National News

Cabinet Approvals on 2nd September 2024

• On 2nd September 2024, the Union Cabinet chaired by Prime Minister Narendra Modi approved seven major schemes aimed at improving farmers’ lives and livelihoods with a total budget outlay of Rs 14,235.30 crore.
• The Cabinet also approved the establishment of the 5th semiconductor unit under the India Semiconductor Mission (ISM) in Sanand, Gujarat.
• The Cabinet Committee on Security (CSS) approved the procurement of 240 aero-engines for the Indian Air Force’s Su-30 MKI aircraft from HAL, worth Rs 26,000 crore.
• The Cabinet Committee on Economic Affairs (CCEA) approved a 309-kilometer new railway line project to provide the shortest rail connectivity between Mumbai (Maharashtra) and Indore (Madhya Pradesh).

Defence News

DAC Approves 10 Capital Acquisition Proposals Worth Rs 1.45 Lakh Crore to Enhance Defence Preparedness

• On September 3, 2024, the Defence Acquisition Council (DAC), chaired by Union Minister Rajnath Singh, approved 10 capital acquisition proposals worth Rs 1,44,716 crore to boost India’s defence preparedness.
• 99% of the cost is from indigenous sources under Buy (Indian) and Buy (Indian-Indigenously Designed Developed and Manufactured) categories.
• The Indian Army will procure Future Ready Combat Vehicles (FRCVs) with advanced capabilities.
• The Indian Coast Guard will receive Dornier-228 aircraft, Next Generation Fast Patrol Vessels, and Next Generation Offshore Patrol Vessels.

National News

DoT Notifies New Rules for ‘Digital Bharat Nidhi’ to Boost Telecom Access

• The Department of Telecommunications (DoT) has notified the ‘Telecommunications (Administration of Digital Bharat Nidhi) Rules, 2024’ to enhance telecom access.
• The Universal Service Obligation Fund (USOF) has been renamed as Digital Bharat Nidhi (DBN) to better address emerging technological needs.
• The new rules define the powers and functions of the administrator, who will be appointed by the Central Government.
• Funds from the DBN will be allocated to projects aimed at improving telecommunication services in underserved areas and for underserved groups.

National News

Union Minister Shivraj Singh Chouhan Launches AgriSURE Fund & Krishi Nivesh Portal

• Union Minister Shivraj Singh Chouhan launched a Rs.750 crore ‘Agri Fund for Start Ups and Rural Enterprises (AgriSURE)’ and the Agri investment Portal named ‘KrishiNivesh’ in New Delhi.
• The Agriculture Infrastructure Fund (AIF) Excellence Awards 2024 were conferred to top-performing banks and states.
• The State Bank of India (SBI) ranked first in the BHARAT and RAPID categories.
• Madhya Pradesh emerged as the top-performing state under the Rs 1 lakh crore AIF scheme.

National News

NTH & BEE Sign MoU to Promote Energy Efficiency Across India

• The National Test House (NTH) and the Bureau of Energy Efficiency (BEE) signed a Memorandum of Understanding (MoU) to strengthen the Standards & Labelling (S&L) Program.
• The MoU aims to promote sustainable development through energy conservation by saving electricity.
• BEE will recognize NTH as a referral laboratory for technical disputes regarding test results.
• NTH will conduct Capacity Building and Training (CB&T) for BEE officers at NTH Regional Laboratories/BEE Headquarters in Delhi.

Important Days News

Union Minister Annpurna Devi Launches 7th Rashtriya Poshan Maah 2024

• Union Minister Annpurna Devi Yadav launched ‘Rashtriya Poshan Maah 2024’ at Mahatma Mandir, Gandhinagar, Gujarat.
• The campaign aims to combat malnutrition and promote holistic well-being across India.
• The event featured a nation-wide plantation drive under the ‘Ek Ped Maa Ke Naam’ campaign at 14 lakh Anganwadi centers.
• Nutrition baskets were distributed to Annaprashan, pregnant women, lactating mothers, and adolescent girls.

Defence News

IN’s P-8I Aircraft Participates in the 22nd Indo-French Bilateral Naval Exercise VARUNA 2024

• The Indian Navy’s P-8I aircraft participated in the 22nd edition of Exercise VARUNA 2024 in the Mediterranean Sea from 2nd to 4th September 2024.
• The exercise featured advanced tactical drills to enhance synergy and interoperability between the Indian and French navies.
• INS Tabar, equipped with a versatile range of weapons and sensors, also participated in the exercise.
• VARUNA serves as a principal driver for operational-level interactions, highlighting the shared commitment of India and France to maritime security.

