The Hindu Review - June 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............................................................................................................. 13 Economy Current Affairs................................................................................................................................. 15 Business Current Affairs.................................................................................................................................. 16 International Current Affairs........................................................................................................................... 18 National Current Affairs.................................................................................................................................. 20 States Current Affairs...................................................................................................................................... 23 Schemes and Committees............................................................................................................................... 25 Agreement/Memorandum of Understanding (MoU)...................................................................................... 25 New Appointments: International.................................................................................................................. 26 Ranks and Reports Current Affairs.................................................................................................................. 28 Sports Current Affairs..................................................................................................................................... 29 Schemes and Committees............................................................................................................................... 31 Summits And Conferences.............................................................................................................................. 32 Important Days............................................................................................................................................... 33 Defence Current Affairs.................................................................................................................................. 34 Awards Current Affairs.................................................................................................................................... 35 Science and Technology.................................................................................................................................. 37 Books & Authors............................................................................................................................................. 37 Miscellaneous Current Affairs......................................................................................................................... 38 Obituaries Current Affairs............................................................................................................................... 38 Static Current Affairs....................................................................................................................................... 39 2 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 The Most Important Current Affairs July 2024 T20 World Cup 2024, India Lifts the Trophy PM Narendra Modi Takes Oath for the 3rd term as PM India beats South Africa by 7 runs and lifts the India lifts ICC On a historic day, Prime Minister Narendra Modi took the oath T20 World Cup 2024 for 2nd time after 2007. India has ended of office for an unprecedented third straight term as the head an 11-year trophy drought by defeating South Africa in the T20 of a coalition government. The swearing-in ceremony World Cup final by a margin of 7 runs. This victory marks India’s witnessed the induction of several leaders from the National second T20 World Cup title. At the end of their 20 overs, South Democratic Alliance (NDA) partners, reflecting the BJP’s Africa managed to reach 169/8, chasing India’s 176/7. commitment to rewarding its allies. T20 World Cup 2024, India Lifts the Trophy Earlier, Virat Kohli (76) and Axar Patel (47) weathered the early Modi’s Remarkable Achievement storm to push India to a competitive score in the ICC Men’s T20 At the age of 73, Modi equalled the feat of India’s first Prime World Cup final against South Africa in Bridgetown on June 29. Minister, Jawaharlal Nehru, who won three consecutive general elections in 1952, 1957, and 1962. This achievement Here is the list of all winners of the T20 World Cup 2024: underscores Modi’s enduring popularity and his party’s Player of the match – Virat Kohli (India) Player of the tournament – Jasprit Bumrah (India) dominance in the country’s political landscape. Meanwhile, Afghanistan’s Rahmanullah Gurbaz finished the Cabinet Composition: Balancing Experience and Allies tournament with most runs – 281 in eight innings at a strike Following Modi’s oath-taking, several senior leaders, including rate of over 124. Rohit Sharma was second in the list with 257 Rajnath Singh, Amit Shah, and Nitin Gadkari, were sworn in as runs at a strike rate of 156.70. Afghanistan’s Fazalhaq Farooqi Cabinet Ministers. Seasoned leaders like Nirmala Sitharaman was the joint highest wicket-taker with along with India’s Arshdeep Singh – 17 wickets. also retained their positions, ensuring continuity and Virat Kohli dropped a bombshell that sent shockwaves through experience in key portfolios. the cricketing world. The 33-year-old batting maestro In a strategic move, Modi inducted several MPs from NDA announced his retirement from T20 international cricket, partners, acknowledging their contributions to the alliance’s bringing an end to a glittering career in the shortest format of success. The Telugu Desam Party (TDP) and the BJP in Andhra the game. Pradesh, where the NDA won an impressive 21 out of 25 Lok Kohli’s decision came moments after he was awarded the Man Sabha seats, secured two ministerial berths each. of the Match trophy for his stellar performance in the final. The Other notable inclusions were Ram Mohan Naidu and timing of his announcement added a bittersweet flavor to Pemmasani Chandrashekhar from the TDP, H.D. India’s victory celebrations, as fans grappled with mixed Kumaraswamy from the JD(S), and Sarbananda Sonowal from emotions of joy and sadness. Following Virat Kohli’s decision to the BJP. step away from T20 internationals, Indian captain Rohit Sharma revealed that he too had played his final match in the format. NDA’s Electoral Performance Star India all-rounder Ravindra Jadeja has announced his The NDA secured a comfortable 286 seats in the recently decision to retire from T20 internationals following India’s T20 concluded general elections. However, the BJP’s individual tally World Cup 2024 triumph. Ravindra Jadeja has called it quits of 240 seats fell short of the 272-majority mark, indicating a from T20 internationals, bowing out on a high with the T20 decline from its previous performances of 303 seats in 2019 World Cup 2024 trophy. and 282 seats in 2014. International Presence at the Swearing-in Ceremony Reflecting India’s growing global stature, leaders from seven countries in the South Asia and Indian Ocean regions graced the swearing-in ceremony with their presence. Their attendance underscores the importance of strengthening regional ties and fostering cooperation in the region. As Modi embarks on his third term, the nation eagerly anticipates the unveiling of his cabinet’s complete composition and the allocation of crucial portfolios. With a blend of experienced leaders and fresh faces from coalition partners, the new government is poised to tackle the challenges ahead and chart a course towards a prosperous and inclusive India. 