Current Affairs PDF

 Acknowledgment We gratefully acknowledge all the students of CSEET ICSI for their dedication and commitment to learning. This book on current affairs is a testament to your pursuit of knowledge and your determination to exc...

 Acknowledgment We gratefully acknowledge all the students of CSEET ICSI for their dedication and commitment to learning. This book on current affairs is a testament to your pursuit of knowledge and your determination to excel in your studies. We hope this resource serves you well in your preparation and helps you achieve success in your examinations. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Message for Students Dear Students, Congratulations on embarking on your journey towards becoming Company Secretaries with the CSEET. We are delighted to present to you this comprehensive guide on current affairs, tailored specifically to aid your preparation. This book aims to equip you with the latest updates and insights crucial for your examination success and professional growth. Remember, each page you read and comprehend brings you closer to your goal. Stay focused, remain diligent, and approach your studies with enthusiasm. Your dedication today will shape your achievements tomorrow. Best wishes for your studies and future endeavors! Warm regards, Prof Darshan Dhoka 855183224 PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Index Sn Topic No of pages 1 International and National 43 Affairs 2 Financial Affairs 12 3 Political Affairs 30 4 Legal and other Affairs 31 5 Business and Economy 22 PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  CHAPTER 1: INTERNATIONAL AND NATIONAL AFFAIRS International Monetary Fund (IMF) The International Monetary Fund (IMF) is an organization comprising 190 countries, established in 1944 after the Great Depression. It aims to promote global economic stability, international monetary cooperation, sustainable economic growth, and poverty reduction worldwide. Objectives of IMF: 1. Promote Monetary Cooperation: Foster collaboration among nations on monetary matters. 2. Ensure Exchange Rate Stability: Facilitate stable exchange rates to support international trade. 3. Support High Employment: Assist member countries in achieving full employment and sustainable economic growth. 4. Reduce Poverty: Provide financial and technical assistance to reduce poverty globally. Functions: - Surveillance: Monitors global economic trends and member countries' economies, providing policy advice. - Financial Assistance: Provides loans and technical assistance to countries facing economic challenges. - Capacity Development: Offers training and technical support to strengthen member countries' economic institutions. Financial Resources: 1. Member Quotas: Primary source of funds, based on each country's economic size. 2. New Arrangements to Borrow (NAB): Additional financial backup from certain member countries and institutions. 3. Bilateral Borrowing Agreements: Supplementary loans from member countries. Recent Developments: - In December 2023, IMF increased member quotas by 50%, totaling SDR 715.7 billion (approximately US$960 billion). Leadership: - Managing Director: Kristalina Georgieva PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Deputy Managing Directors: Gita Gopinath, Antoinette Sayeh, Kenji Okamura, Bo Li Fast Facts: - Membership: 190 countries - Headquarters: Washington, D.C. - Lending Capacity: Approximately $1 trillion - Current Lending Arrangements: 34 - Countries Assisted During COVID-19 Pandemic: 76 Primary Aims of the IMF - Promote international monetary cooperation. - Facilitate the expansion and balanced growth of international trade. - Promote exchange rate stability. - Assist in the establishment of a multilateral system of payments. - Provide resources (with adequate safeguards) to members facing balance-of- payments difficulties. IMF Leadership - Managing Director: Kristalina Georgieva - First Deputy Managing Director: Gita Gopinath - Deputy Managing Directors: Antoinette Sayeh, Bo Li India at a Glance - 2024 Projected Real GDP (% Change): 6.5% - Date of Membership: December 27, 1945 - Article IV/Country Report: December 18, 2023 - Special Drawing Rights (SDR): 13,688.31 million - Quota (SDR): 13,114.4 million - Number of Arrangements since Membership: 7 PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  *Data extracted from the IMF website on April 09, 2024* For more detailed information, you can visit the [IMF's official bwebsite](https://www.imf.org/external/). World bank The World Bank is a prominent international financial institution that provides financial and technical assistance to developing countries. Here's a summary of its key aspects: 1. Purpose and Role: The World Bank aims to reduce poverty, increase shared prosperity, and promote sustainable development. It provides loans, grants, and policy advice to support economic reforms in member countries. 2. Constituent Institutions: - International Bank for Reconstruction and Development (IBRD): Offers loans at market rates to middle-income and creditworthy lower-income countries. - International Development Association (IDA): Provides interest-free loans and grants to the world's poorest countries for projects in health, education, etc. - International Finance Corporation (IFC): Supports private sector development through investments and advisory services. - Multilateral Investment Guarantee Agency (MIGA): Provides political risk insurance and credit enhancement to investors and lenders in developing countries. - International Centre for Settlement of Investment Disputes (ICSID): Facilitates arbitration and conciliation of investment disputes between governments and foreign investors. 3. Leadership: The World Bank Group is led by President Ajay Banga. Each institution within the group has its own leadership structure. 4. Recent Activities: The World Bank recently maintained India's GDP growth estimate at 6.4% for FY25, highlighting factors like strong domestic demand and infrastructure spending. 5. International Finance Corporation (IFC): - Founded in 1956, it focuses on private sector development in developing countries. - Offers investment, advisory, and asset management services to promote sustainable private sector growth. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Issues various financial instruments like green bonds and social bonds to finance projects aligned with sustainable development goals. World Bank Leadership - World Bank Group: President Ajay Banga - International Finance Corporation: Managing Director Makhtar Diop - Multilateral Investment Guarantee Agency: Executive Vice President Hiroshi Matano - International Centre for Settlement of Investment Disputes: Secretary General Meg Kinnear IFC History of IFC Over six decades ago, a few dozen countries established the International Finance Corporation (IFC) with an initial capital of $100 million to enhance the World Bank's efforts in promoting growth and development through the private sector. Today, the IFC is the largest global development institution focused on the private sector, having delivered nearly $300 billion in financing to businesses in emerging markets. Since its inception, IFC has introduced innovative approaches to meet the needs of developing countries. Starting in 1957, IFC partnered with multinational companies, like Siemens in Brazil, to invest in developing countries. As local businesses began to thrive, IFC deployed staff to local markets to better serve clients. Over time, IFC provided investment, advice, and mobilized resources from other capital providers, leveraging its unique advantages to work with the private sector in ending extreme poverty and boosting shared prosperity. About IFC The International Finance Corporation (IFC), a sister organization of the World Bank and part of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries. The World Bank Group has set two primary goals for 2030: to end extreme poverty and to promote shared prosperity. Founded in 1956, IFC offers investment, advisory, and asset-management services to foster private-sector development in over 100 countries. It has pioneered new markets, such as sustainable bonds, and coined the term "emerging markets." The mission of PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  IFC is to advance economic development by encouraging the growth of private enterprises in developing countries. IFC supports countries in developing their private sectors through various methods: - Investing in companies via loans, equity investments, debt securities, and guarantees. - Mobilizing capital from other lenders and investors through loan participations, parallel loans, and other means. - Advising businesses and governments to enhance private investment and improve the investment climate. Since 2009, IFC has focused on a set of development goals, targeting sustainable agriculture opportunities, improving healthcare and education, increasing access to financing for microfinance and business clients, advancing infrastructure, helping small businesses grow revenues, and investing in climate health. Owned and governed by its member countries, IFC operates with its own executive leadership and staff. It was initially financially integrated with the World Bank Group but later became a financially autonomous entity authorized to make independent investment decisions. IFC offers a range of debt and equity financing services, helping companies manage risk exposures while avoiding management roles. Additionally, IFC advises companies on decision-making, evaluating their environmental and social impact, and fostering corporate responsibility. Functions of IFC - Investment and Advisory Services: IFC provides a range of investment and advisory services to help businesses and entrepreneurs in developing countries tackle market challenges. - Innovative Financial Products: IFC offers various financial products for private sector projects in developing countries, including loans for its own account (A-loans), equity financing, quasi-equity financing, syndicated loans (B-loans), risk management products, and partial credit guarantees. IFC often funds financial intermediaries that on-lend to clients, particularly small and medium enterprises. