NATIONAL UPDATES:
1. $1
billion loan from the World Bank approved for the PM ABHIM: Union Health
Minister Mansukh Mandaviya informed the Rajya Sabha that the World Bank had
granted a loan of USD $1 billion to fund India’s flagship PM Ayushman Bharat
Health Infrastructure Mission (PM-ABHIM). The loan that has been cleared
consists of two complementary loans totaling USD 500 million each for the India’s
Enhanced Health Service Delivery Program and Transforming India’s Public Health
Systems for Pandemic Preparedness Program (PHSPP). Key Points:
a)
The
PHSPP supports initiatives like bolstering current health units at points of
entry and building new health units at PoEs in an effort to boost the
resilience and preparedness of India’s health system for a pandemic.
b)
In
addition, it sought to build BSL-3 laboratories, regional research platforms,
and zonal institutes for the National Institutes of Virology, as well as a
health emergency operation centre, metropolitan health monitoring units, and a
strengthened surveillance system.
c)
Ayushman
Bharat Health and Wellness Centers (AB-HWCs), a revised comprehensive primary
health care model, will be used to boost service delivery in order to improve
household access to primary healthcare facilities.
d)
Supporting
the certification of quality assurance standards throughout Health and Wellness
Centers (HWCs), bolstering the health workforce, and establishing Block level public
health units would also help to improve overall quality of care (BPHUs).
2.
Sanjay Agarwal to chair the committee Center established to strengthen MSP
system: A
committee on the Minimum Support Price (MSP) was established by the government
eight months after it made a similar commitment in exchange for repealing three
divisive agriculture policies. Sanjay Agrawal, a former agricultural secretary,
will preside over the committee. The government has made a provision for
Sanyukta Kisan Morcha (SKM) to have three representatives on the committee, but
the farm organisation has not yet provided any candidates for the group. Key
Points:
a)
Numerous
farmers held a one-year-long agitation at the Delhi borders under the auspices
of SKM, which resulted in the government rescinding the farm legislation. The
Prime Minister of India, Narendra Modi, had pledged to form a committee to
address the farmers’ demand for a legal guarantee on MSP when he announced the
repeal of three farm regulations in November of last year. The formation of a
committee in this respect was announced in a gazette announcement by the
Agriculture Ministry.
b)
The
panel will include senior member Naveen P Singh of the Commission for
Agricultural Costs and Prices (CACP), agri-economists CSC Shekhar from the
Indian Institute of Economic Development and Sukhpal Singh from IIM-Ahmedabad,
and Niti Aayog member Ramesh Chand. Bharat Bhushan Tyagi, a farmer who has won
national awards, three members of SKM, and five members from other farmer
organisations make up the committee’s farmer representatives. These members are
Gunwant Patil, Krishnaveer Choudhary, Pramod Kumar Choudhary, Guni Prakash, and
Sayyed Pasha Patel.
3.
India sign an agreement with Namibia to reintroduce cheetah: A Memorandum of
Understanding (MoU) between India and Namibia aims to bring back cheetahs to
the country after nearly seven decades. The first eight cheetahs are expected
to arrive in Madhya Pradesh’s Kuno National Park by August 15. Separately,
India is anticipated to receive 12 cheetahs from South Africa; a draught deal
has already been signed, and a final one is forthcoming, according to
authorities with knowledge of the situation. Key Points:
a)
69
years after the last known cheetah was hunted down in Chhattisgarh in 1952, the
animal will re-enter a wild enclosure in India.
b)
The
Cheetah Translocation Project (CTP), an initiative of the Union Environment
Ministry, is being maintained by the National Tiger Conservation Authority
(NTCA).
c)
Before
releasing the creatures into the wild, the ministry intends to breed them in a
cage in Kuno as part of CTP.
d)
Bhupender
Yadav, the minister of environment, forests, and climate change, and Netumbo
Nandi Ndaitwah, Namibia’s deputy prime minister and foreign minister, both
signed the memorandum of understanding.
4.
