Weekly Current Affairs PDF (16-23 August 2024) - AlfaBanker.com

Current Affairs Weekly 16-23 AUG, 2024 EKLAVYA PDF Aug 2024 THIS PDF INCLUDES National; International; Banking; Finance; Sports; Awards; Science; Miscellaneous Chirag Chopra...

Current Affairs Weekly 16-23 AUG, 2024 EKLAVYA PDF Aug 2024 THIS PDF INCLUDES National; International; Banking; Finance; Sports; Awards; Science; Miscellaneous Chirag Chopra Chirag Chopra W W W. A L F A B A N K E R. C O M REQUEST TO ALL STUDENTS This is a Paid PDF by AlfaBanker.com. Please Respect the Hard Work: Get Your Copy of the Paid Material from Our Official Website AlfaBanker.com We pour our hearts and expertise into creating every piece of content and make sure it helps you achieve your Dream Job. To ensure we can keep delivering high-quality content, we rely on your support. By purchasing from our official website [alfabanker.com], you're not just getting access to valuable information, you're helping us continue creating resources you'll love. Here's what you get when you buy from us: Guaranteed quality and the latest updates Secure and convenient download Direct support from our team Don't miss out! Invest in your success and get your official copy today. 1 www.alfabanker.com http://bit.ly/thealfabanker Weekly CA PDF (16-23 August 2024) Table of Contents MOU Countries/Organizations……………………………………………………………… 2 MOU Industry/States/Others………………………………………………………………….4 Appointments & Resignations……………………….……………………….…………….....6 Awards & Recognitions………………………………………...……………….………….....8 International News…………………………………………………………………...……....14 National News………………………………………………………………………..………15 State News……………………………………………………………………………………21 Banking & Finance News………………………………………………….…………….… 24 Business News………………………………………...……………………….…………… 31 Economy News………………………………...…………………………………………. 35 Science & Technology………………………...…………………………………….……. 36 Defence News…………………………………..………………………………………… 37 Summits/Conferences/Events……………………………….………………………………..39 Sports News…………………………………….…………………………………………….40 Rankings/Reports……………………………………………………………….…………...42 Obituaries…………………………..………...…...………………………………….………42 1 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) MOU Countries/Organizations SCTIMST signs MoU with WHO Sree Chitra Tirunal Insitute for Medical Sciences and Technology (SCTIMST), a statutory body and an Institute of National Importance under the administrative control of Department of Science and Technology (DST) and World Health Organization (WHO) have officially signed a Memorandum of Understanding (MoU) as part of the Covid Technology Access Pool (C-TAP), now known as the Health Technology Access Pool (H-TAP). The WHO - led C-TAP is intended to facilitate and support a transparent global mechanism for sharing and pooling knowledge, intellectual property and data related to existing or new COVID-19-related health technologies to scale up their production, supply, availability and affordability in all countries of the world. Static Info: Sree Chitra Tirunal Insitute for Medical Sciences and Technology (SCTIMST): Thiruvananthapuram, Kerala World Health Organization (WHO) Headquarters: Geneva, Switzerland India & US sign MoU to promote cooperation on Small & Medium Enterprises Ministry of Micro, Small and Medium Enterprises, MSME has signed a Memorandum of Understanding, MoU with the Small Business Administration (SBA) of the Government of the United States of America to promote Cooperation on Small and Medium-size Enterprises (SMEs). The MoU provides a framework for both sides to discuss issues concerning MSMEs and explore possibilities of cooperation. It envisages the exchange of expertise between the two sides on issues related to improving MSME participation in the global marketplace. Static Info: USA Capital: Washington, D.C. Currency: Dollars India’s CAG signs MoU with Uzbekistan’s Chamber of Accounts The Comptroller and Auditor General (CAG) of India has signed a Memorandum of Understanding (MoU) with the supreme audit institution of Uzbekistan in Tashkent to enhance collaboration and exchange expertise in auditing. The agreement, inked by the two supreme audit institutions, aims to enhance collaboration and exchange of expertise in the field of auditing between the two nations, the Comptroller and Auditor General of India (CAG). Static Info: Uzbekistan Capital: Tashkent Currency: Uzbekistani Som 2 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) Nepal Academy and BHU sign MoU To Foster Research And Exchange In Nepali Language And Culture Nepal Academy and Banaras Hindu University, Varanasi, India, Department of Indian Languages, Faculty of Art, signed a Memorandum of Understanding(MoU) to research Nepali language, literature, culture, and philosophy. Both sides have agreed through the MoU to hold interaction and exchange programs on Nepali language, literature, and philosophy between Nepali and Indian Nepali literary figures and institutions. Static Info: Nepal Capital: Kathmandu Currency: Nepalese Rupee India & Sri Lanka Sign MoU for LNG Infrastructure Development The Sri Lankan government and a state-run Indian firm signed an agreement to develop infrastructure for storage, regasification and LNG supply for a combined cycle power plant in the island nation. The memorandum of understanding (MoU) was signed between Sri Lanka's LTL Holdings Limited and India's Petronet LNG Limited for the infrastructure development of the Sobadhanavi Combined Cycle Power Plant at Kerawalapitiya, north Colombo. The MoU is focused on providing an innovative solution encompassing supply of LNG through multimodal ISO Container supply chain. Static Info: Sri Lanka Capitals: Colombo, Sri Jayawardenepura Kotte Currency: Sri Lankan Rupee NMCG, IIT (BHU) and Denmark unveils innovative Smart Laboratory on Clean Rivers (SLCR) Project in Varanasi The Green Strategic Partnership between the Governments of India and Denmark has fostered significant collaboration leading to the establishment of the Smart Laboratory on Clean Rivers (SLCR) in Varanasi. The alliance is a unique tripartite initiative between Government of India (Department of Water Resources, River Development and Ganga Rejuvenation), the Indian Institute of Technology - Banaras Hindu University (IIT-BHU), and Government of Denmark, to bring excellence in small river rejuvenation and management. Static Info: Denmark Capital: Copenhagen Currency: Krone 3 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) MOU Industry/States/Others NHA, MUHS sign MoU to drive digital health education in India National Health Authority (NHA) and Maharashtra University of Health Sciences (MUHS) signed a Memorandum of Understanding (MoU) in the presence of Union Health Minister J.P. Nadda in New Delhi. As per the MoU, MUHS will offer its Digital Health Foundation Course to NHA and co-develop additional Digital Health programs to support the roll-out of the Ayushman Bharat Digital Mission. Static Info: National Health Authority (NHA) HQ: New Delhi Centre of Excellence in Corporate Forensics to be set up in GIFT City The Gujarat International Finance Tec-City (GIFT City) and the National Forensic Sciences University (NFSU) signed an agreement to set up a Centre of Excellence in Corporate Forensics. This Centre of Excellence (CoE) will focus on cyber security, cyber forensics, fintech, and financial forensics. The joint effort will ensure that entities in GIFT City have access to top-tier talent and executive knowledge, with tailored training programmes and skill development initiatives. Static Info: Gujarat International Finance Tec-City (GIFT City) HQ: Gandhinagar, Gujarat, India National Forensic Sciences University (NFSU) HQ: Gandhinagar, Gujarat, India Prasar Bharati And Sansad TV Sign MoU For Enhanced Collaboration And Content Sharing Prasar Bharati, the public broadcaster and Sansad Television signed a MoU at New Delhi. The exchange of the MoU took place in the presence of Rajit Punhani, CEO of Sansad TV and Gaurav Dwivedi, CEO of Prasar Bharati with senior officials from both organisations in attendance. Static Info: Prasar Bharati HQ: New Delhi Sansad Television HQ: New Delhi CSIR and Laghu Udyog Bharati sign MoU for transfer of CSIR technologies to Micro and Small Entrepreneurs Council of Scientific & Industrial Research (CSIR) and Laghu Udyog Bharati (LUB) entered into an MoU at CSIR Headquarters for transfer of selected CSIR technologies to Micro and Small Entrepreneurs. 4 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) The specific objectives of the MoU include transfer of 100 Knowhow /Technology / Products of CSIR within 100 days to the identified MSMEs under LUB. Static Info: Council of Scientific & Industrial Research (CSIR) Headquarters: New Delhi KVIC signed MoU with Department of Posts for physical verification of PMEGP units Khadi and Village Industries Commission (KVIC), Ministry of Micro, Small and Medium Enterprises (MSME) signed an important MoU with the Department of Posts working under the Ministry of Communications at KVIC, Rajghat New Delhi office. Under this, the employees of the Postal Department working across the country will do physical verification of new units being set up across the Country under the Prime Minister Employment Generation Programme (PMEGP). Static Info: Khadi and Village Industries Commission (KVIC) Headquarters: Mumbai Department of Posts Headquarters: New Delhi Prime Minister Employment Generation Programme (PMEGP): A credit-linked subsidy program aimed at generating employment opportunities through the establishment of micro-enterprises in rural and urban areas. MSDE exchanged an MoU with Flipkart’s Supply Chain Operations Academy (SCOA) to upskill thousands of employable youth Ministry of Skill Development and Entrepreneurship (MSDE) signed a Memorandum of Understanding (MoU) with Flipkart’s Supply Chain Operations Academy (SCOA) at the Samarth event with the mission to upskill thousands of employable youth across India. Under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 4.0, this partnership aims to upskill thousands of youth across India, enhancing their employability in the e- commerce and supply chain sectors. Static Info: Flipkart HQ: Bengaluru, Karnataka PMKVY Objective: A flagship scheme under the MSDE aimed at providing skill development training to youth to enhance their employability. The program offers short-term training courses tailored to industry needs, aiming to create a skilled workforce that can meet the demands of various sectors. JNCASR partners with HZL to scale up indigenous Zn-ion battery technologies Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR), an autonomous institute of the Department of Science and Technology (DST) has signed a Memorandum of Understanding (MoU) with Hindustan Zinc Limited (HZL) to develop new variants of zinc materials and propel the commercialization of zinc- based batteries. 