NATIONAL UPDATES:
1. L&T
and Spain's Navantia sign agreement for submarine project: L&T has signed a teaming agreement with Spanish-based
Navantia for the submission of a techno-commercial bid for the Indian
Navy’s prestigious P75 (India) submarine program. P75 (India) Submarine Project
is expected to be valued at €4.8 billion. Navantia would carry out the design
of P75(I) submarines based on its S80 class of submarines. The first S80 class
submarine was launched in 2021 and is undergoing sea trials prior to its
delivery to Spanish Navy
2. MoHUA
conducts SBM-U 2.0 Planning & Implementation Review-cum-Workshop: The Housing Ministry organized a review-cum-workshop to
evaluate and accelerate the planning and implementation of the SBM-Urban 2.0. PM
Modi launched the 2.0 versions of SBM-U and AMRUT on October 1, 2021. SBM-U
2.0: Achieving 100% waste segregation in all households and premises and
100% door-to-door collection of segregated waste from each AMRUT 2.0: To
provide complete coverage of water supply to all households and sewerage and
septage in 500 AMRUT cities
3. Gujarat
CM launches pilot project of ‘Antyodaya Shramik Suraksha Yojana’: Gujarat CM Bhupendra Patel launched the Antyodaya Shram Suraksha
Accident Insurance Scheme from Kheda. All those registered under the e-Shram
portal from Nadiad will benefit from the scheme.
It is
being implemented through the Indian Postal Department, the IPPB, and the
Ministry of Labour and Employment. Under this scheme, insurance with a
premium of Rs. 289 and Rs. 499 per year will be a big support to workers in the
event of death or partial disability.
4. CarTrade
Tech to acquire OLX India's auto business for Rs 537 cr: Mumbai-based used cars platform CarTrade Tech Ltd will acquire
online marketplace OLX India's auto sales business for Rs 537 crore. CarTrade
will acquire a 100% stake in Sobek Auto India Pvt Ltd, the entity
that houses OLX India’s automotive business, in an all-cash deal. The
acquisition will likely to be completed in 21-30 days. Sobek is a company
incorporated under the Companies Act, of 2013.
It is
engaged in the business of running an automotive digital platform.
5. NLU
Delhi launches research affiliate program ‘Eklavya’: The National Law University (NLU), Delhi launched Eklavya, a
‘Research Affiliate’ program, for those who do not have a traditional law
degree. Aim: To emphasize its commitment to actively seek partnerships outside
the varsity and draw from their experiences and perspectives to develop quality
legal scholarship It is open to those who have at least three years of
demonstrable experience working on issues that have a significant interface
with the law.
6. India’s first Vedic-themed park unveiled in Noida: India’s first Vedic-themed Park has been opened to the
public in Noida’s Sector 78, inaugurated by Uttar Pradesh CM Yogi
Adityanath. Known as the Ved Van Park, the place is home to over 50,000 plants,
such as banyan, kalpavriksha, and coconut, which have been mentioned in Vedic
literature. It will also highlight excerpts from the four Vedic literature
pieces- Rig Veda, Atharva Veda, Yajur Veda, and Sama Veda- via laser shows,
wall paintings, and sculptures. Reportedly built with a budget of Rs 27 crores.
The park aims to accomplish a dual objective by both educating and entertaining
its visitors.
7. The
park is divided into seven zones, each named after renowned Vedic sages: Kashyap, Agastya, Vishvamitra, Vasishtha, Atri, Gautam, and Bharadwaj. Within
the park, visitors can explore informative displays featuring holy scriptures
that delve into the lives of these sages and the teachings of the Vedas. Furthermore,
the walls of the park are adorned with vivid depictions portraying scenes from
the Vedas. It is also home to a gym and an amphitheater, both powered by solar
energy. The park also features a Vedic Knowledge Centre, serving as a central
hub for delving into the depths of Vedic literature. Visitors can participate
in workshops and attend lectures on various subjects, including Vedic
astrology, Ayurveda, and traditional Indian music.
8. PM Modi launches development projects in Varanasi: Prime Minister Narendra
Modi has inaugurated and laid the foundation stone of 29 development
projects worth over 12,110 crore rupees in Varanasi. He inaugurated 19
projects worth 10,720 crore rupees and laid the foundation stone of 10 projects
of 1389 crore rupees. Modi dedicated the Pandit Deendayal Upadhyaya
Junction-Sone Nagar railway line of the Dedicated Freight Corridor built at a
cost of over Rs 6,760 crore. He also inaugurated three railway lines and
widening to four-lanes of Varanasi-Jaunpur section of NH-56. PM Modi laid the
foundation stone for construction of 3 two-lane rail over bridges, construction
and renovation of 15 PWD roads, redevelopment of Manikarnika and Harishchandra
ghats and floating changing room ghats at six ghats and 192 rural drinking
water schemes under Jal Jeevan Mission.
