricately inscribed and adorned with gold artistry.
• Objectives:The museum aims to revive the tradition of ‘Shastrartha’ (spiritual discourse).
• It will serve as a platform to deepen knowledge in Vedic literature.
• Inspection:During his visit, CM Yogi Adityanath also inspected the 234-year-old main building of Sampurnanand Sanskrit University.

About UP :

• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National Park
• Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

India's Decision to Retain Current Tax Structure for Electric and Hybrid Vehicles

• The Indian government has decided to retain the current tax structure for electric and hybrid vehicles for an extended period.
• Electric cars will continue to be taxed at a lower rate of 5%, whereas hybrid cars will face a higher tax rate of 48%.
• The decision comes amid growing pressure from major car manufacturers like Maruti Suzuki India and Toyota Kirloskar Motor to lower the tax burden on hybrid cars.
• Despite these demands, the government remains focused on promoting electric mobility and battery manufacturing in India.

2. Alignment with India's Carbon Neutrality Goals:
   • The government's stance aligns with its broader goal of achieving carbon neutrality by 2070.
   • While some automakers believe that hybrid cars can play a role in reducing emissions, others argue that a full commitment to electric vehicles is crucial for achieving India's decarbonisation targets.
3. Details on Tax Structure:
   • Hybrid cars in India are currently subject to an effective tax rate of around 48%, which includes Goods and Services Tax (GST) and other levies.
   • In contrast, electric cars benefit from a much lower GST rate of 5%.
   • Although there have been proposals to reduce the GST rate on hybrid cars, the government has decided to maintain the current rates.
4. Promotion of Electric Mobility:
   • Amitabh Kant, India's G20 Sherpa, highlighted the government's efforts to promote electric mobility through various initiatives:
     • The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme.
     • The Production Linked Incentive (PLI) scheme.
   • These schemes provide financial incentives to electric vehicle manufacturers and support the development of charging infrastructure across the country.
5. Government's Commitment:
   • The government aims to accelerate the adoption of electric vehicles and reduce the country's carbon footprint by providing tax incentives, promoting charging infrastructure, and investing in renewable energy.

CURRENT AFFAIRS: AWARDS AND HONOURS

Accolades for The Hindu: Maitri Porecha's Article Wins at Laadli Media & Advertising Awards for Gender Sensitivity 2024

• The Hindu and thehindu.com received accolades at the 14th Laadli Media & Advertising Awards for Gender Sensitivity 2024.

Key Highlights:

• Award Category: Print/Feature/English (Northern Region)
• Recipient: Senior Assistant Editor Maitri Porecha
• Article Title: “Talking Therapy: Asha Workers Offer Hope in Rural Madhya Pradesh”

Details:

• Focus: The article details a community-driven approach in Madhya Pradesh involving the State government, a non-profit, and Accredited Social Health Activists (Asha) to provide doorstep counselling.
• Challenges Highlighted: It discusses the difficulties faced by Asha workers, including inadequate compensation and the need to travel rural areas on two-wheelers.
• Impact: The piece emphasizes the significant role of Asha workers in enhancing mental health services in rural communities, illustrating their dedication and the positive outcomes of the initiative.

Professor Bantval Jayant Baliga was Awarded 2024 Millennium Technology Prize

• Recipient: Professor Bantval Jayant Baliga, a 76-year-old Indian-American electrical engineer born in Chennai, Tamil Nadu.
• Award: 2024 Millennium Technology Prize, given by Technology Academy Finland.
• Prize Value: €1 million (approximately $1.1 million).
• Recognition: Awarded for his invention of the Insulated Gate Bipolar Transistor (IGBT).

Key Achievements:

• Invention: Baliga invented the IGBT in the 1980s, a technology that has significantly improved energy efficiency and reduced pollution.
• Applications: The IGBT is used in:
  • Wind and Solar Power Installations
  • Electric and Hybrid-Electric Cars
  • Medical Diagnostic Machines
  • Household Appliances
• Impact:
  • Reduction of Carbon Emissions: The IGBT has helped cut over 82 gigatons (180 trillion pounds) of CO2 in the last 30 years.
  • Equivalent Impact: This reduction is equivalent to offsetting the CO2 emissions from all human activities for three years, based on the past 30 years' average.
• Global Green Transition: Baliga's work has been instrumental in advancing the global green transition, making renewable energy and electrification more efficient and profitable.

Career and Education:

• Early Education: Bishop Cotton Boys' School, Bangalore.
• Higher Education:
  • BTech in Electrical Engineering, Indian Institute of Technology, Madras (1969)
  • MS and PhD from Rensselaer Polytechnic Institute (1971 and 1974)
• Current Affiliation: North Carolina State University, US.

Previous Honors:

• National Medal of Technology and Innovation: Received from President Barack Obama in 2011, the highest engineering award in the United States.

