July-2024.pdf

Current Affairs | July 2024 1 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Cu...

Current Affairs | July 2024 1 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Contents The Most Important Current Affairs July 2024.................................................................................................. 3 Banking and Financial Current Affairs............................................................................................................. 21 Economy Current Affairs................................................................................................................................. 23 Business Current Affairs.................................................................................................................................. 23 International Current Affairs........................................................................................................................... 25 National Current Affairs.................................................................................................................................. 26 States Current Affairs...................................................................................................................................... 30 Schemes and Committees............................................................................................................................... 32 Agreement/Memorandum of Understanding (MoU)...................................................................................... 33 New Appointments......................................................................................................................................... 34 Sports Current Affairs..................................................................................................................................... 36 Summits And Conferences.............................................................................................................................. 39 Ranks and Reports.......................................................................................................................................... 40 Important Days............................................................................................................................................... 41 Defence Current Affairs.................................................................................................................................. 42 Awards and Recognitions................................................................................................................................ 43 Science and Technology.................................................................................................................................. 45 Books & Authors............................................................................................................................................. 45 Miscellaneous Current Affairs......................................................................................................................... 46 Obituaries Current Affairs............................................................................................................................... 47 Static Current Affairs....................................................................................................................................... 47 2 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 The Most Important Current Affairs July 2024 Budget 2024-25 Priority 1: Productivity and resilience in Agriculture Allocation of Rs. 1.52 lakh crore for agriculture and allied The Union Minister of Finance and Corporate Affairs Smt. sectors. Nirmala Sitharaman presented the Union Budget 2024-25 in New 109 high-yielding and climate-resilient varieties of 32 Parliament. The highlights of the budget are as follows: field and horticulture crops to be released for cultivation by Part-A farmers. 1 crore farmers across the country to be initiated into Budget Estimates 2024-25: natural farming, with certification and branding in next 2 Total receipts other than borrowings: Rs. 32.07 lakh crore. years. Total expenditure: Rs. 48.21 lakh crore. 10,000 need-based bio-input resource centres to be Net tax receipt: Rs. 25.83 lakh crore. established for natural farming. Fiscal deficit: 4.9 per cent of GDP. Digital Public Infrastructure (DPI) for Agriculture to be The government aims to reach a deficit below 4.5 per cent implemented for coverage of farmers and their lands in 3 next year. years. Inflation continues to be low, stable and moving towards the 4% target; Core inflation (non-food, non-fuel) at 3.1%. Priority 2: Employment & Skilling The budget focuses on EMPLOYMENT, SKILLING, MSMEs, As part of the Prime Minister’s package, 3 schemes for and the MIDDLE CLASS. ‘Employment Linked Incentive’ to be implemented - Scheme A - First Timers; Scheme B - Job Creation in Package of PM’s five schemes for Employment and Skilling manufacturing; Scheme C - Support to employers. Prime Minister’s Package of 5 Schemes and Initiatives for To facilitate higher participation of women in the employment, skilling and other opportunities for 4.1 crore workforce, youth over a 5-year period. 1. working women hostels and crèches to be established 1. Scheme A - First Timers: One-month salary of up to Rs. with industrial collaboration 15,000 to be provided in 3 installments to first-time 2. women-specific skilling programmes to be organized employees, as registered in the EPFO. 3. market access for women SHG enterprises to be 2. Scheme B - Job Creation in manufacturing: Incentive promoted to be provided at specified scale directly, both employee and employer, with respect to their EPFO Skill Development contribution in the first 4 years of employment. New centrally sponsored scheme for Skilling under Prime 3. Scheme C - Support to employers: Government to Minister’s Package for 20 lakh youth over a 5-year period. reimburse up to Rs. 3,000 per month for 2 years Model Skill Loan Scheme to be revised to facilitate loans up towards EPFO contribution of employers, for each to Rs. 7.5 lakh. additional employee. Financial support for loans upto Rs. 10 lakh for higher 4. New centrally sponsored scheme for Skilling- 20 lakh education in domestic institutions to be provided to youth youth to be skilled over a 5-year period and 1,000 who have not been eligible for any benefit under Industrial Training Institutes to be upgraded in hub and government schemes and policies. spoke arrangements. 5. New Scheme for Internship in 500 Top Companies to 1 crore youth in 5 years Nine Budget Priorities in Pursuit of ‘Viksit Bharat’: 1. Productivity and Resilience in Agriculture 2. Employment & Skilling 3. Inclusive Human Resource Development and Social Justice 4. Manufacturing & Services 5. Urban Development 6. Energy Security 7. Infrastructure 8. Innovation, Research & Development and 9. Next Generation Reforms 3 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Priority 3: Inclusive Human Resource Development and Social Offshore mining of minerals Justice Auction of the first tranche of offshore blocks for mining, building on the exploration already carried out. Purvodaya Digital Public Infrastructure (DPI) Applications Industrial node at Gaya to be developed along the Development of DPI applications in the areas of credit, e- Amritsar-Kolkata Industrial Corridor. commerce, education, health, law and justice, logistics, Power projects, including new 2400 MW power plant at MSME, services delivery, and urban governance. Pirpainti, to be taken up at a cost of Rs. 21,400 crore. Andhra Pradesh Reorganization Act Priority 5: Urban Development Special financial support through multilateral development Transit Oriented Development agencies of Rs. 15,000 crore in the current financial year. Formulation of Transit Oriented Development plans and Industrial node at Kopparthy along