NATIONAL UPDATES:
1. Indian
Army inducts BEL developed Swathi Mk2 radar:
Indian Army inducted the lighter and more compact version of the
developed Weapon Locating Radar (WLR-M) called "Swathi
Mountains." Aim: To enhance the Army's battlefield surveillance
capabilities, enabling it to effectively monitor and respond to threats in
mountainous regions. Developed by Bharat Electronics Limited (BEL) in
Bengaluru, and designed for operations in mountainous and high-altitude
areas, catering to the unique challenges posed by such terrains.
2. Rajasthan
Cabinet approved formation of 19 districts, 3 divisions in stat: The Rajasthan Cabinet approved the proposal of a
high-level committee to form 19 new districts and 3 new divisions in the
State. Rajasthan will now have a total of 50 districts and 10 divisional
headquarters. According to CM Ashok Gehlot formation of new
districts will improve governance and bring relief to people who have to cover
long distances to go to the district headquarters. The new districts are
like, Jaipur has been divided into Jaipur and Jaipur Rural
3. Bihar constitutes ‘Rhino Task Force’ to revive rhino
conservation in Valmiki Tiger Reserve: The Bihar
government will set up a ‘Rhino Task Force’ to propose measures
to restart the rhino conservation plan in ‘Valmiki Tiger Reserve’ (VTR)
located in West Champaran district. At present there is only one rhino in VTR
and 14 rhinos in Patna Zoo. The VTR has seen a significant increase in the
tiger population, prompting state wildlife officials to focus on reviving the
rhino population in the region. Valmiki Tiger Reserve has been selected as a
potential site under the National Rhino Conservation Plan. This national-level
scheme allows rhinos to be introduced into Valmiki Tiger Reserve from other
reserves across the country to boost their conservation. India plays a critical
role in the conservation of the one-horned rhinoceros species. Approximately
75% of the world’s rhino population is found in India. Notably, over 93% of
India’s rhino population resides in just one protected area, the Kaziranga
National Park in the state of Assam.
4. PM Modi launched Amrit Bharat Station Scheme (ABSS) in
13 railway stations: Prime Minister Narendra Modi has launched the Amrit Bharat
Station Scheme (ABSS) through a video link from Delhi, Which aims to
revitalize 508 railway stations across India and turn them into world-class
travel hubs. These 508 stations are spread across 27 states and union
territories, including 55 each in Uttar Pradesh and Rajasthan, 49 in Bihar, 44
in Maharashtra, 37 in West Bengal, 34 in Madhya Pradesh, 32 in Assam, 25 in
Odisha, 22 in Punjab, 21 each in Gujarat and Telangana, 20 in Jharkhand, 18
each in Andhra Pradesh and Tamil Nadu. Besides 15 stations are in Haryana and
13 in Karnataka. The redevelopment, which will cost ₹ 24,470 crore, will
provide modern passenger amenities along with ensuring well-designed traffic circulation,
inter-modal integration and well-designed signage for guidance of passengers,
the PMO had said in a statement, adding that the design of station buildings
will be inspired by local culture, heritage, and architecture. Guided by this
vision, the ‘Amrit Bharat Station Scheme’ was launched to redevelop 1,309
stations. As part of this scheme, the foundation stone for redevelopment of 508
stations was laid by the prime minister.
5. 8 August – Quit India Movement Day: Every year Quit India Day is observed
every year on August 8 to commemorate occasion, which was a defining
moment in the history of India’s freedom struggle. The day is also an occasion
to pay tribute to the freedom fighters who have sacrificed their lives for
independence of the country. Quit India Movement, also known as the “Bharat
Chodo Andolan”, was launched by Mahatma Gandhi on August 8, 1942. The movement
was a mass movement was launched at the Bombay session of the All-India
Congress Committee (AICC). Gandhiji gave the clarion call of ‘Do or Die’ to the
countrymen for a decisive fight against the British rule. During World War II,
the British empire, which was a part of the allied forces, wanted to utilise
Indian resources and manpower in the war. Until 1942, more than 90,000 Indian
soldiers were killed in the war. Later a member of the war cabinet, Stafford
Cripps was sent to India to get cooperation in the war, while several protests
were already triggered in the country.
