Current Affairs 2 August 2024

National Affairs

Union Minister Dharmendra Pradhan Launches NATS 2.0 Portal; Disburses Rs 100 crore Stipend

On July 30, 2024, Union Minister Dharmendra Pradhan from the Ministry of Education (MoE) launched the National Apprenticeship and Training Scheme (NATS) 2.0 Portal in New Delhi. As part of this initiative, Rs 100 crore in stipends has been disbursed to young graduates and diploma holders through Direct Benefit Transfer (DBT). These apprentices are receiving on-the-job training in sectors like IT, manufacturing, and automobile industries.

About NATS 2.0 Portal:

1. Developed in-house by the MoE with support from AICTE and BOAT/BOPT.
2. Manages apprenticeship lifecycle activities such as student registration, vacancy advertisement, student applications, contract creation, certification, reporting, and stipend disbursement using DBT.
3. Aims to democratize apprenticeship opportunities, bridge skill gaps, and prepare youth for future careers.
4. Industries can manage their contracts and vacancies on the platform.
5. Recognized top industries include Cognizant, Infosys, and Tech Mahindra.

Key Points:

1. The Government of India (GoI) ensures stipendiary benefits are delivered efficiently and transparently through DBT.
2. In line with NEP 2020, UGC and AICTE issued draft guidelines for Apprenticeship Embedded Degree Programmes (AEDPs).

About the Ministry of Education (MoE):

• Union Minister: Dharmendra Pradhan (Lok Sabha Constituency – Sambalpur, Odisha)
• Minister of State (MoS): Sukanta Majumdar (Lok Sabha Constituency – Balurghat, West Bengal); Independent Charge (IC) – Jayant Chaudhary (Rajya Sabha, Uttar Pradesh)

MoD Signed MoU with UPEIDA to Establish 3 Testing Facilities in UP

On July 30, 2024, the Ministry of Defence (MoD) signed a Memorandum of Understanding (MoU) with the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) to establish three state-of-the-art testing facilities in Uttar Pradesh under the Defence Testing Infrastructure Scheme (DTIS). These facilities will focus on Unmanned Aerial Systems (UAS), Mechanical & Material (M&M), and Communications.

Testing Facilities:

1. One facility in Lucknow for M&M.
2. Two facilities in Kanpur for UAS and Communications.
3. MIDHANI, HAL, and BEL are the lead members for these facilities.

About DTIS:

1. Launched by Union Defence Minister Rajnath Singh in May 2020 with a budget of Rs 400 crore.
2. Aims to set up testing facilities in partnership with private industry and government, promoting indigenous defence production.
3. Government funding covers up to 75%, with the remaining 25% funded by SPVs.

Ministry of Defence (MoD):

• Union Minister: Rajnath Singh (Lok Sabha constituency – Lucknow, Uttar Pradesh)
• Minister of State (MoS): Sanjay Seth (Lok Sabha constituency – Ranchi, Jharkhand)

International Affairs

India Elected as Vice-Chair of Supply Chain Council in IPEF Initiative

India has been elected as the vice-chair of the Supply Chain Council (SCC) under the Indo-Pacific Economic Framework for Prosperity (IPEF). The United States was elected as the chair. The SCC aims to enhance supply chain resilience among partner countries.

Background:

1. Chairs and vice-chairs of SCC, Crisis Response Network (CRN), and Labor Rights Advisory Board (LRAB) were elected during virtual meetings on July 30, 2024.
2. CRN: Republic of Korea (Chair) and Japan (Vice Chair).
3. LRAB: USA (Chair) and Fiji (Vice Chair).

About IPEF:

• Launched on May 23, 2022, in Tokyo, Japan.
• Includes 14 partner countries: Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam, and USA.

G20 Agrees on Brazil’s Billionaire Tax Proposal to Tackle Taxation of Ultra-Rich

The G20 finance ministers and central bankers issued the Rio de Janeiro G20 Ministerial Declaration on International Tax Cooperation, committing to effective taxation of ultra-high-net-worth individuals. Brazil proposed a 2% minimum tax on the world’s richest billionaires, which will be a top priority at the G20 summit in November 2024. The proposal faces opposition from some countries but has support from others like France and Spain.