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Advisory Services: IFC offers advisory services to help build businesses. These services are often funded through partnerships with donor governments, other multilateral institutions, donor country trust funds, and IFC’s own resources. - Tailored Financing and Advisory Services: IFC provides a mix of financing and advisory services customized to meet the needs of each project. However, the primary funding, leadership, and management responsibility lies with private sector owners and investors. Funding by IFC - First Investment: IFC's first investment was a $2 million, 15-year loan in September 1957 to help the local affiliate of German electrical equipment manufacturer Siemens build Brazil’s first integrated assembly plant for local utilities. - Subsequent Investments: Over the years, IFC financed various projects in different markets, including steel plants in India and Pakistan, textiles in El Salvador, and cement production in Thailand. In 1965, IFC made its first investment in Africa with a $2.8 million loan package for the new Kilombero Sugar Co. operation in Tanzania. - ESG Bonds: IFC actively issues Environmental, Social, and Governance (ESG) bonds, including Green Bonds and Social Bonds. These bonds finance projects aimed at alleviating social issues and are aligned with the Green Bond Principles and Social Bond Principles. - Strict ESG Standards: All projects financed by IFC must adhere to stringent ESG standards and the Sustainability Framework, ensuring clients conduct business sustainably. - Funding Instruments: IFC issues bonds in various markets, formats, and currencies, including: - Benchmark & Global Bonds: U.S. Dollar Benchmark Bonds, USD SOFR Floating Rate Notes Bonds, Australian Dollar Public Bonds, British Pound Sterling Public Bonds, New Zealand Dollar Public Bonds, etc. - Discount Notes: IFC's Discount Note Program, launched in June 2009, supports trade finance and liquidity management. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Green Bonds: IFC is a major financier of climate-smart projects and an early issuer of green bonds, with its Green Bond Program launched in 2010. - Impact Notes: Since 2005, IFC has provided over $31 billion in long-term financing and raised over $22.3 billion in core mobilization through partnerships. - MTNs & Structured Notes: IFC issues plain vanilla and structured notes to offer investors a yield pickup and accommodate their needs, including interest rate-linked, foreign exchange-linked, equity index-linked, commodity-linked, floating rate notes (FRNs), and hybrid notes. - Social Bonds: Launched in 2017, IFC’s Social Bond Program finances projects from its Banking on Women and Inclusive Business programs, benefiting underserved populations in emerging markets, including women and low-income communities with limited access to essential services. The program aligns with the Social Bond Principles published by the International Capital Market Association (ICMA). - Buyback Program: IFC has an active buyback program, serving as a liquidity backstop for its issuances. IFC’s Strategic Alignment with the SDGs IFC aims to create markets through various strategies: - Innovative Business Models: Demonstrating successful and replicable business models. - Stimulating Competitiveness: Encouraging efficiency gains, cost reductions, and the entry of new market players. - Regulatory Improvements: Enhancing business regulatory frameworks to foster a vibrant, sustainable private sector. - Capacity Building: Developing skills and capacities that open new market opportunities. These efforts extend IFC's impact beyond its own financing capabilities. Role in Maximizing Finance for Development IFC plays a crucial role in the World Bank Group’s approach to Maximizing Finance for Development. To achieve the ambitious SDGs, expanding the role of the private sector and mobilizing private capital while conserving public resources is essential. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Collaborating with the World Bank and the Multilateral Investment Guarantee Agency (MIGA), IFC focuses on mobilizing private sector solutions for development and creating markets that facilitate private investment in achieving the SDGs. Contribution to the SDGs IFC contributes to the SDGs through: - Project Outcomes: Measuring and reporting on the direct impact on stakeholders (customers, suppliers, government, community), and the indirect and induced effects on the economy (value added, employment), and environmental and social impacts. - Market Creation: Assessing projects for their ability to create new markets or contribute to systemic improvements in market functionality and sustainable development impact. Association of Southeast Asian Nations (ASEAN) The Association of Southeast Asian Nations (ASEAN) was established on August 8, 1967, in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration) by Indonesia, Malaysia, Philippines, Singapore, and Thailand. Over the years, ASEAN has expanded to include Brunei Darussalam (1984), Vietnam (1995), Lao PDR and Myanmar (1997), and Cambodia (1999), making it a group of ten Member States. Aim and Purpose: 1. Economic Growth and Social Progress: Joint efforts to accelerate economic growth, social progress, and cultural development in the region. 2. Regional Peace and Stability: Promoting peace and stability through respect for justice, rule of law, and adherence to UN principles. 3. Collaboration and Mutual Assistance: Active collaboration on common interests like socio-cultural, economic, and political issues. 4. Training and Research Assistance: Providing mutual assistance in education, technical training, and research. 5. Economic Cooperation: Enhancing trade, improving infrastructure, and raising living standards. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  6. Promotion of Southeast Asian Studies: Fostering academic and cultural exchanges. 7. External Relations: Cooperating with other regional and international organizations. ASEAN Charter: The ASEAN Charter, in force since December 15, 2008, provides a legal framework for ASEAN's operations. It established new organs and enhanced the organization's community-building process. ASEAN Summit: The ASEAN Summit is held biannually, chaired by the ASEAN Member State holding the Chairmanship, with the aim of setting policies and priorities for ASEAN. ASEAN Chairmanship: The Chairmanship rotates annually among ASEAN Member States. The Chair promotes ASEAN's interests, coordinates policy initiatives, and represents ASEAN in external relations. ASEAN in News: - 2024 Chairmanship: Laos PDR will assume the ASEAN Chairmanship, focusing on resilience and community- building. For more detailed information, you can visit the ASEAN website at [https://asean.org/about-us](https://asean.org/about-us). PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  BRICS BRICS, an acronym for Brazil, Russia, India, China, and South Africa, is an informal association of major emerging economies. Founded in 2006, its primary objectives include enhancing cooperation on economic, political, and security issues among its members. Here are the key points summarizing BRICS: 1. Members: BRICS consists of Brazil, Russia, India, China, and South Africa. It represents over 41% of the world's population and about 24% of global GDP. 2. Foundation: Initially known as "BRIC," it started as a group with economic potential and political influence, expanding to include South Africa in 2010. 3. Cooperation Areas: BRICS focuses on multiple areas including energy, trade, banking, agriculture, science and technology, health, education, and tourism. It aims to foster mutual development and cooperation. 4. Institutional Framework: BRICS operates through annual summits, ministerial meetings (such as Foreign Affairs and National Security Advisers), and sectoral working groups covering various domains. 5. Global Influence: BRICS seeks to reform global governance structures to better reflect the emerging world order and voices of developing nations. It engages actively in international forums like the United Nations, G20, World Bank, and IMF. 6. Recent Developments: BRICS has expanded its influence by admitting six new countries into the bloc from January 1, 2024, including Argentina, Ethiopia, Iran, Saudi Arabia, Egypt, and the United Arab Emirates. Overall, BRICS serves as a significant platform for its members to collaborate on global issues, enhance economic ties, and promote South-South cooperation, influencing global economic governance and development strategies. South Asian Association for Regional Cooperation (SAARC) PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  The South Asian Association for Regional Cooperation (SAARC) was established on December 8, 1985, with the signing of the SAARC Charter in Dhaka. The organization includes eight member states: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. The SAARC Secretariat was set up in Kathmandu on January 17, 1987. Objectives of SAARC The SAARC Charter outlines several key objectives: - Promote Welfare: Enhance the well-being of the peoples of South Asia and improve their quality of life. - Economic Growth: Accelerate economic growth, social progress, and cultural development. - Self-Reliance: Strengthen collective self-reliance among South Asian countries. - Mutual Trust: Foster mutual trust, understanding, and appreciation of each other's problems. - Collaboration: Encourage active collaboration and mutual assistance in economic, social, cultural, technical, and scientific fields. - International Cooperation: Strengthen cooperation with other developing countries and in international forums on common interests. - Regional Organizations: Cooperate with international and regional organizations with similar aims. Decision-Making and Leadership Decisions at all levels within SAARC are made unanimously, and bilateral and contentious issues are excluded from discussions. Ambassador Mr. Md. Golam Sarwar from Bangladesh is the current Secretary General, having taken office on October 26, 2023. Nepal currently chairs SAARC since November 26, 2014. For more information, visit the [SAARC website](http://saarc-sec.org/). PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  The Group of Twenty (G20) About G20 The G20 is a premier international forum for global economic cooperation, comprising leaders from 19 countries and the European Union (EU). The members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the EU. Additionally, leaders from invited guest countries and representatives from guest international organizations participate in the summit. Objectives Designated as the “premier forum for international economic cooperation” at the Pittsburgh Summit in 2009, the G20 aims to achieve robust global economic growth. Recent summits have addressed a broad spectrum of global issues, including development, climate change, energy, health, counter-terrorism, and migration, all of which impact the global economy. The G20 strives to create an inclusive and sustainable world by addressing these challenges. History and Evolution - Formation: The G20 was founded in 1999 following the Asian Financial Crisis to include major emerging market countries in discussions about the international financial system. Initially, it involved meetings of Finance Ministers and Central Bank Governors. - Elevation to Leaders' Level: In response to the 2008 global financial crisis, the G20 was elevated to a summit of heads of state, starting with the first G20 Summit in Washington, D.C. in November 2008. - Role and Influence: The G20 represents around 85% of global GDP, over 75% of global trade, and about two-thirds of the world population, making it a crucial player in global economic governance. Operations - Presidency Rotation: The G20 presidency rotates annually among its members, with the current president working alongside the previous and next presidents (the Troika) to ensure continuity. Currently, the Troika countries are India, Brazil, and South Africa. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Coordination: The G20 does not have a permanent secretariat. Instead, agenda and work coordination are handled by the leaders' personal representatives, known as sherpas, along with finance ministers and central bank governors. - Annual Summit: The G20 summit is the pinnacle event, where members commit to various initiatives and visions for the future through a communiqué. Recent Highlights and Developments - 2023 Summit in New Delhi: Key moments included the African Union's induction as a new member, discussions on the Ukraine conflict, and agreements on climate change and renewable energy. - New Delhi Declaration: Adopted unanimously by all members, including China and Russia, the declaration emphasized consensus on global issues and included the launch of the Global Biofuels Alliance and the India-Middle East-Europe Economic Corridor (IMEE EC). For more details, visit the [G20 website](https://g20.org). Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization established on June 6, 1997, through the Bangkok Declaration. It comprises seven member states: Bangladesh, Bhutan, India, Nepal, Sri Lanka, Myanmar, and Thailand. Originally known as BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation), it expanded to include Myanmar in December 1997 and Nepal and Bhutan in 2004, leading to its current name. BIMSTEC acts as a bridge between South and Southeast Asia, aiming to strengthen relations and promote cooperation among its member states. It covers a region with a population of around 1.5 billion people, constituting about 22% of the global population. The organization focuses on sectors like trade, investment, security, environment, agriculture, public health, culture, and climate change. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Key objectives include accelerating economic growth, promoting social progress, enhancing regional connectivity, combating terrorism and transnational crime, and addressing natural disasters and climate change. BIMSTEC also supports initiatives in education, research, and technical cooperation to uplift living standards and eradicate poverty in the region. Recent developments include hosting events like the BIMSTEC Aquatic Championship 2024 in New Delhi, underscoring efforts to foster regional cooperation and cultural exchange. Shri Indra Mani Pandey is set to become the next Secretary General, continuing efforts to strengthen BIMSTEC's role in regional integration and economic development. Sectors of Cooperation in BIMSTEC Member States Bangladesh: Trade, Investment, and Development Bangladesh focuses on enhancing trade, attracting investment, and promoting overall development within the BIMSTEC framework. Bhutan: Environment and Climate Change Bhutan's primary focus is on addressing environmental issues and combating climate change through sustainable practices and regional cooperation. India: Security India emphasizes security within the region, specifically targeting: - Counter-Terrorism and Transnational Crime: Efforts to combat terrorism and cross- border criminal activities. - Disaster Management: Strategies and collaborative efforts to manage and mitigate natural disasters. - Energy: Enhancing energy security and cooperation among member states. Myanmar: Agriculture and Food Security Myanmar prioritizes agriculture and food security, focusing on: - Agriculture: Development and support for the agricultural sector. - Fisheries and Livestock: Enhancing fisheries and livestock production to ensure food security. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Nepal: People-to-People Contact Nepal aims to strengthen people-to-people contacts through: - Culture: Promoting cultural exchange and heritage preservation. - Tourism: Enhancing tourism to foster regional connectivity and economic growth. - People-to-People Contact: Facilitating forums for think tanks, media, and other groups to enhance mutual understanding and cooperation. Sri Lanka: Science, Technology, and Innovation Sri Lanka's focus includes: - Technology: Promoting technological advancements and innovation. - Health: Enhancing healthcare systems and cooperation in medical research. - Human Resource Development: Fostering development and training of human resources. Thailand: Connectivity Thailand aims to improve regional connectivity through infrastructure development and transportation networks to facilitate economic integration and growth. BIMSTEC Purpose and Objectives The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) aims to: - Economic Development: Create an environment for rapid economic development by implementing specific cooperation projects. - Social Progress: Accelerate economic growth and social progress through joint efforts in the Bay of Bengal region. - Active Collaboration: Promote active collaboration and mutual assistance in economic, social, technical, and scientific fields. - Training and Research: Provide training and research facilities in educational, professional, and technical areas. - Complement National Plans: Support national development plans of member states to generate tangible benefits for people, including employment and improved infrastructure. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Regional Projects: Cooperate on projects that are best handled on a regional basis and leverage synergies. - Peace and Stability: Maintain peace and stability through collaboration against terrorism, organized crime, natural disasters, climate change, and communicable diseases. - Poverty Eradication: Work towards eradicating poverty in the Bay of Bengal region. - Multidimensional Connectivity: Establish connectivity to promote economic integration and shared prosperity. - Trade and Investment: Enhance trade and investment as key factors for economic and social development. Recent Developments in BIMSTEC - BIMSTEC Aquatic Championship 2024: Hosted by India in New Delhi, this event aims to foster regional cooperation and make the Bay of Bengal Region a sports powerhouse. - New Secretary General: Shri Indra Mani Pandey, an Indian Foreign Service Officer, will be the next Secretary General of BIMSTEC, marking the first time an Indian will hold this position. Asian Development Bank (ADB) Overview The Asian Development Bank (ADB) was established in the early 1960s with the goal of fostering economic growth and cooperation in Asia, especially in its poorer regions. ADB aims to support a prosperous, inclusive, and sustainable Asia-Pacific by addressing extreme poverty and promoting development through various financial and technical services. Key Functions: - Financial Support: ADB provides loans, technical assistance, grants, and equity investments to advance social and economic development. - Member Composition: It has 68 members, with 49 from Asia and the Pacific region. Areas of Focus: 1. Development Impact: ADB focuses on projects that drive economic and developmental progress in its member countries. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  2. Public and Private Sector Projects: It supports both sectors through operations, advisory services, and knowledge support. 3. Partnerships: Collaborates with governments, specialized agencies, and financial institutions to deliver impactful projects. Financial Operations: - Private Sector Financing: ADB offers direct financing to private entities through loans, guarantees, and equity investments. This includes: - Loans: Provided with flexible terms and rates based on market conditions. - Equity Investments: Includes common shares, preferred stock, and convertibles, without seeking controlling interest or management roles. - Guarantees: Helps manage risks in projects by covering certain financial uncertainties. - Loan Syndication: Partners with commercial banks and other institutions to provide project financing. Blended Finance: Combines concessional finance from donors or third parties with regular development finance to support private sector projects and mobilize additional resources. Goals: - Poverty Reduction: Focuses on alleviating extreme poverty through its projects. - Economic Integration: Enhances regional economic integration and development. - Sustainable Development: Promotes sustainable practices and addresses the Sustainable Development Goals (SDGs). ADB remains committed to improving regional development and fostering economic stability across Asia and the Pacific. Organisation for Economic Co-operation and Development (OECD) Overview The OECD is an international organization dedicated to developing better policies for improving lives. Its mission is to promote prosperity, equality, opportunity, and well- being globally. The OECD collaborates with governments, policymakers, and citizens to PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  create evidence-based standards and solutions for a wide range of social, economic, and environmental challenges. Core Functions: - Policy Development: Focuses on shaping policies that drive economic performance, job creation, education improvement, and address issues such as international tax evasion. - Evidence-Based Standards: Establishes international standards and provides analysis, knowledge, and best practices to address various global challenges. - Advisory Role: Offers advice and recommendations on public policies and contributes to global policy networks, working closely with entities like the G7 and G20. Historical Background: - Origins: The OECD evolved from the Organisation for European Economic Co- operation (OEEC), which was established to manage aid under the Marshall Plan for Europe's post-WWII reconstruction. - Formation: The OECD was formally established by the Convention signed on December 14, 1960, and came into force on September 30, 1961. Key Contributions: - Global Standards: Developed important principles such as the "polluter pays" principle and has been influential in various fields, including education, economic policy, and environmental protection. - International Collaboration: Engages in multilateral efforts to address global issues through evidence-based analysis and recommendations. The OECD remains a key player in shaping effective policies and fostering international cooperation for global development and well-being. NITI Aayog Background: - Predecessor: Planning Commission, established in March 1950. - Mandate: Industrialization via public investment, formulation and implementation of Five-Year Plans. - Closure: Announced on August 15, 2014, replaced by NITI Aayog. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Establishment of NITI Aayog: - Formed: 2015. - Purpose: Serve the needs and aspirations of India, foster cooperative federalism, and act as a platform for state and national interests. - Mandate: Reimagine development, dismantle old central planning, and foster a national consensus on developmental goals. Functions: 1. Policy and Programme Framework: Designing long-term policies and programs. 