Vishakhapatnam- strategies to implement and finance 14 large cities above Chennai Industrial Corridor and at Orvakal along 30 lakh population. Hyderabad-Bengaluru Industrial Corridor. Urban Housing Women-led development Total allocation of more than Rs. 3 lakh crore for schemes Investment of Rs. 10 lakh crore, including the central benefitting women and girls. assistance of Rs. 2.2 lakh crore in next 5 years, under PM Pradhan Mantri Janjatiya Unnat Gram Abhiyan Awas Yojana Urban 2.0 proposed to address the , housing needs of 1 crore urban poor and middle-class families. Socio-economic development of tribal families in tribal- majority villages and aspirational districts, covering 63,000 Street Markets villages benefitting 5 crore tribal people. New scheme to support the development of 100 weekly Bank branches in North-Eastern Region ‘haats’ or street food hubs every year for the next 5 years 100 branches of India Post Payment Bank to be set up in in select cities. the North East region. Priority 6: Energy Security Priority 4: Manufacturing & Services Energy Transition Credit Guarantee Scheme for MSMEs in the Manufacturing Policy document on ‘Energy Transition Pathways’ to Sector balance the imperatives of employment, growth and A credit guarantee scheme without collateral or third-party environmental sustainability to be brought out. guarantee in term loans to MSMEs for purchase of Pumped Storage Policy machinery and equipment. Policy for promoting pumped storage projects for Credit Support to MSMEs during Stress Period electricity storage to be brought out. New mechanism to facilitate continuation of bank credit to Research and development of small and modular nuclear MSMEs during their stress period. reactors Mudra Loans Government to partner with private sector for R&D of The limit of Mudra loans under ‘Tarun’ category to be Bharat Small Modular Reactor and newer technologies for enhanced to Rs. 20 lakh from Rs. 10 lakh for those who nuclear energy, and to set up Bharat Small Reactors. have successfully repaid previous loans. Advanced Ultra Super Critical Thermal Power Plants Enhanced scope for mandatory onboarding in TReDS Joint venture proposed between NTPC and BHEL to set up a Turnover threshold of buyers for mandatory onboarding on full scale 800 MW commercial plant using Advanced Ultra the TReDS platform to be reduced from Rs. 500 crore to Rs. Super Critical (AUSC) technology. 250 crore.. Roadmap for ‘hard to abate’ industries MSME Units for Food Irradiation, Quality & Safety Testing Appropriate regulations for transition of ‘hard to abate’ Financial support to set up 50 multi-product food industries from the current ‘Perform, Achieve and Trade’ irradiation units in the MSME sector. mode to ‘Indian Carbon Market’ mode to be put in place. E-Commerce Export Hubs Priority 7: Infrastructure E-Commerce Export Hubs to be set up under public-private- partnership (PPP) mode for MSMEs and traditional artisans Infrastructure investment by Central Government to sell their products in international markets. Rs. 11,11,111 crore (3.4 % of GDP) to be provided for Critical Mineral Mission capital expenditure. Critical Mineral Mission to be set up for domestic Infrastructure investment by state governments production, recycling of critical minerals, and overseas Provision of Rs. 1.5 lakh crore for long-term interest free acquisition of critical mineral assets. loans to support states in infrastructure investment. 4 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Pradhan Mantri Gram SadakYojana (PMGSY) Sector specific customs duty proposals Launch of phase IV of PMGSY to provide all-weather Medicines and Medical Equipment connectivity to 25,000 rural habitations. Three cancer drugs namely TrastuzumabDeruxtecan, Irrigation and Flood Mitigation Osimertinib and Durvalumab fully exempted from custom Financial support of Rs. 11,500 crore to projects such as the duty. Kosi-Mechi intra-state link and other schemes in Bihar. Changes in Basic Customs Duty (BCD) on x-ray tubes & flat Government to provide assistance to Assam, Himachal Pradesh, Uttarakhand and Sikkim for floods, landslides and panel detectors for use in medical x-ray machines under other related projects. the Phased Manufacturing Programme. Tourism Mobile Phone and Related Parts Comprehensive development of Vishnupad Temple BCD on mobile phone, mobile Printed Circuit Board Corridor, Mahabodhi Temple Corridor and Rajgir. Assembly (PCBA) and mobile charger reduced to 15 per Assistance for development of temples, monuments, cent. craftsmanship, wildlife sanctuaries, natural landscapes and pristine beaches of Odisha. Precious Metals Customs duties on gold and silver reduced to 6 per cent Priority 8: Innovation, Research & Development and that on platinum to 6.4 per cent. Anusandhan National Research Fund for basic research and prototype development to be operationalised. Other Metals Financing pool of Rs. 1 lakh crore for spurring private BCD removed on ferro nickel and blister copper. sector-driven research and innovation at commercial scale. BCD removed on ferrous scrap and nickel cathode. Space Economy Concessional BCD of 2.5 per cent on copper scrap. Venture capital fund of Rs. 1,000 crore to be set up for Electronics expanding the space economy by 5 times in the next 10 years. BCD removed, subject to conditions, on oxygen free copper for manufacture of resistors. Priority 9: Next Generation Reforms Chemicals and Petrochemicals Rural Land-Related Actions BCD on ammonium nitrate increased from 7.5 to 10 per Unique Land Parcel Identification Number (ULPIN) or Bhu- cent. Aadhaar for all lands Digitization of cadastral maps Plastics Survey of map sub-divisions as per current ownership BCD on PVC flex banners increased from 10 to 25 per cent. Establishment of land registry Telecommunication Equipment Linking to the farmers registry BCD increased from 10 to 15 per cent on PCBA of specified Urban Land-Related Actions telecom equipment. Land records in urban areas to be digitized with GIS Trade facilitation mapping. For promotion of domestic aviation and boat & ship MRO, Services to Labour time period for export of goods imported for repairs Integration of e-shram portal with other portals to facilitate extended from six months to one year. such one-stop solution. Time-limit for re-import of goods for repairs under Open architecture databases for the rapidly changing warranty extended from three to five years. labour market, skill requirements and available job roles. Critical Minerals Mechanism to connect job-aspirants with potential 25 critical minerals fully exempted from customs duties. employers and skill providers. BCD on two critical minerals reduced. NPS Vatsalya NPS-Vatsalya as a plan for contribution by parents and Solar Energy guardians for minors. Capital goods for use in manufacture of solar cells and panels exempted from customs duty. PART B Marine products Indirect Taxes BCD on certain broodstock, polychaete worms, shrimp and GST fish feed reduced to 5 per cent. Buoyed by GST’s success, tax structure to be simplified and Various inputs for manufacture of shrimp and fish feed rationalised to expand GST to remaining sectors. exempted from customs duty. 5 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Leather and Textile Employment and Investment BCD reduced on real down filling material from duck or Angel tax for all classes of investors abolished to bolster goose. start-up eco-system,. BCD reduced, subject to conditions, on methylene diphenyl Simpler tax regime for foreign shipping companies diisocyanate (MDI) for manufacture of spandex yarn from operating domestic cruises to promote cruise tourism in 7.5 to 5 per cent. India. Direct Taxes Safe harbour rates for foreign mining companies selling raw Efforts to simplify taxes, improve tax payer services, diamonds in the country. provide tax certainty and reduce litigation to be continued. Corporate tax rate on foreign companies reduced from 40 Enhance revenues for funding development and welfare to 35 per cent. schemes of government. Deepening tax base 58 per cent of corporate tax from simplified tax regime in Security Transactions Tax on futures and options of FY23, more than two-thirds taxpayers availed simplified tax securities increased to 0.02 per cent and 0.1 per cent regime for personal income tax in FY 24. respectively. Simplification for Charities and of TDS Income received on buy back of shares in the hands of Two tax exemption regimes for charities to be merged into recipient to be taxed. one. Social Security Benefits. 