Current Affairs 8 August 2024

India’s 1st Multinational Air Exercise ‘Tarang Shakti’ Commences at Sulur, TN

On August 6, 2024, India launched its first multinational air exercise, ‘Tarang Shakti 2024,’ at the Sulur Air Base in Coimbatore, Tamil Nadu. This is the first time in 61 years that such an exercise is being conducted on Indian soil. The exercise aims to promote interoperability among the air forces of participating nations, allowing them to share best practices and improve operational coordination. The exercise is divided into two phases: the first phase runs from August 6 to 14 in Sulur, Tamil Nadu, and the second phase will be held in Jodhpur, Rajasthan, from August 29 to September 14. Each phase will involve 70-80 aircraft, including fighter planes, helicopters, special operations planes, mid-air refuellers, and Airborne Warning and Control System (AWACS) aircraft.

Participants include around 30 countries, such as the USA, Germany, France, Australia, UAE, UK, and Singapore. Ten countries will participate with their assets, and 18 countries will join as observers. For the first time, the German Air Force is participating in an exercise in India. The UK, France, Germany, and Spain will take part in the first phase, while the remaining countries will join in the second phase. From the Indian side, aircraft like Su-30MKI, Light Combat Aircraft (LCA) Tejas, Mirage, Mig29K (Indian Navy), Refueller IL-78, and heavy military transport aircraft C-130 will participate. Eurofighter Typhoons from Germany, Spain, and the UK, Rafales from France, A-330 MRTT Refuellers, and Heavy Military Transport Aircraft A321 and A400Ms from Germany, Spain, the UK, and France are also participating.

The exercise focuses on showcasing aerial tactics and operational proficiency while testing coordination among diverse aircraft formations. Key challenges include managing data links and ensuring seamless communication to enhance operational efficiency.

Govt Reconstitutes EC & GB of NIPCCD after Over 5 Decades

The Ministry of Women and Child Development (MWCD), Government of India, has reconstituted the Executive Council (EC) and General Body (GB) of the National Institute of Public Cooperation and Child Development (NIPCCD) after more than 50 years. The reconstitution was approved during a meeting held at Vigyan Bhawan, New Delhi, under the chairpersonship of Union Minister Annpurna Devi. The NIPCCD, an autonomous institute under the MWCD, was formerly known as the Central Institute of Research and Training in Public Cooperation.

The old EC and GB, originally formed in 1966, have been reconstituted. The GB now has 22 members, down from 94, and the EC has 13 members, down from 21. Union Minister Annpurna Devi is the President of the GB and Chairperson of the EC. The GB formulates the overall policies of the institute, while the EC manages its administrative affairs.

The Union Minister emphasized NIPCCD’s role in spearheading training for all field functionaries of the Ministry, conducting research and documentation on Women & Child Development issues, extending mental health services, and offering Advanced Diploma Courses on Child Guidance and Counseling. The institute also supports key missions like Poshan 2.0/Saksham Anganwadi, Mission Vatsalya, and Mission Shakti.

QCI Introduces QCI Surajya Recognition & Ranking Framework to Drive Excellence in Key Sectors

The Quality Council of India (QCI), an autonomous body set up by the Ministry of Commerce and Industry, is introducing the QCI Surajya Recognition & Ranking Framework. This framework aims to drive excellence among states to improve citizens’ quality of life for Viksit Bharat. It is categorized under four pillars: Shiksha (Education), Swasthya (Health), Samriddhi (Prosperity), and Sushasan (Governance).

DAY-NRLM Launches Million Designers, Billion Dreams with LEAP

On August 6, 2024, the Deendayal Antyodaya Yojana–National Rural Livelihoods Mission (DAY-NRLM) launched the ‘Million Designers, Billion Dreams’ initiative in collaboration with Leap Designs. This initiative aims to empower individuals across India with systems design know-how to tackle complex societal challenges. The launch event was chaired by Charanjit Singh, Additional Secretary, Rural Livelihoods, Ministry of Rural Development.

The initiative targets rural leaders, frontline change agents, and village entrepreneurs to equip them with systems design skills. The program aims to enhance participants’ proficiency in design frameworks, promote collaboration among stakeholders, and foster confidence and agency to drive innovation and solve complex challenges. Expected outcomes include an increased number of individuals with systems design know-how, driving innovation across sectors, and positioning India as a global leader in design and innovation.