2. Cooperative Federalism: Bringing states together for national interest. 3. Monitoring and Evaluation: Assessing implementation and progress. 4. Think Tank: Acting as a hub for knowledge and innovation. Objectives: - Shared vision of national development. - Foster cooperative federalism. - Formulate credible plans at all levels. - Incorporate national security interests. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Focus on at-risk sections of society. - Design strategic policies and frameworks. - Encourage partnerships and collaborative support systems. - Resolve inter-sectoral and inter-departmental issues. - Maintain a state-of-the-art resource centre. - Actively monitor and evaluate programs and initiatives. - Focus on technology upgradation and capacity building. Current Constitution: - Chairperson: Prime Minister of India (Narendra Modi). - Vice Chairperson: Suman Bery. - Full-Time Members: V.K. Saraswat, Ramesh Chand, V.K. Paul, Arvind Virmani. - CEO: BVR Subrahmanyam. - Governing Council: Includes the PM, ex-officio members, Chief Ministers of all States, LGs of UTs, and special invitees. Relevance: - Competitive Federalism: Performance-based state rankings. - Cooperative Federalism: Direct state representation. - Greater Accountability: Real-time performance data collection. - Innovative Ideas: Funnel for new ideas from various sources. - Convergence for Resolution: Platform for discussing common issues. In News: - E-Commerce Exports (March 2023): Recommendations for boosting MSME exports, including easing export finance and green channel clearances. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Best Practices in Social Sector (May 2023): Compendium of 75 case studies showcasing innovative and impactful models across various themes. Summary: NITI Aayog replaced the Planning Commission in 2015 to better address India's development needs through cooperative federalism, strategic policy formulation, and monitoring. It acts as a think tank, promoting innovation and providing policy inputs. The Governing Council includes key national and state leaders, fostering collaboration and ensuring accountability. Recent initiatives focus on enhancing MSME exports and documenting best practices in the social sector. Reserve Bank of India (RBI) Overview Establishment and Ownership: - Founded: April 1, 1935, under the Reserve Bank of India Act, 1934. - Location: Originally in Calcutta, moved to Mumbai in 1937. - Ownership: Nationalized in 1949, now fully owned by the Government of India. Core Functions: 1. Monetary Authority: - Role: Formulates and implements monetary policy. - Objective: Maintain price stability while promoting economic growth. 2. Regulator and Supervisor of the Financial System: - Role: Sets guidelines for banking operations and ensures financial stability. - Objective: Protect public confidence and provide cost-effective banking services. 3. Manager of Foreign Exchange: - Role: Administers the Foreign Exchange Management Act, 1999. - Objective: Facilitate trade, payments, and maintain the foreign exchange market. 4. Issuer of Currency: PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Role: Issues and manages currency notes and coins. - Objective: Ensure an adequate and high-quality supply of currency. 5. Developmental Role: - Role: Promotes national objectives through various support functions. 6. Regulator and Supervisor of Payment and Settlement Systems: - Role: Oversees payment systems to ensure safety and efficiency. - Objective: Maintain public confidence in payment systems. Related Functions: - Banker to the Government: Handles merchant banking functions and maintains accounts for central and state governments. - Banker to Banks: Manages the banking accounts of scheduled banks. Recent News (As of April 2024): - Policy Rates: - Repo Rate: 6.50% - Fixed Reverse Repo Rate: 3.35% - Marginal Standing Facility Rate: 6.75% - Bank Rate: 6.75% - Reserve Ratios: - Cash Reserve Ratio (CRR): 4.50% - Statutory Liquidity Ratio (SLR): 18.00% - Recent Caution: RBI warned the public about unauthorized Prepaid Payment Instruments issued by TalkCharge Technologies Pvt. Ltd. The company was found to be operating without RBI authorization and demanding refunds from customers. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  The RBI plays a crucial role in managing India’s economy through policy formulation, financial regulation, and currency issuance. Securities and Exchange Board of India (SEBI) Establishment and Function: - SEBI was established on April 12, 1992, under the SEBI Act, 1992. - The primary functions are to protect investors' interests, promote the development of, and regulate the securities market. SEBI Board: - SEBI operates through a structured board to oversee its various functions and regulatory activities. SEBI chief Recent SEBI News: 1. Advisory Against Fraudulent Trading Schemes (February 26, 2024): - SEBI issued a warning about fraudulent trading platforms posing as SEBI-registered Foreign Portfolio Investors (FPIs). - These schemes lure individuals through online courses, seminars, and social media, offering fake trading opportunities. - SEBI advises investors to be cautious and avoid such schemes, which lack SEBI endorsement. 2. Caution Against Unregistered Entities (February 13, 2024): PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - SEBI observed an increase in fake entities claiming to be SEBI-registered intermediaries. - These entities use false certificates and promise high returns, misleading the public. - SEBI urges investors to verify the registration status of entities and be aware of high- risk investments. Investor Charter Issued by SEBI: Background: - Proposed by Finance Minister Nirmala Sitharaman in the Union Budget 2021-22, aiming to protect financial investors' rights. About the Investor Charter: - Released in 2021 for the Indian securities market. - Details investors' rights, responsibilities, and the grievance redressal mechanism. - Ensures transparency and knowledge-driven investments. Rights of Investors: 1. Fair and equitable treatment. 2. Timely redressal of grievances filed in SEBI’s Complaints Redress System (SCORES). 3. Quality services from SEBI-recognised entities. Responsibilities of Investors: 1. Deal with SEBI-recognised and registered entities. 2. Update contact and KYC details. 3. Ensure timely grievance reporting and account operations for their own benefit. Do’s for Investors: - Read and understand investment documents. - Be aware of grievance mechanisms and risks involved. - Track account statements and report discrepancies. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Know fees, charges, and preserve transaction documents. Don’ts for Investors: - Avoid cash payments beyond prescribed limits. - Do not share critical account information. Applicability: - The charter is applicable to SEBI-registered intermediaries and regulated entities like stock exchanges, clearing corporations, depositories, investment advisers, mutual funds, and stock brokers. For more detailed information, visit SEBI's official website: [SEBI](https://www.sebi.gov.in/index.html). Competition Commission of India (CCI) The Competition Act, 2002: - The Competition Act, 2002, amended by the Competition (Amendment) Act, 2007, aligns with modern competition laws. - The Act prohibits anti-competitive agreements, abuse of dominant position, and regulates combinations (acquisitions, mergers, etc.) that may adversely affect competition in India. Establishment and Objectives: - CCI was established on October 14, 2003, by the Central Government to enforce the Competition Act. - CCI comprises a Chairperson and six Members appointed by the Central Government. - Its duties include eliminating anti-competitive practices, promoting and sustaining competition, protecting consumer interests, and ensuring free trade in Indian markets. - CCI also provides opinions on competition issues upon request from statutory authorities, engages in competition advocacy, raises public awareness, and offers training on competition matters. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Leadership: - Ravneet Kaur is the Chairperson. - Members include Anil Agarwal, Sweta Kakkad, and Deepak Anurag. For more details, visit the [CCI website](https://www.cci.gov.in/). Insolvency and Bankruptcy Board of India (IBBI) Establishment and Role: - Established on October 1, 2016, under the Insolvency and Bankruptcy Code, 2016. - The IBBI implements the Code, which aims to consolidate and amend insolvency and reorganization laws for corporates, partnerships, and individuals, maximizing asset value, promoting entrepreneurship, and balancing stakeholder interests. Functions: - IBBI regulates both the profession and processes of insolvency resolution. - It oversees Insolvency Professionals, Insolvency Professional Agencies, Insolvency Professional Entities, and Information Utilities. - It writes and enforces rules for corporate insolvency resolution, liquidation, individual insolvency resolution, and bankruptcy. - Recently tasked with promoting and regulating the working and practices of insolvency professionals and related entities. - Designated as the authority for the regulation and development of the valuation profession under the Companies (Registered Valuers and Valuation Rules), 2017. Leadership: - Shri Ravi Mittal is the Chairperson. - Whole-time members include Shri Sudhaker Shukla, Shri Jayanti Prasad, and Shri Sandip Garg. For more details, visit the [IBBI website](https://ibbi.gov.in/). PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Institute of Company Secretaries of India (ICSI) Establishment and Role: - Established under the Company Secretaries Act, 1980, to regulate and develop the profession of Company Secretaries. - Functions under the Ministry of Corporate Affairs, Government of India. - Provides quality education for CS courses and sets standards for CS members. Structure and Reach: - Headquarters in New Delhi with four Regional Offices in New Delhi, Chennai, Kolkata, and Mumbai, and 72 Chapter Offices across India. - Overseas centres in Australia, Canada, Singapore, UAE, UK, and USA. - Largest membership and student base of Company Secretaries worldwide, with over 72,000 members and around 200,000 students. Initiatives: - Takes various initiatives for the growth and development of the profession. - Contributes to Government of India initiatives for socio-economic growth. Leadership: - CS B. Narasimhan is the President. - CS Dhananjay Shukla is the Vice President. Motto: - " Speak the Truth, Abide by the Law Vision: PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - To be a global leader in promoting Good Corporate Governance. Mission: - To develop high-calibre professionals facilitating good Corporate Governance. For news related to ICSI, refer to Lesson 4 – Legal and Other Affairs. Summits and Conferences G7 Summit About G7: - Formation: Originated in 1975 by six leading industrial nations (US, UK, France, Germany, Japan, Italy) post-1973 oil crisis; Canada joined in 1976. - G8 to G7: Russia joined in 1998, making it G8, but was suspended in 2014 after annexing Crimea. - Current Members: US, UK, Canada, France, Germany, Italy, Japan. - Principles: Values include freedom, human rights, democracy, rule of law, prosperity, and sustainable development. Recent G7 Summits: - 2024: Hosted by Italy in Puglia on June 13-15. - 2023: Hosted by Japan in Hiroshima on May 19-21. - 2022: Hosted by Germany in Schloss Elmau, Krün, Bavarian Alps, on June 26-28. Major Outcomes of G7 Summit 2023: - Nuclear Disarmament: Hiroshima Vision Statement, commitment to a world without nuclear weapons. - Support for Ukraine: Military and financial assistance against Russia; new sanctions including a ban on Russian gold. