Current Affairs 17 July 2024

NITI Aayog Launches GearShift Challenge to Accelerate Zero-Emission Truck Adoption in India

The NITI Aayog, India’s premier policy think tank, has introduced the NITI GearShift Challenge under the e-FAST India initiative. This challenge aims to promote innovative business models for the adoption of Zero-Emission Trucks (ZETs) in India. The initiative is in collaboration with the Operations Management Club of IIM Bangalore, Smart Freight Centre India, CALSTART/Drive to Zero, and WRI India. The challenge invites students, transport service practitioners, academics, and researchers to participate in a hackathon as part of IIM Bangalore’s International Business Summit, Vista 2024.

Objective and Focus:

1. The hackathon aims to develop innovative business models for adopting ZETs in India’s freight sector.
2. It focuses on addressing financial, technical, and operational challenges in electric truck adoption.

Hackathon Structure:

1. Round 1: Teams submit initial business models addressing specific barriers with high-level strategies and research.
2. Round 2: Shortlisted teams present detailed models with an implementation roadmap, mentored by industry leaders.

Significance for India’s Freight Sector:

1. The freight sector is crucial for delivering goods to over 1.4 billion people in India.
2. Road freight accounts for 55% of India’s annual diesel consumption and nearly 40% of CO2 emissions.
3. Transitioning to electric trucks is essential for reducing emissions, improving air quality, and enhancing energy security.

MDoNER Minister Jyotiraditya Scindia Launches NERACE Portal, Mobile App for Farmers in NER

Union Minister Jyotiraditya Scindia launched the North East Region Agri Commodity E-Connect (NERACE) App and Web Portal to integrate farmers and sellers, enhancing agricultural connectivity in the North Eastern Region (NER). The initiative aims to connect 50,000 farmers and 5,000 buyers over the next five years. The launch took place during his visit to Shillong, Meghalaya, where he chaired a review meeting with Meghalaya’s Chief Minister Conrad Sangma and other state officials.

About NERACE App:

1. It operates as a unique Farm to Business (F2B) marketplace, facilitating price negotiation, bookings, and real-time product availability across over 50 crop categories.
2. It promotes Northeast India as a reliable partner in the international agricultural value chain.
3. It supports agricultural and horticultural products, enhancing the profitability of high-value agro-horticultural products.
4. It features local specialities like Black Rice, Kiwi, Large Cardamom, and medicinal plants in domestic and international markets.
5. It supports multiple languages including English, Hindi, Assamese, Mizo, Manipuri, Nepali, and Khasi.
6. It addresses challenges like limited market access, perishability concerns, and dependency on intermediaries.

Key Points:

1. During a review meeting on ongoing schemes and projects, the NER Vision 2047 was presented, outlining eight goals for the development of the Northeast region.
2. A tree plantation ceremony was also held under the “Ek Ped Maa Ke Naam” (One Tree in the Memory of Mother) program.

MSDE Commemorates 10th Anniversary of Skill India Mission

The Ministry of Skill Development and Entrepreneurship (MSDE) celebrated the 10th anniversary of the Skill India Mission on 15th July 2024. Union Minister of State Jayant Chaudhary attended an open house dialogue, “Kaushal Samwaad,” organized by MSDE to celebrate World Youth Skills Day (WYSD), which coincided with the anniversary of the Skill India Mission. During the event, it was highlighted that over 1.40 crore youth have been trained under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY), and over 33 lakh candidates have engaged as apprentices.

Note: World Youth Skills Day is observed annually on 15th July. The theme for WYSD 2024 is “Youth Skills for Peace and Development.”

CBIC Notified GSTR-1A Form To Amend Sales Return

On July 10, 2024, the Central Board of Indirect Taxes and Customs (CBIC) notified the Goods and Services Tax Return (GSTR)-1A form, allowing taxpayers to amend their outward supply or sales return form. The 53rd GST Council recommended this new optional facility, enabling taxpayers to make amendments to the details in form GSTR-1 for a given tax period and/or submit additional details.

Key Points:

1. GSTR-1A must be filed before filing a return in GSTR-3B for the appropriate tax period.
2. It ensures that the relevant tax liability is auto-populated in form GSTR-3B, avoiding manual errors and fostering a quicker compliance process.
3. It minimizes the risk of penalties and interest due to incorrect filings and reduces the compliance burden.

