Rank and Reports News

NITI Aayog Released Report on “Pathways and Strategies for Accelerating Growth in Edible Oil Towards the Goal of Atmanirbharta”

• On 29th August 2024, Suman Bery, Vice-Chairperson of NITI Aayog, released a report titled “Pathways and Strategies for Accelerating Growth in Edible Oil Towards the Goal of Atmanirbharta.”
• The report, presented by Dr. Neelam Patel, Senior Advisor (Agriculture) at NITI Aayog, outlines strategic interventions to achieve projected edible oil supplies of 36.2 million tonnes (MT) by 2030 and 70.2 MT by 2047.
• Key points include a 20% increase in edible oil production in 9 states by retaining and diversifying oilseed crops, resulting in an additional 7.36 MT of oil production and a reduction in import dependence by 2.1 MT.
• The report also suggests utilizing 33% of rice fallow areas in 10 states for oilseed cultivation, which could increase oilseed production by 3.12 MT and reduce imports by 1.03 MT.

National News

SJVN, NHPC, RailTel, and Solar Energy Corporation of India get ‘Navratna’ Status

• The Department of Public Enterprises, Ministry of Finance, has granted “Navratna status” to four Central Public Sector Enterprises (CPSEs): Railtel Corporation of India (RCIL), Solar Energy Corporation of India (SECI) Limited, National Hydroelectric Power Corporation (NHPC), and Satluj Jal Vidyut Nigam Ltd. (SJVN).
• With this, the number of Navratna CPSEs has increased to 25 from 21.
• RCIL, a ‘mini ratna’ PSU under the Ministry of Railways, reported a turnover of Rs 2,622 crore and a net profit of Rs 246 crore for FY24.
• SECI Ltd, a miniratna Category-I CPSE under the Ministry of New and Renewable Energy (MNRE), achieved a turnover of Rs 13,035 crore and a net profit of Rs 436 crore for FY24.
• NHPC, a mini ratna Category-I CPSE under the Ministry of Power, recorded a turnover of Rs 8,405 crore and a net profit of Rs 3,744 crore in FY24.
• SJVN, a joint venture between the Government of India and the Government of Himachal Pradesh, reported a turnover of Rs 2,833 crore and a net profit of Rs 908 crore for FY24.

National News

MSDE Signed MoU with Visa To Upskill 20,000 Youths For Tourism Industry

• The Tourism and Hospitality Skill Council (THSC) under the Ministry of Skill Development and Entrepreneurship (MSDE) has signed a Memorandum of Understanding (MoU) with Visa Inc. to upskill at least 20,000 Indian youths in tourism-relevant skills.
• This three-year partnership is worth up to USD 1 million and aims to train young people in ten states, including Assam, Gujarat, Himachal Pradesh, and West Bengal.
• The focus will be on key positions in the domestic tourism sector, such as tour guides, customer service executives, naturalists, and tandem paragliding pilots.
• This partnership aims to provide youth with the skills needed to thrive in the tourism sector and make India a major global tourism destination.

International News

India Signed MoU with Saudi Arabia To Enhance Bilateral Cooperation in Public Sector

• The Comptroller and Auditor General of India (CAG) has signed a Memorandum of Understanding (MoU) with the General Court of Audit, Kingdom of Saudi Arabia, to enhance bilateral cooperation and exchange expertise in public sector auditing.
• The MoU was signed by Girish Chandra Murmu, the CAG of India, and Hussam Al-Angari, President of the Saudi General Court of Audit, during a bilateral meeting in Riyadh, Saudi Arabia.
• Key areas of cooperation include joint training programs for financial, performance, and compliance audits, as well as the exchange of audit manuals and methodology.
• This cooperation is expected to boost capacity development initiatives and further strengthen the working relationship between the CAG and the Saudi General Court of Audit.

Banking and Finance News

RBI introduces Scheme for Trading and Settlement of Sovereign Green Bonds in IFSC

• On August 29, 2024, the Reserve Bank of India (RBI) launched a “Scheme for Trading and Settlement of Sovereign Green Bonds (SGrBs) in the International Financial Services Centre (IFSC) in India.”
• The scheme aims to facilitate investments in SGrBs issued by the Government of India to eligible foreign investors in the IFSC.
• Operational guidelines for entities within the IFSC will be provided by the International Financial Services Centres Authority (IFSCA).
• Investors can participate in RBI’s primary auctions of SGrBs and engage in secondary market transactions within the IFSC.
• Participants must comply with the Government Securities Act, 2006, the Foreign Exchange Management Act, 1999, and related RBI regulations.