3 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 QS World University Rankings 2025 Announced Overall Rank University Location Score The much-awaited QS World University Rankings 2025 have New Delhi, been announced, featuring an impressive 1,500 universities =328 University of Delhi 33.8 India across 105 higher education systems. This year’s ranking stands Indian Institute of Technology Roorkee, as the largest ever, underscoring the global commitment to 335 33.4 Roorkee (IITR) India academic excellence and innovation. Indian Institute of Technology Guwahati, Top-Ranked Universities =344 32.9 Guwahati (IITG) India The rankings are led by prestigious institutions that have Chennai, consistently maintained their positions at the forefront of 383 Anna University 30.6 India higher education. Here are the top 10 universities according to the QS World University Rankings 2025: 77th World Health Assembly Overall The International Health Regulations of 2005 are amended by Rank University Location Score the 77th World Health Assembly, taking into account 300 Massachusetts Institute Cambridge, 1 100 recommendations from member states. The purpose of of Technology (MIT) United States amendments is to strengthen nations’ capacity to anticipate London, United 2 Imperial College London 98.5 and address pandemic and public health emergencies of global Kingdom concern. They contain measures to support developing nations Oxford, United 3 University of Oxford 96.9 in creating, bolstering, and preserving the fundamental Kingdom capacities mandated by the IHR, as well as measures to enable Cambridge, 4 Harvard University 96.8 fair access to pertinent health items during medical United States emergencies. Cambridge, 5 University of Cambridge 96.7 United Kingdom Aim of the Amendment Stanford, Amendments aim at improving countries’ ability to prepare for 6 Stanford University 96.1 United States and respond to Public Health Emergencies of International Zürich, Concern and Pandemic Emergencies. They include provisions 7 ETH Zurich 93.9 Switzerland for facilitating equitable access to relevant health products National University of during health emergencies, as well as mobilizing financial 8 Singapore 93.7 Singapore (NUS) resources to support developing countries in building, London, United 9 UCL 91.6 strengthening, and maintaining the core capacities required Kingdom under the IHR. California Institute of Pasadena, 10 90.9 Technology (Caltech) United States Importance of 77th World Health Assembly In its 77th session, the theme for this year’s event is Top-Ranked Universities-India “Health For All: All for Health”. Rank University Location Overall To have a deeper comprehension of the risks to and Score effects of global healthcare. Indian Institute of Technology Mumbai, Key threats to global health are identified in the paper 118 56.3 Bombay (IITB) India Shaping the Future of Health and Healthcare, along with Indian Institute of Technology New Delhi, possible solutions. =150 52.1 Delhi (IITD) India Bangalore, Why there is a need for World Health Assembly 211 Indian Institute of Science 45.0 India Over the past few years, society has experienced a wave of Indian Institute of Technology Kharagpur, adverse events, including the COVID-19 pandemic, geopolitical =222 43.7 Kharagpur (IIT-KGP) India conflicts and the impacts of the climate and energy crises, Indian Institute of Technology Chennai, which have engulfed global health and healthcare. =227 43.5 Madras (IITM) India Every year, the World Health Assembly is tasked with tackling Indian Institute of Technology Kanpur, global healthcare challenges like these and deciding how best to 263 39.3 Kanpur (IITK) India overcome them. 4 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 What is the World Health Assembly RBI will introduce mobile app to operate in retail direct The World Health Assembly is the governing body of the portal for retail investors. World Health Organization (WHO), an organization under the Total flow of resources to the commercial sector was at United Nations (UN) that is tasked with advancing global health ₹31.2-lakh crore in FY24. and ensuring that everyone has access to the best possible medical treatment. Every year, representatives from WHO Real GDP growth for FY25 is projected at 7.2 per cent. member states convene at the UN headquarters in Geneva, Q1 at 7.3 percent, Switzerland, to discuss a particular healthcare agenda defined Q2 at 7.2 per cent and by the organization’s Executive Board. There are 34 technically Q3 and Q4 each at 7.3 percent qualified members of the Executive Board who are elected to three-year terms. Each year in January, they convene to decide French Open 2024, Check Complete list of Winners on the agenda and any resolutions to be presented to the The French Open 2024 witnessed a thrilling conclusion as the World Health Assembly for approval. young Spanish sensation, Carlos Alcaraz, emerged victorious in What does the Assembly do the men's singles final. In a gruelling five-set battle against the The World Health Assembly’s delegates deliberate over the formidable Alexander Zverev, Alcaraz showcased his resilience Executive Board’s policy agenda for the upcoming year and and skill, conquering the German with a scoreline of 6-3, 2-6, 5- determine the health objectives and tactics that will direct the 7, 6-1, 6-2. WHO’s efforts in the field of public health. Voting to select the At just 21 years old, Alcaraz has etched his name in the annals organization’s Director-General for a five-year term is one of of tennis history, becoming the youngest man in the Open era the organization’s other duties. Head of the world’s premier to achieve the remarkable feat of winning Grand Slam titles on public health agency, Dr. Tedros Adhanom Ghebreyesus, was all three surfaces – hard court, clay, and grass. This re-elected in 2022 to a second term in office. Along with extraordinary accomplishment underscores his versatility and overseeing financial policies, the Assembly also approves the unwavering determination on the court. proposed budget program to finance WHO activities in the future, tracks the implementation of work programs, and Iga Swiatek Continues Her Dominance at Roland Garros develops strategies to close gaps. In the women's singles final, the indomitable Iga Swiatek once again reigned supreme at the iconic Roland Garros stadium. RBI Monetary Policy June 2024, Repo Rate Unchanged at 6.5% The 23-year-old Polish superstar clinched her fourth French RBI Governor Shaktikanta Das announced that the Monetary Open title, solidifying her status as a true clay-court maestro. Policy Committee has chosen to maintain the policy repo rate Swiatek's relentless performance saw her dismantle the at 6.5%, with a 4:2 majority decision. Consequently, the challenge of Jasmine Paolini with a resounding 6-2, 6-1 standing deposit facility (SDF) rate remains unchanged at scoreline. With this victory, Swiatek has etched her name 6.25%, while both the marginal standing facility (MSF) rate and alongside tennis legends, joining Belgium's Justine Henin in the bank rate stand firm at 6.75%. third place on the all-time list of most French Open titles won by a woman. RBI Repo Rate are as under Policy Repo Rate: 6.50% (Unchanged) List of Winners French Open 2024: Standing Deposit Facility (SDF): 6.25% (Unchanged) Title Winner Runner up Marginal Standing Facility Rate: 6.75% (Unchanged) Bank Rate: 6.75% (Unchanged) Men’s Carlos Alcaraz Alexander Zverev Fixed Reverse Repo Rate: 3.35% (Unchanged) Singles CRR: 4.50% (Unchanged) Women’s Iga Swiatek Jasmine Paolini SLR: 18.00% (Unchanged) Singles Key Decisions From June MPC: Men’s Marcelo Arevalo & Mate Simone Bolelli and CPI inflation in Q1 was seen at 4.9%, Q2 at 3.8%, Q3 at doubles Pavic Andrea Vavassori 4.6%, and Q4 at 4.5%, said Shaktikanta Das. Women’s Coco Gauff & Katerina Sara Errani & Jasmine Net FPI inflows stood at $41.6 billion, compared with doubles Siniakova Paolini outflows in FY22 and FY23, said the RBI Governor. Mixed Laura Siegemund and Desirae Krawczyk and RBI will permit use of third-party UPI apps for making UPI doubles Edouard Roger-Vasselin Neal Skupski payments from PPI wallets. 