UN World Population Prospects 2024: India’s Population to Peak at 1.7 Billion in 2062

According to the World Population Prospects 2024 published by the Population Division of the United Nations Department of Economic and Social Affairs (UN DESA), India’s population is expected to peak at about 1.701 billion in 2062 and then decline by 12% between January and July 2062. Currently, India is the most populous country in the world with 1.45 billion people and is likely to remain so until 2100. India is followed by China with a population of 1.419 billion and the United States with 345 million.

16 lakh Indian Children Missed Vital Vaccines in 2023: WHO-UNICEF report

On July 15, 2024, the World Health Organization (WHO) and United Nations Children’s Fund (UNICEF) released the ‘WHO and UNICEF estimates of national immunization coverage (WUENIC)’, stating that India’s national immunization program missed 1.6 million children for DPT (Diphtheria, Pertussis, and Tetanus) and measles shots in 2023. India had the second highest number of children who received no vaccines at all, following Nigeria with 2.1 million. The report also flagged India as one of 52 nations not including HPV (Human Papillomavirus) vaccination in their immunization package, despite cervical cancer being a significant concern for women in the country.

India Signs MoU with Marshall Islands for 4 Community Development Projects in Marshall Islands

On 15 July 2024, India signed a Memorandum of Understanding (MoU) with the Republic of the Marshall Islands (RMI) for the implementation of 4 Community Development Projects (CDPs) in the RMI. The MoU was signed at the Embassy of India in Tokyo, Japan, as part of New Delhi’s pacific outreach. The projects include a community sports center in Ailuk Atoll, an airport terminal on Mejit Island, and community centers at Arno and Wotje Atolls.

Signatories: The MoU was signed by Kalani R. Kaneko, Minister of the Ministry of Foreign Affairs and Trade (MFAT) of RMI, and Mr. Sibi George, Ambassador of India to Japan and RMI, in the presence of Dr. Hilda C. Heine, President of RMI.

Key Attendees:

1. The RMI delegation included Alexander Carter Bing, Ambassador of RMI to India; Isabela Silk, Secretary, MFAT of RMI; Emma Kabua-Tibon, Chief of Staff for the President of RMI; and Winder Loeak, Assistant Secretary, MFAT of RMI.
2. Indian officials included Union Minister Dr. S. Jaishankar from the Ministry of External Affairs (MEA).

Projects and Focus:

1. The projects aim to improve the lives of RMI citizens through India’s grant assistance.
2. The cooperation focuses on healthcare, affordable medicines, education, capacity building, renewable energy, and clean water facilities.

SEBI Introduced New Rules for Passive Mutual Fund Schemes to Reduce Sponsor Bias

The Securities and Exchange Board of India (SEBI) has introduced new rules impacting investments by passively managed Mutual Fund (MF) schemes in the group companies of their sponsors. The aim is to simplify and ease compliances by MF by streamlining norms related to passive schemes with respect to exposure to securities of group companies of the sponsor.

Key Changes:

1. Investment Limit for Passive Mutual Funds: Passive MF, except for equity-oriented Exchange Traded Funds (ETFs) and index funds, are now restricted from investing more than 25% of their net assets in listed securities of companies belonging to the sponsor group.
2. Investment Limit for equity-oriented ETFs and Index Funds: Equity-oriented ETFs and index funds based on widely tracked and non-bespoke indices can now invest up to 35% of their Net Asset Value (NAV) in the sponsor’s group companies only if the investments align with the weightage of the constituents of the underlying index.
3. Widely Tracked and Non-bespoke Indices: SEBI has defined ‘widely tracked’ and ‘non-bespoke indices’ as those indices which are tracked by passive funds or serving as primary benchmarks for actively managed funds with collective Assets Under Management (AUM) of Rs 20,000 crore and above.
4. Approved Indices: The Association of Mutual Funds in India (AMFI) will be responsible for updating and publishing a list of SEBI approved indices biannually.
5. Re-balancing of Passive Schemes: It will be mandatory for passive schemes that are not currently in line with these approved indices to rebalance their portfolios within 30 business days with approval from the investment committee.
6. Extension of time for Re-balancing of Passive Schemes: If a fund fails to rebalance its portfolio within the initial 30 days, the Asset Management Company (AMC) will be required to provide an explanation to their Investment Committee, detailing efforts made towards rebalancing. The Investment Committee may extend the rebalancing timeline by up to an additional 60 business days.
7. Consequences for non-compliance: If a fund fails to rebalance within the mandated timeframe, SEBI will prohibit the concerned AMC from launching any new schemes until the existing scheme is rebalanced. Also, the AMC cannot levy exit loads on existing investors in the non-compliant schemes.