Banking & Finance

RBI’s Report on Currency and Finance 2023-24

The Reserve Bank of India (RBI) released its ‘Report on Currency and Finance (RCF) for 2023-24’ on July 29, 2024. The report focuses on the challenges posed by the rapid adoption of digital technologies in the financial sector.

Key Points:

1. Theme: “India’s Digital Revolution”.
2. India’s digital economy is currently 10% of GDP and is expected to double to 20% by 2026.
3. Digital payments have seen a CAGR of 50% in volume and 10% in value over the last seven years.
4. India is expected to be the world’s leading supplier of labor, increasing remittances to around USD 160 billion by 2029.

About Reserve Bank of India (RBI):

• Headquarters: Mumbai, Maharashtra
• Governor: Shaktikanta Das

SEBI Launched India’s 1st Web Portal for Passive Funds at NSE; Unveiled Report on Capital Markets

On July 30, 2024, SEBI Chairman Madhabi Puri Buch launched India’s first website for passive funds at the National Stock Exchange (NSE). The website aims to provide retail investors with easy access to information about the Indian passive industry. SEBI also unveiled a report on capital markets titled “Indian Capital Markets: Transformative shifts achieved through technology and reforms”.

About Securities and Exchange Board of India (SEBI):

• Chairman: Madhabi Puri Buch
• Headquarters: Mumbai, Maharashtra
• Established: 1992

Economy & Business

Ind-Ra raises India’s FY25 GDP Growth Forecast to 7.5%

India Ratings & Research (Ind-Ra) upgraded India’s GDP growth forecast for FY25 to 7.5%, citing improved consumption demand. This projection exceeds the RBI’s expectation of 7.2% and other estimates from the Ministry of Finance, IMF, and ADB.

Highlights:

1. Gross Fixed Capital Formation is expected to increase by 8.9% in FY25.
2. Government Final Consumption Expenditure is expected to grow by 4.4% in FY25.

About India Ratings and Research (Ind-Ra):

• Chairman, MD & CEO: Rohit Karan Sawhney
• Headquarters: Mumbai, Maharashtra
• Established: 1995

Appointments & Resignations

Former Union Health Secretary Preeti Sudan Took Charge as Chairperson of UPSC

On August 1, 2024, Preeti Sudan, former Secretary of the Ministry of Health & Family Welfare, took oath as the new Chairperson of the Union Public Service Commission (UPSC). She will hold the post until April 29, 2025. She is the second woman to head the UPSC after RM Bathew.

About Preeti Sudan:

1. An IAS Officer of the 1983 batch from Andhra Pradesh cadre.
2. Retired as Secretary of MoHFW in July 2020.
3. Served as Secretary of the Department of Food & Public Distribution.
4. Worked as a consultant with the World Bank.
5. Held various leadership roles in international health organizations.

Overview of UPSC:

1. Established as the Public Service Commission in 1926.
2. Became the Federal Public Service Commission in 1937 and UPSC in 1950.
3. Conducts various examinations for central government services.
4. Headed by a chairperson and can have up to 10 members.

Robert Keith Rae, Canada’s Ambassador to the UN, elected President of UN’s ECOSOC

Robert Keith Rae, Canada’s Ambassador to the UN, has been elected as the President of the UN’s Economic and Social Council (ECOSOC) for one year. He succeeds Paula Narváez Ojeda of Chile. Rae’s presidency coincides with Canada’s presidency of the G7 in 2025.

Vice Presidents of ECOSOC:

• Lok Bahadur Thapa of Nepal
• Krzysztof Szczerski of Poland
• Maritza Chan Valverde of Costa Rica

About ECOSOC:

• One of the UN’s six main bodies.
• Coordinates the work of the UN International Development System.
• Has 54 member governments elected by the General Assembly for three-year terms.

Acquisitions & Mergers

CCI Approves Merger of MCFL with PPL & Acquisition of Shares in MCFL by ZMPPL

The Competition Commission of India (CCI) approved the merger of Mangalore Chemicals & Fertilizers (MCFL) with Paradeep Phosphates Limited (PPL) and the acquisition of MCFL’s equity shares by Zuari Maroc Phosphates Private Limited (ZMPPL).