5 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) It will explore developing new Zinc alloys for use as anodes in Zn-ion batteries and electrolytes for their application in rechargeable batteries. Static Info: Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR): Bengaluru, Karnataka Hindustan Zinc Limited (HZL) Headquarters: Udaipur, Rajasthan Appointments & Resignations Name Post Other Info Rana Ashutosh Managing Director He succeeds Prashant Kumar Kumar Singh (MD) of the State Bank SBI HQ: Mumbai, Maharashtra of India (SBI) Gajendra Singh Deputy managing He succeeds Rana Ashutosh Kumar Singh Rana director (DMD) of SBI Challa Chairman of SBI He succeeds Dinesh Khara Sreenivasulu Setty Sandeep Secretary, Ministry of Poundrik Steel Board of Chairman of 35-year-old Shah would be the youngest Control for International Cricket person ever to hold the post and only the fifth Cricket in India Council (ICC) Indian to lead the ICC after Jagmohan (BCCI) Dalmiya, Sharad Pawar, N Srinivasan and secretary Jay Shashank Manohar. Shah He will succeed Greg Barclay of New Zealand International Cricket Council (ICC) HQ: Dubai, UAE Satya Prakash Chef de Mission (CMD) Sangwan, is also the Vice-President of Sangwan of the Indian contingent Paralympic Committee of India (PCI) for the upcoming Paris 2024 Paralympic Games M Suresh Interim Chairman of He succeeds Sanjeev Kumar Airports Authority of M Suresh currently serves as the Member, India (AAI) Air Navigation Services at the AAI AAI HQ: New Delhi Rajesh Nambiar President-designate of Nambiar, who resigned as chairman and National Association of managing director of Cognizant India, Software and Service succeeds Debjani Ghosh at nasscom, who Companies completes her tenure in November 2024. (NASSCOM) National Association of Software and Service Companies (NASSCOM) HQ: Noida, Uttar Pradesh Amardeep Secretary in the He succeeds Rajesh Kumar Singh who was Singh Bhatia Department for appointed as the new defence secretary. 6 https://alfabanker.graphy.com http://bit.ly/thealfabanker Weekly CA PDF (16-23 August 2024) Promotion of Industry and Internal Trade (DPIIT) Salee Managing Director and Appointed for three years, subject to Sukumaran CEO, Tamilnad shareholder approval. Former Deputy Nair Mercantile Bank Managing Director and Chief Credit Officer at State Bank of India. Tamilnad Mercantile Bank HQ: Thoothukudi, Tamil Nadu Rahul Navin Director, Enforcement Appointed for two years. Currently serving Directorate (ED) as Special Director in ED. IRS officer from the 1993 batch, previously acting Director. Govind Mohan Union Home Secretary Succeeds Ajay Kumar Bhalla. Previously Secretary of the Ministry of Culture. Will join as Officer on Special Duty in the Ministry of Home Affairs. Parvathaneni Permanent Appointed as India’s ambassador to the Harish Representative to the United Nations in New York. Former UN ambassador to Germany. Appointment follows Ruchira Kamboj's retirement. Ashok Kumar Director General, IAS officer of the 1999 batch, Kerala cadre. Singh Employees’ State Previously worked as Principal Secretary, Insurance Corporation Water Resources Department, and in various (ESIC) roles in government. Employees’ State Insurance Corporation (ESIC) HQ: New Delhi Morne Morkel Bowling Coach, India Former South Africa speedster. Replaces Men’s Cricket Team Paras Mhambrey. Appointed by head coach Gautam Gambhir, previously coached Pakistan's team. Paetongtarn Prime Minister of She is the country’s youngest leader at 37, Shinawatra Thailand and Thailand’s second female prime minister. She succeeds Srettha Thavisin Thailand Capital: Bangkok Currency: Baht Resignations: Rekha Sharma steps down as NCW chairperson Rekha Sharma, the chairperson of the National Commission for Women (NCW), stepped down, marking the end of her nine-year tenure. She has been involved with NCW since 2015, taking on roles as a member and temporarily as chairperson before becoming chief. NCW: new Delhi Japan's Prime Minister Kishida to resign 7 https://alfabanker.graphy.com http://bit.ly/thealfabanker Weekly CA PDF (16-23 August 2024) Japan’s Prime Minister Fumio Kishida announced that he will be stepping down from the post next month, and will not contest in the upcoming vote to elect a new chief for the ruling Liberal Democratic Party (LDP). Japan Capital: Tokyo Currency: Yen Lok Sabha speaker constitutes six new parliamentary committees for 2024-25 Here are the appointments for the new Parliamentary Committees: Name Post Other Important Info Chairperson, Committee on The committee reviews welfare measures for Ganesh Singh Welfare of Other Backward OBCs and considers reports from the Classes National Commission for Backward Classes. Chairperson, Committee on Dr. Faggan The committee focuses on the welfare Welfare of Scheduled Castes Singh Kulaste measures for SCs and STs. and Scheduled Tribes The committee is a financial standing Baijyant Chairperson, Committee on committee of Parliament that reviews public Panda Public Undertakings sector undertakings. The PAC examines government expenditure KC Chairperson, Committee on and CAG reports on appropriations and Venugopal Public Accounts accounts. The committee examines budget estimates Dr. Sanjay Chairperson, Committee on and suggests improvements for Jaiswal Estimates administrative efficiency and reforms. Awards & Recognitions Award Name Person/Institution Other Info Best Airport at the India Rajiv Gandhi This achievement highlights RGIA’s Travel Awards International Airport dedication to providing an exceptional (RGIA) in experience for its passengers. Earlier Hyderabad this year, the airport also won the Skytrax award for the ‘Best Airport Staff in India & South Asia 2024’. Three more Indian wetlands get Ramsar site tag The Nanjarayan Bird Sanctuary and the Kazhuveli Bird Sanctuary in Tamil Nadu, and the Tawa Reservoir in Madhya Pradesh are the three wetlands which have got the Ramsar site tag, Union Environment Minister Bhupender Yadav informed. With this, the total number of such highly-recognised waterlogged ecosystems in the country increased to 85. Tamil Nadu has the maximum number of Ramsar sites (18) followed by Uttar Pradesh (10). 8 https://alfabanker.graphy.com http://bit.ly/thealfabanker Weekly CA PDF (16-23 August 2024) The Ramsar Convention is an international treaty for the conservation and wise use of wetlands. It is named after the Iranian city of Ramsar, on the Caspian Sea, where the treaty was signed on February 2, 1971. India ratified the convention on February 2, 1971. India ratified the convention on February 1, 1982. NI-MSME, Hyderabad has been awarded Accreditation Certification as “UTKRISHT”, 3-Star Rating National Institute for MSME (NI-MSME), an Organisation of Ministry of MSME, Government of India, has been awarded the Certificate of Accreditation with the grading of UTKRISHT, a 3 Star Rating on the successful completion on National Standards for Civil Services Training Institutions (NSCSTI) process in recognition of excellent services in the field of promotion and development of MSMEs. Static Info: National Institute for Micro, Small, and Medium Enterprises (NI-MSME): Hyderabad, Telangana India shines at the 17th International Earth Sciences Olympiad The Indian student team has bagged multiple prestigious medals at the 17th edition of the International Earth Sciences Olympiad (IESO) held in Beijing, China, from August 08-16, 2024. The four-membered Indian team comprising students from Gujarat, Kerala, Chhattisgarh, and Rajasthan have won three gold and bronze each and two silver medals across three competition categories (Theory and Practical, Earth System Project, and International Team Filed Investigation). The International Earth Science Olympiad is one of the most successful student- centric programs facilitated under the REACHOUT (Research, Education, Training and Outreach) scheme of the Ministry of Earth Sciences. Dr. Jitendra Singh conferred prestigious 'Distinguished Mentor' award by American College of Physicians in the 9th annual conference of ACP -India Chapter at Lucknow The Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, MoS PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh was conferred the prestigious "Distinguished Mentor of the Year" award by the American College of Physicians at the 9th Annual Conference of ACP India Chapter in Lucknow. Dr. Jitendra Singh said that India is experiencing a rise in non-communicable diseases but the communicable diseases are also persisting simultaneously while western countries which earlier faced more of non-communicable diseases are now also facing infectious diseases, particularly after emergence of AIDS and COVID pandemic. President of India confers National Geoscience Awards- 2023 The President of India, Smt. Droupadi Murmu, conferred the prestigious National Geoscience Awards (NGA) for the year 2023 at a grand ceremony held at the Rashtrapati Bhavan Cultural Centre, New Delhi. 