Current Affairs 1 August 2024

National Affairs

DAC Approves Capital Acquisition Proposals for Indian Army and Coast Guard

On July 29, 2024, the Defence Acquisition Council (DAC), chaired by Union Minister Rajnath Singh, approved several capital acquisition proposals to enhance the capabilities of the Indian Army and Indian Coast Guard. The DAC has given the green light for the procurement of the Advanced Land Navigation System (ALNS) for Armoured Fighting Vehicles (AFVs) for the Indian Army and 22 Interceptor Boats for the Indian Coast Guard. Additionally, the DAC reviewed and approved amendments to the deal for 31 MQ-9B High Altitude Long Endurance (HALE) Unmanned Vehicles (UAVs) from General Atomics Aeronautical Systems, Inc. (GA-ASI) of the USA. The DAC also approved the scheduled refit of the aircraft carrier INS Vikramaditya later this year. Furthermore, the Ministry of Defence (MoD) signed a Memorandum of Understanding (MoU) with the National Stock Exchange (NSE) to facilitate capital market access for Micro, Small, and Medium Enterprises (MSMEs) in the defence sector.

MoES Celebrates 18th Foundation Day

The Ministry of Earth Sciences (MoES) celebrated its 18th Foundation Day on July 27, 2024, at its headquarters in Prithvi Bhavan, New Delhi. The event marked nearly 20 years of significant contributions by MoES across various earth system sciences. The MoES launched four important publications for public utility and benefit, including the “Standard Operation Procedure on Cyclone Warning in India” and the “Competency Framework for Monitoring and Forecasting High-impact Weather Events” by the India Meteorological Department (IMD). The National Centre for Polar and Ocean Research (NCPOR) released a consolidated report on the 14th Indian Arctic Expedition (2023-24), and the Centre for Marine Living Resources and Ecology (CMLRE) released a catalogue on the taxonomy and systematics of Anomuran Crabs. The first issue of the MoES Newsletter, a quarterly publication, was also released.

iDEX and AFMS Sign MoU for Medical Innovations

On July 30, 2024, the Innovations for Defence Excellence-Defence Innovation Organisation (iDEX-DIO) signed a Memorandum of Understanding (MoU) with the Armed Forces Medical Services (AFMS) to launch the Medical Innovations and Research Advancement (MIRA) initiative. The MoU aims to promote innovation and research in developing novel medical technologies for the Armed Forces. The initiative will be driven by the Defence India Start-up Challenge (DISC) edition MIRA, addressing critical medical challenges faced by the Armed Forces.

Union Minister Manohar Lal Inaugurates NFMS Control Centre

On July 25, 2024, Union Minister Manohar Lal inaugurated the National Feeder Monitoring System (NFMS) Control Centre on REC Limited’s 55th Foundation Day in Gurugram, Haryana. The NFMS provides real-time access to information on power supply hours, outages, and the overall health of about 2.5 lakh feeders across India. This initiative aims to increase transparency, efficiency, and accountability in Distribution Companies (DISCOMS), ultimately enhancing the quality and reliability of power supply to end users.

MSDE Expands Model Skill Loan Scheme

Union Minister of State Jayant Chaudhary launched an enhanced ‘Model Skill Loan Scheme’ for skill development courses, increasing the maximum loan limit to Rs 7.5 lakh from Rs 1.5 lakh. The revised scheme aims to benefit 25,000 students annually and includes Non-Banking Financial Companies (NBFCs), NBFC-Micro-Finance Institutions (MFIs), and Small Finance Banks (SFB) as eligible lenders. The scheme is backed by a guarantee against default up to 75% of the loan disbursed.

Banking & Finance

GoI and ADB Sign USD 200 Million Loan Agreement

The Government of India (GoI) signed a USD 200 million loan agreement with the Asian Development Bank (ADB) to enhance solid waste management and sanitation in 100 cities across 8 states in India. This loan agreement is part of the Swachh Bharat Mission 2.0 – Comprehensive Municipal Waste Management in Indian Cities Program. The program aims to make all Indian cities garbage-free by 2026 by enhancing sanitation and solid waste management infrastructure.