5 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Global Peace Index 2024: An Overview Economic Impact of Violence Global Cost: The economic impact of violence on the global The Global Peace Index (GPI) 2024, published by the Institute economy in 2023 was $19.1 trillion, equivalent to 13.5% of for Economics & Peace (IEP), provides a comprehensive global GDP or $2,380 per person. measure of global peacefulness, evaluating 163 independent Conflict Costs: The conflict in Ukraine had a significant states and territories. This report highlights the trends, results, economic impact, shrinking Ukraine’s economy by an and economic impacts of violence across the world, offering estimated 30% in 2022. The Syrian civil war has led to an valuable insights into the current state of peace and the factors 85% drop in GDP since its onset. influencing it. Military and Security Expenditure: Over 74% of the total Key Findings economic impact of violence is attributed to military and internal security expenditure, with military spending alone Overall Peacefulness accounting for $8.4 trillion. Global Peace Deterioration: The average level of global War in the 21st Century peacefulness deteriorated by 0.56% in 2024. This marks the Changing Nature of Conflict: Modern warfare is fifth consecutive year of declining peacefulness. increasingly characterised by technological advancements Country Improvements and Deteriorations: In the past and geopolitical competition. Non-state actors are now year, 65 countries recorded improvements in peacefulness, more capable of engaging larger states using technologies while 97 countries saw deteriorations. This is the highest like drones. number of countries to experience a decline in a single year Internationalisation of Conflict: Conflicts are becoming since the index’s inception. more internationalised, with 92 countries now engaged in Regional Highlights conflicts beyond their borders. This complicates negotiation processes and prolongs conflicts. Most Peaceful Countries: Iceland remains the most Asymmetric Warfare: The rise of asymmetric warfare, peaceful country, a position it has held since 2008, including drone attacks by non-state groups, has made followed by Ireland, Austria, New Zealand, and Singapore. conflicts more complex and harder to resolve. Least Peaceful Countries: Yemen is now the least peaceful country, followed by Sudan, South Sudan, Afghanistan, and Positive Peace and the Halo Approach Ukraine. Positive Peace: Defined as the attitudes, institutions, and structures that create and sustain peaceful societies, Regional Performance Positive Peace is crucial for forecasting and mitigating Europe: Europe continues to be the most peaceful region, future conflicts. despite a slight deterioration in peacefulness over the past Halo Approach: IEP’s Halo approach provides a framework year. for analyzing societal systems and designing resilience- Middle East and North Africa (MENA): MENA remains the building programs. This adaptive approach helps in creating least peaceful region, with significant conflicts in countries effective policies for building Positive Peace. like Yemen and Sudan contributing to its low ranking. Table of Rankings North America: North America recorded the largest regional deterioration, driven by increased violent crime Rank Country Score Change in Rank and perceptions of criminality in both Canada and the US. 1 Iceland 1.112 ↔ Trends in Peacefulness 2 Ireland 1.303 ↔ Militarisation: The Militarisation domain saw the largest 3 Austria 1.313 ↑1 year-on-year deterioration. Military expenditure (% of GDP) 4 New Zealand 1.323 ↓1 increased in 86 countries, reflecting broader trends of 5 Singapore 1.339 ↑3 rising militarisation. Ongoing Conflict: The Ongoing Conflict domain also 6 Switzerland 1.35 ↑3 deteriorated significantly, influenced by ongoing wars in 7 Portugal 1.372 ↓1 Gaza and Ukraine. The number of conflicts involving at 8 Denmark 1.382 ↓3 least one state has reached a new high. 9 Slovenia 1.395 ↓2 Safety and Security: This domain recorded a slight 10 Malaysia 1.427 ↑2 improvement, driven by reductions in violent demonstrations, terrorism impact, and the homicide rate in 116 India 2.319 ↑5 several regions. 163 Yemen 3.397 ↓2 6 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Highlights of G7 Summit 2024 Theme of this year summit The theme of this year’s summit, which will be attended by Prime Minister Narendra Modi on June 14, held a series of President Recep Tayyip Erdoğan of the Republic of Turkiye, as a bilateral meetings with world leaders. The countries including special guest, has been set as “rules-based international UK counterpart Rishi Sunak, French President Emmanuel system.” Macron, Ukrainian President Volodymyr Zelensky, and others, on the sidelines of the G7 Summit, in southern Italy’s Apulia. Italy’s agenda for the 2024 summit? Later, the Prime Minister also met Pope Francis of the Vatican. The 2024, 50th G7 summit will be held from 13 to 15 June in Apulia, in Italy. It will be the first major international forum About G7 Summit hosted by the Italian prime minister, Giorgia Meloni, since she The G7 Summit is an international forum held annually for the took office in October 2022. As well as the wars in Ukraine and leaders of the G7 member states of France, the United States, Gaza, Italy says it wants the summit to focus on Africa and the United Kingdom, Germany, Japan, Italy, and Canada (in migration, economic security, and international co-operation order of rotating presidency), and the European Union (EU). on artificial intelligence (AI). Features of the G7 Summit Focus of this year summit At the G7 Summit, the leaders of the G7, which shares Supporting Ukraine’s Fight for Freedom: G7 leaders fundamental values such as freedom, democracy and human announced a plan to provide Ukraine with $50 billion in rights, exchange candid views on important challenges the new financing by bringing forward the interest earned on international community is facing at that time, such as the immobilized Russian sovereign assets held in the European global economy, regional affairs and various global issues, and Union and other jurisdictions. The Biden Administration issue a document as an outcome of such discussions. With the this week issued a sweeping set of new sanctions and leadership of the leaders of the G7, which shares fundamental export control measures, guided by G7 commitments to values, the G7 has effectively responded to important intensify the pressure on Russia for its war against Ukraine. challenges that the international community faces. In Puglia, President Biden and President Zelensky signed The Beginning of the G7 Summit the U.S.-Ukraine Bilateral Security Agreement as a In the 1970s, developed countries that faced various challenges demonstration of enduring U.S. support for Ukraine, such as the Nixon shock (1971) and the first oil crisis (1973) including through binding commitments to deepen our began recognizing the need to create a forum to security and defense cooperation and to consult in the comprehensively discuss policy coordination of macro event of a future armed attack. economy, currency, trade, and energy, among others, at a Advancing International Peace, Security, and Prosperity: leader’s level. Against this backdrop, proposed by then-French The G7’s work is grounded in a shared commitment to President Giscard d’Estaing, the first Summit was held in respect the UN Charter, promote international peace and November 1975 at the Chateau de Rambouillet (located in the security, and uphold the free and open rules-based outskirts of Paris), with participation from six countries-France, international order. the United States, the United Kingdom, Germany, Japan, and Promoting Economic Resilience and Economic Security: Italy. Since then, Summits have been held annually with President Biden rallied the G7 to take further steps to revolving Presidency. Russia’s membership was suspended in protect our workers, industries, and the investments. March 2014 in response to its annexation of Crimea. Partnering with Developing Countries to Invest in their Future: The G7 is taking ambitious steps to scale up About 2024 G7 Summit support to developing countries and accelerate progress The 50th G7 includes Canada, France, Germany, Italy, Japan, toward the Sustainable Development Goals. the United Kingdom, and the United States. Italy, hosting the Accelerating the Clean Energy Transition to Address summit, has invited African leaders-Algerian President Climate Change: The G7 is accelerating its work to address Abdelmadjid Tebboune, Kenyan President William Ruto, and the challenges of climate change, pollution, and Tunisian President Kais Saied-to discuss Meloni’s plans for biodiversity loss. development and migration in Africa. Other guests include Promoting Health and Food Security: The G7 continues to Ukrainian President Zelenskyy, Brazilian President Luiz Inácio lead global efforts to address the food security crisis and Lula da Silva, Indian Prime Minister Narendra Modi, and support strong, resilient and responsive health systems Turkish President Recep Tayyip Erdogan. Many G7 countries around the world. are also experiencing political changes. With Biden, UK Prime Investing in Childcare to Support Women’s Economic Minister Rishi Sunak, and French President Emmanuel Macron Participation: The G7 is tackling the unequal gender facing elections soon, there is pressure on the G7 to achieve as distribution of care work, which contributes to gender much as possible while the current leadership remains. inequality. 