International News

NSA Ajit Kumar Doval, Visited Colombo to Sign the Founding Documents of CSC

• Ajit Kumar Doval, National Security Adviser (NSA) to the Prime Minister of India, visited Colombo, Sri Lanka, from 29-30 August 2024.
• The visit was for the signing of the Founding Documents of the Colombo Security Conclave (CSC), a regional security grouping.
• On 30th August 2024, India, the Maldives, Mauritius, and Sri Lanka signed a Charter and a Memorandum of Understanding (MoU) for the establishment of the CSC Secretariat in Colombo.
• The Signing Ceremony was hosted by the Government of Sri Lanka.

Rank and Reports News

WHO Report: Road Accident Deaths in India Surge by 2% during the Period 2010-2021

• According to the World Health Organisation (WHO) report titled “WHO South-East Asia Regional Status Report on Road Safety: Towards Safer and Sustainable Mobility,” India reported a 2% increase in estimated road traffic deaths during the 2010-2021 period.
• The report was released at the 15th World Conference on Injury Prevention and Safety Promotion (Safety 2024) held at Taj Palace in New Delhi.
• India reported around 1,53,973 road traffic fatalities in 2021 and around 2,16,618 road deaths during the same period.
• The South-East Region (SEARO) reported 3,30,222 deaths in 2021 due to Road Traffic Injuries (RTI), accounting for about 28% of global road traffic deaths.

International News

UN Releases USD 100 Million from CERF to Address Underfunding of Humanitarian Emergencies in 10 countries

• On August 30, 2024, the United Nations (UN) released USD 100 million from the Central Emergency Response Fund (CERF) to tackle critical underfunding in humanitarian emergencies across 10 countries.
• This is CERF’s 2nd allocation for underfunded emergencies for 2024, following the release of USD 100 million in February 2024 for 7 countries.
• The fund will support aid operations in Yemen (USD 20 million) and Ethiopia (USD 15 million), among other countries facing prolonged conflict and climate shocks.
• CERF funding is an “emergency cash injection of last resort” to provide life-saving assistance when other humanitarian funding is inadequate.

International News

MCA-Nepal Signed USD 12.36 Million Contract With India For 18 km Cross-Border Transmission Line

• The Millennium Challenge Account (MCA) Nepal signed a contract valued at USD 12.36 million with Transrail Lighting Limited (TLL) of India to construct an 18-kilometre cross-border electricity transmission line.
• The contract was signed under the Millennium Challenge Corporation (MCC) Nepal Compact, jointly funded by the governments of Nepal and the USA.
• This milestone highlights the strong commitment of all stakeholders to boost regional energy trade between Nepal and India.
• The 18 km segment will be completed by May 2026 to connect with the lines under construction on the Indian side of the border.

Summit and Conference News

Highlights of 5th edition of Global Fintech Fest 2024

• The Global Fintech Fest (GFF) 2024, the largest 3-day fintech conference, was held from 28th August to 30th August 2024 at Jio World Convention Centre, Mumbai.
• The event was jointly organized by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).
• The theme was “Blueprint for the next decade of finance: Responsible AI| Inclusive| Resilient.”
• GFF 2024 featured over 1000 speakers from 70 countries, more than 350 sessions, over 60 product launches, and more than 300 exhibitors.

Banking and Finance News

SEBI Revised Eligibility Criteria for Entry, Exit of Stocks in F&O Segment

• On 30th August 2024, the Securities Exchange Board of India (SEBI) revised the criteria for entry and exit of stocks in the Futures and Options (F&O) segment.
• The new guidelines aim to enhance market stability by ensuring only actively traded and financially robust stocks participate in the derivatives segment.
• Median Quarter Sigma Order Size (MQSOS) over the previous 6 months has been increased from Rs 25 lakhs to Rs 75 lakhs.
• Market Wide Position Limit (MWPL) of stocks over the previous 6 months has been increased from Rs 500 crore to Rs 1500 crore.

Banking and Finance News

Tata AIA Launches USD-Denominated Life Insurance Solutions for NRIs

• Tata AIA Life Insurance Company Limited (Tata AIA) has launched its offshore branch at Gujarat International Finance Tech City (GIFT City), India’s 1st International Financial Services Centre (IFSC).
• This branch allows Non-Resident Indians (NRIs) to purchase USD-denominated life insurance policies through Tata AIA’s website.
• Tata AIA will commence operations with a unique term offering USD-denominated Life Protect Supreme, enabling policy benefits in USD.
• The plan offers coverage up to 100 years of age, covering risks like death, accident, disability, and critical illness.

Banking and Finance News

ABSLI & Policybazaar Launches New Term Insurance Plan ‘Income Suraksha Plan’

• Aditya Birla Sun Life Insurance Limited (ABSLI) and Policybazaar Insurance Brokers Private Limited have jointly launched ‘Income Suraksha Plan,’ a new term insurance plan.
• The plan offers a lifelong income stream to the policyholder’s family in the event of the policyholder’s demise.
• This income is tax-free and compounded annually at a rate of five percent to adjust for inflation.
• The plan guarantees a payout for at least ten years, even if the policyholder passes away shortly before the policy expires.

National News

NSO: India’s Real GDP Growth Slows to 15-month Low of 6.7% in Q1 of FY25

• On 30th August 2024, the National Statistical Office (NSO) released the Estimates of Gross Domestic Product (GDP) for the First Quarter (April-June) of 2024-25.
• India’s Real GDP slowed to a 15-month low of 6.7% in Q1 of FY25 compared to 8.2% in Q1 of FY24.
• The slowdown is mainly due to the poor performance of the agriculture and services sector.
• Real Gross Value Added (GVA) registered a growth of 6.8% in Q1 of FY25 over 8.3% in Q1 of FY24.