Notable List of Recipients:

• Tim Berners-Lee: Inventor of the World Wide Web, the first Millennium Technology Prize recipient in 2004.

Dr. Dasari Radhika Honored with Prestigious ‘Gender Diversity’ Award

• Award: Dasari Radhika, Deputy General Manager (HR) at Rashtriya Ispat Nigam Limited (RINL), was conferred with the ‘Gender Diversity’ award by the Indian Steel Association.
• Contribution: Recognized for her exemplary leadership in the steel industry, a traditionally male-dominated sector, Dr. Radhika has been instrumental in promoting gender equity, fostering an inclusive workplace, and creating a culture of belongingness.
• Career Achievements:
  • Radhika has spent 28 years at RINL, pioneering HR practices and becoming the first woman HR In-charge in several postings.
  • She managed industrial relations and employee welfare across challenging zones, especially at the Visakhapatnam Steel Plant.
  • Her efforts in psychological counseling, rooted in her background in psychology, have significantly contributed to promoting work-life balance among employees.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Government Appoints Deepti Gaur Mukherjee as SEBI Board Member

• The Centre has appointed Deepti Gaur Mukherjee, Secretary of the Ministry of Corporate Affairs (MCA), as a Member of the SEBI Board.
• The Centre has nominated Deepti Gaur Mukherjee, Secretary of the Corporate Affairs Ministry (MCA), as a Member of the Board of market regulator SEBI.
• The Financial Markets division in the Department of Economic Affairs of the Finance Ministry issued the notification for this appointment.
• Deepti Gaur Mukherjee replaces Manoj Govil, the former MCA Secretary, who has been posted as Expenditure Secretary in the Finance Ministry.
• Manoj Govil has served as a Part-time Member of the SEBI Board since December 2022.
• Deepti Gaur Mukherjee is a 1993 batch IAS officer of the Madhya Pradesh cadre.
• She was previously the Chief Executive Officer (CEO) of the National Health Authority.

Recent News:

• In August 2024, Deepti Gaur Mukherjee assumed the role of Secretary to the Ministry of Corporate Affairs (MCA)

Senior IAS Officer T.V. Somanathan Assumes Role as Cabinet Secretary   

• T.V. Somanathan took over as the new Cabinet Secretary in the Government of India after the superannuation of Shri Rajiv Gauba.

About Dr. T.V. Somanathan :

• Somanathan is an IAS officer of Tamil Nadu cadre (1987 batch). He holds a Ph.D. in Economics from Calcutta University.
• He has held important assignments at the Centre like Joint Secretary and Additional Secretary in the Prime Minister’s Office.
• He also served as Joint Secretary in the Ministry of Corporate Affairs and was deputed as Director, Corporate Affairs at the World Bank in Washington DC.
• Prior to his joining as Cabinet Secretary, he was holding the charge of Finance Secretary and Secretary, Department of Expenditure.
• In 2011, his services were sought by the World Bank and he served as Director from 2011 to 2015.
• He has published over 80 papers and articles in journals and newspapers on economics, finance and public policy, and is the author of three books published by McGraw Hill, Cambridge/ Oxford University Press.

Rajneesh Narang, HPCL Director (Finance), appointed as Chairman and Managing Director     

• Rajneesh Narang, Director (Finance) of Hindustan Petroleum Corporation Limited (HPCL), will take on the roles of Chairman and Managing Director for a period of three months starting from September 1, 2024.
• He succeeds Pushp Kumar Joshi, who retired after reaching the age of 60 on August 31, 2024.

HPCL Overview:

• HPCL is an Indian oil and gas company with corporate headquarters in Mumbai, Maharashtra.
• It has a 25% market share among Public Sector Undertakings (PSUs) in India.
• HPCL has a strong marketing infrastructure across the country.

Ownership Structure:

• ONGC (Oil and Natural Gas Corporation) is the second-largest promoter, holding 51.11% of HPCL’s shares.
• The President of India is the largest promoter.
• The remaining shares are held by financial institutions, the general public, and other investors.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Finance Ministry to Divest 6.78% Stake in GIC Re for Rs 4,700 Crore   

• The Union Ministry of Finance will dilute a 6.78% stake in General Insurance Corporation of India (GIC Re) to raise approximately Rs 4,700 crore.
• This is the first stake sale since GIC Re's listing in 2017.
• The sale will be through the OFS route, beginning with non-retail investors.