NABARD Launches Rs 750-Crore Agri-SURE Fund to Boost Agri Startups

The National Bank for Agriculture and Rural Development (NABARD) has launched an agri fund for Start-Ups & Rural Enterprises (Agri-SURE) to support start-ups and agripreneurs through investments in sector-specific, sector-agnostic, and debt AIFs. The Rs 750 crore Category-II Alternative Investment Fund (AIF) will promote innovation and sustainability in the agricultural sector of India. The fund was unveiled during the Pre-Launch Stakeholder meeting held at NABARD Headquarters in Mumbai, Maharashtra.

Key People: Ajeet Kumar Sahu, Joint Secretary, Ministry of Agriculture and Farmers Welfare (MoA&FW); Shaji Krishnan V, Chairman of NABARD; Goverdhan Singh Rawat, and Dr. Ajay Kumar Sood, Deputy Managing Directors (DMDs), NABARD were present during the event.

About Agri SURE:

1. Fund Manager: NABVENTURES Limited, a wholly-owned subsidiary of NABARD.
2. Initial Corpus Breakup: The fund will be set up with an initial corpus of Rs 750 Crore with Rs 250 crores each from NABARD and MoA&FW, and 250 crores from other institutions.
3. Key Points: The fund will offer both equity and debt support, specifically targeting high-risk, high-impact activities in the Agriculture Value Chain (AVC). Investments will be sector-agnostic, including debt AIFs and direct equity support for startups in agriculture and allied sectors. The fund focuses on innovation in agriculture, enhancing the farm produce value chain, creating rural infrastructure, generating employment, and supporting Farmers’ Producer Organizations (FPOs). It also encourages Information Technology (IT)-based solutions and machinery rental services for farmers.

AgriSURE Greenathon 2024: The hackathon aims to address the following 3 problem statements:

1. ‘Smart Agriculture on a Budget’ – tackling the high cost of advanced technologies for small and marginal farmers.
2. ‘Turning Agri-Waste into Profitable Business Opportunities’ – transforming agricultural waste into profitable ventures.
3. ‘Tech Solutions Making Regenerative Agriculture Remunerative’ – to overcome economic hurdles in adopting regenerative practices.

Kotak Mahindra Bank Revamps Kotak811 Banking App with Enhanced User Interface & New Features

Kotak Mahindra Bank Limited has revamped its Kotak811 banking application with an enhanced User Interface (UI) and introduced various new features for secure Unified Payments Interface (UPI) payments, transaction monitoring, among others. The aim is to transform UPI transactions and other important banking features, offering seamless, safe, and convenient banking services for millions of customers across the country.

Key Features:

1. Safe and Secure UPI transactions: The app has high-level safety and security features enabling customers to make secure UPI transactions ranging from fund transfers to bill payments to online purchases.
2. Monitoring of Transactions: The app has an extensive transaction history feature, making it simple for users to monitor their transactions and stay up-to-date about their account status.
3. Seamless Money Transfers: Users can transfer money with just the recipient’s information and transaction confirmation.
4. Easy FD bookings: The app enables customers to easily book Fixed Deposits (FDs) from within the app.
5. Easily Manage Credit Cards: Customers can seamlessly manage their credit cards through the Kotak811 app, helping them make payments, check statements, set transaction limits, and more.

BranchX Becomes India’s 1st Neobank to Launch ONDC Loans For Financial Inclusion

BranchX India Private Limited, a leading neobank innovator, has launched India’s first personal loan solution through the Open Network for Digital Commerce (ONDC), marking a significant step towards financial inclusion for India’s 1.4 billion people. The focus is on young professionals, small business owners, and entrepreneurs who face hurdles in acquiring loans through traditional means, offering a paperless experience.

Key Points:

1. The ONDC framework is an initiative by the Indian government to democratize digital commerce, forming the backbone of BranchX’s lending solution.
2. BranchX’s personal loan product stands out with its digital-first approach, ensuring a paperless, transparent procedure from application to disbursement.
3. It improves affordability, empowers borrowers to manage their finances more swiftly, and enhances financial literacy using voice Artificial Intelligence (AI) Banking, providing customers with educational resources and financial guidance.