9. S Jaishankar files nomination for Rajya Sabha
elections from Gujrat: External Affairs Minister S Jaishankar has filed his
nomination papers for elections to the Rajya Sabha from Gujarat. Four
years ago, Jaishankar had filed his nomination for the first time from Gujarat
for the Rajya Sabha. Out of the 11 Rajya Sabha seats from Gujarat, eight are
currently held by the BJP and the rest by the Congress. Of the eight seats held
by the BJP, the terms of S Jaishankar, Jugalji Thakor and Dinesh Anavadiya will
end on August 18. Polls will be held for these three seats. The last date for
filing nominations is July 13 and the candidates can withdraw their nomination
till July 17.
10. K. Rajaraman appointed as new chairperson of IFSCA: The government has appointed senior bureaucrat and telecom
secretary K Rajaraman as the next Chairperson of the International
Financial Services Centres Authority (IFSCA). Rajaraman is an Indian
Administrative Service officer of the 1989 batch. His appointment is for a
period of three years. He succeeds the first IFSCA Chairperson Injeti
Srinivas who led the authority since 2020. Rajaraman’s term will be for
three years from the date of his assumption of charge of the post, or till
attaining the age of 65 years, or until further orders, whichever is the
earliest. IFSCA was set up in April 2020 under the International Financial
Services Centres Authority Act, 2019, at GIFT City, Gandhinagar in Gujarat. IFSCA
is a unified authority for the development and regulation of financial
products, financial services and financial institutions in the International
Financial Services Centre (IFSC). At present, the GIFT IFSC is the maiden
international financial services centre in India. Prior to the establishment of
IFSCA, RBI, SEBI, PFRDA and IRDAI regulated the business in IFSC.
11. 7th edition of SALVEX exercise conducted in Kochi: The Seventh edition of
the Indian Navy – US Navy (IN – USN) Salvage and Explosive Ordnance
Disposal (EOD) exercise, SALVEX was conducted at Kochi. IN and USN
have been participating in joint Salvage and EOD exercises since 2005. Objective
– To enhance the skill sets of the Diving teams in a number of diverse
disciplines such as mine detection and neutralization, wreck location, and
salvage. The exercise saw participation from both the navies which included the
ships – INS Nireekshak and USNS Salvor in addition to Specialist Diving and EOD
teams. The Diving teams of both countries shared experiences on Maritime
Salvage and trained together in various facets of EOD Operations on land as
well at sea. SALVEX also saw conduct of joint training exercises towards
enhancing interoperability, cohesiveness and gaining from best practices
mutually in Maritime Salvage and EOD operations.
12. Voyager Space signs MoU with NewSpace India Limited: Voyager Space has signed an MoU
with New Space India Limited (NSIL) to foster collaboration in spacecraft
launch and deployment opportunities on board NSIL’s Small Satellite Launch
Vehicle (SSLV) and Polar Satellite Launch Vehicle (PSLV). NSIL is the
commercial arm of the Indian Space Research Organisation (ISRO). Under this
MoU, Voyager Space and NSIL will explore launch and deployment opportunities
for small satellites orbited by SSLV and PSLV. The two organizations will also
study the use of space-qualified components from NSIL in support of spacecraft
manufacturing, deployment, operations, and other areas of interest. This
partnership is a unique opportunity as we join forces to drive innovation and
advancement in the small satellite launch industry. We look forward to growing
Voyager’s presence in India and providing additional opportunities for our
customers.
INTERNATIONAL UPDATES:
1. World
Population Day 2023: 11 July: World Population Day is observed every
year on July 11 in order to raise awareness about global population
issues, including population control. 2023 theme: Unleashing the power of
gender equality: Uplifting the voices of women and girls to unlock our world’s
infinite possibilities It was established by the United Nations Development
Programme (UNDP) in 1989, after the day the world approximately reached a
population of five billion, which was observed on 11 July 1987.
2. OCA
elects Sheikh Talal as the new President:
Kuwait’s Sheikh Talal Fahad Al Ahmad Al Sabah has been elected as the new
President of the Olympic Council of Asia (OCA). He replaced his older
brother Sheikh Ahmad Al-Fahad Al-Sabah, who led the OCA for 30 years until
2021. The OCA was founded in 1982 by his father Fahad Al-Ahmed Al-Jaber
Al-Sabah, who led it until 1990. The Olympic Council of Asia (OCA) is a
governing body of sports in Asia, currently with 45 member National Olympic
Committees.