RBI’s Digital Payments Index Increases

The Reserve Bank of India’s Digital Payments Index (RBI-DPI) increased to 445.5 at the end of March 2024, marking a 12.6% Year-on-Year increase compared to March 2023. The index measures the adoption and extent of online transactions across India, showcasing a continuous rise in digital payment adoption.

SIDBI Partners with C2treds and UGRO Capital

The Small Industries Development Bank of India (SIDBI) entered into a co-lending partnership with C2treds and UGRO Capital to facilitate loans to the Micro, Small, and Medium Enterprises (MSMEs) sector. These partnerships aim to improve liquidity for MSMEs at competitive interest rates and enhance credit reach to MSMEs swiftly and affordably.

TPSSL Collaborates with BOI for Solar System Financing

Tata Power Solar Systems Limited (TPSSL) collaborated with the Bank of India (BOI) to facilitate easy financing for rooftop solar installations and the establishment of Electric Vehicle (EV) charging stations. This partnership marks a significant milestone as TPSSL becomes the first solar company to collaborate with BOI for both solar and EV Charging Station financing.

Economy & Business

Rapido Becomes Unicorn with USD 120 Million Funding

Ride-hailing startup Rapido achieved unicorn status after raising USD 120 million in its latest Series E funding round led by WestBridge Capital. This makes Rapido the fourth startup in India to reach unicorn status in 2024. The company plans to use the funds to expand its services and enhance its technology platform.

Awards & Recognitions

KIIT Awarded UN ECOSOC Special Consultative Status

Kalinga Institute of Industrial Technology (KIIT) Deemed to be University was granted Special Consultative Status by the United Nations Economic and Social Council (UN ECOSOC). This acknowledgment highlights KIIT’s dedication to the Sustainable Development Goals (SDGs) and UN’s Agenda 2030.

CSIR-IICT Scientist Dr. S. Sridhar Inducted as Fellow of Royal Society of Chemistry

Dr. Sundergopal Sridhar, a chief scientist at the Council of Scientific and Industrial Research (CSIR)-Indian Institute of Chemical Technology (IICT), was inducted as a Fellow of the Royal Society of Chemistry (FRSC) in London. He is recognized for his exceptional work in membrane technology.

Appointments & Resignations

IRS Officers Prabodh Seth and Ramesh Narain Parbat Appointed as Members of CBDT

The Appointments Committee of the Cabinet (ACC) approved the appointment of IRS officers Prabodh Seth and Ramesh Narain Parbat as new members of the Central Board of Direct Taxes (CBDT). Prabodh Seth will serve as the Principal Chief Commissioner of Income Tax (PCCIT), International Taxation in CBDT, Delhi, while Ramesh Narain Parbat will serve as the Director General of Income Tax (DGIT), Investigation in CBDT, Lucknow, Uttar Pradesh.

Important Days

International Day of Friendship 2024 – July 30

The United Nations’ International Day of Friendship is observed annually on July 30 to honor the bonds of friendship. The day marks the 13th anniversary of International Friendship Day, first observed in 2011.

World Ranger Day 2024 – July 31

World Ranger Day is observed annually on July 31 to commemorate Rangers killed or injured in the line of duty and to celebrate the critical work of Rangers in protecting the world’s natural and cultural treasures. The theme for 2024 is “30 by 30,” aligning with the global goal of the 2022 United Nations Convention on Biological Diversity’s 15th Conference of the Parties (COP 15).

State News

UP Finance Minister Presents Rs 12,909.93 Crore Supplementary Budget

On July 30, 2024, Uttar Pradesh Finance Minister Suresh Kumar Khanna presented a supplementary budget of Rs 12,909.93 crore for the Financial Year 2024-25. The budget aims to bolster key sectors such as industrial development, energy, and education.

AP Govt Renames 6 Student Welfare Schemes

The Andhra Pradesh Government has renamed six student welfare schemes, previously named after former Chief Minister YS Jagan Mohan Reddy, with the names of eminent personalities in the field of education. The renamed schemes include Talliki Vandanam, Sarvepalli Radhakrishnan Vidya Mitra, Dokka Seethamma Madhyahana Badi Bojanam, Mana Badi-Mana Bhavishyaktu, Balika Raksha, and Abdul Kalam Prathiba Puraskaram.