Current Affairs 20 July 2024

Highlights of the 53rd GST Council Meeting

The 53rd Goods and Services Tax (GST) Council meeting, led by Union Minister Nirmala Sitharaman from the Ministry of Finance and Ministry of Corporate Affairs, took place on June 22, 2024, in New Delhi. Key decisions included:

1. A uniform 5% Integrated Goods and Services Tax (IGST) will be applied to imports of all aircraft parts, components, testing equipment, tools, and toolkits, regardless of their Harmonized System (HS) classification.
2. The council recommended the phased implementation of biometric-based Aadhaar authentication across India to improve the GST registration process and prevent fraudulent Input Tax Credit (ITC) claims made using fake invoices. According to Sub-rule 4A of Rule 8 of the CGST Rules, 2017, GST registration applicants must now undergo biometric authentication.

NITI Aayog Released Report on ‘Electronics: Powering India’s Participation in GVC’

On July 18, 2024, NITI Aayog released a report titled “Electronics: Powering India’s Participation in Global Value Chains.” The report provides a detailed analysis of India’s electronics sector, its potential, challenges, and a roadmap for becoming a global manufacturing hub in electronics. Key points include:

1. The global electronics market is valued at USD 4.3 trillion, with major players being China, Taiwan, the USA, South Korea, Vietnam, and Malaysia.
2. India holds a 4% share in global demand but exports only about USD 25 billion annually, less than 1% of the global market share.
3. India aims to achieve USD 500 billion in electronics manufacturing by FY30, creating 5.5 to 6 million jobs, with electronics exports expected to reach USD 240 billion and domestic value addition exceeding 35%.

Union Minister Jitendra Singh Inaugurates Asia’s 1st Health Research-Related “Pre-clinical Network Facility” under CEPI

Dr. Jitendra Singh, Minister of State (Independent Charge) for the Ministry of Science and Technology, inaugurated Asia’s first health research-related “Pre-clinical Network Facility” under the Coalition of Epidemic Preparedness Innovations (CEPI) at the Regional Centre of Biotechnology in Faridabad, Haryana. Key features include:

1. The facility is the 9th pre-clinical network laboratory globally, joining others in the USA, Europe, and Australia.
2. It includes an experimental animal facility capable of housing about 75,000 mice and other species.
3. Dr. Singh also inaugurated the “Genetically Defined Human Associated Microbial Culture Collection (Ge-HuMic) Facility,” a repository for microbial cultures for research institutions and industries.

Overview of EAM, Dr. S. Jaishankar’s Visit to the Republic of Mauritius

Union Minister Dr. Subrahmanyam Jaishankar, Ministry of External Affairs, visited the Republic of Mauritius from July 16 to 17, 2024. This was his first bilateral visit to Mauritius after being reappointed as External Affairs Minister. Key highlights include:

1. Dr. Jaishankar held bilateral meetings with Mauritius PM Pravind Kumar Jugnauth and other senior ministers.
2. He and PM Jugnauth virtually inaugurated 12 High Impact Community Development Projects with financial assistance from India.
3. Dr. Jaishankar inaugurated the India-Mauritius “Maitree Udyan” and planted a tree in Port Louis, Mauritius.

SEBI Recognizes BSE Ltd as RAASB and IAASB

The Securities and Exchange Board of India (SEBI) has recognized BSE Limited as a supervisory body for Research Analyst Administration and Supervisory Body (RAASB) and Investment Adviser Administration and Supervisory Body (IAASB) for five years starting July 25, 2024. This move aims to protect investors’ interests and promote the development and regulation of the securities market. Key points include:

1. BSE will develop Bye-Laws, Standard Operating Procedures (SOPs), and FAQs to assist RAs and IAs in adopting the frameworks established by RAASB and IAASB.
2. Applicants for registration or renewal as RAs or IAs must pay administrative fees determined by RAASB and IAASB.
3. SEBI has updated the registration fees for RAs, effective July 25, 2024.

Fintech Startup TechFini Receives NPCI Certification To Operate as UPI Provider

Mumbai-based Fintech Startup TechFini has received certification from the National Payments Corporation of India (NPCI) to operate as a Unified Payments Interface (UPI)-based payment infrastructure provider. This certification validates TechFini’s commitment to innovation in payments technology. Key points include:

1. TechFini can now operate as a UPI Issuer 2.0, UPI Acquirer 2.0, Issuer of Credit Line on UPI, Acquirer of Credit Line on UPI, and Enabler of RuPay Credit Card and Recurring Mandate on UPI.
2. It has also been certified for UPI Unified Dispute and Issue Resolution (UDIR), making it a game-changer in addressing dispute resolution complexities.

LIC Partners with IDFC First Bank To Enhance Bancassurance

The Life Insurance Corporation of India (LIC) has partnered with IDFC First Bank Limited to enhance bancassurance and provide life insurance coverage to all by 2047. This partnership will benefit over 1 crore IDFC First Bank customers, who can now purchase LIC policies through the bank. Key points include:

1. The agreement will offer IDFC First Bank’s digitally savvy customers a diverse range of attractive LIC insurance products.
2. LIC’s extensive network and IDFC First Bank’s branches will significantly increase life insurance penetration across India.