ISRO used PSLV to launch 345 foreign spacecraft from 34 different nations since
1999:
Dr. Jitendra Singh, the Union Minister of State (Independent Charge) for
Science and Technology, Earth Sciences, Personnel, Public Grievances, Pensions,
Atomic Energy, and Space, announced that ISRO has signed six agreements with
four nations for the launch of foreign satellites between 2021 and 2023.
According to the Minister, the Indian Polar Satellite Launch Vehicle (PSLV) has
successfully launched 342 foreign satellites from 34 countries since 1999 on a
commercial basis. Key Points:
a)
Through
its commercial subsidiary, New Space India Limited (NSIL), a government-owned
business operating under the Department of Space (DOS), Indian Space Research
Organization (ISRO) has launched satellites for other nations on board the
Polar Satellite Launch Vehicle (PSLV) for a fee.
b)
Six
Launch Service Agreements have already been signed by NSIL with clients from
four different nations for the launch of foreign satellites on board PSLV
between 2021 and 2023.
c)
A
total of 124 domestic satellites, including 12 student satellites, have been
launched into Earth’s orbit.
d)
Dr.
Jitendra Singh stated in a second written response to a similar issue in the
Rajya Sabha that a total of 342 foreign satellites from 34 different countries
had been commercially launched on board the Indian Polar Satellite Launch
Vehicle (PSLV) since 1999.
e)
The
Minister claimed that during the past three years, India has generated
approximately $35 million USD and 10 million EUR in foreign exchange earnings
from the launch of foreign satellites aboard Indian launch vehicles (i.e.,
2019- 2021).
5.
National Broadcasting Day: 23rd July: National Broadcasting Day is observed on
July 23 in India. The day aims to remind Indian citizens about the impact of
radio on our lives. Akashvani or All India Radio (AIR) is India’s homegrown national
radio broadcasting service which reaches millions of homes across the nation.
National Broadcasting Day History: Bombay Presidency
Radio Club that along with other clubs began radio broadcasting from June 1923
in India. All India Radio began its journey as a private company called Indian
Broadcasting Company ltd (IBC), on July 23, 1927. The Indian Broadcasting Company
ltd (IBC) was eventually taken over by the British Raj and transformed into All
India Radio (AIR) on June 8, 1936. The name Akashvani, which means voice or
announcement from the skies, was formally adopted for the national broadcaster
in 1956 and was based on a poem of the same name written by Rabindranath Tagore
in 1938.
Note: National Broadcasting Day Founded:
1936, Delhi; National Broadcasting Day Headquarters: Sansad Marg, New Delhi;
National Broadcasting Day Owner: Prasar Bharati.
INTERNATIONAL UPDATES:
1.
Henley Passport Index 2022: India ranks 87th: The Henley Passport
Index has recently released the list of the World’s Most Powerful Passports for
the year 2022. Three Asian nations Japan, Singapore and South Korea bagged the
top three positions on the list, reversing pre-pandemic rankings that were
dominated by European nations. India is ranked 87th on the list of the world’s
most powerful passports in 2022, according to the latest Henley Passport Index
from Henley & Partners, an immigration consultancy. Key points of the
Index:
a)
The
Japanese passport provides hassle-free entry to 193 countries, while Singapore
and South Korea both provide entry to 192 countries.
b)
Among
other countries from Asia, India, along with Mauritius and Tajikistan, has been
ranked 87th, with its passport providing access to 67 countries.
c)
China
ties with Bolivia for the 69th spot, with each of their passports allowing
access to 80 destinations.
d)
As
for Bangladesh, it occupies the 104th position – five spots higher than
Pakistan.
e)
Pakistan
has the fourth worst passport in the world after Afghanistan, Iraq and Syria.
World’s most powerful passports 2022: (1) Japan; (2)
Singapore; (3) South Korea; (4) Germany; (5) Spain; (6) Finland; (7) Italy; (8)
Luxemburg; (9) Austria; (10) Denmark
2.