3. India-US
launched ‘Operation Broader Sword’: India
and the USA, jointly conducted an ‘Operation Broader Sword’ to stop the
illegal shipment of drugs through the International Mail System. It targeted
shipments of illicit, potentially dangerous, unapproved prescription drugs,
combination medical devices, and synthetic drug precursors shipped through
International Mail Facilities. The operation resulted in the interception of
over 500 shipments of illicit and unapproved prescription drugs bound for US
consumers.
4. Foreigners in Maharashtra jails can make video calls
to their families: The Maharashtra Prisons
Department has launched a “video call” facility for foreign
nationals lodged in different jails across the state. According to the
order, foreign nationals including convicts and undertrials lodged in different
jails of the state would be allowed to make video calls (to their family
members and lawyers) for 15 minutes in two weeks, through the ‘E-prison’ system
developed by the central government. The video call facility, however, will not
be available to Pakistani and Bangladeshi nationals, along with those facing
terorrism charges. Indian nationals lodged in these prisons have already been
using the ‘E-prison’ system for making calls to their family members and
lawyers. Now, the same facility has been made available to foreign nationals in
prisons. As on May 31, 2023, there are as many as 637 foreign nationals — 523
men and 114 women — from 44 countries lodged in different jails across
Maharashtra. Of them, 605 foreigners — 494 men and 111 women — are undertrials
in different offences, while 32 — 29 men and three women — are convicts. The
maximum number of foreigners lodged in these jails are from Bangladesh,
followed by Nigeria and Nepal.
5. India & Tanzania begin trade settlements in local
currencies: India and
Tanzania have started trade settlements in local currencies and
this new initiative will help in promoting commerce between the two countries. India-Tanzania
bilateral trade has seen very strong growth and stood at USD 6.4 billion in
2022-23. This is not only a very substantial bilateral trade, but it’s also
actually a bilateral trade, which is getting increasingly balanced. Many new
products are being added to the trade baskets. India remains the biggest
destination for Tanzanian exports.
Bank
of India, Bank of Baroda, and Canara Bank have operations in Tanzania. About 18
countries have already opened special vostro accounts with Indian banks.
6. China launched its computer operating system: China has launched its first
homegrown open-source operating system named Openkylin for
computers. The country steps up efforts to cut reliance on US technology. The
OpenKylin 1.0 was developed by a group of Chinese companies led by China
Electronics Corp, the country’s largest State-owned comprehensive electronic
information enterprise group. It is based on the existing open-source Linux
operating system, China’s version was built by a community of about 4,000
developers and is used in its space programme and industries such as finance
and energy. The system has been designed as a rival to the ubiquitous Windows
and MacOS systems. Previous versions of the software had already been deployed
on the computers of some government departments.
OTHER UPDATES:
SPORTS
1. Max Verstappen won British Grand Prix 2023: Red Bull’s driver, Max Verstappen has clinched F1 2023 British
Grand Prix title, held at the Silverstone Circuit, England. Lando Norris for
McLaren placed second and Mercedes’ Lewis Hamilton placed third on the podium. 2023
is the 74th season of the F1 world championship.
2. Lakshya Sen wins Canada Open: Indian Badminton player Lakshya
Sen defeated China’s Li Shi Feng to clinch the men’s singles title at
the Canada Open 2023. The 21-year-old Lakshya Sen triumphed over the reigning
All England Champion Li Shi Feng by winning the first set by 21-18 and the
second set by 22-20. A Commonwealth Games gold medalist, Lakshya Sen secured
his second BWF World Tour after winning the Indian Open in 2022. Lakshya Sen
went on to win his second Super 500 title of his career after the India Open,
beating the reigning All-England champion.
BANKING AND FINANCE
1. India
poised to become world’s 2nd-largest economy by 2075: Goldman Sachs: According to the Investment Bank Goldman Sachs, India is
poised to become the world’s second-largest economy by 2075. As per the report,
India would cross Japan, Germany, and the US With a population of 1.4
billion people. India’s GDP is estimated to expand remarkably, reaching 52.5
trillion dollars surpassing the US GDP projection. The labour force
participation set to make India the second-largest economy in the world by 2075.