Key Highlights :

Divestment Breakdown:

• 39% equity stake will be divested.
• An additional 3.39% is available under the green shoe option.
• Floor Price: The expected floor price for the OFS is approximately Rs 395 per share, which is around a 6% discount from the current market price of Rs 420.8.
• Government Shareholding: The government currently holds 85.78% of GIC Re’s shares.
• Comparison with LIC: The strategy is similar to LIC’s IPO, where the government initially divested 3.5% of its stake with plans to sell an additional 1.5% for inclusion in index funds.
• Disinvestment Target: The government has stopped setting a separate disinvestment target starting from FY24. For FY25, the target for miscellaneous capital receipts, including disinvestment, is Rs 50,000 crore, up from the revised estimate of Rs 30,000 crore for FY24.

About Ministry of Finance :

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

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Hands Over 'Xploder' and 'Agniastra' Technologies to Private Firms for Large-Scale Production  

• In a major stride towards technological self-reliance, the Indian Army announced the successful transfer of technology (ToT) for its indigenously developed "Xploder" UGV and "Agniastra" detonation system to private Indian firms.
• This landmark development, part of the Army's "Year of Tech Absorption," underscores its unwavering commitment to modernization and operational excellence.
• The ToT ceremony, graced by Vice Chief of the Army Staff, Lt Gen NS Rajasubramani.
• The ToT process is facilitated by the Foundation of Innovation & Technology Transfer, IIT Delhi.

About Xploder UGV :

• The Xploder is an advanced unmanned ground vehicle (UGV) to offer a range of combat and operational roles, and remote portable detonation technology.
• It is an all-terrain UGV, designed to execute a diverse range of tasks, including unmanned reconnaissance, precise explosive payload delivery, and remote IED disposal.
• Its self-destruct capability and adaptability for disaster relief operations further enhance its strategic value, extending its utility beyond traditional combat scenarios.

About Agniastra Detonation System :

• The Agniastra, a Multi Target Portable Detonation System, introduces a paradigm shift in remote detonation operations.
• Its capacity to simultaneously target multiple locations from extended ranges, whether deployed manually or via Unmanned Aerial Vehicles (UAVs)/UGVs, significantly boosts the Army's offensive capabilities.
• Agniastra's potential applications range from precise interventions in confined spaces to large-scale infrastructure destruction, revolutionising both conventional warfare and counter-terrorism strategies.

About Indian Army :

• Headquarters : New Delhi, Delhi
• Chief of the Army Staff : General Upendra Dwivedi

CURRENT AFFAIRS: MOUS AND AGREEMENT

India-UK Free Trade Agreement (FTA) Negotiations Near Completion

• The Free Trade Agreement (FTA) between India and the UK is in its final stages of negotiation.
• Statement: B.V.R. Subrahmanyam, CEO of NITI Aayog, indicated that both sides are very close to finalizing the agreement.

Background:

• Negotiation Timeline: FTA negotiations began in January 2022 but were temporarily stalled due to general elections in both countries.
• Objective: The agreement aims to significantly enhance the current GBP 38.1 billion annual bilateral trading partnership.

Recent Developments:

• Signing Ceremony: The UK-India Infrastructure Financing Bridge (UKIIFB) agreement was signed between NITI Aayog and the City of London Corporation.
• Purpose of UKIIFB:
  • Goal: To facilitate international investments into India's infrastructure projects.
  • Significance: Demonstrates that economic partnerships are advancing independently of the FTA negotiations.

Historic Memorandum of Settlement Signed Between Government of India, Tripura, NLFT, and ATTF

• A significant Memorandum of Settlement was signed between the Government of India, the Government of Tripura, the National Liberation Front of Tripura (NLFT), and All Tripura Tiger Force (ATTF) in the presence of Union Home Minister Shri Amit Shah in New Delhi.
• This agreement marks a critical step toward achieving Prime Minister Narendra Modi’s vision of a peaceful, prosperous, and insurgency-free Northeast.
• Tripura Chief Minister Prof. (Dr.) Manik Saha and senior officials from the Ministry of Home Affairs and the Government of Tripura were present at the signing.

Key Highlights of the Agreement:

1. End of 35-Year Conflict: The NLFT and ATTF have committed to giving up arms and joining the mainstream, putting an end to a decades-long insurgency in Tripura.
2. Inclusion in Democratic Process: Over 328 armed cadres from NLFT and ATTF will renounce violence, disband their armed organizations, and participate in peaceful democratic processes.
3. Special Development Package: A ₹250 crore special package has been approved for the development of the tribal population in Tripura.
4. Integration with Mainstream Society: The agreement aims to ensure that former insurgents contribute to the development of Tripura and India as a whole.

CURRENT AFFAIRS: SPORTS NEWS

India Achieves Record Medal Haul at the Paralympics

• India has achieved its best-ever medal tally at the Paralympics, surpassing its previous record from the Tokyo Paralympics.