Banking and Finance News

POP Launches India’s First Multi-Brand Co-Branded Credit Card in Partnership with RuPay & Yes Bank

• POPtech Growth Private Limited launched India’s first multi-brand co-branded credit card, ‘YES BANK POP-CLUB RuPay Credit Card,’ in partnership with RuPay and Yes Bank.
• The card was launched at the 2024 Global Fintech Festival in Mumbai.
• The card includes top brands like Zomato, Blinkit, Cult, Rapido, Cleartrip, and Pharmeasy.
• Cardholders can earn rewards on every transaction using POPcoins, which can be used for purchases within the POP app.

Banking and Finance News

ICICI Prudential Life Insurance Launches ‘ICICI Pru Signature Pension’ To Build Retirement Savings

• ICICI Prudential Life Insurance launched ‘ICICI Pru Signature Pension,’ a market-linked pension product.
• The product allows customers to customize their retirement savings with up to 100% equity exposure.
• It offers a tax-free withdrawal option for up to 60% of the accumulated corpus at the end of the policy term.
• Customers can increase their retirement savings by making top-up payments.

Rank and Reports News

WB Upgrades its Estimate of India’s GDP Growth to 7% from 6.6% for FY25

• The World Bank upgraded India’s growth estimate to 7% from 6.6% for Financial Year 2024-25 (FY25).
• The debt-to-GDP ratio is expected to decline from 83.9% in FY24 to 82% by FY27.
• The Current Account Deficit (CAD) is expected to widen to 1.1% of GDP in FY25 from 0.7% in FY24.
• The Fiscal Deficit (FD) is anticipated to reduce from 5.6% of GDP in FY24 to 4.9% in FY25.

Appointments and Resignations News

Y Haragopal Appointed as MD of NABCONS

• Y Haragopal has been appointed as the Managing Director (MD) of NABARD Consultancy Services (NABCONS).
• He previously served as the Chief Operating Officer (COO) of NABCONS.
• Haragopal joined NABARD in 1996 and has held various positions in the Refinance Department and regional offices.
• NABCONS is a wholly-owned subsidiary of NABARD, headquartered in New Delhi.

Sports News

UTT 2024: Sharath Kamal Named 1st Indian Ambassador of ITTF Foundation

• Indian Table Tennis player Sharath Kamal Achanta has been named the Foundation Ambassador of the International Table Tennis Federation (ITTF) Foundation.
• He is the first Indian to be named the ambassador of the ITTF Foundation.
• The announcement was made during the ITTF Foundation’s TT4Health Programme at the 5th season of Ultimate Table Tennis (UTT 2024) in Chennai.
• Sharath Kamal is a 5-time Olympian and a 10-time Men’s Singles winner at the Senior National TT Championships.

Defence News

FWDA Announces Successful Maiden Flight of its Indigenous Unmanned Bomber Aircraft “FWD 200B”

• Flying Wedge Defence and Aerospace (FWDA) announced the successful maiden flight of India’s first Indigenous unmanned bomber aircraft, the FWD 200B.
• The aircraft is classified as a Medium Altitude Long Endurance (MALE) Unmanned Aerial Vehicle (UAV).
• It features a wingspan of 5 meters, a length of 3.5 meters, and a maximum take-off weight of 102 kilograms.
• The FWD 200B is designed for extended missions with a range of up to 800 kilometers and an endurance of seven hours.

Sports News

GM Karthik Venkataraman Won the 61st National Chess Championship, Haryana

• Grandmaster (GM) Karthik Venkataraman from Andhra Pradesh won the 61st National Chess Championship 2024 held in Gurugram, Haryana.
• GM Ganguly Surya Shekhar finished 2nd, while International Master (IM) Neelash Saha finished 3rd.
• The tournament had a prize fund of Rs 30 lakhs, with Karthik receiving a cash prize of Rs 6 lakhs.
• Karthik Venkataraman has previously won the 59th National Chess Championship in 2022.

Sports News

Durand Cup 2024: NorthEast United FC Won Their First Durand Cup Defeating Mohun Bagan SG

• NorthEast United Football Club (NEUFC) won their first Durand Cup title by defeating Mohun Bagan Super Giant (MBSG) 4-3 in a penalty shootout.
• The winning team NEUFC was awarded a cash prize of Rs 60 lakhs, while the runners-up MBSG received Rs 30 lakhs.
• Kerala Blasters FC forward Noah Sadaoui won the Golden Boot Award as the tournament’s top scorer with 6 goals.
• NEUFC Goal Keeper, Gurmeet Singh, won the Golden Glove Award, and Jithin MS won the Golden Ball Award.