2. India
overtakes China as most attractive emerging market for investing: According to a study by Invesco Global Sovereign Asset
Management, India has overtaken China to become the most attractive
emerging market for investing in sovereign wealth funds this year. Reason: This
is due to its solid demographics, political stability, and proactive regulation
Positives for the nation also include the rapidly expanding demography, strong
regulatory actions, and a welcoming climate for sovereign investors.a
3. PNB launches its virtual branch in the Metaverse: State-owned Punjab National Bank (PNB) has launched
the virtual branch, PNB Metaverse. It is a virtual branch of the bank,
which will deliver a unique experience of banking to existing and new
customers. With the help of this, customers can explore the bank’s products and
services such as bank deposits, retail/MSME loans, digital products,
women/senior citizens, ‘Do It Yourself’, and government flagship schemes. PNB
has developed the Bank’s Metaverse Branch, where its esteemed customers will
get exclusive access to its virtual environment from the comfort of their home
or office through their mobile phones and laptops. In addition, the bank will
offer an immersive 3D experience to the customers while performing traditional
banking activities through their digital avatars.
4. IBA sets up a group to implement the RBI committee
recommendations on ARCs: The Indian Banks’ Association (IBA) has constituted
a five-member working group for implementing the recommendations of
the Reserve Bank of India’s committee on the “working of the Asset
Reconstruction Companies (ARCs)”. The Group comprises Ajit Kumar (MD and CEO of
Secondary Loan Market Association), Hari (CEO of Association of ARCs in India),
Mythili Balasubramanian (Executive Director of Edelweiss ARC), Dharmendra Pali
(senior officials from SBI) and Anupama Ranade (senior officials from ICICI
Bank). The Group has been constituted at the behest of the RBI. The central
bank wants IBA and SLMA to take appropriate measures for early implementation
of the committee’s recommendations in consultation with the lenders and ARCs. In
light of the committee’s recommendations aimed at enabling ARCs to fulfill the
increasing demand of the financial sector, the working group will undertake a
thorough review of assignment agreements and trust deed templates. IBA is
expected to provide a model process document to lenders for ensuring certainty
and transparency in auctions conducted by them. RBI had set up a committee to undertake
a comprehensive review of the working of ARCs under the chairmanship of
Sudarshan Sen, former ED, RBI, on April 28, 2021. The report of the committee
was released on November 2, 2021. Recent Committees Chairman of the research
advisory committee of ICAR; Headed by – B Neeraj Prabhakar Government sets up
panel to recommend reforms in arbitration law; Headed by – T K Vishwanathan
(Former law secretary)
Centre
constitutes peace committee in Manipur; Chaired by the governor of Manipur Government
sets up 3-member panel to probe Manipur Violence; Headed by Ajai Lamba (former
CJ of the Gauhati HC) SEBI formed an Intermediary Advisory Committee to advise
the market regulator on changes in the legal framework; chaired by -S Ravindran
AWARDS AND HONOURS
1. PM
Narendra Modi to be awarded prestigious Lokmanya Tilak Award 2023: The Tilak Smarak Mandir Trust (Hind Swaraj Sangh) would confer the
prestigious Lokmanya Tilak National Award 2023 to Prime Minister Narendra
Modi in Pune on August 1, 2023. Reason: This award recognizes PM
Modi's supreme leadership under which India has climbed the ladder of progress It
is presented annually on the occasion of Lokmanya Tilak's death anniversary. Other
awardees: Indira Gandhi, Atal Bihari Vajpayee, Sharad Pawar, Cyrus Poonawalla,
and Manmohan Singh
2. J&K
Bank wins award for Best Performance in CASA: Jammu
& Kashmir Bank has been felicitated for the Best Performance in
CASA-India (1st Runner up in Small Bank Category) at ICC Emerging
Asia Banking Conclave & Awards 2022. The event was participated by banks
from India, Nepal, Bhutan, Bangladesh, Sri Lanka & Myanmar. The function
was organized by the Indian Chamber of Commerce in Goa. Indian Chamber of
Commerce (ICC) is a non-governmental trade association and advocacy group
headquartered in Calcutta.
3. Bajaj Allianz Life Insurance wins Insurer Innovation Award 2023: Bajaj Allianz Life Insurance has won the Insurer Innovation Award 2023 for the APAC region at the 8th World Digital Insurance Awards, hosted by TDI - The Digital Insurer. Recognition: Bajaj Allianz Life's ground-breaking WhatsApp Conversational Platform - empowering customers to digitally services their policies seamlessly The award entries were shortlisted by industry experts and the winner was selected by the community through pre-voting and live event voting.
No comments:
Post a Comment