7 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Enhancing Our Partnership on Migration: Drawn from the Environmental Challenges principles of the Los Angeles Declaration on Migration and India faces severe challenges in several key environmental Protection that President Biden launched at the Summit of metrics: the Americas in 2022, the G7 affirmed a collective Air Quality commitment to addressing migration in ways that reflect Continues to be a major concern, with India ranking poorly in both the challenges and opportunities it presents. air quality compared to global standards, surpassing even its Deepening Cooperation on Artificial Intelligence: In line South Asian neighbors. with the Biden Administration’s vision laid out in the Biodiversity and Habitat October 2023 Executive Order on the Safe, Secure, and Scores poorly in measures related to ecosystem vitality, species Trustworthy Development and Use of Artificial Intelligence, protection, and terrestrial biome preservation. the G7 is building partnerships around the world to ensure Greenhouse Gas Emissions the benefits of artificial intelligence and other technologies Despite efforts in renewable energy, India remains one of the are widely shared while mitigating risks. largest emitters globally, impacting climate change efforts. Increasing Coordination to Promote AI Safety: G7 leaders Progress Amid Challenges committed to step up efforts to enhance interoperability While India ranks low overall, there are areas showing between our respective approaches to AI governance and improvement: risk management. Climate Change Notwithstanding its overall low ranking, India’s efforts in India’s Environment Performance in 2024 climate change mitigation have been recognized, particularly India’s latest ranking in the Environmental Performance Index with initiatives in renewable energy and a commitment to (EPI) for 2024 places it at 176th out of 180 countries, reflecting achieving net-zero emissions by 2070. slight improvement from previous years but still positioning it Sector-Specific Gains among the world’s lowest performers. The index, prepared by India’s scores are bolstered by advancements in waste Yale and Columbia universities, highlights India’s struggles in management, forest conservation, and agricultural practices. crucial areas like air quality, biodiversity, and greenhouse gas Policy and International Comparisons emissions. Coal Dependence Top 10 Countries in the Environmental Performance Index 2024 Heavy reliance on coal continues to hamper India’s 1. Estonia – Score: 75.3 environmental performance, contributing significantly to air 2. Luxembourg – Score: 75.0 pollution and greenhouse gas emissions. 3. Germany – Score: 74.6 Global Context 4. Finland – Score: 73.7 The index highlights disparities among nations, with India’s 5. United Kingdom – Score: 72.7 ranking affected by the relative progress of other countries in 6. Sweden – Score: 70.5 environmental stewardship. 7. Norway – Score: 70.0 Future Challenges and Financial Needs 8. Austria – Score: 69.0 9. Switzerland – Score: 68.0 Sustainability Goals India faces substantial challenges in achieving sustainability 10. Denmark – Score: 67.9 across multiple fronts, necessitating significant financial investments estimated at $160 billion annually to meet climate goals and environmental targets. India’s Environmental Performance: Key Points Ranking India ranks 176th out of 180 countries in the 2024 Environmental Performance Index. Challenges Air Quality: India faces severe challenges with air quality, often exceeding safe limits. Biodiversity: Concerns over ecosystem vitality, species protection, and habitat preservation. Greenhouse Gas Emissions: One of the largest global emitters, impacting climate change efforts. 8 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Progress International Participation and Offerings Climate Change Initiatives: Pursuing renewable energy Nalanda University has participation from 17 nations, projects and aiming for net-zero emissions by 2070. including Australia, Bangladesh, Bhutan, China, and others, Sector-Specific Improvements: Advancements in waste who have signed MoUs in support of the university. management, forest conservation, and agriculture. The university offers 137 scholarships to international students, sponsored by various organizations and Policy and International Comparisons countries. Coal Dependence: Heavy reliance on coal remains a It provides Post Graduate and Doctoral research courses, significant environmental challenge. as well as short-term certificate courses. Global Context: India’s ranking affected by the PM’s Commitment and Vision environmental progress of other nations. PM Modi emphasized the Central government’s commitment to providing all possible support to Nalanda University. He Future Needs encouraged students to be curious, courageous, and kind, Financial Investments: Estimated $160 billion annually expressing confidence that the youth will provide leadership to needed for climate mitigation efforts and environmental the world, and Nalanda will become an important centre for sustainability. global causes. The article is written in simple language, with headings and PM Modi Inaugurates New Campus of Nalanda University in subheadings. Important keywords are highlighted, and the Bihar word limit of 600 words is maintained. The tone of the article is in the style of “Important Days” types, focusing on the On June 19, Prime Minister Narendra Modi inaugurated the inauguration of the new campus of Nalanda University, its new campus of Nalanda University, an international institution historical significance, and PM Modi’s vision for reviving India’s of learning near the ancient ruins of Nalanda in Rajgir, Bihar. academic heritage and promoting sustainability and knowledge. The PM asserted that Nalanda is a symbol of India’s academic heritage and a proclamation of the enduring nature of Sweden Tops, India at 63rd Rank on Global Energy Transition knowledge. Index: WEF Establishment and Functioning According to the Global Energy Transition Index released by the The Parliament of India established Nalanda University World Economic Forum (WEF) on 19 June 2024, India has been through the Nalanda University Act, 2010, based on ranked 63rd out of 120 countries, improving three ranks from decisions taken at the East Asia Summits in 2007 and 2009. last year’s 67th position. Sweden has again topped the Index, reflecting its continued leadership in energy transition. The WEF The university started functioning in 2014 from a highlighted India’s significant advancements in energy equity, temporary location with 14 students, and construction of security, and sustainability. the new campus began in 2017. Representatives from 17 participating countries, including Global Energy Transition Index Overview ambassadors and ministers, attended the inauguration The Global Energy Transition Index, published annually by the event. WEF in association with Accenture, evaluates nations’ progress and preparedness in building an equitable, secure, and Reviving a Global Centre of Learning sustainable energy future. It tracks government policies and PM Modi emphasized that the renaissance of Nalanda their effectiveness in reducing carbon dioxide emissions, University will introduce India’s potential to the world and once promoting non-fossil-based power sources, and enhancing again become a major centre for cultural exchange. He energy efficiency. highlighted that the heritage of many countries and Asia is 2024 Rankings linked to Nalanda, which flourished for 800 years before its European nations dominate the 2024 Index’s top ranks: destruction in the 12th century. 1. Sweden 2. Denmark Promoting Sustainability and Knowledge 3. Finland The Prime Minister stressed that India has lived as a model of 4. Switzerland sustainability for centuries and should become a centre of 5. France education and knowledge for the world. He expressed his China is ranked 20th, while India stands at 63rd. The report vision for India to have the world’s most comprehensive skill indicates that 107 out of 120 countries have shown progress in system and an advanced research-oriented higher education their energy transition over the past decade, despite challenges system. such as economic volatility and geopolitical tensions. 