5 per cent TDS rate on many payments merged into 2 per Deduction of expenditure by employers towards NPS to be cent TDS rate. increased from 10 to 14 per cent of the employee’s salary. 20 per cent TDS rate on repurchase of units by mutual Non-reporting of small movable foreign assets up to ₹20 funds or UTI withdrawn. lakh de-penalised. TDS rate on e-commerce operators reduced from one to 0.1 per cent. Other major proposal in Finance Bill Delay for payment of TDS up to due date of filing statement Equalization levy of 2 per cent withdrawn. decriminalized. Changes in Personal Income Tax under new tax regime Simplification of Reassessment Standard deduction for salaried employees increased from Assessment can be reopened beyond three years upto five ₹50,000 to ₹75,000. years from the end of Assessment Year only if the escaped Deduction on family pension for pensioners enhanced from income is ₹ 50 lakh or more. ₹15,000/- to ₹25,000/- In search cases, time limit reduced from ten to six years before the year of search. Revised tax rate structure: Simplification and Rationalisation of Capital Gains 0-3 lakh rupees Nil Short term gains on certain financial assets to attract a tax 3-7 lakh rupees 5 per cent rate of 20 per cent. 7-10 lakh rupees 10 per cent Long term gains on all financial and non-financial assets to 10-12 lakh rupees 15 per cent attract a tax rate of 12.5 per cent. 12-15 lakh rupees 20 per cent Exemption limit of capital gains on certain financial assets increased to ₹ 1.25 lakh per year. Above 15 lakh rupees 30 per cent Salaried employee in the new tax regime stands to save up Tax Payer Services to ₹ 17,500/- in income tax. All remaining services of Customs and Income Tax including rectification and order giving effect to appellate orders to Economic Survey 2023-24: Key Highlights and Analysis be digitalized over the next two years. The Economic Survey 2023-24, presented by Union Minister for Litigation and Appeals Finance and Corporate Affairs Smt. Nirmala Sitharaman, ‘Vivad Se Vishwas Scheme, 2024’ for resolution of income provides a detailed overview of India's economic performance tax disputes pending in appeal. and future outlook. Here are the key highlights and analysis, Monetary limits for filing direct taxes, excise and service tax organized by thematic chapters: related appeals in Tax Tribunals, High Courts and Supreme Court increased to ₹60 lakh, ₹2 crore and ₹5 crore Chapter 1: State of the Economy – Steady as She Goes respectively. GDP Growth Projection: The Economic Survey Safe harbour rules expanded to reduce litigation and conservatively projects a real GDP growth of 6.5–7%, with provide certainty in international taxation. balanced risks, despite higher market expectations. 6 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Momentum Maintenance: India's economy continued its LPG and Fuel Inflation: LPG cylinder prices reduced by ₹200 momentum from FY23 into FY24, facing minimal impact in August 2023; petrol and diesel prices lowered by ₹2 per from external challenges due to macroeconomic stability. litre. Real GDP Growth: Real GDP grew by 8.2% in FY24, Core Inflation: Core services inflation eased to a nine-year exceeding 8% in three out of four quarters. low; core goods inflation declined to a four-year low. Gross Value Added (GVA): GVA grew by 7.2% in FY24 (at Food Inflation: Increased from 6.6% in FY23 to 7.5% in 2011-12 prices) and net taxes at constant prices grew by FY24 due to extreme weather events impacting farm 19.1%. output. Inflation Management: Retail inflation reduced from 6.7% Inflation Management: Dynamic stock management, open market operations, and subsidised food items helped in FY23 to 5.4% in FY24 due to effective administrative and mitigate food inflation. monetary policies. State Inflation: 29 States and UTs recorded inflation below Current Account Deficit (CAD): CAD improved to 0.7% of 6% in FY24. GDP in FY24 from 2.0% in FY23. Post-Pandemic Recovery: Real GDP in FY24 was 20% Chapter 4: External Sector - Stability Amid Plenty higher than FY20, a notable recovery achieved by few Geopolitical Challenges: Despite geopolitical headwinds, major economies. India’s external sector remained strong. Tax Collection: 55% of tax collected from direct taxes, and Logistics Performance Index: Improved rank from 44th in 45% from indirect taxes. 2018 to 38th in 2023 out of 139 countries. Welfare Programs: Government ensured free food grains Current Account Deficit: Improved to 0.7% of GDP in FY24 due to moderation in imports and rising services exports. to 81.4 crore people and progressively increased capital Global Export Share: India's share in global goods exports expenditure. was 1.8% in FY24. Chapter 2: Monetary Management and Financial Services Exports: Grew by 4.9% to USD 341.1 billion, Intermediation - Stability is the Watchword driven by IT/software services and other business services. Banking Sector Performance: India’s banking and financial Remittances: India is the top remittance recipient globally sectors performed exceptionally well in FY24. with USD 120 billion in 2023. Policy Rate: RBI maintained a steady policy rate, keeping External Debt: External debt to GDP ratio was 18.7% at the the policy repo rate at 6.5%. end of March 2024. Credit Growth: Credit disbursal by Scheduled Commercial Chapter 5: Medium-Term Outlook – A Growth Strategy for Banks (SCBs) reached ₹164.3 lakh crore, growing by 20.2% New India by March 2024. Policy Focus Areas: Job and skill creation, agricultural Broad Money (M3) Growth: Excluding HDFC merger, M3 potential, MSME bottlenecks, green transition, managing grew by 11.2% YoY as of 22 March 2024. relations with China, deepening the corporate bond Non-Performing Assets (NPA): Gross and net NPAs at market, tackling inequality, and improving youth health. multi-year lows, indicating improved bank asset quality. Amrit Kaal Strategy: Based on six key areas: boosting Agriculture Credit: Agriculture and allied activities saw private investment, expanding MSMEs, agriculture as a double-digit credit growth in FY24. growth engine, financing green transition, bridging Industrial Credit: Industrial credit growth was 8.5%, up education-employment gap, and building state capacity. from 5.2% the previous year. Growth Compact: For 7%+ growth, a tripartite compact between the Union Government, State Governments, and Insolvency and Bankruptcy Code (IBC): 31,394 corporate the private sector is essential. debtors involving ₹13.9 lakh crore disposed off by March 2024. Chapter 6: Climate Change and Energy Transition: Dealing with Capital Markets: Primary capital markets facilitated capital Trade-Offs formation of ₹10.9 lakh crore in FY24. Climate Action Recognition: India is the only G20 nation Market Capitalisation: Indian stock market's market aligned with a 2-degree centigrade warming target. capitalisation to GDP ratio is the fifth largest in the world. Renewable Energy: Non-fossil sources reached 45.4% of Financial Inclusion: Digital Financial Inclusion (DFI) is the installed electricity generation capacity by 31 May 2024. next big challenge for sustainable economic growth. Emission Reduction: Reduced emission intensity of GDP by 33% from 2005 levels by 2019. Chapter 3: Prices and Inflation - Under Control Energy Savings: Total annual energy savings of 51 million Retail Inflation: Maintained at 5.4% in FY24, the lowest tonnes of oil equivalent, translating to annual cost savings since the pandemic, due to timely policy interventions. of ₹1,94,320 Crore. Fuel Prices: Central Government announced price cuts for Green Bonds: Issued ₹16,000 Crore in January-February LPG, petrol, and diesel, keeping retail fuel inflation low. 2023 and ₹20,000 Crore in October-December 2023. 