1. Medal Count: India's medal tally stands at 21 medals: three gold, eight silver, and 10 bronze. This surpasses the previous best of 19 medals achieved in Tokyo.
2. Track and Field Success: India’s track and field athletes have delivered outstanding performances, contributing significantly to the medal count with five medals on Day Six: two silver and three bronze.
3. Key Achievements:
   • Javelin Throw: Ajeet Singh won silver and Sundar Singh Gurjar, a world record holder, secured bronze in the F46 category, with throws of 65.62m and 64.96m respectively. The F46 category includes athletes with moderate movement impairment in one or both arms or the absence of limbs.
   • High Jump: Sharad Kumar and Mariyappan Thangavelu (Tokyo gold medallist) earned silver and bronze respectively in the T63 finals, with jumps of 1.88m and 1.85m.
4. Overall Standing: India ended Day Six of the Paralympics in 17th place with a strong showing, improving on its past performances.

Daily CA One- Liner: September 6

• The Indian government has introduced a ₹750 crore (approximately $90 million) fund named 'AgriSure' to support agritech startups
• The Union government has established the 23rd Law Commission for a period of three years, from September 1, 2024, to August 31, 2027
• Under the National One Health Mission (NOHM), a national mock drill named "Vishanu Yuddh Abhyas" (Virus War Exercise) was conducted from August 27 to August 31, 2024, in Ajmer district, Rajasthan
• The government has extended the Interest Equalisation Scheme on pre- and post-shipment rupee export credit by one more month, now valid until September 30, 2024
• The Centre is anticipated to approve the third phase of the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME) scheme within the next one to two months, according to Heavy Industries Minister H.D. Kumaraswamy.
• Discrepancies between the Institute of Chartered Accountants of India (ICAI) and the National Financial Reporting Authority (NFRA) regarding the adoption of the revised International Standard on Auditing (ISA) 600.
• The Indian government has decided to retain the current tax structure for electric and hybrid vehicles for an extended period.
• The Hindu and thehindu.com received accolades at the 14th Laadli Media & Advertising Awards for Gender Sensitivity 2024
• Professor Bantval Jayant Baliga, a 76-year-old Indian-American electrical engineer born in Chennai, Tamil Nadu.
• Dasari Radhika, Deputy General Manager (HR) at Rashtriya Ispat Nigam Limited (RINL), was conferred with the ‘Gender Diversity’ award by the Indian Steel Association.
• The Free Trade Agreement (FTA) between India and the UK is in its final stages of negotiation
• A significant Memorandum of Settlement was signed between the Government of India, the Government of Tripura, the National Liberation Front of Tripura (NLFT), and All Tripura Tiger Force (ATTF) in the presence of Union Home Minister Shri Amit Shah in New Delhi.
• India has achieved its best-ever medal tally at the Paralympics, surpassing its previous record from the Tokyo Paralympics.
• Star Health and Allied Insurance Company Limited has introduced an insurance policy in Braille named ‘Special Care Gold’.
• According to the government data, Foreign direct investment (FDI) in India jumped 47.8% to $ 16.17 billion in April-June this fiscal on healthy inflows in services, computer, telecom and pharma sectors.
• The Association of Mutual Funds in India (AMFI) has established minimum standards to prevent front running and market abuse by Asset Management Companies (AMCs).
• Markets watchdog, Securities and Exchange Board of India (SEBI) has amended norms in a bid to regulate unregistered financial influencers or finfluencers amid growing concerns about potential risk associated with such unregistered persons.
• The Mumbai bench of the National Company Law Tribunal (NCLT) has approved ICICI Securities Limited’s application for delisting from the stock exchanges.
• Visa, a global leader in digital payments, has partnered with fintech company Pine Labs to expand digital payment acceptance across India.
• Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO) is undertaking a ₹10,000 crore project to convert low tension (LT) lines to high tension (HT) lines in its transmission system.
• The Centre has sanctioned the construction of more than 8 lakh houses under the Pradhan Mantri Awas Yojana (PMAY) in rural areas of Chhattisgarh.
• The Uttar Pradesh (UP) government will build the Vedic-3D museum in Varanasi, Prime Minister Narendra Modi’s parliamentary constituency.
• The Centre has appointed Deepti Gaur Mukherjee, Secretary of the Ministry of Corporate Affairs (MCA), as a Member of the SEBI Board.
• T.V. Somanathan took over as the new Cabinet Secretary in the Government of India after the superannuation of Shri Rajiv Gauba.
• Rajneesh Narang, Director (Finance) of Hindustan Petroleum Corporation Limited (HPCL), will take on the roles of Chairman and Managing Director for a period of three months starting from September 1, 2024.
• The Union Ministry of Finance will dilute a 6.78% stake in General Insurance Corporation of India (GIC Re) to raise approximately Rs 4,700 crore.
• In a major stride towards technological self-reliance, the Indian Army announced the successful transfer of technology (ToT) for its indigenously developed "Xploder" UGV and "Agniastra" detonation system to private Indian firms.