9 https://alfabanker.graphy.com http://bit.ly/thealfabanker Weekly CA PDF (16-23 August 2024) This year, a total of 12 awards were presented to 21 geoscientists, including academicians and professionals from across the country, under three categories: National Geoscience Award for Lifetime Achievement (1 award), National Geoscience Award (10 awards), and National Young Geoscientist Award (1 award) in various specialized fields of geosciences. The National Geoscience Award for Lifetime Achievement was bestowed upon Prof. Dhiraj Mohan Banerjee, Emeritus Scientist at the Indian National Science Academy (INSA), recognized for his distinguished and pioneering work on phosphorites, isotope geology, and organic geochemistry of Precambrian sedimentary rocks of India. Under the National Geoscience Award category, a total of 10 awards, including 3 teams, were conferred in various fields of geosciences. Dr. Ashutosh Pandey, Assistant Professor at the Indian Institute of Science Education and Research (IISER), Thiruvananthapuram, received the National Young Geoscientist Award. Dr. Pandey was honored for his groundbreaking research and significant insights into the geodynamic evolution of the Eastern Dharwar Craton and for suggesting an alternative model for the origin of Paleoproterozoic Lesser Himalayan mafic rocks. Amul ranked as world's strongest food brand Amul has been recognized as the world's strongest food and dairy brand, according to the Brand Finance Food & Drink 2024 report. With a Brand Strength Index (BSI) score of 91.0 out of 100, Amul earned the prestigious AAA+ rating, solidifying its leadership in the global food and dairy sectors. The overall brand value of the food and beverage sector declined by 4%, totalling around US$ 268 billion. The report also recognized Nestlé and Lay's as leaders in brand value. Nestlé remained the world's most valuable food brand despite a 7% decline in brand value to US$ 20.8 billion. In comparison, Lay's saw a 9% increase, reaching US$ 12 billion, driven by innovative product offerings. Static Info: Anand Milk Union Limited: Anand, Gujarat Nestle HE: Vevey, Vaud, Switzerland Lay's (Owned by PepsiCo) HQ: Purchase, New York, USA (PepsiCo's headquarters) RBI Governot Shaktikanta Das ranked among top 3 'A+' central bankers again RBI Governor Shaktikanta Das has been rated as one of the top central bankers in the world for the second consecutive year, receiving an "A+" rating from the Global Finance magazine. Das, who has been awarded an "A+" rating, shares this honour with Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan. For the second consecutive year, Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), has been ranked as one of the top central bankers globally by the US-based Global Finance magazine. KIA Bengaluru becomes first airport in Asia to receive Level 5 Accreditation of ACI 10 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) Kempegowda International Airport (KIA) in Bengaluru has become the first in Asia to receive Airports Council International’s (ACI) highest Level 5 accreditation. Bangalore Airport has made a remarkable 95.6 per cent reduction in Scope 1 and 2 Greenhouse Gas (GHG) emissions, attaining the highest emission elimination by an Indian airport, achieved seven years ahead of the initial target of 2030. The accreditation comes into effect from May 5, 2024. President Droupadi Murmu Confers Rashtriya Vigyan Puraskar At Rashtrapati Bhavan President Droupadi Murmu awarded the Rashtriya Vigyan Puraskar 2024 to distinguished scientists at Rashtrapati Bhavan, marking the first edition of this prestigious award. A total of 33 awards were presented across four categories: Vigyan Ratna, Vigyan Shri, Vigyan Yuva, and Vigyan Tea. 1. Vigyan Ratna Award: This highest honor was given to Prof. Govindarajan Padmanabhan, a pioneer in molecular biology and biotechnology research in India, for his lifetime contributions to Science and Technology. 2. Vigyan Shri Awards: 13 scientists were recognized for their distinguished contributions to Science and Technology. This award acknowledges path-breaking research and advancements in various scientific fields. 3. Vigyan Yuva-SSB Award: 18 scientists received this award for their exceptional contributions to science and technology. Their work spans a wide range of areas, including the study of Indian Ocean warming, the development of indigenous 5G base stations, and precision tests of quantum mechanics. The Rashtriya Vigyan Puraskar aims to recognize and honor the achievements of India's leading scientists and researchers, encouraging further innovation and excellence in the field of science and technology. President approves 103 Gallantry awards, including nine posthumous, to Armed Forces & Central Armed Police Forces personnel On the eve of Independence Day, President Droupadi Murmu approved 103 Gallantry awards for Armed Forces and Central Armed Police Forces personnel. The awards include: 4 Kirti Chakras (3 posthumous) 18 Shaurya Chakras (4 posthumous) 1 Bar to Sena Medal (Gallantry) 63 Sena Medals (Gallantry) (2 posthumous) 11 Nao Sena Medals (Gallantry) 6 Vayu Sena Medals (Gallantry) Additionally, 39 Mention-in-Despatches were awarded, including posthumously to Army Dog Kent. The President also approved: 1 President’s Tatrakshak Medal (Distinguished Service) 1 Tatrakshak Medal (Gallantry) 11 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) 2 Tatrakshak Medals (Meritorious Service) Kirti Chakra Awardees: Colonel Manpreet Singh (Posthumous): Recognized for leading an anti-terror operation in Anantnag, Jammu and Kashmir, where he lost his life. Rifleman Ravi Kumar (Posthumous): Honored for bravery in the same operation as Colonel Singh. Major Malla Rama Gopal Naidu: Awarded for exceptional courage in military operations. Deputy Superintendent Himayun Muzzammil Bhat (Posthumous): Recognized for bravery during the counter-terrorism operation in Anantnag, where he was killed. Indian Coast Guard Awards: President’s Tatrakshak Medal (Distinguished Service): IG Donny Michael, TM Tatrakshak Medal (Gallantry): Dy Comdt Aaqil Pathan Tatrakshak Medals (Meritorious Service): o DIG Balakrishnan Murugan o Girish Kumar Verma, P/Adh(RO) These awards honor exceptional bravery, dedication, and service demonstrated by the recipients. Union Minister Giriraj Singh Presents Handicrafts Exports Awards The Export Promotion Council for Handicrafts (EPCH) held its 24th Handicrafts Export Awards Function at the Convention Hall, The Ashok Hotel, New Delhi. The event celebrated the outstanding achievements of Indian handicraft exporters for the years 2019-20 and 2020-21. Union Minister of Textiles, Giriraj Singh, served as the Chief Guest and presented a total of 123 trophies and merit certificates across various categories to recognize the exceptional performance of the exporters. Key highlights of the awards included: Top All Handicrafts Award: C.L. Gupta Exports Limited was honored with the top award for both 2019-20 and 2020-21. Lifetime Achievement Award: Muzafar Hussain from Jammu and Kashmir was recognized for his significant contributions to the handicrafts sector. 70th National Film Awards 2024 The winners of the 70th National Film Awards were announced at the National Media Center in New Delhi. Here are the key highlights: 12 https://alfabanker.graphy.com http://bit.ly/thealfabanker Weekly CA PDF (16-23 August 2024) Major Awards: Best Feature Film: Aattam (Malayalam) Best Debut Film: Fouja (Haryanvi) Best Film Providing Wholesome Entertainment: Kantara (Kannada) Best Feature Film Promoting National, Social, and Environmental Values: Kutch Express (Gujarati) Best Film in AVGC: Brahmastra Part 1 (Hindi) Best Director: Sooraj Barjatya for Uunchai (Hindi) Acting Awards: Best Actor: o Rishab Shetty for Kantara (Kannada) o Nithya Menen for Thiruchitrambalam (Tamil) o Manasi Parekh for Kutch Express (Gujarati) Best Actress in Supporting Role: o Neena Gupta for Uunchai (Hindi) o Pavan Raj Malhotra for Fouja (Haryanvi) Best Child Artiste: Sreepath for Malikappuram (Malayalam) Crew Awards: Best Action Direction: Anbariv for KGF Chapter 2 (Kannada) Best Choreography: Jani Master, Sathish Krishnan for Thiruchitrambalam (Tamil) Best Lyrics: Naushad Sadar Khan for Fouja (Gujarati) Best Music Direction: o Pritham for Brahmastra Part 1 (Hindi) o AR Rahman for Ponniyin Selvan Part 1 (Tamil) Best Makeup: Somnath Kundu for Aparajito (Bengali) Best Costume Design: Niki Joshi for Kutch Express (Gujarati) Best Production Design: Ananda Addhya for Aparajito (Bengali) Best Editing: Mahesh Bhuvanend for Aattam (Malayalam) Best Sound Design: Anand Krishnamoorthi for Ponniyin Selvan Part 1 (Tamil) Best Screenplay: o Anand Ekarshi for Aattam (Malayalam) o Arpita Mukherjee and Rahul V Chittella for dialogues in Gulmohar (Hindi) Best Cinematography: Ravi Varman for Ponniyin Selvan Part 1 (Tamil) Best Playback Singer: o Bombay Jayshree for Saudi Vellakka CC 225/2009 (Malayalam) o Arijit Singh for Brahmastra Part 1 (Hindi) Regional Films: Best Tiwa Film: Sikaisal Best Telugu Film: Karthikeya 2 Best Tamil Film: Ponniyin Selvan Part 1 Best Punjabi Film: Baghi Di Dhee 13 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) Best Odia Film: Daman Best Malayalam Film: Saudi Vellakka CC 225/2009 Best Marathi Film: Vaalvi Best Kannada Film: KGF Chapter 2 Best Hindi Film: Gulmohar Best Bengali Film: Kaberi Antardhan Best Assamese Film: Emuthi Puthi Special Mentions: Manoj Bajpayee for acting in Gulmohar (Hindi) Sanjay Salil Chowdhury for music direction in Kadhikan (Malayalam) Non-Feature Categories: Best Non-Feature Film: Ayena Best Debut Film: Madhyantara Best Biographical/Historical/Compilation Film: Aanakhi Ek Mohenjo Daro International News Sweden reports first case of deadly mpox strain outside Africa A day after the World Health Organization (WHO) declared the spread of Mpox in Africa a global health emergency, Sweden reported its first case. WHO Declaration: The WHO has declared Mpox a global public health emergency for the second time in two years. This follows an outbreak in the Democratic Republic of Congo (DRC) that has spread to other countries. New Viral Strain: A new strain of the virus, which first appeared in September 2023, has now been detected outside of the DRC for the first time. Emergency Status: The declaration was made based on recommendations from the International Health Regulations (IHR) Emergency Committee of independent experts. Static Info: Sweden Capital: Capital: Stockholm Currency: Krona World’s oldest calendar discovered at 13,000 year old Turkish temple Archaeologists have discovered the world’s oldest calendar. The ancient carving of the sun, moon, and various constellations sits on a pillar in Göbekli Tepe in southern Turkey and is 12,000 years old. Göbekli Tepe, often referred to as the world’s first temple, features a series of large stone pillars adorned with ornate carvings. These carvings have long puzzled researchers, but recent studies suggest they represent an ancient timekeeping system. 