7 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Chapter 7: Social Sector - Benefits that Empower Chapter 9: Agriculture and Food Management – Plenty of Welfare Impact: Digitisation of healthcare, education, and Upside Left If We Get It Right governance has increased the impact per rupee spent. Agriculture Growth: Registered an average annual growth Welfare Expenditure Growth: Nominal GDP grew at 9.5% rate of 4.18% over the last five years. CAGR while welfare expenditure grew at 12.8% CAGR Agricultural Credit: Total credit disbursed to agriculture between FY18 and FY24. amounted to ₹22.84 lakh crore as of January 31, 2024. Inequality Reduction: Gini coefficient declined in both rural Kisan Credit Cards: 7.5 crore KCCs issued with a limit of (from 0.283 to 0.266) and urban (from 0.363 to 0.314) ₹9.4 lakh crore. sectors. Micro Irrigation: 90.0 lakh hectares covered under 'Per Ayushman Bharat: 34.7 crore cards generated, covering drop more crop' from 2015-16 to 2023-24. 7.37 crore hospital admissions. Chapter 10: Industry - Small and Medium Matters Mental Health Coverage: 22 mental disorders covered Industrial Growth: 9.5% growth rate supporting overall under Ayushman Bharat – PMJAY. economic growth of 8.2% in FY24. Early Childhood Education: 'Poshan Bhi Padhai Bhi' Manufacturing Sector: Achieved an average annual growth programme aims to develop the world’s largest, universal, rate of 5.2% over the last decade. high-quality preschool network at Anganwadi Centres. Coal Production: Accelerated coal production reduced Vidyanjali Initiative: Enhanced educational experiences for import dependence. 1.44 crore students through community engagement. Pharmaceutical Market: India is the world's third largest by Higher Education Enrolment: Faster growth in enrolment volume with a valuation of USD 50 billion. from underprivileged sections (SC, ST, OBC) with a 31.6% Clothing Manufacturing: India is the second-largest increase since FY15. globally and among the top five exporters. R&D Progress: Nearly one lakh patents granted in FY24, up Electronics Manufacturing: Accounts for 3.7% of the global from less than 25,000 in FY20. market share in FY22. Housing and Roads: Under PM-AWAS-Gramin, 2.63 crore PLI Schemes: Attracted over ₹1.28 lakh crore of investment until May 2024, leading to production/sales of ₹10.8 lakh houses constructed; 15.14 lakh km roads completed under crore and employment generation of over 8.5 lakh. Gram Sadak Yojana since 2014-15. Chapter 11: Services - Fuelling Growth Opportunities Chapter 8: Employment and Skill Development: Towards Services Sector Contribution: 55% of overall GVA, back to Quality pre-pandemic levels. Labour Market Improvement: Unemployment rate Active Companies: 65% of the highest number of active declined to 3.2% in 2022-23. companies are in the services sector. Urban Unemployment: Declined to 6.7% in the quarter Global Services Exports: Constituted 4.4% of the world's ending March 2024. commercial services exports in 2022. Workforce Distribution: 45% in agriculture, 11.4% in Computer and Business Services Exports: Accounted for manufacturing, 28.9% in services, and 13% in construction. 73% of India's services exports, with a 9.6% YoY growth. Youth Unemployment: Declined from 17.8% in 2017-18 to Aviation Sector Growth: 15% YoY increase in total air 10% in 2022-23. passengers handled. EPFO Payroll: Significant growth in new subscribers, Services Sector Credit: ₹45.9 lakh crore in March 2024, especially in the 18-28 years band. with a 22.9% YoY growth. Female Labour Force Participation: Rising steadily for six Chapter 12: Infrastructure – Lifting Potential Growth years. Public Sector Investment: Significant role in funding large- Manufacturing Sector Recovery: Employment in organised scale infrastructure projects. manufacturing sector above pre-pandemic levels. National Highway Construction: Pace increased to around Wages Growth: Rural wages grew at 6.9% CAGR, urban at 34 km per day by FY24. 6.1% CAGR. Railway Capital Expenditure: Increased by 77% in the past Factories Growth: Number of factories employing over 100 five years. workers grew by 11.8% over FY18 to FY22. Airport Infrastructure: New terminal buildings EPFO Membership: Grew at 8.4% CAGR between FY15 and operationalised at 21 airports, increasing passenger FY24. handling capacity by 62 million per annum. Job Generation Requirement: 78.5 lakh jobs annually Clean Energy Investment: ₹8.5 lakh crore (USD 102.4 needed in the non-farm sector until 2030. billion) between 2014 and 2023. 8 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Chapter 13: Climate Change and India Leadership and Full-Time Members Global Climate Strategies: Flawed and not universally Chairperson: Prime Minister Narendra Modi applicable, overconsumption not addressed. Vice-Chairperson: Economist Suman K Bery India’s Ethos: Emphasizes a harmonious relationship with Full-Time Members nature, contrasting with overconsumption cultures. o VK Saraswat (Former ISRO DG and Scientist) Sustainable Housing: Shift towards 'traditional multi- generational households'. o Ramesh Chand (Agricultural Economist) Mission LiFE: Focuses on human-nature harmony, o Dr. VK Paul (Paediatrician) promoting mindful consumption to address global climate o Arvind Virmani (Noted Economist) change. Ex-Officio Members from the Cabinet The Economic Survey 2023-24 provides a detailed analysis of India's economic landscape, highlighting its resilience and Rajnath Singh (Defence) strategic initiatives aimed at sustainable and inclusive growth. Amit Shah (Home) With focused efforts on macroeconomic stability, financial Shivraj Singh Chouhan (Agriculture) inclusion, climate action, and social welfare, India is well- Nirmala Sitharaman (Finance) positioned to navigate future challenges and capitalize on growth opportunities. Special Invitees Nitin Gadkari (Road Transport and Highways) Wimbledon 2024 Final, Check Complete Winners List JP Nadda (Health) Carlos Alcaraz defended his Wimbledon title as he defeated HD Kumaraswamy (Heavy Industries and Steel, from JD(S)) Novak Djokovic 6-2, 6-2, 7-6 in the Wimbledon 2024 final. At Jitan Ram Manjhi (Micro, Small and Medium Enterprises, 21, Alcaraz is the youngest player in open era to win men’s from HAM) singles at Wimbledon and Roland Garros in the same year. On Rajiv Ranjan Singh alias Lalan Singh (Fisheries, Animal Women’s Category, Barbora Krejcikova defeated Jasmine Husbandry and Dairying, from JD(U)) Paolini in their Wimbledon 2024 singles showdown, at the All England Lawn Tennis and Croquet Club in London. Virendra Kumar (Social Justice and Empowerment) Rammohan Naidu (Civil Aviation, from TDP) Here is the winner’s list of Wimbledon 2024 Jual Oram (Tribal Affairs) Category Winner(s) Runner(s)-up Score Annpurna Devi (Women and Child Development) Men’s 6-2, 6-2, 7-6 Chirag Paswan (Food Processing Industries, from LJP(RV)) Carlos Alcaraz Novak Djokovic Singles (7-4) Rao Inderjit Singh (Statistics and Programme Women’s Barbora Implementation) Jasmine Paolini 6-2, 2-6, 6-4 Singles Krejčíková Santiago Background Mixed Hsieh Su-Wei & NITI Aayog, established in 2015, replaced the 65-year-old Gonzalez & 6-4, 6-2 Doubles Jan Zielinski Giuliana Olmos Planning Commission. This restructuring aims to incorporate a Taylor Townsend Gabriela broader range of expertise and representation, including Women’s & Katerina Dabrowski & Not provided significant input from NDA allies. Doubles Siniakova Erin Routliffe Max Purcell & 6-7 (7-9), 7-6 Men’s Patten & Jordan (10-8), 7-6 Doubles Heliovaara Thompson (11-9) Centre Reconstitutes NITI Aayog The Centre has reconstituted the NITI Aayog, the apex public policy think tank of the Union government, following changes in the council of ministers. Prime Minister Narendra Modi remains the chairperson, with economist Suman K Bery continuing as the vice-chairperson. The reconstituted NITI Aayog includes four full-time members and 15 Union Ministers, including those from BJP allies, serving as either ex- officio members or special invitees. 