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - China: Countering economic coercion and promoting fair trade. - Global Food Crisis: $5 billion in food assistance; initiatives to increase food production and reduce waste. - Clean Energy and Infrastructure: Investment of USD 600 billion over five years; making clean energy affordable. - Climate and Environment: Compensation for global warming contributions. - Human Rights: Commitment to protecting human rights and democracy. - Global Health: Addressing the global health crisis and strengthening health systems. Major Outcomes of G7 Summit 2022: - Communique: Commitment to human rights, democracy, and multilateral order. - Ukraine: Condemnation of Russia’s actions; EUR 28 billion aid pledge. - Energy and Food Security: Reducing dependency on Russian energy; Global Alliance on Food Security. - Economic Issues: Coordination on economic security and supply chain resilience. - Climate and Environment: Goals for decarbonization by 2030 and 2035; phase-out of coal power. - Investments: Partnership for Global Infrastructure and Investment; USD 600 billion mobilization over five years. - Health: Equitable access to vaccines and medical goods; G7 pact for pandemic readiness. - Democratic Values: Strengthening societal resilience, promoting human rights, and achieving gender equality. World Investor Week 2023: - Duration: October 2-8, 2023. - Participants: Over 100 jurisdictions and several global organizations. - Focus: Investor education initiatives for enhanced protection. - Support: G20 under India’s presidency. - Organized by: International Organization of Securities Commissions (IOSCO). PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  About IOSCO: - Role: Leading international policy forum for securities regulators. - Membership: Regulates over 95% of the world’s securities markets in 130 jurisdictions. - Objectives: Develop and promote international standards, enhance investor protection, and exchange information globally. SCO Summit 2023: - India’s Chairmanship: Began at the Samarkand Summit on September 16, 2022. - 23rd Summit: Held virtually on July 4, 2023, chaired by Prime Minister Narendra Modi. - Theme: ‘Towards a SECURE SCO’. - New Member: Iran officially joined as the ninth member country. Key Highlights of the 23rd SCO Summit: - New Delhi Declaration: Focus on countering terrorism, separatism, extremism, and preventing religious intolerance and racial discrimination. - Joint Statements: On countering radicalization and cooperation in digital transformation. - Five New Pillars for Cooperation: - Startups and Innovation - Traditional Medicine - Youth Empowerment - Digital Inclusion - Shared Buddhist Heritage - Connectivity: Emphasized trade and trust enhancement, upholding SCO principles, respecting sovereignty and regional integrity. For detailed information, visit the official press release [here](https://www.pib.gov.in/PressReleasePage.aspx?PRID=1949884). PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  SCO Summit 2023 Highlights Context: - Chairmanship: India assumed the rotating Chairmanship of the Shanghai Cooperation Organisation (SCO) at the Samarkand Summit on September 16, 2022. - Virtual Summit: The 23rd SCO Summit was held virtually on July 4, 2023, chaired by Indian Prime Minister Narendra Modi. - Theme: India’s chairmanship theme was ‘Towards a SECURE SCO,’ an acronym introduced by PM Modi at the 2018 Qingdao Summit. Key Outcomes: 1. New Delhi Declaration: - Focus: Member nations agreed to combat terrorism, separatism, and extremism, emphasizing the need to prevent religious intolerance, aggressive nationalism, ethnic and racial discrimination, xenophobia, fascism, and chauvinism. 2. Thematic Joint Statements: - Counter-Radicalization: Cooperation to address radicalization leading to separatism, extremism, and terrorism. - Digital Transformation: Collaboration in the field of digital transformation. 3. New Pillars for Cooperation: - Areas: Startups and Innovation, Traditional Medicine, Youth Empowerment, Digital Inclusion, Shared Buddhist Heritage. 4. Leadership Insights: - PM Modi: Stressed the importance of connectivity to enhance mutual trade and trust among SCO member states, while also emphasizing adherence to the SCO charter's principles, particularly respecting member states' sovereignty and regional integrity. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  The summit highlighted India’s focus on security, cooperation, and connectivity within the SCO framework, while also introducing new areas for collaboration among member states. Business Personalities Mukesh Ambani - Chairman and Managing Director of Reliance Industries Ltd. - Chemical Engineer from the Institute of Chemical Technology, Mumbai. - Pursued an MBA from Stanford University. - On the Board of Reliance since 1977. - Member of The Foundation Board of the World Economic Forum, the United States National Academy of Engineering, Global Advisory Council of Bank of America, and International Advisory Council of The Brookings Institution. Azim Premji - Former Chairman of Wipro Limited. - Guided Wipro through diversification and growth in the software industry. - Established the Azim Premji Foundation in 2001 to improve elementary education in rural India. - Known for modesty, lack of extravagance, and philanthropy. Gautam Adani - Founder and Chairman of the Adani Group. - Focuses on "Growth with Goodness" and nation-building. - Aims to make India significant in sustainable energy and self-reliant in defense and security. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Kumar Mangalam Birla - Chairman of the Aditya Birla Group. - Member of National Council of the Confederation of Indian Industry and Apex Advisory Council of Associated Chambers of Commerce and Industry of India. - Held several key positions on various regulatory and professional boards. - Chaired SEBI Committee on Corporate Governance. Tim Cook - CEO of Apple since 2011. - Guided Apple through the transition after Steve Jobs' death. - Developed new product lines and expanded Apple retail stores in China. - Led a public battle against the FBI regarding user privacy. Bill Gates - Co-founder of Microsoft. - Transitioned into philanthropy through the Bill and Melinda Gates Foundation. - Focuses on providing clean water and sanitation in developing countries. - Pledged to leave the majority of his wealth to charity. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Elon Musk - Founder of PayPal and Tesla, CEO of SpaceX, and owner of Twitter. - Known for advancing solar power, high-speed transportation, and artificial intelligence. Warren Buffett - Successful investor known as the "Wizard of Omaha." - Pledged to give away nearly 99% of his wealth to philanthropic causes. Leaders Narendra Modi - Prime Minister of India since 2014, re-elected in 2019. - Longest-serving Chief Minister of Gujarat (2001-2014). - Author and practitioner of Yoga. Joe Biden - 46th President of the United States. - Former Vice President under Barack Obama (2009-2017) and U.S. Senator from Delaware (1973-2009). - Focused on pandemic recovery and policy reversals from the previous administration. - Announced U.S. troop withdrawal from Afghanistan in 2021. Vladimir Putin - President of Russia since 2012, previously served from 1999 to 2008. - Former KGB intelligence officer. - Known for economic growth during his tenure due to high oil and gas prices. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Studied law and served in Dresden, East Germany as a KGB officer. International Diplomacy: Quad Leaders’ Summit India participated in the third in-person Quad Leaders’ Summit in Hiroshima, Japan, on 20 May 2023, alongside leaders from Australia, Japan, and the United States. The summit focused on developments in the Indo-Pacific region, emphasizing shared democratic values and strategic interests. Key points and initiatives from the summit include: 1. Shared Vision and Principles - Affirmation of democratic values and strategic interests. - Emphasis on a free, open, and inclusive Indo-Pacific. - Importance of sovereignty, territorial integrity, and peaceful dispute resolution. - Release of the Quad Leaders’ Vision Statement, "Enduring Partners for the Indo- Pacific." 2. Initiatives Announced - Clean Energy Supply Chains Initiative: Facilitating research and development and supporting the Indo-Pacific’s energy transition. - Quad Infrastructure Fellowships Programme: Supporting policymakers and practitioners in building sustainable infrastructure. - Partnership for Cable Connectivity and Resilience: Securing and diversifying undersea cable networks. - Small-Scale ORAN Deployment in Palau: Supporting open, interoperable, and secure telecom platforms. - Quad Investors’ Network: Facilitating investments in strategic technologies. - Indo-Pacific Partnership for Maritime Domain Awareness: Data sharing with regional partners for maritime security. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  3. Commitment to Multilateralism - Agreement on preserving the integrity of the UN and its agencies. - Efforts to strengthen and reform the multilateral system, including expanding UNSC membership. 4. Focus on Tangible Outcomes - Emphasis on delivering tangible outcomes for the Indo-Pacific region. - Regular dialogue and continued engagement among Quad members. Initiatives from Quad Summit 2022 - Quad Fellowship: Allowing 100 students from each country to pursue graduate STEM degrees in the US. - Indo-Pacific Partnership for Maritime Domain Awareness (IPMDA): Providing maritime information to Quad countries and partners. - Vaccine Partnership: Providing 257 million Covid-19 vaccines and supporting the Indian healthcare sector. - Space Cooperation: Sharing space-based earth observation data. - Climate Change Action and Mitigation Package (Q-CHAMP): Strengthening green shipping, clean energy, and climate-resilient infrastructure. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Additional Points - Combatting Terrorism: Reiterating the commitment to combat terrorism and denounce support for terrorist groups. - Critical Technology Supply Chains: Launching principles for critical technology supply chains and coordinating capacity-building programs in the region. - Humanitarian Assistance and Disaster Relief (HADR) Partnership: Enabling effective disaster response in the Indo-Pacific. The summit highlighted the Quad's commitment to collaboration, regional security, and sustainable development in the Indo-Pacific. The Quad Leaders’ Summit 2024 was expected to be held later in 2024. Topic-specific questions International Monetary Fund (IMF) 1. When was the IMF established? - A) 1933 - B) 1944 PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - C) 1950 - D) 1960 Answer: B) 1944 2. Who is the current Managing Director of the IMF? - A) Kristalina Georgieva - B) Gita Gopinath - C) Antoinette Sayeh - D) Bo Li Answer: A) Kristalina Georgieva 3. What is the primary source of IMF’s financial resources? - A) Donations - B) Member Quotas - C) Loans from World Bank - D) International Aid Answer: B) Member Quotas World Bank 4. Which institution within the World Bank provides interest-free loans and grants to the world's poorest countries? - A) IBRD - B) IFC - C) MIGA - D) IDA Answer: D) IDA 5. Who is the current President of the World Bank Group? - A) David Malpass PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - B) Ajay Banga - C) Kristalina Georgieva - D) Antonio Guterres Answer: B) Ajay Banga 6. Which organization within the World Bank Group focuses on private sector development? - A) IBRD - B) IDA - C) IFC - D) ICSID Answer: C) IFC Association of Southeast Asian Nations (ASEAN) 7. When was ASEAN established? - A) 1960 - B) 1965 - C) 1967 - D) 1970 Answer: C) 1967 8. Which country will assume the ASEAN Chairmanship in 2024? - A) Thailand - B) Malaysia - C) Laos PDR - D) Singapore Answer: C) Laos PDR 9. Which document provides the legal framework for ASEAN’s operations? PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - A) ASEAN Charter - B) Bangkok Declaration - C) Treaty of Amity and Cooperation - D) ASEAN Framework Agreement Answer: A) ASEAN Charter BRICS 10. Which country was the latest to join BRICS, making it BRICS instead of BRIC? - A) Brazil - B) Russia - C) South Africa - D) China Answer: C) South Africa 11. What is the primary objective of BRICS? - A) Promote Western political ideologies - B) Enhance cooperation on economic, political, and security issues - C) Support unilateral decisions of the US - D) Encourage global nuclear disarmament Answer: B) Enhance cooperation on economic, political, and security issues 12. How many new countries will join BRICS from January 1, 2024? - A) 3 - B) 4 - C) 5 - D) 6 Answer: D) 6 BIMSTEC PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  13. When was BIMSTEC established? - A) 1997 - B) 1999 - C) 2001 - D) 2003 Answer: A) 1997 14. How many member states are there in BIMSTEC? - A) 5 - B) 6 - C) 7 - D) 8 Answer: C) 7 15. Which recent event did BIMSTEC host in 2024 to foster regional cooperation? - A) BIMSTEC Summit - B) BIMSTEC Aquatic Championship - C) BIMSTEC Trade Fair - D) BIMSTEC Cultural Festival Answer: B) BIMSTEC Aquatic Championship NITI Aayog 16. When was NITI Aayog formed? - A) 2013 - B) 2014 - C) 2015 - D) 2016 Answer: C) 2015 PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  17. Who is the current CEO of NITI Aayog? - A) Rajiv Kumar - B) Amitabh Kant - C) Suman Bery - D) BVR Subrahmanyam Answer: D) BVR Subrahmanyam 18. Which initiative was recommended by NITI Aayog to boost MSME exports? - A) E-Commerce Exports - B) Digital India Initiative - C) Startup India - D) Make in India Answer: A) E-Commerce Exports Securities and Exchange Board of India (SEBI) 19. When was SEBI established? - A) 1988 - B) 1990 - C) 1992 - D) 1994 Answer: C) 1992 20. What was the purpose of the Investor Charter issued by SEBI? - A) Regulate stock exchanges - B) Protect financial investors' rights - C) Promote foreign investment - D) Enhance corporate governance Answer: B) Protect financial investors' rights PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  21. Which month and year did SEBI caution against unregistered entities claiming to be SEBI-registered intermediaries? - A) January 2024 - B) February 2024 - C) March 2024 - D) April 2024 Answer: B) February 2024 PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  CHAPTER 2: FINANCIAL AFFAIRS CURRENT DEVELOPMENT IN BANKING RESERVE BANK OF INDIA The Reserve Bank of India (RBI), established in 1935 and nationalized in 1949, is wholly owned by the Government of India. It serves as the country's central bank, with key functions including: 1. Monetary Authority: Formulates and implements monetary policy to maintain price stability and support economic growth. It sets parameters for banking operations and ensures efficient banking services. 2. Manager of Foreign Exchange: Oversees the Foreign Exchange Management Act to facilitate external trade, payment, and orderly development of the foreign exchange market. 3. Issuer of Currency: Responsible for issuing and regulating currency notes and coins to ensure adequate supply and quality. 4. Developmental Role: Undertakes promotional activities to support national objectives and economic development. 5. Regulator of Payment and Settlement Systems: Ensures efficient and secure payment systems, regulating and supervising their operations. 6. Related Functions: Acts as the banker to the government and banks, managing their accounts and supporting financial operations. Recent developments include regulatory actions such as directing Kotak Mahindra Bank to halt new customer onboarding and credit card issuance due to IT examination concerns. Shri T. Rabi Sankar's re-appointment as Deputy Governor and initiatives like Financial Literacy Week highlight RBI's ongoing efforts to foster financial stability and promote economic resilience in India. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Recent developments in the banking sector: 1. Supervisory Action against Kotak Mahindra Bank Limited (April 24, 2024): - RBI directed Kotak Mahindra Bank to cease onboarding new customers online and issuing fresh credit cards due to unresolved IT examination concerns from 2022 and 2023. - Details: [RBI Press Release](https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=57769) 2. Re-appointment of Shri T. Rabi Sankar as RBI Deputy Governor (April 24, 2024): - Shri T. Rabi Sankar was re-appointed as Deputy Governor of RBI for one year starting May 3, 2024. - Details: [RBI Press Release](https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=57771) 3. Financial Literacy Week 2024 (February 26 to March 1, 2024): - Theme: "Make a Right Start – Become Financially Smart", aimed at young adults with a focus on financial education. - Included a Financial Literacy Ideathon to encourage innovative ideas from postgraduate students. - Details: [RBI Press Release](https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=57382) 4. RBI Survey on Consumer Optimism (April 7, 2024): - Indian consumers are optimistic about economic conditions, income, and employment for the next year, reflecting sustained recovery. - Details: [RBI Survey](https://www.livemint.com/industry/banking/rbi-90-years-pm- narendra-modi-on-indianbanking-systemupi-success-taking-indian-rupee-global- more-top-10-updates-11711954916996.html) 5. Monetary Policy Statement (April 3-5, 2024): PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - MPC decided to keep the policy repo rate unchanged at 6.50% to support economic growth while managing inflation. - Details: [RBI Press Release](https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=57627) 6. PhonePe UPI Payments in Singapore (April 3, 2024): - Indian travellers can use PhonePe UPI payments at over 8,000 merchants in Singapore, enhancing cross-border transactions. - Details: [LiveMint](https://www.livemint.com/industry/banking/phonepe-upi- singapore-indian-travellerscan-now-use-phonepe-upi-payments-over-8-000- merchants-in-singapore-11615275282175.html) 7. PM Modi on RBI's Role and UPI Success (April 1, 2024): - Prime Minister Narendra Modi highlighted RBI's role in promoting digital transactions and the success of UPI in India. - Details: [LiveMint](https://www.livemint.com/industry/banking/rbi-90-years-pm- narendra-modi-onindian-banking-systemupi-success-taking-indian-rupee-global- more-top-10-updates-11711954916996.html) These updates reflect ongoing regulatory actions, policy decisions, and initiatives aimed at enhancing financial literacy and digital transactions while ensuring stability and growth in the Indian banking sector. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Current developments in the finance and stock markets Capital Market Indices Overview: Capital market indices are used to track and measure the performance of various financial instruments such as stocks, bonds, and other securities. They provide benchmarks for investors to evaluate the performance of their investments against different asset classes. 1. Broad-market indices: - These indices comprise large, liquid stocks and serve as benchmarks for overall market performance. - In India, examples include the NIFTY 50 and SENSEX, which represent top companies on the NSE and BSE, respectively. 2. Sectoral Indices: - These indices track the performance of specific sectors within the economy. - Examples under the NIFTY brand include Automobiles, Banking, Realty, IT, and more, providing insights into sector-specific trends. 3. Strategy Indices: - These indices are based on specific investment strategies, combining factors like quality, value, alpha (returns relative to a benchmark), and low volatility. - Examples include NIFTY Alpha 50, NIFTY 100 Equal Weight, and NIFTY Low Volatility 30. 4. Fixed Income Indices: - These indices measure the performance of fixed income securities such as government bonds (T-bills), corporate bonds of varying credit ratings, and commercial papers. - They provide insights into the bond market's health and yield trends. 