9 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 India’s Progress and Global Role Notable Reports The WEF commended India’s initiatives in encouraging non- Global Gender Gap Report fossil-based energy sources, particularly solar energy. India’s Global Competitiveness Report improvements in energy security, equity, and sustainability are Energy Transition Index noteworthy, positioning the country as a critical player in the Global Travel and Tourism Report global energy transition alongside China. India is now the fourth Global IT Report (in collaboration with INSEAD and Cornell largest in the renewable energy market globally, with University) renewable energy and biomass comprising 42% of its power Overall Mission generation capacity. Significant investments are also being Improving the State of the World: Aims to drive impactful made in electric vehicles and green hydrogen. actions through public-private cooperation and innovative World Economic Forum solutions for global progress. Founded in 1971 by German economist Klaus Schwab, the WEF is a non-profit international organization headquartered in 53rd GST Council Meeting Overview Cologny, Switzerland. It aims to foster collaboration between The 53rd GST Council met under the Chairpersonship of Union global stakeholders to address common challenges. The WEF Minister for Finance & Corporate Affairs Smt. Nirmala publishes several influential reports, including the Global Sitharaman in New Delhi. The meeting was attended by key Gender Gap Report, Global Competitiveness Report, Global officials, including Union Minister of State for Finance Shri Travel and Tourism Report, and Global IT Report. Pankaj Chaudhary, Chief Ministers of Goa and Meghalaya, Implications and Recommendations Deputy Chief Ministers of Bihar, Haryana, Madhya Pradesh, and The WEF suggests that other nations can replicate India’s Odisha, Finance Ministers of States & UTs (with legislature), and policies and innovative initiatives for a green energy transition. senior officers of the Ministry of Finance & States/ UTs. Despite progress, the report urges further efforts to reduce coal Key Recommendations and Decisions usage and emissions, emphasizing the potential of green The GST Council made several recommendations concerning technology in shaping the future of energy systems globally. changes in GST tax rates, trade facilitation measures, and World Economic Forum: Key Points compliance streamlining in GST. Purpose Changes in GST Tax Rates Collaboration Platform: Facilitates cooperation among GST Rates on Goods business, political, academic, and other leaders to address Uniform IGST Rate on Aircraft Parts: A uniform rate of 5% global challenges. IGST will apply to imports of parts, components, testing Global Issues: Focuses on shaping global, regional, and equipment, tools, and tool-kits of aircrafts to boost MRO industry agendas to improve the state of the world. activities. Milk Cans GST Rate: All milk cans (steel, iron, aluminum) Foundation will attract a 12% GST rate. Founded: 1971 Paper Products GST Rate Reduction: The GST rate on Founder: Klaus Schwab, a German economist carton, boxes, and cases of both corrugated and non- Headquarters corrugated paper or paper-board has been reduced from Location: Cologny, Switzerland 18% to 12%. Solar Cookers GST Rate: All solar cookers, whether single Key Activities or dual energy source, will attract 12% GST. Annual Meetings: Hosts annual meetings in Davos, Poultry Keeping Machinery: The GST entry covering Switzerland, bringing together global leaders from various poultry keeping machinery attracting 12% GST has been sectors. amended to specifically incorporate “parts of poultry Reports and Research: Publishes influential reports like the keeping machinery” and regularize past practice. Global Gender Gap Report, Global Competitiveness Report, Sprinklers GST Rate: All types of sprinklers, including fire Energy Transition Index, and Global IT Report. water sprinklers, will attract 12% GST. Initiatives: Launches initiatives and partnerships to address Defence Forces IGST Exemption: The IGST exemption on issues such as climate change, economic development, and imports of specified items for defence forces has been social inclusion. extended for five years till 30th June 2029. 10 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 RAMA Programme IGST Exemption: IGST exemption on Reduction of Government Litigation: Monetary limits for imports of research equipment/buoys under the RAMA filing appeals in GST by the department before GST programme has been extended subject to conditions. Appellate Tribunal, High Court, and Supreme Court are Compensation Cess on SEZ Imports: Compensation Cess on prescribed to reduce litigation. imports in SEZ by SEZ Unit/developers for authorized Pre-deposit Amount for Appeals: Pre-deposit amount for filing appeals under GST is reduced to ease cash flow for operations is exempted w.e.f. 01.07.2017. taxpayers. Miscellaneous Exemptions: Compensation Cess on supply GST on Extra Neutral Alcohol (ENA): ENA used for of aerated beverages and energy drinks to authorized manufacturing alcoholic liquor for human consumption is customers by Unit Run Canteens under Ministry of Defence excluded from GST. and Adhoc IGST exemption on imports of technical TCS Rate Reduction for ECOs: TCS rate for supplies through documentation for AK-203 rifle kits for Indian Defence Electronic Commerce Operators (ECOs) is reduced from 1% forces are also recommended. to 0.5%. Appeal Filing Time in GST Appellate Tribunal: The time for GST Rates on Services filing appeals in GST Appellate Tribunal is extended. Indian Railways Services Exemption: Services provided by Relaxation in Section 16(4): Section 16(4) of CGST Act is Indian Railways to the general public, such as platform amended retrospectively for initial years to allow relaxation tickets, retiring rooms/waiting rooms, cloakroom services, in availing input tax credit. and battery-operated car services, are exempt from GST. GSTR-4 Due Date Extension: The due date for filing GSTR-4 SPV Services Exemption: Services provided by Special for composition taxpayers is extended from 30th April to Purpose Vehicles (SPV) to Indian Railways for infrastructure 30th June. use during the concession period and maintenance services Interest Calculation in Rule 88B: Amendment in rule 88B to by Indian Railways to SPV are exempt. exclude amounts in the Electronic Cash Ledger on due date Accommodation Services Exemption: Accommodation from interest calculation for delayed return filing. services valued up to Rs. 20,000 per month per person Section 11A Insertion: Section 11A is inserted in CGST Act supplied for a minimum continuous period of 90 days are to regularize non-levy or short levy of GST due to common exempt from GST. trade practices. Refund of Additional IGST on Export: A mechanism for Co-insurance and Re-insurance Services: Co-insurance claiming refund of additional IGST paid on upward revision premium apportioned by lead insurer to the co-insurer and in price of exported goods is prescribed. transactions of ceding commission/re-insurance commission between insurer and re-insurer are declared as Clarifications and Compliance Measures no supply under Schedule III of the CGST Act. Valuation of Import of Services: Value of import of services GST Liability on Reinsurance Services: GST liability on by a related person, where the recipient is eligible for full input tax credit, is clarified. reinsurance services of specified insurance schemes will be Input Tax Credit on Optical Fiber Cables: ITC is not regularized retrospectively. restricted for ducts and manholes used in Optical Fiber Retrocession Clarification: Retrocession, re-insurance of Cable networks. re-insurance, is eligible for exemption under Sl. No. 36A of Place of Supply for Custodial Services: Place of supply for notification No. 12/2017-CTR. custodial services provided by Indian Banks to Foreign RERA Statutory Collections: Statutory collections by Real Portfolio Investors is determined under Section 13(2) of the Estate Regulatory Authority (RERA) are exempt from GST. IGST Act. Incentive Sharing under RuPay and BHIM-UPI: Further Valuation of Corporate Guarantees: Valuation of corporate sharing of incentive under NPCI’s promotion scheme for guarantees between related persons is clarified, with RuPay Debit Cards and BHIM-UPI transactions is not amendments to rule 28(2) of CGST Rules. taxable. Reverse Charge Mechanism Invoices: The relevant financial year for availing ITC under RCM is the year the Measures for Facilitation of Trade invoice is issued by the recipient. Section 128A Insertion for Conditional Waiver: Section Miscellaneous Clarifications: Clarifications on various 128A will be inserted in CGST Act to provide conditional issues, including taxability of re-imbursement of securities, waiver of interest or penalty for demands raised under input tax credit reversals, and taxability of loans between Section 73 for FY 2017-18 to FY 2019-20. related persons, are provided. 