6. 7 August – Javelin Throw Day: Javelin Throw Day is celebrated every
year on August 7 in India.
The
Athletics Federation of India, the apex body for athletics in India, took the
decision to celebrate August 7 as the National Javelin Day to commemorate
Neeraj Chopra’s historic gold medal during the Tokyo Olympics. It was on August
7 2021, that Chopra hurled javelin at a distance of 87.58m during the men’s
Javelin Throw final of the Tokyo Games to win the gold medal. Chopra scripted
history as it was India’s first-ever gold medal in Track and Field events in Olympics.
With the gold medal at Tokyo, Chopra also became the second individual gold
medalist from India after Abhinav Bindra’s gold-medal-winning performance at
the 2008 Beijing Games.
INTERNATIONAL UPDATES:
1. Indian-origin
Vaibhav Taneja: The new CFO of TESLA:
Tesla appointed Indian-origin Vaibhav Taneja as Chief Financial
Officer of the company replacing Kirkhorn. He initially
assumed the role of Corporate Controller in May 2018, and his commitment and
competence led to his elevation to the position of CAO in March 2019. His
portfolio encompassed the critical domains of financial reporting, tax
compliance, and internal controls, underscoring his pivotal role in upholding
Tesla's fiscal integrity.
2. India hands over 450 million for Sri Lanka Unique Digital
Identity project: India has handed over INR 450
million in advance to Sri Lanka to fund its unique digital identity
project. It is the most crucial step in the island nation’s digitalization
program being implemented through the Indian grant assistance. The project aims
to collect biographic and biometric information, including facial, iris, and
fingerprint data, which will be stored in a centralized system to issue
identification cards as per the standards set by the International Civil
Aviation Organization (ICAO). The implementation of the project would lead to
more effective and efficient delivery of government services, poverty reduction
and welfare programs; financial inclusion through better access to banking and
other products/services. The project commenced with the signing of a MoU
between Sri Lanka and India in March 2022 and an Indo-Sri Lanka Joint Project
Monitoring Committee (JPMC) for the Sri Lanka Unique Digital Identity Project
(SL-UDI) was introduced. The Government of India is overseeing the software
development for the SL-UDI.
3. FEDA hosts International Education Summit in Dubai on
academic excellence: The Federation of Economic Development Association
(FEDA) hosted the International Education Summit & Conference
2023 at Hamdan Bin Mohammed Smart University (HBMSU) in Dubai. The event was
attended by more than 120 participants from various academic disciplines. The
summit was aimed at providing a platform for ambitious minds to showcase
academic excellence. It featured a conference on the topic of Innovative
Research In Economics Management, Information Technology and Legal Studies. This
international platform provided scholars with an opportunity to present their
cutting-edge research and findings, facilitating the exchange of ideas and
knowledge.
4. Cambodian King Norodom Sihamoni appoints Hun Manet- as
the new PM: Cambodia’s King Norodom
Sihamoni has appointed former Prime minister Hun Sen’s son – Hun Manet- as
the new prime minister of the country. A royal decree was issued by the
King stating that he appoints Dr. Hun Manet as the prime minister. While the
King has appointed Hun Manet as the PM, the leader and his cabinet must win the
confidence vote on August 22 to assume office. During the Cambodian Elections
2023, Hun Sen’s party – the Cambodian People’s Party – won with a landslide
victory. Days after their victory, former PM Hun Sen announced that he will be
stepping down as the Prime Minister, after assuming office in 1998.