14 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) Static Info: Turkey: Capital: Ankara Currency: Turkish Lira China approves 11 nuclear reactors worth $31 billion across five sites China has approved the construction of 11 new nuclear reactors across five different sites, with a total investment of $31 billion. This decision underscores China's commitment to expanding its nuclear energy capacity as part of its broader strategy to reduce reliance on fossil fuels and achieve its carbon neutrality goals by 2060. The newly approved reactors will significantly boost China's nuclear power generation capabilities, which already rank among the highest in the world. Static Info: China Capital: Beijing Currency: Yuan National News Malaysian PM Anwar Ibrahim on a 3 day visit to India Malaysian Prime Minister Anwar Ibrahim came to India for three-day visit to India. It will pave way for charting a multi-sectoral cooperation agenda between the two countries. Ibrahim, to be accompanied by a high-level delegation, begins the visit on August 20,2024. It would be his first visit to India as the prime minister. Static Info: Malaysia Capital: Kuala Lumpur Currency: Malaysian Ringgit Zimbabwe VP Chiwenga Arrives In New Delhi For 19th CII India-Africa Business Conclave The Vice President of Zimbabwe, Constantino Guveya Dominic Nyikadzino Chiwenga, has arrived in New Delhi. He attended the 19th CII India-Africa Business Conclave in New Delhi. He said, this will also reinforce India’s commitment to a stronger and more collaborative relationship with Africa. Static Info: Zimbabwe Capital: Harare Currency: United States Dollar 15 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) JGU to establish India's first Constitution Museum to commemorate 75th anniversary of Constitution of India O.P. Jindal Global University (JGU) is set to launch India's first Constitution Museum to commemorate the 75th anniversary of the adoption of the Constitution of India. Named "The Constitution Academy and The Rights & Freedoms Museum," the museum will be inaugurated on November 26, 2024, at the JGU campus. The Constitution Academy will feature sections dedicated to different parts of the Constitution and their significance, including profiles of Constituent Assembly members and the debates and deliberations that shaped the Constitution. The museum will employ various formats—textual, audio-visual, and experiential—to engage visitors and provide an immersive educational experience. Static Info: O.P. Jindal Global University (JGU): Sonipat, Haryana Nepal to export 1,000 MW electricity to India Nepal is set to export 1,000 MW of electricity to India, marking a significant step in energy cooperation between the two countries. This move is part of Nepal's broader strategy to enhance its hydropower sector and leverage its abundant water resources to generate and export electricity. The export of electricity will bolster Nepal's economy, contribute to energy security in the region, and strengthen bilateral ties with India. This agreement also highlights India's growing role as a key partner in South Asia's energy market. Government to launch 'Kisano Ki Baat' radio programme Union Agriculture Minister Shivraj Singh Chouhan announced the launch of a new initiative called 'Kisan Ki Baat,' a monthly radio program set to begin in September. The program is designed to provide farmers with scientific knowledge and modern agricultural practices, similar to Prime Minister Narendra Modi's 'Mann Ki Baat.' It will feature contributions from agricultural scientists, department officials, and the minister himself, offering valuable insights into best practices and scientific advancements. In addition to the radio program, the minister also introduced the National Pest Surveillance System (NPSS), an Artificial Intelligence (AI)-based platform aimed at improving pest control measures. This system will connect farmers directly with agricultural scientists and experts, helping them adopt a more scientific approach to pest management and reducing their dependence on pesticide retailers. Bill Gates Foundation to set up FSTP at Sarovaram The Bill Gates Foundation has announced a significant initiative to establish a Family-Sized Treatment Plant (FSTP) at Sarovaram in India. This project aims to enhance sanitation and hygiene by providing a state-of-the-art treatment facility. The FSTP will be pivotal in improving waste management and public health in the region. 16 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) Static Info: Bill & Melinda Gates Foundation Headquarters: Seattle, Washington, USA Cabinet approves the Clean Plant Programme under Mission for Integrated Development of Horticulture The Union Cabinet, led by Prime Minister Narendra Modi, has approved the Clean Plant Programme (CPP), proposed by the Ministry of Agriculture and Farmers Welfare. With an investment of Rs. 1,765.67 crore, this initiative aims to transform India’s horticulture sector by providing farmers with virus-free, high-quality planting material. This will help increase crop yields and improve income opportunities for farmers. The CPP is expected to significantly enhance India’s horticultural sector while supporting Mission LiFE and the One Health initiatives. It will encourage sustainable, eco-friendly farming practices and reduce the need for importing planting materials. Nationwide Mass Drug Administration campaign for Lymphatic Filariasis elimination The second phase of the Bi-annual Nationwide Mass Drug Administration (MDA) campaign launched for Lymphatic Filariasis elimination has recently been launched. India on mission mode to eliminate Filaria by 2027. This phase targets 63 endemic districts in Bihar, Jharkhand, Karnataka, Odisha, Telangana, and Uttar Pradesh. It involves a door-to-door administration of preventive medications in these areas, pushing India closer to achieving its goal of eliminating Lymphatic Filariasis ahead of the global target. PM Modi to be chief guest at The ET World Leaders Forum Prime Minister Narendra Modi will be the chief guest at The Economic Times World Leaders Forum on August 31 in New Delhi. The forum’s theme is “Leadership for Global Prosperity.” It will focus on India’s role in global economic growth, innovation, and policy-making, especially during a time of global economic stagnation. The event aims to bring together global leaders, policymakers, and experts to explore ways to foster economic growth and address global challenges through effective leadership. Dr. Mansukh Mandaviya Launches Online Module for Surrender of Exemption Union Minister for Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya launched a new 'Online facility for Surrender of Exemption from EPF Scheme’ in New Delhi. The online facility is the first of the six modules under the EPFO Central IT System 2.01 that has been implemented in advance. This facility will reduce the time and effort while providing facilities such as online submission of application, validation of applications and transfer of past accumulations of the member. 17 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) Union Minister Shivraj Singh Chouhan launches ‘ASEAN-India Fellowship’ for Higher Education in Agriculture and Allied Sciences in PUSA, New Delhi The ASEAN-India Fellowship for Higher Education in Agriculture and Allied Sciences was launched by Union Minister Shivraj Singh Chouhan at ICAR, PUSA, New Delhi. This fellowship is designed to support postgraduate studies in emerging areas of agriculture and allied sciences. Key points about the fellowship: Support for Studies: It provides funding and support for advanced studies in agriculture and related fields. Faculty Exchange: Indian faculty members will have the opportunity to visit ASEAN countries, helping to build capacity in ASEAN nations. Goal: The initiative aims to develop a skilled pool of experts in ASEAN countries to foster growth in agriculture and allied sciences. MDNIY marks significant milestone by signing three MoUs The Morarji Desai National Institute of Yoga signed 3 Memorandums of Understanding (MoUs) with Gargi College, University of Delhi, National Security Guard (NSG), and the Central Industrial Security Force (CISF). This is a major landmark in the history of MDNIY. The collaborations aim to promote the benefits of Yoga across diverse sectors, from educational institutions to National Security Forces. Static Info: Morarji Desai National Institute of Yoga: New Delhi National Security Guard (NSG): New Delhi Central Industrial Security Force (CISF): New Delhi Union Minister C.R. Paatil launches Version 2.0 of ‘FloodWatch India’ mobile app Union Minister for Jal Shakti, C.R. Paatil, launched Version 2.0 of the 'FloodWatch India' mobile app in New Delhi. This updated version, developed by the Central Water Commission (CWC), now includes data from 392 additional flood monitoring stations, bringing the total to 592 stations. It offers a comprehensive view of flood conditions nationwide. Version 2.0 also provides updated information on the storage levels of 150 major reservoirs, helping users better understand potential flood risks in downstream areas. Govt initiates anti-dumping investigation into steel from Vietnam India has launched an anti-dumping investigation into imports of hot rolled flat products from Vietnam. This action follows complaints that these products are being sold at unfairly low prices, negatively affecting the domestic steel industry. Concern: Indian steelmakers, including JSW Steel and ArcelorMittal Nippon Steel India (AM/NS India), have reported that cheap imports from China, routed through 18 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) Vietnam under the India-Asean free trade agreement, are driving down domestic steel prices. Reason for Probe: The Indian Steel Association (ISA) filed a complaint requesting the probe to address these concerns and protect the interests of local steel producers. Static Info: Vietnam Capital: Hanoi Currency: Vietnamese dong Union cabinet approves Rs 2,962 crore airport projects for Bihar, West Bengal The Union Cabinet has approved two major airport infrastructure projects: 1. Bihta, Bihar: o Project Cost: ₹1,413 crore o Details: A second airport will be built at the Indian Air Force (IAF) base in Bihta, Patna. This new civil enclave aims to ease congestion at the existing Patna airport and can handle up to 1 crore passengers annually. 