9 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 AIFF awards 2024 Announced Coaching Excellence Men’s Coach of the Year: Khalid Jamil (Jamshedpur FC) The All India Football Federation (AIFF) recently held its annual Women’s Coach of the Year: Sukla Dutta (India U-19 team awards ceremony, recognizing outstanding achievements in and Sreebhumi FC) Indian football for the 2023-24 season. The top honours went to Lallianzuala Chhangte and Indumathi Kathiresan, who were Other Notable Awards named the male and female Players of the Year respectively. Referee of the Year: Ramachandran Venkatesh Assistant Referee of the Year: Ujjal Halder Men’s Player of the Year: Lallianzuala Chhangte Lallianzuala Chhangte, the 27-year-old winger from Mumbai Table of AIFF Award Winners for 2023-24 City FC, secured the AIFF Men’s Player of the Year award for the second consecutive time. This achievement makes him only the Category Winner fifth player to win the award multiple times. Chhangte’s Men’s Player of the Year Lallianzuala Chhangte exceptional performance included: Women’s Player of the Year Indumathi Kathiresan Scoring 11 goals and providing 7 assists in all competitions for Mumbai City FC Promising Men’s Player of the Year David Lalhlansanga Being the highest-scoring Indian in the Indian Super League Promising Women’s Player of the Neha (ISL) Year Scoring against Qatar in Doha during the FIFA World Cup Men’s Coach of the Year Khalid Jamil Qualifiers in June 2024 Women’s Coach of the Year Sukla Dutta Women’s Player of the Year: Indumathi Kathiresan Ramachandran Indumathi Kathiresan, the 30-year-old midfielder, became the Referee of the Year Venkatesh first player from Tamil Nadu to win the AIFF Women’s Player of Assistant Referee of the Year Ujjal Halder the Year award. Her accomplishments include: Winning the 2023-24 Indian Women’s League (IWL) title State Association Awards with Odisha FC The AIFF also recognized various state football associations for Scoring 5 goals in the IWL and winning the Best Midfielder their contributions to the sport: award Most Successful MA (Club Competitions): Indian Football Scoring against Estonia in the Turkish Women’s Cup in Association (West Bengal) February 2024 Most Successful MA (NFC Competitions): All Manipur Football Association Promising Players of the Year Best MA – Supporting Women’s Football: Punjab Football Men’s Category: David Lalhlansanga Association David Lalhlansanga, the 22-year-old striker from Mohammedan MA with most player registrations (men’s): Kerala Football Sporting, was named the AIFF Promising Men’s Player of the Association Year. His impressive record includes: MA with most player registrations (women’s): Western Scoring 34 goals across various competitions (I-League, India Football Association (Maharashtra) Calcutta Football League, and Durand Cup) Special Recognition Helping Mohammedan Sporting win the I-League and Special awards were given to state governments and Calcutta Football League titles associations for their support in hosting various AIFF events: Earning his first national team call-up in May 2024 for the Government of Arunachal Pradesh and Arunachal Pradesh FIFA World Cup Qualifiers Football Association Women’s Category: Neha Government of Odisha and Football Association of Odisha 18-year-old winger Neha received the AIFF Promising Women’s Jammu and Kashmir Sports Council Player of the Year award for her outstanding performances, including: Bhartiya Nagarik Suraksha Sanhita, 2023 Scoring 2 goals in India’s SAFF U19 Women’s Championship Three new criminal laws –Bharatiya Nyaya Sanhita, Bharatiya triumph Nagarik Suraksha Sanhita and the Bharatiya Sakshya Contributing 3 goals in Haryana’s run to the Senior Adhiniyam -came into effect across the country on July 1, 2024. Women’s National Football Championship final These laws will replace the colonial-era Indian Penal Code, Scoring for HOPS FC in the IWL and being part of the senior Code of Criminal Procedure and the Indian Evidence Act, India squad for international friendlies respectively. 10 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 What is Bhartiya Nagarik Suraksha Sanhita? Along with specimen signatures or handwriting, finger The Bharatiya Nagarik Suraksha Sanhita, 2023 (BNSS) was impressions and voice samples may be collected for introduced on August 11, 2023 to replace the CrPC. It investigation or proceedings. Samples may be taken from a amends provisions on bail, expands the scope of property person who has not been arrested. seizure, and alters powers of police and Magistrates. The Key Issues and Analysis Bill has been examined by the Standing Committee on The BNSS allows up to 15 days of police custody, which can Home Affairs. be authorised in parts during the initial 40 or 60 days of the Bharatiya Nagrik Suraksha Sanhita has 531 sections (in 60 or 90 days period of judicial custody. This may lead to place of 484 sections of CrPC). A total of 177 provisions denial of bail for the entire period if the police has not have been changed in the Sanhita and nine new sections as exhausted the 15 days custody. well as 39 new sub-sections have been added to it. The act The powers to attach property from proceeds of crime has added 44 new provisions and clarifications. does not have safeguards provided in the Prevention of Highlights of the Bill Money Laundering Act. The Bharatiya Nagarik Suraksha Sanhita, 2023 (BNSS) The CrPC provides for bail for an accused who has been seeks to replace the Criminal Procedure Code, 1973 (CrPC). detained for half the maximum imprisonment for the The CrPC provides for the procedure for arrest, offence. The BNSS denies this facility for anyone facing prosecution, and bail. multiple charges. As many cases involve charges under BNSS mandates forensic investigation for offences multiple sections, this may limit such bail. punishable with seven years of imprisonment or more. The use of handcuffs is permitted in a range of cases Forensic experts will visit crime scenes to collect forensic including economic offences, contradicting Supreme Court evidence and record the process. directions. All trials, inquiries, and proceedings may be held in The BNSS allows evidence collected by retired or electronic mode. Production of electronic communication transferred investigating officers to be presented by their devices, likely to contain digital evidence, will be allowed successors. This violates normal rules of evidence when the for investigation, inquiry, or trial. author of the document can be cross examined. If a proclaimed offender has absconded to evade trial and Recommendations of high level committees on changes to there is no immediate prospect of arresting him, the trial the CrPC such as reforms in sentencing guidelines and can be conducted and judgement pronounced in his codifying rights of the accused have not been incorporated absence. in the BNSS. Difference between New Law (Bhartiya Nagarik Suraksha Sanhita 2023) and Old Law Aspect Old Law (Code of Criminal Procedure, 1973) New Law (Bhartiya Nagarik Suraksha Sanhita, 2023) Introduction Date 1973 2023 Drafted to reflect post-independence and modern Colonial Influence Retained elements from British colonial rule Indian values Language and Terminology Archaic legal language Simplified and modernized language Structure Detailed procedural code with 484 sections Revised structure, updated sections Procedures for arrests detailed in Sections New provisions for digital warrants, use of technology Arrests 41-60 in arrests Investigation Traditional methods of investigation Emphasis on