Indian Sand Artist Sudarsan Pattnaik Wins Golden Sand Master Award At International Championship In Russia

Indian Sand Artist Sudarsan Pattnaik from Odisha has won the Golden Sand Master Award with a gold medal at the International Sand Sculpture Championship/Festival 2024 held in St. Petersburg, Russia. The championship, held between July 4th to 12th 2024, had a theme of ‘History, Mythology, and Fairy Tales’. Pattnaik created a 12-foot depiction of a Sand Ratha (chariot) carrying Mahaprabhu Jagannath and his devotee Balaram Das, a 14th-century poet. He received a gold medal for his sculpture.

Sumant Sinha Appointed as Co-chair of Global CEO Climate Leaders Alliance

Sumant Sinha, Chairman and CEO of ReNew Energy Global PLC, has been appointed as co-chair of the Alliance of CEO Climate Leaders. Sinha has also been Co-Chair of the India part of the Alliance since 2022. He joins a group of international business leaders in this role, collaborating with eminent figures such as Ester Baiget, CEO of Novonesis, and Jesper Brodin, CEO of Ingka Group Ikea.

About Alliance of CEO Climate Leaders:

1. It is a flagship initiative of the World Economic Forum (WEF) launched in 2014. It is the largest CEO-led climate alliance in the world.
2. The alliance represents USD 4 trillion in revenues and 5.2 Gigatonne (GT) of carbon emissions, equivalent to 10% of global emissions.
3. The alliance plays a pivotal role in driving systemic action and fostering public-private collaboration in the global energy transition.

Europe’s Ariane 6 Rocket Blasts off For the First Time

Ariane 6, the European Space Agency’s new heavy-lift rocket, has been launched into space for the first time from Europe’s Spaceport in Kourou, French Guiana. The 63 meters tall rocket was developed at an estimated cost of 4 billion euros by ArianeGroup, a joint venture of Airbus and Safran. The rocket is carrying many new satellites and experiments into orbit, including a smart-farming satellite, a radio beacon demonstrator, and capsules designed to re-enter Earth’s atmosphere and test new materials.

‘Habrocestum swaminathan and Habrocestum benjamin’: New Jumping Spider Species Found in Western Ghats

Researchers from Christ College, Irinjalakuda (Thrissur, Kerala), have discovered two new species of litter-dwelling jumping spiders named, Habrocestum swaminathan and Habrocestum benjamin, from the evergreen forests of the southern Western Ghats in Kerala. The details of the discovery are highlighted in a paper published in the taxonomy journal Zootaxa.

About Habrocestum swaminathan:

1. Discovered from the banks of the river Kunthi, Silent Valley National Park in Palakkad, Kerala.
2. Named after M.S. Swaminathan, Father of the Green Revolution, recognizing his contributions to research and conservation efforts in the Silent Valley.

About Habrocestum benjamin:

1. Collected from Thusharagiri, one of the foothills of the Nilgiri Biosphere Reserve (BR), in Kozhikode, Kerala.
2. Named after Suresh P. Benjamin, a Sri Lanka-based jumping spider specialist who has made significant contributions to the study of the genus Habrocestum.

137th Edition of Wimbledon Championships: Carlos Alcaraz Retains his Men’s Singles Title; Barbora Krejcikova won the Women’s Singles title

The 137th edition of the Wimbledon Championships 2024 was held from 1st July to 14th July 2024 on the grass courts at the All-England Lawn Tennis and Croquet Club in Wimbledon, London, UK.

Key Highlights:

1. Men’s Singles Title: Spain’s Carlos Alcaraz won the 2024 Gentlemen’s Singles title, defeating seven-time champion Novak Djokovic. This marks his 2nd consecutive Wimbledon title.
2. Women’s Singles Title: Barbora Krejcikova of the Czech Republic won the 2024 Ladies Singles title by defeating Jasmine Paolini. This marks her second Grand Slam singles victory.
3. Men’s Doubles Title: Great Britain’s Henry Patten and Finland’s Harri Heliovaara won the 2024 Men’s doubles title by defeating Australia’s Max Purcell and Jordan Thompson.
4. Women’s Doubles Title: Katerina Siniakova of the Czech Republic and Taylor Townsend of the USA won the 2024 ladies’ doubles title by