Proposed Combination:

1. Amalgamation of MCFL with PPL.
2. Acquisition of 3,92,06,000 equity shares of MCFL from ZACL by ZMPPL.

Key Points:

1. PPL is under the Adventz group, with ZMPPL holding a 56.08% equity stake.
2. ZMPPL is a 50:50 JV between Zuari Agro Chemicals Ltd and OCP S.A.
3. MCFL is also under the Adventz group with a 54.03% shareholding by ZACL.

CCI Approves acquisition of 100% share capital of Viterra by Bunge

The CCI approved the acquisition of 100% share capital of Viterra Limited by Bunge Global SA. Viterra’s main shareholders will receive Bunge stock, resulting in minority stakes in Bunge.

Key Activities:

1. Bunge Global SA is a global agribusiness and food company.
2. Viterra Limited focuses on purchasing and selling unprocessed commodity crops.

Sports

Indo-French Tennis Partners Yuki Bhambri & Albano Olivetti Won the 2024 Swiss Open Gstaad Men’s Doubles

Indian tennis player Yuki Bhambri and his French partner Albano Olivetti won the Men’s Doubles title at the 2024 Swiss Open Gstaad. They defeated the all-French duo Ugo Humbert and Fabrice Martin in the final.

Key Points:

1. This is the second ATP Tour title of the year for Bhambri and Olivetti.
2. Bhambri has won three ATP titles in total.
3. Matteo Berrettini won the Men’s Singles title at the Swiss Open Gstaad 2024.

Important Days

World Lung Cancer Day 2024 – August 1

World Lung Cancer Day is observed annually on August 1 to raise awareness about lung cancer, its risk factors, and the importance of early detection and treatment. The theme for 2024 is “Stronger Together: United for Lung Cancer Awareness.”

About International Association for the Study of Lung Cancer (IASLC):

• Founded in 1974.
• President: Dr. Paul Van Schil (Belgium)
• CEO: Dr. Karen Kelly (USA)
• Headquarters: Denver, Colorado, USA

Muslim Women’s Rights Day 2024 – August 1

Muslim Women’s Rights Day, also known as ‘Muslim Mahila Adhikar Divas,’ is observed annually on August 1 in India to commemorate the enactment of the Muslim Women (Protection of Rights on Marriage) Act, 2019, which prohibits the practice of Triple Talaq.

About the Ministry of Minority Affairs (MoMA):

• Union Minister: Kiren Rijiju (Lok Sabha Constituency – Arunachal Pradesh West)
• Minister of State (MoS): George Kurian (Lok Sabha Constituency – Kerala)

World FinTech Day 2024 – August 1

World FinTech Day is observed annually on August 1 to raise awareness about the importance of FinTech in modernizing financial services. The date commemorates the death anniversary of Cosimo de’ Medici, known as the father of the modern banking system.

About Fintech:

1. Integrates technological innovation in financial services.
2. Aims to democratize finance and make services faster, more convenient, and secure.
3. Uses technologies like AI, Blockchain, and Data Analytics.

Global Fintech Fest (GFF):

1. An annual fintech conference organized by MeitY, RBI, PCI, NPCI, and FCC.
2. The 5th edition of GFF 2024 is scheduled for August 28-30, 2024, in Mumbai.
3. Theme: “Blueprint for the Next Decade of Finance: Responsible AI/Inclusive/Resilient.”

State News

Karnataka Approves To Rename Ramanagara District as Bengaluru South District

On July 26, 2024, the Karnataka government approved the proposal to rename Ramanagara district as ‘Bengaluru South district’ in response to local demand for association with ‘Brand Bengaluru.’ The district includes Ramanagara, Magadi, Kanakapura, Channapatna, and Harohalli taluks. Ramanagara town will continue to serve as the district headquarters.

Background: A delegation led by Deputy Chief Minister D.K. Shivakumar submitted the proposal to CM Siddaramaiah on July 9, 2024. The proposal was initially introduced in October 2023.