forensic evidence, cyber investigations Bail and Bonds Detailed provisions in Sections 436-450 Streamlined process, emphasis on bail reform Trial Procedures Detailed trial procedures Simplified and expedited trial processes Witness Protection Limited provisions Comprehensive witness protection programs Enhanced victim compensation and support Victim Rights Basic recognition of victim rights mechanisms Speedy Trial Emphasis on speedy trial, often delayed Stronger provisions for ensuring speedy trial Comprehensive recognition and procedures for digital Digital Evidence Limited recognition evidence 11 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Aspect Old Law (Code of Criminal Procedure, 1973) New Law (Bhartiya Nagarik Suraksha Sanhita, 2023) Detailed guidelines on police reforms, accountability Police Reforms Basic guidelines mechanisms Updated to include digital submission of appeals, Appeals and Revisions Detailed in Sections 372-394 faster processes Integrated approach with special provisions for Juvenile Procedures Governed by Juvenile Justice Act, 2015 juveniles Technology Use Limited use Extensive use of technology in legal processes Alternative Dispute Basic provisions Expanded focus on ADR mechanisms Resolution Sections on preventive actions like Section Strengthened preventive measures, modern context Preventive Measures 107, 144 considerations Community Policing Limited provisions Emphasis on community policing and involvement Expansion and more specific guidelines for special Special Courts Provisions for special courts courts Inter-State Coordination Basic guidelines Enhanced inter-state coordination mechanisms Legal Aid Basic provisions for free legal aid Strengthened and expanded legal aid provisions Electronic Monitoring Not covered Provisions for electronic monitoring of offenders Increased focus on public participation in criminal Public Participation Limited mechanisms justice Bharatiya Nyaya Sanhita 2023, Check Complete Details Offences against the body: The BNS retains the provisions of the IPC on murder, abetment of suicide, assault and The three New Criminal Laws– Bharatiya Nyaya Sanhita, 2023, causing grievous hurt. It adds new offences such as Bharatiya Nagarik Suraksha Sanhita, 2023 and Bharatiya organised crime, terrorism, and murder or grievous hurt by Sakshya Adhiniyam, 2023, will come into force July 1, 2024. a group on certain grounds. The government of India has held regular meetings with States Sexual offences against women: The BNS retains the and Union Territories and they are fully geared up in terms of provisions of the IPC on rape, voyeurism, stalking and technology, capacity building and awareness generation to insulting the modesty of a woman. It increases the implement the new Criminal Laws. threshold for the victim to be classified as a major, in the What is Bhartiya Nyaya Sanhita 2023? case of gang rape, from 16 to 18 years of age. The Bharatiya Nyaya Sanhita (BNS) is the official criminal Offences against property: The BNS retains the provisions code in the Republic of India. It came into effect on 1 July, of the IPC on theft, robbery, burglary and cheating. It adds 2024 after being passed by the parliament in December new offences such as cybercrime and financial fraud. 2023 to replace the Indian Penal Code (IPC), which dated Offences against the state: The BNS removes sedition as an back to the period of British India. offence. Instead, there is a new offence for acts endangering India’s sovereignty, unity and integrity. Bharatiya Nyaya Sanhita has 358 sections (instead of 511 Offences against the public: The BNS adds new offences sections of IPC). A total of 20 new crimes have been added such as environmental pollution and human trafficking. to the Sanhita, and the imprisonment sentence has been increased for 33 crimes. The amount of fine has been Highlight of The New Criminal Law increased in 83 crimes and mandatory minimum 1. Bharatiya Nyaya Sanhita, 2023 will replace the IPC. It will punishment has been introduced in 23 crimes. have 358 sections instead of the earlier 511 sections, 175 sections have been changed, 8 new sections have been Offences included in Bhartiya Nyaya Sanhita, 2023 added and 22 sections have been repealed. In the Bhartiya Nyaya Sanhita, 20 new offences have been 2. State-of-the-art technologies have been incorporated into added to and 19 provisions in the repealed IPC have been this law. The definition of documents has been expanded dropped. The punishment of imprisonment has been increased to include electronic or digital records, e-mails, server logs, for 33 offences, and fines have been increased for 83 offences. computers, smartphones, laptops, SMS, websites, A mandatory minimum punishment has been introduced for 23 locational evidence, mail and messages available on offences. A sentence of community service has been introduced devices, which can be used in courts, which will give for six offences. freedom from the pile of papers. 12 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 3. A provision has been made in this law to digitise the entire give the status of the complaint to the complainant in 90 process from FIR to case diary, case diary to charge sheet days and thereafter every 15 days. No government will be and from charge sheet to judgment. At present, only the able to withdraw a case of imprisonment of 7 years or appearance of the accused in court can be done through more without hearing the victim, which will protect the video conferencing. rights of the citizens. 4. The new laws make videography compulsory at the time of 8. For the first time, the government is bringing community search and seizure, which will be part of the case and this service as a punishment. The scope of summary trials in will save the innocent citizens from being implicated. No small cases has also been increased. Now offenses charge sheet will be valid without such recording by the punishable up to 3 years will be included in summary trial. police. A time limit of 90 days has been fixed for filing the charge 5. The Government will set up the National Forensic Science sheet and depending on the situation, the court will be able University which after three years will produce 33,000 to give permission for a further 90 days. forensic science experts and scientists every year. The 9. The government will have to decide on the permission for government aims to take the conviction ratio above 90% trial against a civil servant or police officer in 120 days, with these laws. For this, an important provision has been otherwise, it will be treated as deemed. provided which will make the visit of the forensic team to 10. For the first time, a provision has been made to criminalise the crime scene compulsory for offences punishable for 7 years or more. sexual intercourse on the basis of false promises of 6. The new laws also allow ‘Zero FIR’ (e-FIR) to ensure the marriage, employment and promotion and on the basis of convenience of the citizens. Wherever the crime may have false identity. In all cases of gang rape, a provision of 20 happened, the citizens will be able tolodge complaints years of punishment or life imprisonment has been made, even outside of their police station area. Within 15 days of which is not being implemented today. In the case of girls the registration of the crime, it will have to be forwarded to below 18 years of age, a provision of the death penalty has the concerned police station. also been kept. For mob lynching, all three provisions of 7 7. The statement of the victim has been made compulsory in years, life imprisonment and the death penalty have been the case of sexual violence and video recording of the kept. There was no provision for mobile phones or chain statement has also been made compulsory in the case of snatching from women, but now provision has been kept sexual harassment. It will be compulsory for the police to for the same. Difference between The New Criminal Law