2. Bagdogra, West Bengal: o Project Cost: ₹1,549 crore o Details: A new terminal building will be constructed at Bagdogra airport. This expansion will address capacity issues due to high passenger demand and will include facilities for 10 A-321 type aircraft, two taxiways, and multi-level parking. Secular Civil Code is the need of the hour, says PM Modi in Independence Day Speech Prime Minister Narendra Modi has emphasized the need for a "secular civil code," describing the current laws in India as a "communal civil code" and labeling them as discriminatory. He has urged political parties to support the idea of "one nation, one election," arguing that frequent elections hinder the country’s progress. The Uniform Civil Code (UCC) has been a key promise of the Bharatiya Janata Party (BJP). Following the completion of other major promises, such as the construction of the Ram temple in Ayodhya and the repeal of Article 370, the UCC remains one of the BJP's key agendas. ‘Tiranga Yatra ' commenced under the leadership of KVIC Chairman under ' HarGharTiranga ' campaign Khadi and Village Industries Commission (KVIC), Ministry of Micro, Small and Medium Enterprises (MSME), Government of India presided over the flag hoisting ceremony at Central Office, Vile Parle, Mumbai on the occasion of 78th Independence Day. On this occasion, a Tiranga Yatra took place by the Central Office of Khadi Village Industries Commission located at Irla in which local residents along with officers and employees of KVIC participated. During thisprogramme, the second edition of the Rajbhasha Visheshank was also released by KVIC Chairman Manoj Kumar and the winners of the annual sports competition were also felicitated. 19 https://alfabanker.graphy.com http://bit.ly/thealfabanker Weekly CA PDF (16-23 August 2024) MoS Shri Bhagirath Choudhary launches the digital geo-spatial platform, Krishi- Decision Support System The Ministry of Agriculture and Farmers Welfare has launched the Digital Geospatial Platform, Agri-Decision Support System (Agri-DSS), introducing a groundbreaking technology to the Indian agriculture sector. This platform is the first of its kind, specifically designed for Indian agriculture. The Agri-DSS was unveiled during the National Conference on Space Driven Solutions for Agriculture Transformation in India, organized by the agriculture ministry. This platform aims to provide geospatial data and insights, supporting farmers and decision-makers in making informed choices to enhance agricultural productivity and sustainability. BHAVISHYA - Promoting Digital Empowerment and Ease of Living for Pensioners To overcome the problems of delay & clerical errors in processing the pension cases, as well as financial loss and harassment to the pensioners, the DOPPW introduced, a unique innovative centralized pension processing software called ‘Bhavishya’ for all central government Ministries/Departments. "Bhavishya" was made mandatory for all central civil Ministries and Departments w.e.f 01.01.2017. At present, 99 Ministries/ Departments, 1020 Offices and 8320 DDOs are on Board and 2,50,845 PPOs have been issued till 14.08.2024. Bhavishya has been ranked 3rd best in NeSDA (National e-Governance Service Delivery Assessment), 2021. Manohar Lal Khattar Launches Three Online Platforms to Boost Power Sector Efficiency & Transparency Union Minister of Power Manohar Lal Khattar (previously Haryana’s CM) recently launched three online platforms in New Delhi to enhance the efficiency, transparency, and effectiveness of the power sector. The new portals are: Portal for Online Monitoring of Projects – Thermal (PROMPT): This platform facilitates real-time tracking and analysis of thermal power projects, allowing project managers and stakeholders to make informed decisions swiftly and address potential delays and issues early. Disaster Resilient Infrastructure for Power Sector (DRIPS): DRIPS serves as a central point of contact for nodal officers across power sector departments and agencies in affected districts and states. It manages the inventory of power system equipment and critical supplies, aiding in emergency responses. JAL VIDYUT DPR: Initiated by the Central Electricity Authority (CEA), this portal supports the development of hydropower and pumped storage projects (PSPs). These projects are crucial for stabilizing the power grid and balancing energy amidst ongoing transitions. India to set Space Station by 2035, land human on Moon by 2040: Dr Jitendra Singh Union Minister Dr Jitendra Singh, Minister of State (Independent Charge) for Science and Technology and Earth Sciences emphasized that the advancements are 20 https://alfabanker.graphy.com http://bit.ly/thealfabanker Weekly CA PDF (16-23 August 2024) positioning India as a leading force in the private space industry, with Rs. 1,000 crore invested in 2023 alone. The space economy is projected to grow fivefold over the next decade, reaching USD 44 billion. He also shared plans for a female humanoid robot named Vayumitra, scheduled to be launched into space in 2025 to perform astronaut tasks and return to Earth. If successful, India could send a human into space by late 2025. Additionally, an Indian Space Station is planned for 2035, with the goal of landing an Indian astronaut on the moon by 2040. Bharatmala Pariyojana Phase-I likely to be completed by 2027-28: MoRTH The Modi government’s flagship Bharatmala Pariyojana Phase-I, which has overshot the expenditure limit, is expected to be completed by 2027-28, the Ministry of Road Transport and Highways (MoRTH) said in its annual report. The Bharatmala Pariyojana Phase-1 entails a total length of 34,800 km in 31 states and UTs and more than 550 districts. The revised financial proposal for the Bharatmala Pariyojana is under process for approval. The length awarded is 26,425 km, and the length constructed is 17,411 km so far. State News Assam Assam Gov launches 'Nijut Moina Scheme' to boost girls' education and combat child marriage Assam Chief Minister Himanta Biswa Sarma introduced a new government initiative, Mukhya Mantrir Nijut Moina Asoni (MMNMA), to offer financial assistance to female students, aiming to eradicate child marriages in the state. Each eligible girl student enrolled in Class 11 will receive an incentive of Rs 1000/- per month for a maximum of ten months, a total of Rs 10,000/- per year. An incentive of Rs 1250/- per month for a maximum of ten months, resulting in a total of Rs 12,500 per year to be paid to each of the eligible girl students enrolled in Graduation First Year. Assam govt signs MoU with Prasar Bharati to produce documentary on Lachit Borphukan The Assam government signed a Memorandum of Understanding (MoU) with Prasar Bharati to produce and telecast a documentary series of 52 episodes on the legendary Ahom General Lachit Borphukan of the Ahom dynasty. The series will be broadcast across Prasar Bharati’s platforms, including Akashwani, Doordarshan, and its digital services, Prasar Bharati News Services (PBNS). 21 https://alfabanker.graphy.com http://bit.ly/thealfabanker Weekly CA PDF (16-23 August 2024) Chhattisgarh Chhattisgarh to have country's third largest tiger reserve The Chhattisgarh Government has decided to create a new tiger reserve that includes the areas of Guru Ghasidas National Park and Tamor Pingla Wildlife Sanctuary. This is being done to boost eco-tourism and create jobs. This will be the state's fourth tiger reserve, joining the Indravati, Udanti-Sitanadi, and Achanakmar reserves. The project got initial approval from the National Tiger Conservation Authority (NTCA) in 2014. The new Guru Ghasidas-Tamor Pingla tiger reserve will be the third largest in India, covering 2,829 square kilometers. The largest tiger reserve in India is Nagarjunasagar Srisailam in Andhra Pradesh, followed by Manas in Assam. Gujarat Gujarat CM launches IACC's Centre of Excellence for MSME Gujarat Chief Minister Bhupendra Patel inaugurated Indo-American Chamber of Commerce's (IACC) Centre of Excellence for MSME at the KCG auditorium, i- HUB campus in Ahmedabad. The Centre, the first ever by IACC in India, aims to upgrade and strengthen Micro, Small and Medium Enterprises (MSMEs) to effectively cater to the export markets. Jammu & Kashmir ‘Chinar Book Festival’ Kicks Off In Srinagar To Promote Reading Among Youth The weeklong ‘Chinar Book Festival’ kicked off at SKICC in Srinagar, aiming to rekindle a passion for reading among the youth. This first-of-its-kind event in the region attracted over 1,000 publishers from across India, showcasing a diverse range of literary works in languages such as Hindi, Urdu, Kashmiri, Dogri, and English. The festival also featured special exhibitions like ‘Kashmir and Ladakh Through the Ages,’ ‘25 Years of Kargil Vijay Diwas,’ and ‘National Space Day,’ offering visitors a unique visual journey through history and legacy. Jharkhand Jharkhand CM Hemant Soren Launches “Mukhyamantri Maiya Samman Yojana” Before Raksha Bandhan Jharkhand Chief Minister Hemant Soren launched the Jharkhand Mukhyamantri Maiya Samman Yojana (JMMSY) in Pakur, Jharkhand, aimed at empowering and supporting women in the state. Under this scheme, women aged 21 to 50 will receive financial assistance of ₹1,000 per month, amounting to ₹12,000 annually. 