Forbes Real-Time Billionaires List: Gautam Adani surpasses Bill Gates: As per the Forbes
Real-Time Billionaires List, India’s richest person, Gautam Adani has now also
become the fourth richest person in the world, leaving behind Microsoft founder
Bill Gates. This increment came as Gates announced that he would be donating
$20 billion of his wealth to his non-profit organisation — Bill & Melinda
Gates Foundation. Key points:
a)
Elon
Musk is the richest person with a $230 billion net worth, followed by Bernard
Arnault of Louis Vuitton at the second spot and Amazon’s Jeff Bezos at third on
the list.
b)
Mukesh
Ambani was placed 10th on the Forbes list (net worth: $88 billion).
c)
In
February this year, Adani overtook fellow countryman Ambani to take Asia’s
richest spot on the back of the jump of his personal fortune, which made him
the world’s biggest wealth-gainer this year.
The top three richest business
tycoons in the world are:
Tesla CEO Elon Musk: $234.4 billion
Bernard Arnault: $154.9 billion,
Amazon chief Jeff Bezos: $143.9 billion
OTHER UPDATES:
SPORTS
1.
Egypt’s Seif Ahmed named as FIH acting president: The International
Hockey Federation (FIH) has appointed Egypt’s Seif Ahmed as its acting
president following Indian administrator Narinder Batra’s resignation from the
post. Batra resigned as FIH president and also quit as Indian Olympic
Association (IOA) chief. He also gave up his International Olympic Committee
(IOC) membership which was directly linked with his IOA position.
Executive Board has officially accepted
Batra’s resignation and unanimously appointed Ahmed as its interim chief till
fresh elections are held on November 5 during its two-day virtual Congress.
Ahmed played for Egypt’s national team in 1968 and has a long association with
the sport as an umpire and technical official. He is a member on the FIH
Executive Board since 2001.
Note: International Hockey Federation
Headquarters: Lausanne, Switzerland; International Hockey Federation CEO:
Thierry Weil; International Hockey Federation Founded: 7 January 1924, Paris,
France.
BANKING AND FINANCE
1.
Federal Bank and CBDT collaborate to offer online tax payment services: Federal Bank and
the Central Board of Direct Taxes have teamed to let taxpayers use the e-filing
portal’s e-pay tax function. Taxes can now be paid promptly by anyone using
methods including cash, NEFT/RTGS, a debit/credit card, UPI, net banking, etc.
Through the bank’s branches, NRIs, domestic clients, and any tax-paying citizen
can create tax challans and submit payments.
Key Points:
a)
The
Bank had been given the go-ahead by the Center to begin collecting direct taxes
on July 1 of the previous fiscal year.
b)
For
starters, there is no necessity for PAN/TAN registration or verification for
taxpayers, eliminating any potential for late tax payments.
c)
As
a result of this agreement, Federal Bank is one of the first businesses to be
registered on the Income Tax Department’s Tin 2.0 platform.
d)
Federal
Bank’s President and Country Head for Wholesale Banking, Harsh Dugar, claims
that this will make it easier for clients to pay their taxes by using any of
their payment options, and it will also allow non-customers to pay at their
branches’ counters. With a host of digital initiatives, the bank helps
customers transact easily, fostering corporate agility.
2.
Urban Cooperative Banks 4-tier regulatory structure adopted by RBI: In order to
improve the financial soundness of Urban Co-operative Banks (UCBs), the RBI has
decided to create a straightforward four-tiered regulatory framework. A panel
of experts led by former RBI deputy governor N S Vishwanathan had presented a
number of suggestions for improving UCBs. In addition to other recommendations,
the committee had suggested a four-tiered regulatory structure depending on the
size of the banks’ deposits and the regions in which they operated.
For important factors such net worth, the
Capital to Risk-weighted Assets Ratio (CRAR), branch expansion, and exposure
limitations, a differentiated regulatory approach was primarily advised. A
crucial component of the recommendations was belonging to an umbrella
organisation. The RBI has agreed to a number of committee recommendations. Key
Points:
a)
For
Tier 1 UCBs functioning in a single district, a minimum net value of Rs 2 crore
has been mandated, and Rs 5 crore for all other UCBs (of all tiers).
b)
According
to the RBI, this will help the banks become more financially resilient and improve
their capacity to finance business expansion.
c)
According
to information provided by UCBs as of March 31, 2021, the majority of banks
have already complied with the requirement.
d)
To
enable a smooth transition to the revised norms, the UCBs that do not meet the
requirement will be given a glide path of five years with interim milestones.
e)
The
minimum CRAR requirement for Tier 1 banks is maintained at the current
prescription of 9% under the current capital adequacy framework based on Basel
I, according to the RBI.
f)
While
maintaining the current capital adequacy framework, it has been agreed to
increase the minimum CRAR for Tier 2, Tier 3, and Tier 4 UCBs to 12 percent in
order to enhance their capital structure, according to the central bank.