Banking and Finance News

HDFC Bank announces GIGA, Financial Product for India’s Gig Workers; Launches DigiPassBook

• HDFC Bank Limited has introduced GIGA, a comprehensive financial suite tailored for gig workers and freelancers in India.
• GIGA offers a specialized savings account, current account, debit and credit cards, flexible investment products, health insurance, and custom retail asset products.
• The GIGA Business Debit Card provides accelerated cashback and personal accidental death cover up to Rs 10 lakh.
• The GIGA Business Credit Card offers a 55-day interest-free credit period, accelerated rewards, and curated offers for co-working spaces, upskilling, health & wellness, and gig platform memberships.
• HDFC Bank has also launched DigiPassBook on its SmartWealth App, allowing users to consolidate and manage all equity investments, Exchange-Traded Funds (ETFs), and demat accounts in one place.

Banking and Finance News

Paytm Receives MoF Approval For Downstream Investment into PPSL

• Paytm, owned by One97 Communications Limited (OCL), has received approval from the Department of Financial Services (DFS), Ministry of Finance (MoF), for downstream investment into its payment services arm, Paytm Payment Services Limited (PPSL).
• Following this approval, PPSL will resubmit its application for a Payment Aggregator (PA) license.
• PPSL will continue to provide online payment aggregation services to its existing partners.
• In 2020, PPSL approached the Reserve Bank of India (RBI) to obtain a PA license, and in 2022, the RBI asked it to resubmit the application to comply with Foreign Direct Investment (FDI) regulations.

Rank and Reports News

Moody’s Ratings Raised India’s GDP Growth Forecast to 7.2% for CY 2024

• On 29th August 2024, Moody’s Ratings announced that it has raised India’s Gross Domestic Product (GDP) growth forecast to 7.2% for Calendar Year (CY) 2024 from its previous estimate of 6.8%.
• The forecast for CY25 has also been raised to 6.6%, up from the previous estimate of 6.5%.
• This projection reflects strong, broad-based growth, mainly attributed to resilient private consumption and improved business conditions.
• Moody’s projected that global growth is likely to decrease to 2.7% in 2024 and 2.5% in 2025, from 3.0% in 2023.
• Moody’s has also lowered India’s Consumer Price Index (CPI) inflation in 2024 by 20 basis points (bps) from 5.2% to 5.0%.

Defence News

GRSE & NHIDCL Signed MoU for Supply of Double-Lane Modular Bridges

• The Garden Reach Shipbuilders & Engineers Limited (GRSE) signed a Memorandum of Understanding (MoU) with the National Highway Infrastructure Development Corporation Limited (NHIDCL) for the fabrication, supply, and launching of Double-Lane (DL) Class 70 Modular Steel and Bailey bridges.
• The MoU was signed between Dr. Krishan Kumar, Managing Director (MD) of NHIDCL, and Commodore PR Hari, Chairman and Managing Director (CMD) of GRSE.
• GRSE will construct and deliver Class 70R Double-Lane Bridges to enhance connectivity in critical forward areas along India’s borders.
• This initiative aligns with India’s Aatmanirbhar Bharat Abhiyan (Self-Reliant India Campaign) and supports the Government of India’s (GoI) “Atmanirbhar Bharat” initiative.

Appointments and Resignations news

SEBI Approves Re-Appointment of Nehal Vora as MD&CEO of CDSL

• The Securities and Exchange Board of India (SEBI) has approved the re-appointment of Nehal Vora as the Managing Director and Chief Executive Officer (MD & CEO) of the Central Depository Services (India) Limited (CDSL).
• Nehal Vora was first appointed as MD & CEO of CDSL in September 2019 for a five-year term till September 17, 2024.
• He started his career with SEBI in 1996 and later joined DSP Merrill Lynch Limited as the Director, Law and Compliance.
• Vora is a Board member of Indian Clearing Corporation Limited (ICCL) and CDSL and has served as the Chief Regulatory Officer (CRO) of BSE Limited.

Appointments and Resignations news

IPS officer Rajwinder Singh Bhatti Appointed as DG of CISF

• The Appointments Committee of the Cabinet (ACC) has approved the appointment of Rajwinder Singh Bhatti, a 1990-batch Indian Police Service (IPS) officer of the Bihar cadre, as the Director General (DG) of the Central Industrial Security Force (CISF).
• He will hold the post until his superannuation on September 30, 2025, or until further orders, whichever is earlier.
• Rajwinder Singh Bhatti is currently serving as the Director General of Police (DGP) of Bihar since December 2022.
• He has served in various positions, including DG of Bihar Special Armed Police (BSAP), Joint Director of the Central Bureau of Investigation (CBI), and Additional DG (Eastern Command) of the Border Security Force (BSF).