22 https://alfabanker.graphy.com http://bit.ly/thealfabanker Weekly CA PDF (16-23 August 2024) Starting in September, beneficiaries will receive this payment on the 15th of every month. CM Hemant Soren announced a budget of ₹5,500 crore for this welfare initiative, which is expected to benefit 45 lakh women across the state. Madhya Pradesh MP Goes Digital, becomes 1st State To Notify Rules For Serving Summons & Warrants Online Madhya Pradesh has achieved a significant milestone by becoming the first state in India to formalize rules allowing the digital issuance of summons and warrants. The state’s Home Department has introduced the “Madhya Pradesh Electronic Processes (Issuance, Service and Execution) Rules, 2024,” which have been officially published in the Madhya Pradesh Gazette. This development, sanctioned under the country’s new law, the Bharatiya Nagarik Suraksha Sanhita (Indian Civil Security Code) 2023, aims to accelerate judicial procedures, fortify legal proceedings, and enhance the efficiency of the judicial system. Maharashtra Maharashtra Government Approves Logistic Policy to generate Five Lakhs Job Opportunities The Maharashtra government has approved Logistics Policy 2024 proposing to set up more than 200 logistics parks, complexes, and truck terminals with integrated facilities, which is expected to generate approximately 5,00,000 new job opportunities. The key objectives of the policy include developing more than 10,000 acres of dedicated logistics infrastructure, 25 district logistic nodes, five regional logistic hubs, and as many state logistic hubs, a national logistics hub, and an international logistics hub. Maharashtra Launches First ‘Solar Village’ With Manyachiwadi Chief Minister of Maharashtra Eknath Shinde inaugurated the first ‘Solar Village’ in the state. The Manyachiwadi village in the Patan Taluka of Satara district has become the first ‘Solar Village’ in Maharashtra. He said that the PM Surya Ghar: Muft Bijli Yojana launched by Prime Minister Narendra Modi has lessened the burden of electricity bills in the state. He also mentioned that the state government provides a 90 to 95% subsidy to farmers for setting up solar pump sets under the Mukhyamantri Saur Krushi Pump Yojana. Odisha Odisha launches first grain ATM in Bhubaneswar The World Food Programme (WFP) and the Government of Odisha have launched India's first round-the-clock grain ATM, named ‘Annapurti Grain ATM,’ at 23 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) Mancheswar in Bhubaneswar, Odisha. This innovative initiative is designed to enhance nutritional security in the state by providing continuous, 24x7 access to rice and wheat. Punjab Punjab Help Centre launched at IGI Airport to assist NRIs Punjab Chief Minister Bhagwant Mann recently inaugurated the ‘Punjab Help Centre’ at Terminal 3 of Indira Gandhi International Airport in New Delhi. This initiative marks Punjab as the first Indian state to establish a dedicated NRI Facilitation Centre, reflecting its commitment to assisting its overseas community. The Punjab Help Centre will operate 24/7, offering a variety of services to assist NRIs and other passengers, including support with arrival and connecting flights, taxi services, lost luggage, and other airport-related needs. The center is also equipped with two Innova cars for local transportation to Punjab Bhawan and nearby locations, and emergency accommodation at Punjab Bhawan is available based on availability. A dedicated helpline, 011-61232182, has been set up for immediate assistance. Rajasthan Rajasthan launches DHM to strengthen medical infra Rajasthan government launched a Digital Health Mission launched in to strengthen medical infrastructure in the State and make the facilities available online for the benefit of patients. The mission would create the facilities for electronic health records and single window procedures, besides assisting the hospital administration and doctors. Banking & Finance News Axis Bank and Visa unveil the ultra luxury credit card, ‘PRIMUS’, for India’s elite Axis Bank has partnered with Visa, the global leader in digital payments, to launch ‘Primus’, an ultra-premium credit card designed to redefine luxury. The annual fee stands at Rs 3 lakh. Primus cardholders will experience a level of luxury and service unmatched by any other credit card in India. With its focus on exclusivity, personalized benefits, and world-class partnerships, Primus caters to the discerning needs of the ultra-wealthy. Static Info: Axis Bank HQ: Mumbai, Maharashtra Visa Inc. Headquarters: Foster City, California, USA 24 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) NPCI incorporates NPCI BHIM Services Ltd as a wholly-owned subsidiary; Lalitha Nataraj to be CEO The National Payments Corporation of India (NPCI) incorporated Bharat Interface for Money (BHIM) as a wholly-owned subsidiary, hiving it off into a new entity known as NPCI-BHIM Services Ltd (NBSL). Former banker Lalitha Nataraj will head the new subsidiary as its chief executive officer (CEO) and Rahul Handa will be NBSL’s chief business officer (CBO). Static Info: National Payments Corporation of India (NPCI) HQ: Mumbai, Maharashtra Ageas Federal Life Insurance Join Hands with PhonePe to Boost Life Insurance Penetration Ageas Federal Life Insurance has teamed up with PhonePe to offer Instant Term Insurance through the PhonePe app. This makes Ageas Federal the first insurer to provide this type of insurance via PhonePe. The goal is to boost insurance coverage in smaller cities and towns by reaching PhonePe’s 20 crore monthly active users. Users aged 18-45 can now easily get the ‘Ageas Federal Life Insurance Group Term Plan’ through the PhonePe app. The process is straightforward, with no need for medical tests or a lot of paperwork. Static Info: Ageas Federal Life Insurance HQ: Mumbai, Maharashtra PhonePe HQ: Bengaluru ICICI Lombard enters into 7 new bancassurance partnerships with various banks, NBFCs ICICI Lombard General Insurance has teamed up with seven different financial institutions for bancassurance partnerships. The move is expected to expand its distribution network and make insurance more accessible to customers across the country. The seven financial institutions are Aye Finance, Bandhan Bank, Karnataka Bank, Muthoot Mini, Nivara Home Finance Pvt Ltd, NSDL Payment Bank and The Andhra Pradesh State Co-operative Bank. RBL Bank announces Vijay Fixed Deposits to honor 78th Independence Day RBL Bank announces a special "Vijay Fixed Deposits" edition to commemorate India's 78th year of independence. For deposits below Rs 3 crore, the "Vijay Fixed Deposits" feature a special 500-day tenor.This limited-period offer pays tribute to the courage and sacrifices of our brave soldiers while providing exceptional financial benefits. The special fixed deposit plan offers competitive interest rates with 8.85% p.a. for super senior citizens, 8.60% p.a. for senior citizens, and 8.1% p.a. for regular customers, all tailored to guarantee your money grows safely. Static Info: 25 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) RBL Bank HQ: Mumbai, Maharashtra Insolvency Board launches ID number for valuation reports The Insolvency and Bankruptcy Board of India (IBBI) has introduced a new requirement for valuations done under the Insolvency and Bankruptcy Code (IBC). From now on, each valuation report must have a unique identification number called a Valuation Report Identification Number (VRIN). This new system will help ensure that valuation reports are genuine and can be verified easily. Previously, Registered Valuers (RVs) or their entities sometimes submitted reports without a reference number, which made verification difficult. To address this, IBBI has created an online tool on its official website that allows for generating these VRINs. Static Info: Insolvency and Bankruptcy Board of India (IBBI) HQ: New Delhi Zuno General Insurance introduces ‘Pay How You Drive’ add-on coverage Zuno General Insurance (formerly Edelweiss General Insurance) has launched the “Pay How You Drive (PHYD)” add-on coverage option for customers, linking their ‘driving behaviour’ to personalise car insurance premium. This coverage option empowers users to assess their driving skills, receive a “Zuno Driving Quotient”, and earn rewards for safe driving, the general insurer said in a statement. Static Info: Zuno General Insurance HQ: Mumbai, Maharashtra Chola MS and Mahindra Finance partner to offer non-life insurance policies Chola MS General Insurance and Mahindra Finance have announced a partnership to offer comprehensive motor and other non-life insurance solutions to over 10 million MF customers. These customer-centric solutions are designed to provide long-term financial protection to customers and their families. Static Info: Chola MS General Insurance HQ: Chennai, Tamil Nadu Mahindra Finance HQ: Mumbai, Maharashtra Rural fintech startup Jai Kisan receives RBI approval to acquire majority stake in NBFC Kushal Finnovation Capital Rural fintech startup Jai Kisan has received approval from the Reserve Bank of India (RBI) to acquire a majority stake in the non-banking financial company (NBFC) Kushal Finnovation Capital. 26 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) This acquisition will allow Jai Kisan to offer tailored financial products directly to farmers and rural businesses more efficiently. The aim is to make these products cheaper, faster, and more effective. Additionally, by integrating its systems more closely with financial partners, Jai Kisan will enhance its ability to provide co-lending services and promote greater financial inclusion. Karnataka Bank partners with Navi to launch ‘Credit Line on UPI’ Karnataka Bank has introduced a new feature called 'Credit Line on UPI' in partnership with Navi, a financial services company. This feature allows customers to access credit through the Unified Payments Interface (UPI) platform. Credit transactions on UPI are currently reaching Rs 10,000 crore each month, with around Rs 100 to 200 crore coming from credit line transactions. Other banks that offer this facility include Axis Bank, HDFC Bank, ICICI Bank, Indian Bank, Punjab National Bank (PNB), and State Bank of India (SBI). Users can access this credit line through apps such as BHIM, Google Pay, Paytm, PayZapp, Navi, and Tata Neu. Static Info: Karnataka Bank Headquarters: Mangaluru, Karnataka Credit on UPI touched ₹10,000 crore, says NPCI CEO Dilip Asbe Credit cards spends via the unified payments interface (UPI) have touched Rs. 10,000 crore, of which about Rs.100 to Rs. 200 crores are spends via credit line on UPI. As of now, ICICI bank is the leading bank in disbursing pre approved loans via credit line on UPI. Other banks are expected to follow, as they intend to tap on new- to-bank customers, by offering them small loans on fixed deposits. As of now, only banks can give credit via UPI, but NBFCs and fintechs are intent