BUSINESS AND ECONOMY
1.
ADB cuts India GDP growth forecast for FY23 to 7.2%: The Asian
Development Bank (ADB), has slashed India’s GDP growth forecast to 7.2 per cent
for FY23. Earlier this was estimated at 7.5 per cent. Meanwhile, the
Manila-based multilateral development bank has revised down FY24 growth
forecast to 7.8 per cent, from 8 per cent estimated earlier. It, however,
raised the inflation forecast for India to 6.7% for FY23 from the 5.8 %
estimated earlier. Reason:
a)
ADB
added that private investment would soften due to the higher cost of borrowing
for firms as the RBI continues to raise policy rates to contain inflation. The
RBI’s monetary policy committee hiked the repo rate by 90 basis points in two
consecutive months, May (an off-cycle policy review) and June, raising the repo
rate to 4.9%.
b)
ADB,
in the supplementary outlook, also said that net exports would shrink due to
subdued global demand and a rising real effective exchange rate eroding export
competitiveness despite a depreciating rupee.
c)
The
rupee touched an all-time low of 80.06 against the dollar. The domestic
currency has depreciated about 7.5% against the greenback in 2022 so far.
Note: Asian Development Bank Headquarters:
Mandaluyong, Philippines; Asian Development Bank President: Masatsugu Asakawa;
Asian Development Bank Founded: 19 December 1966.
2.
Zero coupon, zero principal bond declared by Govt as securities: The government
has designated “zero coupon zero principal instruments” as securities in
preparation for the creation of a social stock exchange. A Not for Profit
Organization (NPO) that will be registered with the social stock exchange
segment of a recognised stock exchange will issue a zero coupon, zero principal
instrument. According to a formal announcement released on Friday, the
Securities and Exchange Board of India (Sebi) will establish the laws that
would apply to these instruments.
According to the notification, “zero coupon
zero principal instruments” have been designated as securities for the purposes
of the Securities Contracts (Regulation) Act, 1956. Sebi’s board approved a
framework for SSE for social businesses to raise money in September 2021. The
recommendations of a working group and technical group assembled by the
regulator served as the foundation for the development of the SSE framework.
DEFENCE
1. To
commemorate victory in the Kargil War, motorcycle expedition launched by Indian
Army:
The Army Motor Bike trip from New Delhi to the Kargil War Memorial at Dras in
Ladakh was launched off from Pathankot in Punjab to commemorate 23 years of
triumph over Pakistan in the Kargil War of 1999 and to celebrate the spirit of
Azadi Ka Amrit Mahotsav. The Zojila Pass Axis Rally team travelled through
Kathua, Samba, Jammu, and Nagrota before arriving in the late afternoon in
Udhampur. On the 18th of this month, Vice Chief of Army Staff Lieutenant
General B. S. Raju signalled the start of the demonstration from the National
War Memorial in New Delhi. By showcasing the courage and dedication displayed
by our brave warriors serving the country, the rally aims to disseminate the
message of patriotism and raise the morale of the entire country.
About Kargil War, 1999: The Kargil War, commonly referred to as the Kargil conflict, was an armed battle that took place between India and Pakistan in the Kargil district of Jammu and Kashmir as well as other locations along the Line of Control (LOC) from May to July 1999. Operation Vijay, the name of the Indian military operation to pacify the Kargil region, is another term for the conflict used in India. During the conflict, the Indian Air Force worked with Indian Army ground forces to clear Pakistani regular and irregular forces from abandoned Indian positions along the LoC. Operation Safed Sagar was the name given to this specific operation.
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