5. Hybrid Indices: PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Hybrid indices combine equity and fixed income components, offering a balanced view of diversified portfolios. - For instance, indices like NIFTY Hybrid Equity Debt or NIFTY 50 Hybrid Composite Debt 15:85 measure mixed asset allocation strategies. Recent Developments: - Market Performance: Indices like NIFTY 50 and SENSEX have been reflecting market sentiments and economic trends, influencing investor confidence and financial planning. - Sector-specific Trends: Sectoral indices such as IT, Pharma, and FMCG have shown varying performances, responding to sector-specific developments and global economic shifts. - Strategy-based Insights: Indices focusing on factors like alpha and low volatility provide tools for investors to tailor their strategies based on specific risk and return objectives. - Financial Literacy and Participation: Initiatives like Financial Literacy Week 2024 highlight efforts to educate investors, particularly young adults, on financial planning and investment strategies. These indices and developments play a crucial role in guiding investment decisions, assessing market health, and understanding economic trends in India's dynamic financial landscape. Social Stock Exchange (SSE) The Social Stock Exchange (SSE) is an innovative platform proposed by the Indian government to facilitate fundraising for social enterprises through regulated stock exchanges like NSE and BSE. Here’s a summary of its key aspects: Introduction: PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - SSE aims to bridge the gap between potential donors and legitimate social enterprises by providing a platform where these enterprises can raise funds through equity, debt, or mutual fund-like units. - Proposed by Finance Minister Smt. Nirmala Sitharaman in the FY 2019-20 Budget, SSE operates under SEBI’s regulatory framework. Objectives: - Regulated Platform: SSE provides a regulated environment for social enterprises to connect with fund providers (donors and investors). - Facilitate Funding: It aims to facilitate capital raising for social enterprises to support their growth and impact. - Enhanced Market Access: Offers a structured meeting ground for investors and social enterprises with standardized reporting and impact measurement frameworks. - Performance-driven Philanthropy: Focuses on measuring and reporting social impacts to instill a culture of performance-based philanthropy. - Cost Efficiency: Minimizes registration costs for both issuers and investors, promoting accessibility. Forms of Social Enterprises: - Includes companies registered under the Companies Act, Section 8 companies, trusts, and societies. - They engage in activities aligned with SEBI’s prescribed categories such as eradicating poverty, promoting healthcare, education, gender equality, environmental sustainability, among others. Fundraising Mechanisms: - SSE allows social enterprises to raise funds through various instruments: PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Equity shares on the main board, SME platform, or innovators growth platform. - Debt instruments. - Zero Coupon Zero Principal Instruments (ZCZP) issued in dematerialized form, with specific regulatory requirements. Eligibility Criteria: - Social enterprises must fulfill criteria such as engaging in eligible activities, targeting underserved populations, and dedicating a significant portion of activities and revenues to social impact. Ineligibility: - Entities or individuals debarred by SEBI or other regulatory bodies, willful defaulters, fraudulent borrowers, or fugitive economic offenders are ineligible to raise funds through SSE. Benefits: - Provides an alternative funding avenue for social enterprises beyond traditional sources like CSR and philanthropy. - Promotes transparency, accountability, and scalability within the social sector. - Encourages synergies between investors and social enterprises aligned with similar missions. The SSE represents a significant step towards formalizing and scaling social impact initiatives in India, fostering sustainable development through structured financial mechanisms. Social Stock Exchange (SSE) and the UN Sustainable Development Goals (SDGs) SSE and UN Sustainable Development Goals: - India faces a substantial funding gap of USD 560 billion annually to achieve the UN SDGs by 2030, highlighting the need for private sector and HNI involvement. - SSE aims to mobilize capital from these sources to support social enterprises (SEs) and CSOs that work towards achieving SDGs. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - SEs struggle with capital constraints, hindering their ability to translate intentions into meaningful social impacts. - The SSE initiative by India's Finance Minister seeks to leverage capital markets to scale impact-driven enterprises and address developmental challenges effectively. T+0 Settlement Cycle Introduction: - Recently, BSE and NSE launched a beta version of the T+0 settlement cycle in the equity segment, following SEBI's operational guidelines. - This settlement cycle allows for the completion of trades on the same day, with funds and securities settled immediately after market closure. - It represents the world's fastest stock settlement system, enabling investors to receive funds and securities on the transaction day itself. These developments underscore India's proactive approach in enhancing financial market efficiency and supporting social impact initiatives through innovative regulatory frameworks and operational mechanisms. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Comparison of T+1 and T+0 Settlement Systems: - T+1 System: Involves a one-day delay between trade execution and settlement. Sellers receive 80% of cash on the sale day, with the remaining 20% available the next day. - T+0 System: Sellers receive 100% of cash on the transaction day, eliminating the need to wait for the following day for any amount. Stages of T+0 Settlement: - Two stages: Phase 1 covers trades executed until 1:30 pm, settled on the same day. Phase 2 covers trades executed after 1:30 pm, settled on the next trading day. IEPFA and DBS Bank MoU (February 19, 2024): - MoU between IEPFA and DBS Bank aims to enhance investor awareness on investment safety and fraudulent schemes. - DBS Bank will use its digital platforms and branch networks to disseminate IEPFA's messages effectively. NSE's Approval for SSE (February 23, 2023): - NSE received SEBI's approval to establish a Social Stock Exchange (SSE) as a separate segment on its platform. - SSE aims to support social enterprises by providing visibility and transparency in fund mobilization and utilization. - Eligible entities can list on SSE to mobilize funds through instruments like Zero Coupon Zero Principal (ZCZP) via public or private placements. These initiatives reflect India's efforts to enhance market efficiency, protect investors, and support social impact through innovative financial mechanisms. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Topic specified questions Question 1: Which of the following is not a function of the Reserve Bank of India (RBI)? A. Formulating and implementing monetary policy B. Issuing and regulating currency C. Regulating the stock markets D. Managing the government's accounts Answer: C. Regulating the stock markets Explanation: The RBI's functions include monetary policy formulation, currency issuance, and managing government accounts, but it does not directly regulate the stock markets. Question 2: What was the theme of the Financial Literacy Week observed in 2024 by the RBI? A. "Make a Right Start – Become Financially Smart" B. "Digital India: Transforming Banking" C. "Invest Wisely, Save Smartly" D. "Financial Inclusion: A Step Towards Prosperity" Answer: A. "Make a Right Start – Become Financially Smart" Explanation: The Financial Literacy Week 2024 had the theme "Make a Right Start – Become Financially Smart," focusing on financial education for young adults. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Question 3: Which settlement system allows for trades to be settled on the same day of execution? A. T+1 System B. T+2 System C. T+0 System D. T+3 System Answer: C. T+0 System Explanation: The T+0 settlement system allows trades to be settled on the same day, ensuring immediate funds and securities transfer after market closure. Question 4: Which index in India tracks the performance of large, liquid stocks and serves as a benchmark for overall market performance? A. NIFTY Auto Index B. NIFTY 50 C. NIFTY IT Index D. NIFTY Pharma Answer: B. NIFTY 50 Explanation: The NIFTY 50 index represents the top 50 companies listed on the NSE, reflecting the performance of large, liquid stocks in India. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Question 5: Which financial instrument is not typically used on the Social Stock Exchange (SSE) for fundraising by social enterprises? A. Equity shares B. Corporate bonds C. Zero Coupon Zero Principal Instruments (ZCZP) D. Convertible debentures Answer: D. Convertible debentures Explanation: While SSE allows fundraising through equity shares, corporate bonds, and ZCZP instruments, convertible debentures are not commonly listed on SSE. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  CHAPTER 3: POLITICAL AFFAIRS Governors (State) 1. Andhra Pradesh: Shri Justice (Retd.) S. Abdul Nazeer 2. Arunachal Pradesh: Lt. General Kaiwalya Trivikram Parnaik, PVSM, UYSM, YSM (Retired) 3. Assam: Shri Gulab Chand Kataria 4. Bihar: Shri Rajendra Vishwanath Arlekar 5. Chhattisgarh: Shri Biswa Bhusan Harichandan 6. Goa: Shri P.S. Sreedharan Pillai 7. Gujarat: Shri Acharya Dev Vrat 8. Haryana: Shri Bandaru Dattatraya 9. Himachal Pradesh: Shri Shiv Pratap Shukla 10. Jharkhand: Shri C.P. Radhakrishnan 11. Karnataka: Shri Thaawarchand Gehlot 12. Kerala: Shri Arif Mohammed Khan 13. Madhya Pradesh: Shri Mangubhai Chhaganbhai Patel 14. Maharashtra: Shri Ramesh Bais 15. Manipur: Sushri Anusuiya Uikye 16. Meghalaya: Shri Phagu Chauhan 17. Mizoram: Dr. Kambhampati Haribabu 18. Nagaland: Shri La. Ganesan 19. Odisha: Shri Raghubar Das 20. Punjab: Shri Banwarilal Purohit 21. Rajasthan: Shri Kalraj Mishra 22. Sikkim: Shri Lakshman Prasad Acharya 23. Tamil Nadu: Shri R. N. Ravi 24. Telangana: Shri C.P. Radhakrishnan (Additional Charge) 25. Tripura: Shri Indra Sena Reddy Nallu PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  26. Uttar Pradesh: Smt. Anandiben Patel 27. Uttarakhand: Lt. Gen. Gurmit Singh, PVSM, UYSM, AVSM, VSM (Retd.) 28. West Bengal: Dr. C.V. Ananda Bose Lieutenant Governors & Administrators (UT) 1. Andaman and Nicobar Islands: Admiral D K Joshi (Lieutenant Governor) 2. Chandigarh: Shri Banwarilal Purohit (Administrator) 3. Dadra and Nagar Haveli and Daman and Diu: Shri Praful Patel (Administrator) 4. Delhi (NCT): Shri Vinai Kumar Saxena (Lieutenant Governor) 5. Jammu and Kashmir: Shri Manoj Sinha (Lieutenant Governor) 6. Lakshadweep: Shri Praful Patel (Administrator) 7. Puducherry: Shri C.P. Radhakrishnan (Addl. Charge) (Lieutenant Governor) 8. Ladakh: Brig. (Dr.) Shri B.D. Mishra (Retd.) (Lieutenant Governor) Chief Ministers (State) 1. Andhra Pradesh: Shri YS Jagan Mohan Reddy 2. Arunachal Pradesh: Shri Pema Khandu 3. Assam: Shri Himanta Biswa Sarma 4. Bihar: Shri Nitish Kumar 5. Chhattisgarh: Shri Vishnu Deo Sai 6. Delhi (NCT): Shri Arvind Kejriwal 7. Goa: Shri Pramod Sawant 8. Gujarat: Shri Bhupendra Patel 9. Haryana: Shri Nayab Singh Saini 10. Himachal Pradesh: Shri Sukhvinder Singh Sukhu 11. Jharkhand: Shri Champai Soren 12. Karnataka: Shri Siddaramaiah 13. Kerala: Shri Pinarayi Vijayan 14. Madhya Pradesh: Shri Mohan Yadav PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  15. Maharashtra: Shri Eknath Shinde 16. Manipur: Shri N. Biren Singh 17. Meghalaya: Shri Conrad Kongkal Sangma 18. Mizoram: Shri PU Lalduhoma 19. Nagaland: Shri Neiphiu Rio 20. Odisha: Shri Naveen Patnaik 21. Puducherry (UT): Shri N. Rangaswamy 22. Punjab: Shri Bhagwant Singh Mann 23. Rajasthan: Shri Bhajan Lal Sharma 24. Sikkim: Shri PS Golay 25. Tamil Nadu: Shri M. K. Stalin 26. Telangana: Shri