to get authorised for this as well. UPI is an instant real-time payment system developed by the National Payments Corporation of India (NPCI), facilitating inter-bank transactions. It is regulated by the Reserve Bank of India (RBI) and works by instantly transferring funds between two bank accounts on a mobile platform. Bank of Baroda opens ‘phygital’ branch at Hyderabad Public sector lender Bank of Baroda (BoB) opened a ‘phygital’ branch at Chanda Nagar in Hyderabad. Phygital branches merge the familiarity of brick-and-mortar establishments with the efficiency of cutting-edge technology. This is the first Phygital branch of the BoB in Telangana and second in the country. The first one was inaugurated in Mumbai. Static Info: Bank of Baroda (BoB) HQ: Alkapuri, Vadodara, Gujarat 27 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) RBI penalises CSB Bank, Union Bank of India, others The Reserve Bank of India (RBI) imposed penalties on five entities, including CSB Bank, Union Bank of India, and Muthoot Housing Finance, for contravention of various regulatory norms. CSB Bank was fined Rs 1.86 crore for non-compliance with RBI's directions on "Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks" and the "Master Circular on Branch Authorisation." Union Bank of India faced a penalty of Rs 1.06 crore for failing to comply with norms related to the "Creation of a Central Repository of Large Common Exposures- Across Banks" and "Know Your Customer (KYC)" guidelines. Muthoot Housing Finance Company was penalized Rs 5 lakh for not adhering to certain provisions of the "Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021." Additionally, the RBI imposed a fine of Rs 5 lakh on Nido Home Finance Limited and Rs 3.1 lakh on Ashoka Viniyoga Limited for non-compliance with various norms. Static Info: CSB Bank: Thrissur, Kerala, India Union Bank of India: Mumbai, Maharashtra, India Muthoot Housing Finance Company: Kochi, Kerala, India IndusInd Bank gets RBI nod to set up mutual fund asset management business IndusInd Bank has received the Reserve Bank of India’s (RBI’s) nod to set up a mutual fund asset management business. It will be a wholly-owned subsidiary, the bank said. Moreover, the approval letter outlines certain conditions the bank must meet so as to move ahead in setting up an Asset Management Company (AMC) through the wholly owned subsidiary. Static Info: IndusInd Bank HQ: Mumbai, Maharashtra Airtel Payments Bank introduces AI-powered facial recognition to bolster security Airtel Payments Bank has introduced a new security feature called Face Match to protect customer accounts from fraudulent activities. Here's how it works: AI and Machine Learning: Face Match employs advanced machine learning algorithms to assess potential threats. Verification Process: It activates facial recognition verification if a user's activity triggers a threat score. Factors Analyzed: The system evaluates user behavior, transaction patterns, location data, historical information, and device signals. Selfie Verification: When necessary, users are required to verify their identity by taking a selfie. 28 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) Static Info: Airtel Payments Bank HQ: New Delhi RBI Launches Nationwide RBI90Quiz For Undergraduates The Reserve Bank of India (RBI) has launched the RBI90Quiz for college students at the undergraduate level. The quiz is a nationwide competition being held as part of the events to commemorate 90 years of RBI’s functioning. RBI90Quiz is general knowledge based and will feature a multi-level competition, commencing with an online phase, followed by state and zonal level rounds and culminating in a national final. The participating teams of this RBI90Quiz program stand to win attractive prizes at various levels. Fintech major PhonePe introduces 'credit line on UPI' on its platform Fintech major PhonePe announced the launch of a credit line on the Unified Payments Interface (UPI) feature nearly a year after the feature was launched by the National Payments Corporation of India (NPCI). The feature enables customers to avail themselves of short-term credit. The option also allows merchants on PhonePe’s Payment Gateway to offer customers an additional payment option at the time of checkout. Private capex could increase to Rs 2.45 trillion in FY25, says RBI study A study by the Reserve Bank of India (RBI) staff indicated that projected capital expenditure by private companies could rise significantly to Rs 2.45 trillion in FY25, up from Rs 1.59 trillion in FY24. In FY24, the projects sanctioned by banks and financial institutions reached a record high of Rs 3.90 trillion, of which 54 per cent was planned to be invested by the end of FY23, 30 per cent is provided for FY25, and the remaining 16 per cent is envisaged to be invested in the subsequent years. NPCI launches 'UPI Circle' for secure delegated payments with trusted users The National Payments Corporation of India (NPCI) has launched a new feature called ‘UPI Circle’ on its Unified Payments Interface (UPI) platform, aimed at enhancing payment delegation and security. This feature allows a primary UPI account holder to securely delegate payment responsibilities to trusted secondary users. Key Features of UPI Circle: 1. Delegated Payments: The primary UPI user can delegate either partial or full payment responsibilities to secondary users through their UPI app. This delegation helps manage transactions within a trusted group of users. 2. Transaction Limits: The primary user can set specific transaction limits for secondary users to maintain a balance between convenience and security. Secondary users can only accept delegation from one primary user. 29 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) 3. User Authorization: The UPI Circle feature permits a primary user to authorize up to five secondary users. The primary user remains the controlling link, ensuring all transactions are within the set parameters. 4. Full vs. Partial Delegation: o Full Delegation: Secondary users can complete transactions independently, within the predefined limits set by the primary user. The maximum monthly limit for a fully delegated user is approximately ₹15,000, and the per transaction limit is ₹5,000. o Partial Delegation: Each transaction requires authentication from the primary user, providing additional control over transactions. Aditya Birla Finance and AU Small Finance Bank launch Co-branded Credit Cards for customers Aditya Birla Finance Limited and AU Small Finance Bank have partnered to launch the Aditya Birla Finance AU credit cards. These co-branded credit cards are designed to cater to various customer segments, offering diverse benefits and features. The cards are powered by Visa and RuPay payment networks and come in four distinct variants: 1. ABC AU Flex: This is an affordable credit card option designed for the broader Indian market, focusing on accessibility and essential benefits to meet the financial needs of the mass segment. 2. ABC AU Nxt: Tailored for millennials, this card comes with specialized features that appeal to younger customers, including rewards and benefits suited to their lifestyle and spending habits. 3. ABC AU Pro: A high-end credit card for affluent customers, offering premium features and comprehensive rewards. It is aimed at those who seek more exclusive benefits and higher spending limits. 4. ABC AU Biz: This card is specifically designed for entrepreneurs and business owners, providing features that support business expenses and management, along with tailored rewards that align with business needs. Static Info: Aditya Birla Finance: Part of Aditya Birla Capital Limited; Headquarters: Mumbai, Maharashtra, India. AU Small Finance Bank: Headquarters: Jaipur, Rajasthan, India. Visa: Headquarters: Foster City, California, USA. RuPay: Operated by the National Payments Corporation of India (NPCI); Headquarters: Mumbai, Maharashtra, India. LIC Housing launches home loan scheme for armed forces at 8.4% rate LIC Housing Finance Limited has introduced a home loan scheme called ‘Griha Rakshak’ specifically designed for the armed forces. This scheme offers favorable terms and benefits for both serving and retired personnel from various branches, including the Army, Navy, Air Force, Coast Guard, and paramilitary forces. 30 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) Key Features of the 'Griha Rakshak' Scheme: Discounted Interest Rates: The scheme provides a competitive interest rate of 8.4% per annum for eligible applicants. Loan Amount: Applicants can avail of home loans up to Rs 2 crore. Eligibility: The scheme is available to those with a CIBIL score of 750 and above. Beneficiaries: The scheme is targeted at all serving and retired personnel of the armed forces, encompassing the Army, Navy, Air Force, Coast Guard, and paramilitary forces. Business News Property Share receives India’s first SM REIT license Property Share, which helps people invest in commercial properties by buying small shares, has received the Small and Medium Real Estate Investment Trust (SM REIT) license from the Securities and Exchange Board of India (Sebi). This license allows Property Share to operate under the name Property Share Investment Trust (PSIT) and act as the investment manager for PSIT. Property Share is the first platform of its kind to receive this license. Static Info: Property Share Headquarters: Mumbai, Maharashtra Securities and Exchange Board of India (SEBI) HQ: Mumbai, Maharashtra Ather Energy turns unicorn after $71 million funding from NIIF Ather Energy, an electric two-wheeler manufacturer, has raised $71 million in a new funding round led by its existing investor, the National Investment and Infrastructure Fund (NIIF). This new funding round has increased Ather Energy's valuation to $1.3 billion, making it a unicorn startup. With Ather Energy's new status, India now has around 106 unicorns. Additionally, Namma Yatri, an auto and taxi ride-hailing app, has raised its first funding round of $11 million at a $55 million valuation. This round was led by Blume Ventures and Antler India, with participation from US tech giant Google. Furthermore, several other Indian startups, including Krutrim, Perfios, Porter, and