FICCI Forecasts India’s GDP Growth for FY25 at 7%; CPI Inflation Projected at 4.5%

The Federation of Indian Chambers of Commerce & Industry (FICCI)’s Economic Outlook Survey, released in July 2024, projects a 7% annual median GDP growth for India in FY25. Key points include:

1. The median GDP growth is estimated at 6.8% in Q1 (April-June) FY25 and 7.2% in Q2 (July-September) FY25.
2. The median forecast for CPI-based inflation is 4.5% for 2023-24, with a range of 4.4% to 5.0%.
3. The survey forecasts exports to reach USD 455 billion and imports to hit USD 725 billion for 2024-25.

GRSE Signed Rs 840 Crore Deal with NCPOR for Ocean Research Vessel

Garden Reach Shipbuilders and Engineers Limited (GRSE) signed an agreement worth Rs. 839.55 Crores with the National Centre for Polar and Ocean Research (NCPOR) for constructing an Ocean Research Vessel (ORV) in 36 months. Key points include:

1. The state-of-the-art oceanographic vessel will be 89.5 meters long, 18.8 meters wide, and have a gross weight of 5,900 tonnes.
2. It will have a maximum speed of 14 knots and operate at depths of 6,000 meters.
3. The vessel will support various research tasks, including geophysical seismic surveys and biological sampling.

India’s WPI Inflation Rate Rose to 3.36% in June 2024

According to the Ministry of Commerce and Industry, the annual inflation rate based on the all-India Wholesale Price Index (WPI) stands at 3.36% for June 2024. This increase is primarily due to rising prices of food articles, crude petroleum, natural gas, and other manufacturing sectors. Key points include:

1. The WPI Food Index increased to 190.3 in June 2024 from 185.7 in May 2024.
2. The annual rate of inflation for food articles rose to 8.68% from 7.40%.

ESAF SFB Received Approval from the RBI for Re-appointment of K Paul Thomas as MD and CEO

ESAF Small Finance Bank announced that it has received approval from the Reserve Bank of India (RBI) for the re-appointment of Kadambelil Paul Thomas as Managing Director (MD) and Chief Executive Officer (CEO) for the next three years. Key points include:

1. K. Paul Thomas is the founder of ESAF Group of Social Enterprises and has extensive experience in the microfinance sector.
2. He was elected chairman of the Board of Sa-Dhan, the association of microfinance and impact finance institutions, in June 2024.

CCI Approvals on 18 July 2024

The Competition Commission of India (CCI) approved several proposals on July 18, 2024, including:

1. Acquisition of up to 56% shareholding of Ismartu India Private Limited by Dixon Technologies (India) Limited.
2. Acquisition of ordinary shares of Berhyanda Limited and Berhyanda MidCo Limited by Platinum Poppy C 2024 RSC Limited.
3. Acquisition of Arjas Steel Private Limited and Arjas Modern Steel Private Limited by The Sandur Manganese & Iron Ores Limited and BAG Holdings Private Limited.

ISRO Scientists Generated 1st Complete Undersea Map of Ram Setu

ISRO scientists have successfully generated the first undersea map of the submerged Ram Setu or Adam’s Bridge using NASA’s ICESat-2. Key points include:

1. The bridge is 29 meters long, 8 meters above the seabed, and 1.5 kilometers wide.
2. The map was created using advanced Green laser technology, allowing for deeper penetration and detecting the seafloor up to 40 meters deep.
3. The research found 11 narrow channels that allow water to flow between the Gulf of Mannar and Palk Strait.

‘Phlogacanthus Sudhansusekharii’: New Plant Species Discovered in Arunachal Pradesh

Researchers from the Botanical Survey of India discovered a new plant species named ‘Phlogacanthus Sudhansusekharii’ in the Itanagar Wildlife Sanctuary, Arunachal Pradesh. Key points include:

1. The new species is named after Dr. Sudhansu Sekhar Dash, a scientist at BSI.
2. It belongs to the family ‘Acanthaceae’ and the genus ‘Phlogacanthus.’

Padma Awardee & Renowned Cardiac Surgeon Dr. MS Valiathan Passed Away

Professor Marthanda Varma Sankaran Valiathan, a Padma Awardee and renowned cardiologist, passed away at 90 in Manipal, Karnataka. Key points include:

1. Dr. Valiathan pioneered biomedical research in India and developed artificial heart valves, blood bags, oxygenators, and vascular grafts.
2. He was the Founder-Director of Sree Chitra Tirunal Institute for Medical Sciences and Technology and the first Vice-Chancellor of Manipal Academy of Higher Education.

Haryana Cabinet Approves IT Saksham Yuva Scheme To Provide 5,000 Jobs in First Phase

The Haryana Cabinet approved the launch of the ‘IT Saksham Yuva Scheme’ to provide job opportunities to 5,000 youth in the first phase. Key points include:

1. The scheme aims to give employment to at least 60,000 young individuals from poor families.
2. Participants will receive Rs 20,000 per month for the first six months and Rs 25,000 per month from the seventh month onwards.

Maharashtra CM Eknath Shinde Announces ‘Ladka Bhau’ Job Training & Stipend Scheme For Youth

Maharashtra Chief Minister Eknath Shinde announced the ‘Ladka Bhau Yojana,’ a job training and stipend scheme for Maharashtra’s youth. Key points include:

1. The scheme aims to provide monthly financial support during On-the-Job Training (OJT) in industries.
2. The training will benefit 10 lakh young men in Maharashtra annually, with stipends based on educational qualifications.

These updates cover significant events and developments in various sectors, providing a comprehensive overview of current affairs as of July 20, 2024.