11 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Additional Recommendations Details of the Law Transitional Credit for ISD: Amendment in section 140(7) The new law, named the Public Examinations (Prevention of of CGST Act to provide transitional credit for invoices Unfair Means) Act, 2024, aims to prevent cheating in public before the appointed date. exams conducted by entities such as the UPSC, SSC, and NTA. It GSTR-1A Facility: A new optional facility in FORM GSTR-1A includes provisions for a minimum of three to five years of is provided for amending details before filing GSTR-3B. imprisonment for cheating, and five to ten years of Annual Return Exemption: Filing of annual return in FORM imprisonment for organized cheating crimes, along with hefty GSTR-9/9A for FY 2023-24 is exempted for taxpayers with fines. annual turnover up to two crore rupees. Section 122(1B) Amendment: Section 122(1B) of CGST Act Context and Immediate Reactions is amended to clarify penal provisions for e-commerce The law’s enactment comes amidst allegations of paper leaks operators. and subsequent cancellation of the UGC-NET 2024, affecting Rule 142 Amendment: Rule 142 of CGST Rules is amended over 9 lakh candidates. The Opposition Congress has criticized for adjusting amounts paid against pre-deposit for appeals. the timing, calling it “damage control.” Congress leader Jairam Biometric Aadhaar Authentication Ramesh emphasized the need for proactive measures to Pan-India Rollout: Biometric-based Aadhaar authentication prevent such leaks. for GST registration applicants is recommended on an All- Exams Impacted by Paper Leaks India basis in a phased manner. The NEET and UGC-NET exams have been at the center of the Common Time Limit for Demand Notices controversy, with the CSIR-UGC NET also facing similar Amendments in Sections 73 and 74: Amendments to allegations. The education ministry has postponed the CSIR- provide a common time limit for issuance of demand UGC NET scheduled for June 25-27, 2024, due to claims of a notices and orders for FY 2024-25 onwards. leak on the dark web. This scandal could delay the CUET-UG Sunset Clause for Anti-Profiteering results, affecting undergraduate admissions in central Amendments in Sections 171 and 109: Amendments to universities. provide a sunset clause for anti-profiteering under GST and Government and NTA Response handling by GSTAT. Following the allegations, the CBI has registered an FIR against Export Duty and IGST Refunds unknown suspects for cheating and criminal conspiracy. The Amendments in Section 16 of IGST Act and Section 54 of education ministry has instructed the NTA to take preventive CGST Act: Refunds for goods subjected to export duty are measures to ensure the integrity of upcoming exams. restricted. Implications B2C Inter-State Supplies Reporting The implementation of this law marks the first major step Threshold Reduction: The threshold for reporting B2C towards addressing paper leaks in centrally-conducted public inter-State supplies in FORM GSTR-1 is reduced from Rs. examinations. It highlights the government’s commitment to 2.5 Lakh to Rs. 1 Lakh. maintaining the integrity of the examination process, although GSTR-7 Filing Requirements it has sparked significant political debate and criticism. Monthly Filing: Registered persons required to deduct tax at source must file GSTR-7 monthly, even if no tax is deducted. These comprehensive recommendations and clarifications from the 53rd GST Council meeting aim to streamline GST compliance, facilitate trade, and address various industry concerns. Centre Notifies Anti-Paper Leak Law Amid NEET, NET Row The Centre has introduced a stringent anti-paper leak law amid controversies surrounding the NEET and UGC-NET exams. The law, which came into force on June 21, 2024, imposes severe penalties, including up to 10 years of imprisonment and a fine of Rs 1 crore, to curb malpractices in competitive examinations. 12 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Banking and Financial Current Affairs In a first, the Reserve Bank of India (RBI) has cancelled the lakh crore, banks utilized only a portion of the available auction of 10-year green bonds as traders refused to pay amount. (Click to read complete article) the greenium, the premium for sustainability impact. This The National Company Law Tribunal (NCLT) has granted move highlights the market’s reluctance to invest at the approval for the merger of Air India and Vistara, marking a desired yields, leading to significant financial implications. significant step towards the formation of one of the world’s (Click to read complete article) largest airline groups. This merger, announced in State Bank of India (SBI) achieved a significant milestone as November 2022, will see Singapore Airlines holding a its market capitalization surpassed ₹8 lakh crore, driven by 25.1% stake in Air India, which is set to be completed by a remarkable surge in its stock prices. This achievement the end of this year. (Click to read complete article) underscores the bank’s robust performance and reflects Reserve Bank of India (RBI) has given the green light to investor confidence in the banking sector amid favorable Zurich Insurance Company’s acquisition of a 70% stake in market conditions. (Click to read complete article) Kotak Mahindra General Insurance Company for ₹5,560 SEBI, the Securities and Exchange Board of India, has crore. This approval, received on June 4, 2024, marks a launched “Saathi 2.0,” a mobile app designed to provide crucial step in the transaction process. Kotak Mahindra comprehensive tools for simplifying complex financial Bank, in an exchange filing on June 5, confirmed the RBI’s concepts and empowering investors with reliable nod, stating that all required approvals have been information. The app features modules on various financial obtained. The acquisition is set to materialize upon the aspects like KYC procedures, mutual funds, ETFs, buying fulfillment of other conditions precedent. (Click to read and selling shares, investor grievances redressal, and an complete article) Online Dispute Resolution platform. It also offers The Reserve Bank of India (RBI) has initiated its third global educational videos to assist investors in their personal hackathon, HaRBInger 2024 – Innovation for finance planning. (Click to read complete article) Transformation, aimed at developing innovative tech-based The Board of Punjab National Bank (PNB) has approved the solutions to predict, detect, and prevent financial frauds in initiation of the process to dilute 10% of its shareholding in real-time. The hackatho n features two key themes: ‘Zero Canara HSBC Life Insurance through an initial public Financial Frauds’ and ‘Being Divyang Friendly’. (Click to offering (IPO). PNB currently holds a 23% stake in this life read complete article) insurance joint venture. (Click to read complete article) The Reserve Bank of India (RBI) has announced a revision in The Bank Clinic, spearheaded by the All India Bank the threshold for bulk fixed deposits, increasing the limit Employees’ Association (AIBEA), aims to empower retail from Rs 2 crore to Rs 3 crore. This adjustment reflects the customers by providing guidance on addressing their RBI’s strategy to refine liquidity management and align grievances in the rapidly evolving landscape of banking deposit classifications with current economic needs. (Click technology and regulatory standards set by the Reserve here to read complete article) Bank of India (RBI). (Click to read complete article) The Export-Import Bank of India (India Exim Bank) Axis Bank and Bajaj Allianz General Insurance have joined inaugurated its East Africa Representative Office in forces in a strategic bancassurance partnership aimed at Nairobi, Kenya, aiming to expand India’s business footprint boosting insurance penetration and financial inclusion in in the resource-rich and demographically young continent India. Through this collaboration, Bajaj Allianz General of East Africa. This initiative seeks to enhance trade and Insurance products will be distributed across Axis Bank’s investment ties between India, Kenya, and the broader East extensive network of over 5,250 branches. (Click to read African region. (Click here to read complete article) complete article) The Centre approved the disbursement of ₹1,39,750 crore SBI Mutual Fund (SBI MF) achieved a historic milestone on in tax devolution to the states for June, including an Monday by becoming the first fund house in India to additional instalment for accelerated development. This surpass Rs 10 trillion in assets under management (AUM). will enable state governments to enhance development This significant accomplishment is attributed to the post- and capital spending. (Click here to read complete article) pandemic equity boom and a growing awareness of mutual The Bank of India has acquired a 6.125% stake in the fund investing. (Click to read complete article) Clearing Corporation of India Ltd. (IFSC) for ₹6.125 crore, The Reserve