A Revanth Reddy 27. Tripura: Dr. Manik Saha 28. Uttar Pradesh: Shri Yogi Adityanath 29. Uttarakhand: Shri Pushkar Singh Dhami 30. West Bengal: Km. Mamata Banerjee Recent appointments and committees in India: 1. Chief of Naval Staff Appointment: - Vice Admiral Dinesh Kumar Tripathi has been appointed as the next Chief of the Naval Staff, effective April 30, 2024, succeeding Admiral R Hari Kumar upon his retirement. Vice Admiral Tripathi has a distinguished career spanning nearly 39 years in the Indian Navy. - Source: [PIB Press Release](https://pib.gov.in/PressReleasePage.aspx?PRID=2014727) 2. Appointment of Election Commissioners: - Shri Gyanesh Kumar, IAS (Retd.) and Dr. Sukhbir Singh Sandhu, IAS (Retd.) have been appointed as Election Commissioners in the Election Commission of India. - Source: [PIB Press Release](https://pib.gov.in/PressReleasePage.aspx?PRID=2014727) PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  3. Appointment of Vigilance Commissioner: - Shri AS Rajeev has been appointed as Vigilance Commissioner in the Central Vigilance Commission under the Central Vigilance Commission Act, 2003. - Source: [PIB Press Release](https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2000720) 4. Members of the Sixteenth Finance Commission: - The Commission, chaired by Shri Arvind Panagariya, includes full-time members Shri Ajay Narayan Jha, Smt. Annie George Mathew, Dr. Niranjan Rajadhyaksha, and part- time member Dr. Soumya Kanti Ghosh. - The Commission is tasked with making recommendations by October 31, 2025, covering a 5-year period from April 1, 2026. - Source: [PIB Press Release](https://pib.gov.in/PressReleasePage.aspx?PRID=2000720) These appointments and committee formations highlight significant developments in defense, electoral governance, anti-corruption measures, and economic policy in India. President Droupadi Murmu appointed Raghubar Das as the 26th Governor of Odisha and Indra Sena Reddy Nallu as the Governor of Tripura on October 19, 2023. Raghubar Das, a former Chief Minister of Jharkhand from the Bharatiya Janata Party (BJP), has also served as the President of the Jharkhand BJP. He succeeds Ganeshi Lal as the Governor of Odisha. Indra Sena Reddy Nallu, a BJP National Secretary and former MLA from Andhra Pradesh, takes over from Satyadev Narayan Arya as the Governor of Tripura, who was previously the Governor of Haryana. For more details, you can visit: [Business Standard Article](https://www.business- standard.com/india-news/president-droupadi-murmu-appoints-new-governors-of- odisha-tripura-123101900091_1.html) PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  Grievance Appellate Committees The Grievance Appellate Committees were established based on the IT Rules 2021 to address grievances related to digital platforms. There are three committees: 1. Committee 1: - Chairperson: Shri Ashutosh Shukla, Indian Police Service (Retired) - Member: Shri Sunil Soni, Former Chief General Manager, National Bank 2. Committee 2: - Chairperson: Shri Vikram Sahay, Joint Secretary, Ministry of Information and Broadcasting - Member: Commodore Sunil Kumar Gupta (Retired), Former Director (Personnel Services), Indian Navy - Member: Shri Kavindra Sharma, Former Vice President (Consulting), L&T Infotech Limited 3. Committee 3: - Chairperson: Smt. Kavita Bhatia, Scientist G and Joint Secretary, Ministry of Electronics and Information Technology - Member: 6KUL 6DQMD\ *RHO ,QGLDQ 5DLOZD\ 7UDIÀF Service (Retired) - Member: Shri Krishnagiri Ragothamarao Murali Mohan, Former Managing Director and Chief (Personnel), L&T Infotech Limited These committees are tasked with ensuring grievance redressal and upholding constitutional rights concerning digital platforms, as mandated by the IT Rules 2021. For more details, refer to the [Indian Express article](https://indianexpress.com/article/technology/centre-sets-up-committee-to- prepare-draft-digital-competition-law-8428005/). The Grievance Appellate Committee (GAC) is a crucial part of India's policy and legal framework aimed at ensuring that the internet remains open, safe, trusted, and accountable. It was established due to a significant number of grievances being inadequately addressed by internet intermediaries. The GAC aims to foster a culture of responsiveness among internet platforms and intermediaries towards their users. It operates as a virtual digital platform, conducting its proceedings online to ensure efficient and timely resolution of grievances. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  For more details, refer to the [PIB press release](https://www.pib.gov.in/PressReleasePage.aspx?PRID=1894258). The Interim Budget 2024-25 outlines a vision for 'Viksit Bharat' by 2047, focusing on Governance, Development, and Performance (GDP). It emphasizes empowering youth, poor, women, and farmers through strategic initiatives. Highlights include: 1. Environmental Initiatives: - Rooftop Solarization Initiative: Aims to provide free solar electricity to one crore households, allowing savings of `15,000 to `18,000 annually and enabling surplus electricity sale. - Electric Vehicle (EV) Manufacturing: Focus on expanding EV manufacturing and charging infrastructure to create entrepreneurship and employment opportunities, particularly for youth skilled in manufacturing, installation, and maintenance. - Net Zero Emissions Commitment: Measures include viability gap funding for offshore wind energy, reducing dependence on natural gas, methanol, and ammonia imports, mandatory blending of compressed biogas in CNG and PNG, and financial incentives for waste management. - Bio-Manufacturing and Bio-Foundry: Introduces facilities for producing biodegradable polymers, bio-plastics, bio-pharmaceuticals, and bio-agri-inputs to promote green growth. 2. Blue Economy 2.0: Launch of schemes for coastal aquaculture, mariculture, and climate-resilient activities to enhance blue economy sustainability. These initiatives aim to enhance sustainability, promote green technologies, and bolster economic growth through environmental and climate-friendly measures. For more details, refer to the [Interim Budget 2024-25 highlights](https://www.business-standard.com/india-news/highlights-of-interim- budget-2024-25-123072800579_1.html). Interim Budget The Interim Budget 2024-25 outlines significant government initiatives across various sectors: 1. PM SVANIDHI (Prime Minister’s Street Vendor’s AtmaNirbhar Nidhi): PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Provided credit assistance to 78 lakh street vendors, with 2.3 lakh receiving credit for the third time. 2. Skill India Mission: - Trained and upskilled 1.4 crore youth through short-term and long-term training programs across multiple ministries and departments. 3. PM Mudra Yojana: - Sanctioned loans totaling `22.5 lakh crore to foster entrepreneurial aspirations among youth. 4. Pradhan Mantri Awas Yojana (Grameen): - Close to achieving the target of 3 crore houses, with an additional 2 crore houses targeted for the next 5 years. 5. Healthcare under Ayushman Bharat scheme: - Extended coverage to all ASHA workers, Anganwadi Workers, and Helpers. 6. Agriculture Initiatives: - Integrated 1361 mandis under Electronic National Agriculture Market (e-NAM), serving 1.8 crore farmers with trading volume of `3 lakh crore. - Promotion of Nano-DAP and formulation of Atmanirbhar Oilseeds Abhiyaan and comprehensive dairy development programs. 7. Infrastructure: - Increased capital expenditure outlay by 11.1% to `11,11,111 crore (3.4% of GDP), focusing on railway corridor programs, airport expansions, and metro rail projects. 8. Technology and Innovation: PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Emphasis on deep-tech technologies for defence and innovation promotion through financial incentives. 9. Financial Developments: - Estimated fiscal deficit for 2024-25 at 5.1% of GDP. - Budgeted total receipts (`30.80 lakh crore) and total expenditure (`47.66 lakh crore), with tax receipts estimated at `26.02 lakh crore. - Gross and net market borrowings through dated securities reduced from previous years. 10. Tourism: - Development of iconic tourist centers, rating framework based on facilities, and projects for island tourism development, aiming to boost domestic tourism and employment. 11. Corporate Sector: - Focus on the India-Middle East-Europe Economic Corridor and bilateral investment agreements to encourage sustained foreign investment. These initiatives aim to promote economic growth, entrepreneurship, skill development, infrastructure enhancement, and technological innovation across various sectors in India. Launch of SWAYAM Plus Platform (February 27, 2024) Union Minister of Education and Skill Development & Entrepreneurship, Shri Dharmendra Pradhan, launched the SWAYAM Plus Platform on February 27, 2024. SWAYAM, a Massive Open Online Course (MOOC) platform initiated by the Ministry of Education in 2017, has now evolved with the introduction of SWAYAM Plus to align with NEP 2020. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Objective: Enhance employability by offering industry-relevant courses and fostering an ecosystem for career development. - Features: - Collaboration with industry leaders like L&T, Microsoft, and CISCO. - Multilingual content and AI-enabled guidance. - Credit recognition and pathways to employment. - Focus Areas: - Professional and career development for learners, integrating academia and industry. - Access to mentorship, scholarships, and job placements in the future. - Target Audience: - Learners nationwide, particularly from tier 2 and 3 towns and rural areas. - Courses offered in vernacular languages to broaden accessibility. Start-up Mahakumbh Inauguration (March 20, 2024) Prime Minister Shri Narendra Modi inaugurated the Start-up Mahakumbh on March 20, 2024, at Bharat Mandapam, New Delhi. Key points from the inauguration: - Importance: Highlighted as crucial for India's development roadmap towards becoming a developed nation by 2047. - Diverse Sector Involvement: Start-up revolution noted across agriculture, textiles, medicine, transport, space, yoga, and ayurveda. - Space Sector Innovation: Mentioned Indian startups' involvement in over 50 areas, including space shuttles. PROF. DARSHAN DHOKA UNIQUE ACADEMY FOR COMMERCE – 8007916622/33  - Digital India Impact: UPI lauded as transformative for digital services expansion, suggested as a case study for colleges. Announcement of Padma Awards 2024 (January 25, 2024) The Padma Awards, among India's highest civilian honors, were announced on January 25, 2024. Key details include: - Categories: Padma Vibhushan for exceptional service, Padma Bhushan for distinguished service, and Padma Shri for significant contribution. - Recipients: 132 awards approved for 2024, including 30 women and 8 foreigners. - Ceremony: Awards conferred by the President of India at Rashtrapati Bhawan annually around March/April. These awards recognize outstanding contributions across fields like arts, science, literature, sports, and public service. Padma Awards 2024 P