RIL Climbs to 86th in Fortune Global 500 List for 2024; Walmart Topped the List for 11th Consecutive Year

According to the Fortune Global 500 list for 2024, India’s Reliance Industries Limited (RIL), led by Mukesh Ambani, has improved its ranking to 86th from 88th in 2023. RIL has retained its position as the highest-ranked Indian firm for the 21st consecutive year. The USA-based retail and wholesale company, Walmart Inc., has topped the list as the largest company by revenue for the 11th consecutive year, with consolidated revenue of USD 648.1 billion. Amazon.com, Inc. and the State Grid Corporation of China have secured the 2nd and 3rd positions, respectively. Nine Indian companies featured in the 2024 rankings, including five from the public sector and four from the private sector.

Nehru Group & Global Education Outreach Mauritius Signed MoU for Education Collaboration

The Nehru Group of Institutions, based in Coimbatore, Tamil Nadu, and Global Education Outreach Mauritius signed a Memorandum of Understanding (MoU) for educational collaboration during the India-Mauritius Trade Conference 2024 held in Port Louis, Mauritius. The MoU aims to strengthen the commitment of the Nehru group to the exchange of technology in education concerning Education 4.0. The MoU was signed by Jayashankar, the founder of Global Education Outreach Mauritius, and Dr. P. Krishnakumar, CEO and Secretary of the Nehru Group of Institutions.

FPEL Received USD 275mn Funding from IFC, ADB, DEG Consortium

On August 6, 2024, Hyderabad-based renewable energy company Fourth Partner Energy Limited (FPEL) received an investment of USD 275 million from a consortium of three Development Financial Institutions (DFIs): International Finance Corporation (IFC), Asian Development Bank (ADB), and DEG (Deutsche Investitions und Entwicklungsgesellschaft mbH). This capital injection will support FPEL’s goal to expand its renewable energy portfolio to 3.5 Giga Watt (GW) by 2026. FPEL’s existing investors include Norfund and TPG Inc., with Norfund being the largest investor at nearly USD 145 million.

RBI Issued Master Directions on Treatment of Wilful Defaulters and Large Defaulters

On July 30, 2024, the Reserve Bank of India (RBI) issued Master Directions on the Treatment of Wilful Defaulters and Large Defaulters. Banks and Non-Banking Financial Companies (NBFCs) are required to scrutinize all Non-Performing Asset (NPA) accounts with outstanding amounts of Rs 25 lakh and above for wilful default. These directions will come into effect after 90 days from the date of publication. The aim is to set up a transparent and non-discriminatory framework for classifying borrowers as “wilful defaulters” and disseminate credit information about them to caution lenders against extending further finance.

SEBI Amended Mutual Fund Rules to Curb Front-Running, Insider Trading

On August 5, 2024, the Securities and Exchange Board of India (SEBI) announced amendments to mutual fund norms to curb front-running and insider trading. Asset Management Companies (AMCs) are now required to adopt an institutional mechanism to identify and prevent these practices. SEBI has directed the Association of Mutual Funds in India (AMFI) to prescribe detailed implementation standards within 15 days from the date of the circular. It will be mandatory for all AMCs to follow these standards.

SBI General Insurance & HSBC India Enters into Bancassurance Partnership

SBI General Insurance Company Limited and the Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) have entered into a bancassurance partnership for the distribution of non-life insurance products. Under this partnership, SBI General Insurance aims to provide innovative insurance solutions to HSBC India’s customers across India. HSBC India will offer its customers the entire suite of SBI General Insurance’s non-life insurance products, including health, property, motor, and travel insurance.

Muthoot Capital Services Partners with UK Financial Institution To Boost Electric Vehicle Portfolio

Muthoot Capital Services Limited (MCSL) has partnered with a UK-based Development Financial Institution (DFI) to raise long-term debt funds to promote its Electric Vehicle (EV) portfolio. Facilitated by Axis Bank Limited, the partnership is worth Rs 100 crore and aims to provide sustainable mobility solutions and promote the use of electric vehicles in India, particularly among lower middle-class consumers. MCSL aims to increase its EV book by Rs 200 crore in the Financial Year 2024-25.