Defence News

Vice Admiral Rajesh Dhankhar Takes Over as Director General Project Seabird

• Vice Admiral Rajesh Dhankhar NM took over as Director General (DG) of Project ‘Seabird’ on August 28, 2024, overseeing the largest defence infrastructure project at the Karwar Naval Base (INS Kadamba), Karnataka.
• He takes over the charge from Vice Admiral Tarun Sobti, with the change of guard taking place at the Headquarters of Project Seabird in New Delhi.
• Rajesh Dhankhar was commissioned into the Indian Navy on July 1, 1990, and is a Navigation and Direction specialist.
• He was awarded the Nao Sena Medal (NSM) in 2015 for his role in the Non-Combatant Evacuation Operations (NEO) of Indian citizens from Yemen’s Aden and Al-Hodeida.

International News

Singapore Airlines Receives FDI Approval from GoI for Vistara-Air India Merger

• Singapore Airlines Limited (SIA) has received approval from the Government of India (GoI) for Foreign Direct Investment (FDI) as part of the proposed merger of Vistara with Air India Limited (AI).
• The merger, set to be completed on 12 November 2024, will create one of the world’s largest airline groups.
• SIA will acquire a 25.1% stake in the merged entity, comprising AI, Air India Express (AIE), and Vistara, while Tata Group will hold the remaining 74.9% stake.
• The merger follows AI’s 2022 privatisation by Tata Group, consolidating four airlines into two: a Full-Service Carrier (AI) and a Low-Cost Airline (AIE).

Defence News

GSL Launched India’s 1st PCV Samudra Pratap for Indian Coast Guard

• Neeta Seth, wife of Sanjay Seth, Minister of State (MoS), Ministry of Defence (MoD), launched the Pollution Control Vessel (PCV) ‘GSL Yard 1267’ named ‘Samudra Pratap’ for the Indian Coast Guard (ICG) at Goa Shipyard Limited (GSL) in Vasco da Gama, Goa.
• This is the first indigenously built PCV, designed and constructed entirely in-house by GSL to meet the specific needs of the ICG.
• The vessel Samudra Pratap is 114.5 meters long, 16.5 meters wide, and displaces 4170 Tonnes. It will be manned by 14 Officers and 115 Sailors.
• It will be the first-ever Diesel-Electric (DE) PCV with a battery energy storage system designed to reduce the consumption of fossil fuels.
• The advanced PCV has an Indigenous content of over 60% and is equipped for oil spill response operations in the Exclusive Economic Zone (EEZ) and beyond.

Obituary News

Renowned Lawyer AG Noorani Passed Away

• Abdul Ghafoor Majeed Noorani, popularly known as A. G. Noorani, a renowned Constitutional expert, distinguished lawyer, and author, passed away at the age of 94 in Mumbai, Maharashtra.
• He began his career in 1953 as an advocate and practiced for over four decades in the Bombay High Court (BHC) and the Supreme Court of India (SCI).
• Noorani authored several books, including “The Rashtriya Swayamsevak Sangh (RSS): A Menace to India” (2019), “The Kashmir Dispute 1947-2012” (2014), and “Article 370: A Constitutional History of Jammu and Kashmir” (2011).
• He also wrote biographies of Badruddin Tyabji, the first Indian barrister Judge of the BHC, and Dr. Zakir Husain Khan, the third President of India (1967-1969).
• Noorani was a regular columnist for various national and regional newspapers, including Hindustan Times, The Hindu, and Frontline.

Important Days News

International Day for People of African Descent 2024 – August 31

• The United Nations (UN)’s International Day for People of African Descent is annually observed on 31st August to celebrate the remarkable contributions of the African diaspora worldwide and eliminate all forms of discrimination against people of African descent.
• 31st August 2024 marks the 4th observance of International Day for People of African Descent.
• On 16th December 2020, the UN General Assembly (UNGA) adopted the resolution A/RES/75/170 proclaiming 31 August of every year as the International Day for People of African Descent.
• The first-ever International Day for People of African Descent was observed on 31 August 2021.
• The efforts to create the International Day for People of African Descent were under the initiatives of Costa Rica, a Central American country.