and Old Law Aspect Old Law (Indian Penal Code, 1860) New Law (Bhartiya Nyaya Sanhita, 2023) Introduction Date 1860 2023 Drafted in post-independence India, reflecting Colonial Influence Drafted during British colonial rule modern values Language and Archaic English Simplified and modernized language Terminology Structure 511 sections Revised structure, includes new sections Offenses against the Sections on sedition, less emphasis on national Stronger focus on national security, cybercrimes, State security terrorism Outdated definitions, limited recognition of Expanded definitions, includes cyberstalking, digital Sexual Offenses modern crimes harassment Gender Neutrality Certain sections gender-specific More gender-neutral provisions Cybercrimes Minimal references Comprehensive sections on cybercrimes Updated punishments, includes alternative Punishments Traditional forms of punishment sentencing Emphasis on restorative justice and victim Restorative Justice Limited provisions compensation Detailed provisions to address modern forms of Corruption and Bribery General provisions corruption Expanded to include financial frauds, money Economic Offenses Basic definitions laundering 13 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Aspect Old Law (Indian Penal Code, 1860) New Law (Bhartiya Nyaya Sanhita, 2023) Modified to align with freedom of speech Defamation Criminal defamation included considerations Adultery Criminal offense Decriminalized Decriminalized following the Supreme Court Homosexuality Criminalized under Section 377 judgment More balanced approach respecting freedom of Blasphemy Strict provisions religion Marital Rape Not recognized Recognized and criminalized Implementation Modernized with emphasis on technology and Traditional methods Mechanism forensic science Juvenile Justice Separate act (Juvenile Justice Act, 2015) Integrated approach with special provisions Reform Focus Punitive Emphasis on rehabilitation and reform Bharatiya Sakshya Adhiniyam (BSA), 2023, Check Details processed. The BSA allows for “electronic and digital records”. The new criminal laws, the Bharatiya Nyaya Sanhita (BNS), the This covers a wide range of electronic records, which includes Bharatiya Nagarik Suraksha Sanhita (BNSS) and the Bharatiya emails, server logs, files stored on computers, laptops, or Sakshya Adhiniyam(BSA) are taking effect from July 1, 2024. smartphones, website content, location data, and text These laws repeal and replace the Indian Penal Code, the Code messages, among others. The BSA also allows for oral evidence of Criminal Procedure and the Indian Evidence Act to be taken electronically. Additionally, to provide more respectively. protection to the victim and enforce transparency in New law passed investigation related to an offence of rape, the statement of The new law was passed by Parliament last December, with the victim shall be recorded through audio-video means. Home Minister Amit Shah, who had piloted the change, saying Expanded secondary evidence that the legislations would give priority to providing justice, The BSA has also expanded “secondary evidence” to include unlike the British-era laws that gave primacy to penal action. “These laws are made by Indians, for Indians and by an Indian oral and written admissions. It states that secondary evidence Parliament and marks the end of colonial criminal justice laws,” will include “evidence of a person who has examined a he said. document, the original of which consists of numerous accounts or other documents which cannot conveniently be examined in All about Bharatiya Sakshya Adhiniyam Court, and who is skilled in the examination of such The Bharatiya Sakshya Adhiniyam (BSA) replaces the Indian documents”. Evidence Act and introduces changes in the way evidence is Difference between Old Law and New Law Aspect Old Law (Indian Evidence Act, 1872) New Law (Bhartiya Sakshya Adhiniyam, 2023) Introduction Date 1872 2023 Drafted to reflect post-independence and modern Colonial Influence Drafted during British colonial rule Indian values Language and Archaic English Simplified and modernized language Terminology Structure Structured with 167 sections Revised structure, includes new sections Admissibility of Updated rules considering technological Detailed rules on admissibility Evidence advancements Comprehensive provisions for electronic and digital Electronic Evidence Basic recognition in amendments evidence Modified to accommodate modern communication Hearsay Rule Strict adherence to hearsay rule methods Enhanced procedures including video conferencing Witness Testimony Traditional procedures for testimony 14 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Aspect Old Law (Indian Evidence Act, 1872) New Law (Bhartiya Sakshya Adhiniyam, 2023) Relevance of Evidence Defined under Sections 5-55 Expanded to include modern types of evidence Documentary Sections 61-90 Updated to include electronic documents Evidence New presumptions reflecting modern societal Presumption Various presumptions detailed norms Revised provisions on confessions, especially digital Confessions Sections 24-30 cover confessions confessions Privileged Expanded to cover modern professional Detailed in Sections 122-132 Communication communications Expert Testimony Sections 45-51 Broadened scope to include digital forensic experts Burden of Proof Sections 101-114 cover burden of proof Updated rules considering new types of evidence Character Evidence Sections 52-55 Revised to reflect current societal values Presumption of Strongly upheld Continued emphasis with additional safeguards Innocence Alibi Specific provisions More detailed provisions on proving alibi Sexual Offenses Enhanced protections and considerations for Limited recognition of victims’ rights Evidence victims Updated requirements, especially in cases of digital Corroboration Requirement for corroboration in certain cases evidence Detailed procedures for maintaining chain of Chain of Custody Basic principles custody for digital evidence Expanded scope for in-camera proceedings, In-camera Proceedings Limited provisions especially in sensitive cases Extensive provisions for forensic evidence, including Forensic Evidence Basic inclusion DNA Updated rules considering the impact of digital Hostile Witnesses Provisions for dealing with hostile witnesses threats Sections on adverse inference from silence or non- Adverse Inference Updated to reflect modern legal standards production of evidence Emphasis on efficiency, technology, and victim Reforms Focus Admissibility and relevance primarily rights RBI’s 29th Financial Stability Report (FSR) July 2024: An Disinflation Pitstops: Challenges in achieving the last mile Overview of disinflation. The Financial Stability Report (FSR) is a comprehensive, half- High Public Debt: The rising levels of public debt across yearly publication that involves contributions from all financial nations. sector regulators in India. It reflects the collective assessment of Stretched Asset Valuations: Overvaluation of assets in the Sub-Committee of the Financial Stability and Development financial markets. Council on current and emerging risks to the stability of the Economic Fragmentation: Growing economic divisions Indian financial system. The July 2024 edition of the FSR among countries. highlights various aspects of global and domestic macro Geopolitical Tensions: Persistent geopolitical conflicts and financial risks, the soundness and resilience of financial their economic impacts. institutions, regulatory initiatives, and an assessment of Climate Disasters: Increasing frequency and severity of systemic risk. climate-related disasters. Global Macrofinancial Risks Cyber Threats: Rising threats from cyber-attacks and The global economy and financial system demonstrate security breaches. resilience amidst significant risks and uncertainties. Despite the Emerging market economies (EMEs) remain particularly improvement in near-term prospects, several factors pose vulnerable to these external shocks and spillovers. downside risks: 15 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Domestic Macrofinancial Risks Domestic Initiatives India’s strong macroeconomic fundamentals and a stable In India, regulatory initiatives aim to enhance the safety and financial system have underpinned the sustained expansion of resilience of the financial system by: its economy. Key factors supporting this growth include: Implementing proportionate regulations. Moderating Inflation: A trend of decreasing inflation rates. Leveraging technology to improve customer service, Strong External Position: Robust foreign exchange reserves governance, and risk management. and favorable trade balances. Limiting procyclical activities while fostering efficiency. Fiscal Consolidation: Ongoing efforts to reduce fiscal Assessment of Systemic Risk deficits and manage public debt. The most recent systemic risk survey (SRS) conducted in May These factors have bolstered business and consumer 2024 categorized all major risk groups to domestic financial confidence, with domestic financial conditions further stability as ‘medium.’ Key findings include: strengthened by the healthy balance sheets of financial Optimism in Domestic Financial System: Respondents institutions. showed optimism regarding the soundness of India’s Financial Institutions: Soundness and Resilience financial system. Scheduled Commercial Banks (SCBs) Global Spillover Risks: Risks from global spillovers have SCBs have shown remarkable improvement in profitability and diminished, with increased confidence in the Indian asset quality: financial system. Profitability: Return on assets (RoA) and return on equity Near-term Risks: The main near-term risks identified were (RoE) are at 1.3% and 13.8%, respectively. geopolitical risks, tightening of global financial conditions, Non-Performing Assets (NPAs): Gross NPAs and net NPAs and capital outflows. are at multi-year lows of 2.8% and 0.6%, respectively. Highlights of the Reports Capital Buffers: The capital to risk-weighted assets ratio The global economy is facing heightened risks from (CRAR) and the common equity tier 1 (CET1) ratio stand at prolonged geopolitical tensions, elevated public debt, and 16.8% and 13.9%, respectively, well above the regulatory the slow progress in the last mile of disinflation. Despite minimum. these challenges, the global financial system has remained Macro stress tests for credit risk indicate that SCBs have resilient, and financial conditions stable. adequate capital buffers to withstand adverse stress scenarios. The Indian economy and the financial system remain Urban Co-operative Banks (UCBs) and Non-Banking Financial robust and resilient, anchored by macroeconomic and Companies (NBFCs) financial stability. With improved balance sheets, banks UCBs: The CRAR for UCBs increased to 17.5% in March and financial institutions are supporting economic activity 2024. through sustained credit expansion. NBFCs: The CRAR for NBFCs slightly declined to 26.6%, still The capital to risk-weighted assets ratio (CRAR) and the significantly above the regulatory minimum. common equity tier 1 (CET1) ratio of scheduled commercial The insurance sector’s consolidated solvency ratio remains banks (SCBs) stood at 16.8 per cent and 13.9 per cent, above the minimum threshold limit of 150%, and stress tests on respectively, at end-March 2024. mutual funds and clearing corporations indicate robust SCBs’ gross non-performing assets (GNPA) ratio fell to a resilience. multi-year low of 2.8 per cent and the net non-performing assets (NNPA) ratio to 0.6 per cent at end-March 2024. Regulatory Initiatives and Other Developments in the Financial Macro stress tests for credit risk reveal that SCBs would be Sector able to comply with minimum capital requirements, with Global Initiatives the system-level CRAR in March 2025 projected at 16.1 per Regulatory efforts globally continue to focus on: cent, 14.4 per cent and 13.0 per cent, respectively, under Promoting financial stability. baseline, medium and severe stress scenarios. These Consistent implementation and refinement of global scenarios are stringent conservative assessments under standards. hypothetical shocks and the results should not be Safeguarding the banking system from interconnectedness interpreted as forecasts. with non-banking financial institutions. Non-banking financial companies (NBFCs) remain healthy, Addressing risks from the digitalization of finance. with CRAR at 26.6 per cent, GNPA ratio at 4.0 per cent and Improving climate-related risk assessments. return on assets (RoA) at 3.3 per cent, respectively, at end- Strengthening resilience to cyber risks. March 2024. 16 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Indian Government Reshuffles Cabinet Committees in July 4. Cabinet Committee on Political Affairs 2024 Headed by: Prime Minister Modi On July 3, 2024, Prime Minister Narendra Modi’s National Members: Several key ministers including Defence, Home Democratic Alliance (NDA) government reorganized eight Affairs, and Finance important groups within the Union Cabinet. This happened Purpose: Manages political issues and strategies after Modi was sworn in as Prime Minister for the third time in 5. Cabinet Committee on Investment and Growth a row, which is a record. Led by: Prime Minister Modi What are Cabinet Committees? Includes: Ministers of Finance, Road Transport, Railways, Cabinet Committees are small groups of ministers who work on and others specific areas of government. They help make decisions and Purpose: Focuses on boosting investment and economic manage different parts of the government’s work. growth Key Points About the New Cabinet Committees 6. Cabinet Committee on Skill, Employment and Livelihood There are 72 members in the Union Council of Ministers, Notable absence: Prime Minister Modi is not a member including Prime Minister Modi. Key members: Ministers of Defence, Home Affairs, 31 of these members are Cabinet-rank ministers. Education, and Labour These Cabinet ministers are part of the newly formed Purpose: Works on improving skills, creating jobs, and committees. Prime Minister Modi leads most of the committees, but not enhancing livelihoods all. 7. Cabinet Committee on Parliamentary Affairs The Eight Cabinet Committees Notable absence: Prime Minister Modi is not a member Led by: Defence Minister Rajnath Singh 1. Appointments Committee of the Cabinet Purpose: Manages government business in Parliament Members: Prime Minister Modi and Home Minister Amit Shah 8. Cabinet Committee on Accommodation Purpose: Makes decisions about important government Headed by: Home Minister Amit Shah appointments Includes: Ministers of Finance, Housing, and Urban Affairs 2. Cabinet Committee on Security Purpose: Deals with housing and accommodation for Key members: Prime Minister Modi, Defence Minister, government officials Home Minister, Finance Minister, and External Affairs Minister 24th Shanghai Cooperation Organisation (SCO) Summit: Key Purpose: Deals with matters related to national security Highlights 3. Cabinet Committee on Economic Affairs The 24th Meeting of the Council of Heads of State of the Led by: Prime Minister Modi Shanghai Cooperation Organisation (SCO) took place on July 4, Includes: Ministers of Defence, Home Affairs, Finance, 2024, in Astana, Kazakhstan. This important gathering brought Agriculture, and others together leaders from various countries to discuss regional Purpose: Handles important economic matters cooperation and security issues. Host and Venue Host: Kazakhstan President Kassym-Jomart Tokayev Location: Astana, the capital of Kazakhstan Notable Attendees Several world leaders participated in the summit, including: Russian President Vladimir Putin Chinese President Xi Jinping Pakistani Prime Minister Shehbaz Sharif UN Secretary-General Antonio Guterres India’s Representation Indian Prime Minister Narendra Modi did not attend the