Banking and Finance News

Nomura Lowers India’s GDP Growth Forecast to 6.7% for FY25

• Japanese brokerage firm Nomura Holdings Inc. has lowered its GDP projection for India for FY25 to 6.7% Year-on-Year (Y-o-Y) from its previous estimate of 6.9%.
• The revision follows the NSO data showing India’s GDP grew by 6.7% in Q1 of FY25, slower than expected.
• Nomura’s GDP projection for FY25 is less than the 7.8% growth seen in the previous quarter of FY24.
• The firm estimates that India’s retail inflation will reduce further to 3% Y-o-Y in August 2024.

Awards and Recognitions News

66th Ramon Magsaysay Awards: Japanese Animator Hayao Miyazaki Among 5 Recipients of 2024

• The Ramon Magsaysay Award Foundation (RMAF) has announced the recipients of the 66th edition of the Ramon Magsaysay Awards (2024).
• The 2024 recipients include 4 Individuals and 1 Group: Hayao Miyazaki (Japan), Karma Phuntsho (Bhutan), Dr. Nguyen Thi Ngoc Phuong (Vietnam), Farwiza Farhan (Indonesia), and the Rural Doctors’ Movement (Thailand).
• The award recognizes the greatness of spirit shown in selfless service to the peoples of Asia.
• The Ramon Magsaysay Award was established in 1958 in honor of President Ramon Magsaysay, the seventh president of the Philippines.

Awards and Recognitions News

IOC Awards Olympic Order in Gold to French President Emmanuel Macron; Laurent Nuñez & Nicolas Ferrand Awarded Olympic Order

• Emmanuel Macron, President of France, was presented with the Olympic Order in Gold for his unwavering support of the Olympic Games Paris 2024.
• The honor was bestowed by Thomas Bach, President of the International Olympic Committee (IOC), at an official ceremony held at the Elysée Palace in Paris.
• Laurent Nuñez, the Paris Prefect of Police, and Nicolas Ferrand, Executive Managing Director of SOLIDEO, were also awarded the Olympic Order.
• They were recognized for their exceptional contributions to the success of the Olympic and Paralympic Games in Paris 2024.

Appointments and Resignations News

Air Marshal Tejinder Singh Takes Over as DCAS of IAF

• On September 1, 2024, Air Marshal Tejinder Singh took over as Deputy Chief of the Air Staff (DCAS) of the Indian Air Force (IAF) at Vayu Bhawan, New Delhi.
• He replaced Air Marshal Ashutosh Dixit, who was appointed as DCAS in May 2023.
• Prior to this appointment, he served as the Senior Air Staff Officer (SASO) at the Headquarters Eastern Air Command of the IAF in Shillong, Meghalaya.
• Tejinder Singh has been awarded the Vayu Sena Medal (VM) in 2007 and the Ati Vishisht Seva Medal (AVSM) in 2022.

Appointments and Resignations News

D K Sunil Takes Additional Charge as CMD of HAL

• Dr. D K Sunil has taken charge as the Chairman and Managing Director (CMD) (Additional charge) of Hindustan Aeronautics Limited (HAL) effective from 1st September 2024.
• He succeeds CB Ananthakrishnan, who retired from the post on 31st August 2024.
• Dr. Sunil is currently serving as the Director (Engineering, Research and Development) of HAL.
• Under his leadership, HAL obtained military certification for the HTT 40 aircraft program and key projects such as the Indigenous Multi-Role Helicopter (IMRH) and Utility Helicopter Maritime (UHM).

Science and Technology News

‘Mimetus Spinatus’ & ‘Mimetus Parvulus’: Two New Cannibal Spider Species Discovered in Western Ghats

• Researchers from the Zoological Survey of India (ZSI) have discovered two new species of cannibal spiders, ‘Mimetus Spinatus’ and ‘Mimetus Parvulus,’ in the Western Ghats.
• These species were found in Mookambika Wildlife Sanctuary, Karnataka, and Ernakulam district of Kerala.
• Both species belong to the spider family ‘Mimetidae,’ known for their unique predatory behavior.
• The research findings have been published in the Zootaxa journal by Magnolia Press, New Zealand.

Sports News

Ferrari’s Charles Leclerc won the F1 Italian GP 2024

• Ferrari’s Charles Leclerc, a Monacan racing driver, won the Formula One (F1) Italian Grand Prix (GP) 2024 held at the Autodromo Nazionale Monza in Monza, Italy.
• This victory marks Leclerc’s 2nd Italian GP title; he previously won the title in 2019.
• Leclerc has achieved 7 GP titles, 25 pole positions, 9 fastest laps, and 38 podiums in F1.
• McLaren’s Oscar Piastri finished 2nd, followed by McLaren’s Lando Norris in the 3rd position.

Appointments and Resignations News

IAS Officer Amrit Lal Meena Appointed as Chief Secretary of Bihar

• The Appointments Committee of the Cabinet (ACC) has approved the appointment of Amrit Lal Meena as the new Chief Secretary of Bihar.
• He succeeds Brijesh Mehrotra, who retired on 31 August 2024.
• Before this, Meena was the Secretary of the Ministry of Coal (MoC) during his central deputation.
• He has also served as District Magistrate across 5 districts of Bihar for over 9 years.