Bank of India (RBI) conducted two variable aiming to enhance its strategic presence in GIFT City IFSC. rate reverse repo (VRRR) auctions totaling ₹44,430 crore, This acquisition reflects the bank’s commitment to the aiming to absorb surplus liquidity from the banking system. growth and development of GIFT City as a global financial Despite the central bank’s readiness to absorb up to ₹1- hub. (Click here to read complete article) 13 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 In a strategic move to broaden its lending outreach, the Bank of India faces a penalty of ₹1.45 crore for State Bank of India (SBI) has teamed up with 23 non- irregularities including improper sanctioning of loans and banking finance companies (NBFCs)/housing finance delays in reversing unauthorized transactions. Meanwhile, companies (HFCs). Through this collaboration, SBI has Sonali Bank PLC has been fined ₹96.4 lakh for non- sanctioned loans totaling ₹2,030 crore to over 2.79 lakh compliance with KYC Directions, 2016. These penalties borrowers, as outlined in the Bank’s latest annual report. highlight RBI’s commitment to enforcing regulatory and (Click here to read complete article) statutory compliance in the banking sector. (Click to read In a bid to bolster its overseas footprint, Punjab National the article) Bank (PNB) is set to open a representative office in Dubai, The Reserve Bank of India (RBI) has revoked the licence of as approved by its board of directors. PNB Managing Purvanchal Co-operative Bank, located in Ghazipur, Uttar Director Atul Kumar Goel confirmed the move, indicating Pradesh, citing inadequate capital and bleak earning that regulatory clearance is being sought and the office is prospects. (Click to read the article) expected to materialize within the current financial year. The International Finance Corporation (IFC), part of the (Click here to read complete article) World Bank Group, has committed $105 million In a bid to bolster its overseas footprint, Punjab National (approximately Rs 871 crore) to Brookfield’s Bikaner Solar Bank (PNB) is set to open a representative office in Dubai, Power project in Rajasthan. This investment will be in the as approved by its board of directors. PNB Managing form of non-convertible debentures, supporting the Director Atul Kumar Goel confirmed the move, indicating expansion of renewable energy infrastructure in India. that regulatory clearance is being sought and the office is (Click to read the article) expected to materialize within the current financial year. Axis Bank has decided to increase its shareholding in Max (Click here to read complete article)GAIL (India) plans to Life Insurance, investing up to ₹336 crore. This transaction establish a 1500 KTA Ethane Cracker Project in Sehore, will raise the aggregate shareholding of Axis Entities from Madhya Pradesh, with an estimated capex of Rs 60,000 19.02% to 19.66%. (Click to read the article) crore. The project aims to produce a range of ethylene , Indian funds in Swiss banks have plummeted by 70% in bolstering the petrochemical infrastructure in the region. 2023, reaching a four-year low of 1.04 billion Swiss Francs (Click here to read complete article) (₹9,771 crore), according to the Swiss National Bank (SNB). The Reserve Bank of India (RBI) has initiated several This marks a significant decline after a peak in 2021 and is measures to address the increasing risks of payment attributed to decreases in bonds, securities, and other frauds and to enhance operational efficiencies in the financial instruments. (Click to read the article) banking sector. To combat the rising incidence of domestic State Bank of India (SBI) has distributed a dividend of Rs payment frauds, which surged by 70.64% to Rs 2,604 crore 6,959 crore to the Indian government for the financial year in the six-month period ended March 2024, the RBI plans to 2023-24. This marks an increase from the previous year’s set up a Digital Payments Intelligence Platform. (Click here dividend of Rs 11.30 per share to Rs 13.70 per share. The to read complete article) dividend cheque was presented by SBI Chairman Dinesh In a groundbreaking move, State Bank of India (SBI) has Kumar Khara to Finance Minister Nirmala Sitharaman, in launched ‘SME Digital Business Loans’, aiming to sanction the presence of Financial Services Secretary Vivek Joshi. SBI loans within an astonishing 45 minutes. Recognizing the reported a record consolidated net profit of Rs 67,085 pivotal role of micro, small, and medium enterprises crore for the year, up from Rs 55,648 crore the previous (MSMEs) in its growth strategy, SBI has streamlined the year. (Click to read the article) borrowing process, eliminating traditional credit Banks showed high demand for cash by bidding Rs 1.6 underwriting and appraisal procedures. (Click here to read trillion in the Reserve Bank of India’s (RBI) variable rate complete article) repo (VRR) auction, held on Friday, against a notified The Financial Intelligence Unit (FIU) has levied a penalty amount of Rs 1 trillion. This comes amid a period of tight exceeding Rs 1.66 crore on Axis Bank for neglecting to liquidity, with banks borrowing at a weighted average rate implement adequate measures to identify and report of 6.62%. (Click to read the article) suspicious transactions. This action stems from an incident The Reserve Bank of India (RBI) has announced a significant where an Axis Bank employee allegedly colluded to create update to its ‘Database on Indian Economy’ (DBIE) portal, a fraudulent account in the name of the National Security effective immediately. The portal’s domain address will Guard (NSG), facilitating illicit financial activities. (Click now be accessed through https://data.rbi.org.in, here to read complete article) consolidating its services and ensuring seamless access for The Reserve Bank of India (RBI) has imposed fines on users. Previously used URLs, such as https://dbie.rbi.org.in Central Bank of India and Sonali Bank PLC for breaches and https://cimsdbie.rbi.org.in, will automatically redirect related to customer protection and KYC norms. Central to the new address. (Click to read the article) 14 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 State Bank of India (SBI), under Chairman Dinesh Kumar total external debt, marking a decrease of 2.1 percentage Khara, aims to open 400 new branches across India in the points by March 2024 compared to the previous year. This year 2024-25. This expansion is part of SBI’s strategy to reduction is indicative of India’s strengthened external enhance customer service, particularly in emerging areas sector resilience. The ratio of short-term debt to foreign such as wealth management and advisory services, despite exchange reserves also fell from 22.2% to 19.0% over the the growing trend towards digital transactions. (Click to same period, underlining improved stability. (Click to read read the article) the article) Kotak Mahindra Bank in India plans to expand its branch State Bank of India (SBI) has successfully raised Rs 10,000 network by 175 to 200 branches in FY25. This decision crore through its fifth infrastructure bond issuance. The comes despite recent regulatory restrictions from the bonds, with a tenure of 15 years and a coupon rate of Reserve Bank of India (RBI) on digital customer acquisition 7.36% payable annually, garnered significant investor and credit card issuance due to IT-related issues. (Click to interest, oversubscribed nearly four times the base size of read the article) Rs 5,000 crore. The offering received 143 bids from diverse ICICI Bank’s market capitalisation(m-cap) on June 25 entities including provident funds, pension funds, insurance crossed the $100-billion mark for the first time, becoming companies, mutual funds, and corporates. (Click to read only the sixth company to do so. The private sector lender the article) joins the likes of Reliance Industries, Tata Consultancy The Reserve Bank of India (RBI) has projected a further Services, HDFC Bank, and Bharti Airtel. The four other improvement in the gross non-performing assets (GNPA) domestically listed companies with a market value of more ratio of scheduled commercial banks (SCBs), estimating it than $100 billion. (Click to read the article) to decrease to 2.5% by March 2025. This optimistic outlook India’s external debt increased by $39.7 billion to $663.8 is based on macro stress tests evaluating banks’ resilience billion at end-March 2024, according to the Reserve Bank against potential economic shocks. (Click to read the of India (RBI). Despite the rise, the external debt to GDP article) ratio fell to 18.7% from 19.0% at end-March 2023. The Reserve Bank of India