Rapido, have also achieved unicorn status in 2024. This reflects the dynamic growth and investment interest in India's startup ecosystem, particularly in sectors like electric vehicles, fintech, and mobility. Static Info: Ather Energy: Headquarters: Bangalore, Karnataka, India. National Investment and Infrastructure Fund (NIIF): Headquarters: Mumbai, Maharashtra, India. Perfios: Headquarters: Bangalore, Karnataka Porter: Headquarters: Bangalore, Karnataka Rapido: Headquarters: Bangalore, Karnataka 31 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) Unicorn Startup: A term used to describe a privately held startup company valued at over $1 billion. Zomato acquires Paytm’s Entertainment Ticketing Business Zomato is set to acquire Paytm's entertainment and ticketing business for ₹2,048.4 crore or $244 million, as the food delivery giant aims to strengthen its presence in the "going-out" sector. Under the agreement, One 97 Communications will transfer its movie ticketing business to its wholly-owned subsidiary OTPL and its sports and events ticketing business to another wholly-owned subsidiary, WEPL, through a slump sale. Static Info: Paytm HQ: Noida, Uttar Pradesh Zomato: Headquarters: Gurgaon, Haryana India surpasses China as top Importer of Russian Oil India has overtaken China as the world's largest importer of Russian oil. Indian imports of Russian crude surged to a record 2.07 million barrels per day (bpd) in July, marking a 4.2% increase from June and a 12% rise year-on-year. This surge has pushed Russian oil to account for a historic 44% of India's total oil imports for the month. NCLT approves slice and North East Small Finance Bank’s Merger slice, India’s leading consumer payments and lending company has received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB). The approval paves way for the official merger, combining slice’s digital prowess with NESFB’s grassroots banking expertise to deliver a superior financial experience to Indian consumers. Static Info: Slice HQ: Bangalore, Karnataka, India. North East Small Finance Bank (NESFB) HQ: Guwahati, Assam, India. National Company Law Tribunal (NCLT) HQ: New Delhi, India. Jakson Engineers and SBI sign MoU to promote solar energy adoption in India Jakson Engineers Limited and the State Bank of India (SBI) are collaborating to boost solar energy use in India. Their partnership, called the Surya Shakti Solar Finance initiative, will offer financial support for solar energy projects in commercial, industrial, and institutional sectors. SBI will provide loans up to Rs 10 crore for these projects. This partnership is an important step towards meeting the government's goal of installing 100 GW of rooftop solar capacity by 2030. 32 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) FPI permitted to invest in Sovereign Green Bonds in IFSC Persons resident outside India that maintain a securities account with a depository in IFSC in India may purchase or sell Sovereign Green Bonds issued by the government of India, as per terms and conditions specified by the Reserve Bank. Accordingly, RBI has notified amendments to Forex Management (Debt Instruments) Regulations, 2024. Meanwhile, the notification said that the amount of consideration for purchase of SGrB issued by the Government of India by FPI shall be paid out of inward remittance from abroad through banking channels or out of funds held in a foreign currency account. India's industrial production eases to 4.2% in June from 6.2% in May India’s industrial production fell to a five-month low of 4.2% in June from a seven-month high of 6.2% in May 2024. The industrial growth was 4.0% in June last year. The decline in industrial growth is mainly on account of a sharp deceleration in manufacturing output. The growth in manufacturing, which accounts for more than three-fourth of the total weight of Index of Industrial production, moderated to 2.6% in June from 5.0% a month ago. Govt relaxes capital gains tax rules for property owners The government has introduced a relief measure for taxpayers impacted by recent changes in long-term capital gains (LTCG) tax on property. Relief Scope: This relief applies to properties acquired before July 23, 2024. New LTCG Tax Rate: Under the updated regime, the tax rate is 12.5% without indexation benefits. Old LTCG Tax Rate: The previous regime had a 20% tax rate but included indexation benefits. FSSAI Launches Project to Address Microplastic Contamination in Indian Food The Food Safety and Standards Authority of India (FSSAI) launched an innovative project to tackle the growing concern of microplastic contamination in food in New Delhi. Recognising microplastic pollution as an emerging threat that requires immediate attention, the project “Micro-and Nano-Plastics as Emerging Food Contaminants: Establishing Validated Methodologies and Understanding the Prevalence in Different Food Matrices” – was started in March this year to develop and validate analytical methods for detecting micro and nano-plastics in various food products, as well as assess their prevalence and exposure levels in India. Static Info: Food Safety and Standards Authority of India (FSSAI) HQ: New Delhi 33 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) Indian gold sector launches first self-regulatory body to boost consumer trust India's gold industry, with help from the World Gold Council (WGC), has set up a new self-regulatory group called the Indian Association for Gold Excellence and Standards (IAGES). This organization aims to boost consumer trust by promoting fair, transparent, and sustainable practices in the gold industry. It will focus on regulatory compliance, a code of conduct, and an audit framework. India is the world's second-largest gold consumer after China, but the industry has faced trust issues due to some bad practices by a few businesses. Static Info: World Gold Council HQ: London, UK Govt collects Rs 8,263 cr towards GST on health insurance premium in FY'24 The government has collected Rs 8,263 crore towards GST on health insurance premium in 2023-24 fiscal year, Parliament was informed. While Rs 1,484.36 crore was collected on account of GST on health reinsurance premium. Since its inception, GST at 18 per cent rate is levied on premium paid towards health insurance. In the 2022-23 fiscal, Rs 7,638 crore GST was mopped up from health insurance premium, and another Rs 963 crore from health reinsurance premium. Gujarat replaces UP as top investment destination in 2023-24 In 2023-24, Gujarat surpassed Uttar Pradesh in attracting bank funds for state projects, as reported by RBI economists. Here are the key details: Gujarat: o Number of Projects: 154 o Percentage of Total Funds: 14.7% (up from 14% in 2022-23) o Total Funds Attracted: Part of ₹3.9 lakh crore financed by banks and financial institutions Uttar Pradesh: o Number of Projects: 69 o Percentage of Total Funds: 7.6% (down from 16% in 2022-23) BEML signs MoU with Indian Navy BEML has signed a strategic Memorandum of Understanding (MoU) with the Directorate of Marine Engineering, Indian Navy. This landmark agreement is a pivotal step in enhancing bilateral cooperation for the Indigenous Design, Development, Manufacture, Testing, and Product Support of critical Marine Equipment and systems. Static Info: BEML Limited HQ: Bangalore, Karnataka 34 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) Economy News SBI projects GDP growth of 7 pc in FY25 The State Bank of India (SBI) in a report projects that India’s real GDP will grow by 7.0 per cent year-on-year in FY25, which is slightly lower than the RBI’s forecast of 7.2 per cent. It expects real GDP to grow by 7.0 per cent y/y in FY25. Our estimate is 20bps below RBI’s largely based on global headwinds, which are quickly crystallising. Index Numbers of Wholesale Price in India for the Month of July, 2024 The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 2.04% (Provisional) for the month of July, 2024 (over July, 2023). Positive rate of inflation in July, 2024 is primarily due to increase in prices of food articles, manufacture of food products, mineral oils, crude petroleum & natural gas, other manufacturing etc. FDI in food processing sector down 30% to Rs 5,037 crore in 2023-24 Foreign direct investment (FDI) in India's food processing sector declined 30 per cent in the last fiscal to Rs 5,037.06 crore, according to official data. The FDI in the food processing sector stood at Rs 7,194.13 crore in 2022-23. According to the data presented by the Food Processing Industries Ministry in Lok Sabha, the FDI in food processing sector stood at Rs 5,290.27 crore in 2021-22 and Rs 2934.12 crore in 2020-21. Govt cuts windfall profit tax on crude oil and diesel exports The central government has reduced the windfall tax on petroleum crude to Rs 2,100 per metric tonne, down from Rs 4,600 per tonne, effective August 17. Earlier, on July 31, the windfall tax on crude was cut by 34.2 per cent to Rs 4,600 per tonne. Additionally, there will be no windfall tax on the export of diesel and aviation turbine fuel (ATF). Net foreign direct investment rises to $6.9 billion in Q1, shows RBI data Net foreign direct investment (FDI) during the April-June period of the current financial year was $6.9 billion, compared to $4.7 billion in the year-ago period, the latest data released by the Reserve Bank of India showed. The increase was due to an improvement in gross inward FDI, which grew by 26.4 per cent year-on-year (Y-o-Y) to $22.5 billion during Q1 of 2024-25. Urban unemployment rate declines to 6.6% in Q1 FY25, shows PLFS data In April-June (Q1), the overall unemployment rate went down to 6.6% from 6.7% in the previous quarter. This drop happened because fewer men were unemployed. 35 https://alfabanker.graphy.com http://bit.ly/thealfabanker  Weekly CA PDF (16-23 August 2024) For men, the unemployment rate decreased to 5.8% from 6.1% earlier. However, for women, the unemployment rate went up to 9% from 8.5% in the last quarter. UPI transactions jump 36% to ₹60 lakh crore in June quarter In the June quarter of FY 2024-25, UPI transactions experienced a significant increase: Transaction Value: ₹60 lakh crore Increase: 36% from the previous year In total, there were 4,122 crore transactio