CIL & GAIL Signed a JV for Setting up Coal to SNG Plant in West Bengal

The Ministry of Coal, in collaboration with the Ministry of Power and Natural Gas, has facilitated a Joint Venture (JV) agreement between Coal India Limited (CIL) and GAIL (India) Limited to set up a Coal-to-Synthetic Natural Gas (SNG) project in West Bengal. The SNG plant, located in the Raniganj area of Eastern Coalfields Limited, will have a production capacity of 80,000 Normal Meter Cubed (Nm3) per hour of SNG, translating to an annual output of 633.6 million Nm3. CIL will hold 51% of the JV, while GAIL will own the remaining 49%.

Nobel Laureate Muhammad Yunus Named Chief Adviser of Bangladesh’s Interim Government

On August 6, 2024, Nobel Peace Prize winner Muhammad Yunus was appointed as the chief adviser of Bangladesh’s interim government by President Mohammed Shahabuddin. The appointment follows the resignation of Prime Minister Sheikh Hasina, who fled Bangladesh after a violent crackdown on a student-led uprising. Muhammad Yunus and his Grameen Bank won the Nobel Peace Prize in 2006 for their work in creating economic and social development from below.

Nobel Prize Winning Physicist Tsung-Dao Lee Passed Away

Nobel Prize-winning Chinese-American physicist Tsung-Dao Lee passed away at the age of 97 in San Francisco, California. Born on November 24, 1926, in Shanghai, China, Lee became the second youngest scientist to receive the Nobel Prize for Physics in 1957. He shared the prize with Chen Ning Yang for their investigation of parity laws, which led to important discoveries regarding elementary particles.

PM Narendra Modi Receives Parimal Nathwani’s Book On Gir And Asiatic Lions

Prime Minister Narendra Modi received the first copy of ‘Call of the Gir,’ a coffee table book on Gir National Park and Asiatic lions, written by Parimal Nathwani, Member of Parliament, Rajya Sabha. The book is dedicated to PM Modi for being the visionary behind ‘Project Lion and Lion@2047: Vision for Amrit Kaal.’ This is Nathwani’s second coffee table book, following ‘Gir Lions: Pride of Gujarat’ published in 2017.

10th National Handloom Day – 7 August 2024

National Handloom Day is observed annually on August 7 to honor the handloom weaving community and highlight the handloom industry’s contribution to India’s socioeconomic development. The day also commemorates the Swadeshi Movement, launched on August 7, 1905. The 10th National Handloom Day was celebrated on August 7, 2024, at Vigyan Bhawan, New Delhi, with Vice President Jagdeep Dhankhar as the Chief Guest.

National Javelin Day 2024 – August 7

National Javelin Day is observed annually on August 7 to commemorate Neeraj Chopra’s gold medal win in the javelin throw event at the Tokyo Olympics 2020. The day aims to promote the sport of javelin throw and acknowledge its significance in athletics. The 3rd National Javelin Day was observed on August 7, 2024. Neeraj Chopra became the first Asian athlete to win an Olympic gold medal in javelin throw and the second Indian Olympic gold medalist after Abhinav Bindra.

Current Affairs Today (sathee Today)

• India’s 1st Multinational Air Exercise ‘Tarang Shakti’ commenced at Sulur, TN
• Govt Reconstitutes EC & GB of NIPCCD after Over 5 Decades
• QCI Introduces QCI Surajya Recognition & Ranking Framework to Drive Excellence in Key Sectors
• DAY-NRLM Launches Million Designers, Billion Dreams with LEAP
• RIL Climbs to 86th in Fortune Global 500 List for 2024; Walmart topped the list for 11th consecutive year
• Nehru Group & Global Education Outreach Mauritius signed MoU for Education Collaboration
• FPEL received USD 275mn Funding from IFC, ADB, DEG Consortium
• RBI Issued Master Directions on Treatment of Wilful Defaulters and Large Defaulters
• SEBI Amended Mutual Fund Rules to Curb Front-Running, Insider Trading
• SBI General Insurance & HSBC India Enters into Bancassurance Partnership
• Muthoot Capital Services Partners with UK Financial Institution To Boost Electric Vehicle Portfolio
• CIL & GAIL Signed a JV for Setting up Coal to SNG Plant in West Bengal
• Nobel Laureate Muhammad Yunus Named Chief Adviser of Bangladesh’s Interim Government
• Nobel Prize Winning Physicist Tsung-Dao Lee Passed Away
• PM Narendra Modi Receives Parimal Nathwani’s Book On Gir And Asiatic Lions
• 10th National Handloom Day – 7 August 2024
• National Javelin Day 2024 – August 7