with the concurrence of the Excluding the valuation effect caused by the appreciation of Government of India has decided to put in place a revised the US dollar against the Indian rupee and other major Framework on Currency Swap Arrangement for SAARC currencies, the external debt would have increased by countries for the period 2024 to 2027. Under this $48.4 billion. The valuation effect was calculated at $8.7 Framework, the Reserve Bank would enter into bilateral billion. (Click to read the article) swap agreements with SAARC central banks, who want to India’s Reserve Bank (RBI) has announced a notable decline avail of the swap facility. (Click to read the article) in the proportion of short-term debt within the country’s Economy Current Affairs India’s GDP growth rate jumped to 7.8% in Q4 of FY24, The net GST revenue for May 2024, after factoring in leading to an annual growth rate of 8.2%, as reported by refunds, amounted to ₹1.44 lakh crore, showcasing a the National Statistical Office (NSO) of the Ministry of growth of 6.9% compared to the same period last year. Statistics and Programme Implementation (MoSPI). (Click (Click to read complete article) to read complete article) In the fiscal year 2023-24, India witnessed a slight India’s fiscal deficit for FY24 improved to 5.6% of GDP, contraction in foreign direct investment (FDI) by about down from the Revised Estimates of 5.8%, owing to higher- 3.5%, attributed to global economic uncertainties. than-expected tax receipts. The deficit stood at Rs 16.54 However, amidst this, India continued to attract significant trillion against the budgetary target of Rs 17.86 trillion. Net FDI from Singapore, albeit with a dip in numbers, tax receipts surpassed projections at Rs 23.27 trillion, while maintaining its position as the highest recipient of FDI from total expenditure reached Rs 44.43 trillion, constituting the island nation. (Click to read complete article) 99% of the budgeted amount. (Click to read complete Goldman Sachs has revised its GDP growth forecast for article) India for the calendar year 2024, raising it by 20 basis In May 2024, the gross Goods and Services Tax (GST) points to 6.9% from an earlier projection of 6.7%. This revenue reached ₹1.73 lakh crore, marking a notable 10% adjustment follows a stronger-than-expected GDP growth year-on-year growth. This surge was primarily fueled by a of 7.8% for the January-March 2024 quarter, driven by robust uptick in domestic transactions, which rose by robust investment demand and a recovery in consumption. 15.3%, while imports experienced a slight decline of 4.3%. (Click to read complete article) 15 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Moody’s Ratings (Moody’s) on Friday affirmed the Baa3 food items reached 9.82%, contrasting with -3.61% in May ratings on three Indian public sector banks — Bank of 2023. (Click here to read complete article) Baroda (BOB), Canara Bank, and Punjab National Bank Fitch Ratings has revised India’s GDP growth forecast for (PNB). The rating agency maintained stable outlooks on the FY25 to 7.2%, up from the previous estimate of 7%. This long-term ratings of all three banks, citing improved credit adjustment is attributed to expected recovery in consumer metrics, strong profitability, and adequate liquidity buffers. spending and continued investment, although at a slower Moody’s believes that India’s strong operating pace than recent quarters. The economy had grown by environment will continue to support their credit 8.2% in FY24. (Click to read the article) fundamentals over the next 12-18 months. (Click here to The rationalisation of GST rates is under preliminary read complete article) assessment to address imbalances and avoid the inverted In its latest biannual Global Economic Prospects, the World duty structure where the final product’s tax is lower than Bank maintains India’s growth projection at 6.6% for that on inputs. Although the industry has called for FY25, affirming its status as the fastest-growing among the rationalisation, involving reworking rates and merging the largest economies. The forecast reflects a moderate pace four slabs into three, the government plans to proceed of expansion following a high growth rate in FY 2023/24. cautiously with a detailed analysis. (Click to read the Over the subsequent three fiscal years, India is expected to article) sustain an average growth of 6.7%, with projections of S&P Global Ratings has maintained its GDP growth forecast 6.7% for FY26 and 6.8% for FY27. (Click here to read for India at 6.8% for FY25, citing high interest rates and complete article) reduced fiscal stimulus as factors tempering demand in India’s Index of Industrial Production (IIP) recorded a non-agricultural sectors. The projection for FY26 and FY27 growth rate of 4.9% in March 2024, showing a slight stands at 6.9% and 7%, respectively. (Click to read the slowdown primarily attributed to a faltering mining sector. article) This decline follows a robust 5.6% growth in February 2024 Gross domestic product (GDP) growth during 2024-25 and contrasts sharply with the 1.9% growth seen in March (FY25) may turn out to be higher than 7 per cent and even 2023. (Click here to read complete article) close to 7.5 per cent, with high frequency indicators India’s consumer price index (CPI) inflation dropped to a showing resilience amid growth dynamism in the Indian 12-month low of 4.75% in May 2024, down from 4.83% in economy. The monthly economic review released by the April, marking a continued trend within the Reserve Bank National Council of Applied Economic Research (NCEAR). of India’s target range of 2-6% since September 2023. (Click (Click to read the article) here to read complete article) The National Council of Applied Economic Research India’s wholesale inflation, measured by the wholesale (NCAER) forecasts India’s GDP to surpass 7% and possibly price index (WPI), surged to a 15-month high of 2.61% in reach 7.5% in fiscal year 2024-25, citing resilient domestic May from 1.26% in April, driven by an adverse base effect economic indicators and favorable global conditions. (Click and a sharp increase in food prices. The inflation rate for to read the article) Business Current Affairs Unified Payments Interface (UPI) achieved a record- cardholders up to 7% Adani reward points on spending breaking 14.04 billion transactions in May, marking a within the Adani ecosystem. (Click to read complete significant increase from the 13.30 billion transactions article) recorded in April. This reflects a 49% year-on-year growth. Arka Fincap Limited, a subsidiary of Kirloskar Oil Engines The total transaction value reached Rs 20.45 lakh crore, Limited, has obtained a Corporate Agency License from the with an average daily transaction count of 453 million and IRDAI, marking a significant milestone. This license allows an average daily transaction value of Rs 65,966 crore. (Click Arka to venture into insurance distribution, enhancing its to read complete article) existing financial solutions portfolio to meet customer Ashok Leyland, the Indian flagship of the Hinduja Group needs comprehensively. (Click to read complete article) and one of the country’s leading commercial NPCI International and the Reserve Bank of Peru have manufacturers, launched ‘Sarathi Suraksha Policy’ a joined forces to introduce a UPI-like real-time payments comprehensive insurance policy for safeguarding the system in Peru, marking a pioneering move for South driver community. (Click to read complete article) America. This collaboration aims to revolutionize Peru’s Adani One, the digital platform of the Adani Group, and financial landscape, fostering economic growth and ICICI Bank have introduced two variants of co-branded financial inclusion by leveraging India’s renowned Unified credit cards in partnership with Visa. This launch signifies Payment Interface (UPI) technology. (Click to read Adani Group’s entry into the retail financial sector, offering complete article) 16 www.bankersadda.com | www.sscadda.com | www.careerpower.in | Adda247 App  Current Affairs | July 2024 Reliance Industries Limited (RIL) is set to develop a global Tata Communications has finalized a significant five-year economic hub in Navi Mumbai, having secured sub-leases agreement with World Athletics to provide broadcasting on approximately 3,750 acres of land for Rs 13,400 crore. services, enhancing global coverage of premier events The lease spans 43 years and stems from a memorandum starting from the Tokyo World Championships. This of understanding signed with the Maharashtra partnership marks Tata Communications as a pivotal government in 2018. (Click to read complete article) s