OTHER UPDATES:
SPORTS
1. Pramod
and Sukant won a gold medal in Four Nations Para-Badminton 2023: In the Four Nations Para-Badminton
International 2023 held in England, the top-ranked men's doubles duo
of Pramod Bhagat and Sukant Kadam clinched a gold medal in the SL3-SL4 category.
They achieved this victory by defeating Ranjan Bisoyee and Manoj Sarkar. Bhagat
secured a silver medal in the singles SL3 category, and he also teamed up with
Manisha Ramdass to claim a silver medal in the mixed doubles SL3-SU5
category. Kadam won a bronze in the singles SL4 category.
2. H.S.
Prannoy won Silver medal in Australian Open Super 500 badminton 2023: The ninth-ranked Indian shuttler HS
Prannoy won silver at the Australian Open Badminton 2023
final in Sydney He went down fighting against World No. 24 Weng Hong Yang
of China. He also bagged the silver medal in Boys' singles at the 2010 Summer
Youth Olympics. He followed it up with another silver, this time at the Bahrain
International Challenge, in 2011.
3. Alex Hales announces retirement from international
cricket: England batsman Alex Hales has
announced his retirement from international cricket at the age of 34. Hales,
aged 34, was one of the leading figures of England’s change in approach to
white-ball cricket under Eoin Morgan after the 2015 World Cup. He was also a
key figure in them winning the 2022 T20 World Cup. Hales played 11 Test
matches, 70 ODIs and 75 T20Is, having made his international debut in a T20
match against India in Manchester in August 2011. He was dropped from England’s
2019 ODI World Cup squad, and exiled from international cricket for three years
thereafter after news of a failed recreational drugs test broke a month before
the tournament and spent nearly three years in exile.
BANKING AND FINANCE
1. PayPal
becomes first major fintech to launch dollar-backed stablecoin: Payments company PayPal has launched a US dollar stablecoin,
becoming the first major financial technology firm Aim: To embrace
digital currencies for payments and transfers. Stablecoins are a type of
cryptocurrency that typically track the value of a major currency such as the
dollar one-for-one. They play a key role in connecting traditional and
crypto markets, as traders use the coins like cash in order to move in and out
of trades without paying high fees.
2. Postal
Life Insurance Launched Direct Incentive Disbursement: Postal Life Insurance has introduced the ‘Direct Incentive
Disbursement’ program in the Delhi and Uttarakhand circles Aim: To ensure that
it receives its hard-earned commissions from the previous month directly to
their Post Office Savings Bank accounts. Swift and Secure
Transactions: Salesforce receives incentives directly in their POSB
accounts. Convenience and Motivation: Salesforce can conveniently manage
their funds, and immediate rewards drive optimal performance.
3. RBI
data: Bank credit growth to MSMEs decelerates in Q1: According to RBI, Bank credit growth to Micro, Small and Medium
Enterprises (MSMEs) has decelerated on a year-on-year basis in the first
three months of the FY 2023 As per the latest Reserve Bank data, the
credit to medium industries in June grew by 13.2 per cent (47.8%
2022) and micro and small industries by 13 per cent (29.2 % 2022). Gross
bank credit outstanding to medium industries in June 2023 was Rs 2,63,440 crore
compared to Rs 2,32,776 crore in June 2022
4. Domestic
companies raised Rs 9.8 lakh cr from market in FY23: According to the SEBI report, Domestic companies raised Rs 9.8
lakh crore from capital markets in the fiscal 2022-23, which was 4.6 per cent
higher than the amount raised in the fiscal 2022 The capital market regulator
said that the funds were raised for the financing needs of the companies
through various instruments such as equity, debt, AIFs, REITs, and InvITs. According
to the SEBI its recovery from erring market participants for the year stood
at Rs 6,031 crore
5. Banks
write off Rs 14.56 lakh crore NPAs in last nine financial years: Banks have written off bad loans worth Rs 14.56 lakh crore in the
last nine financial years starting 2014-15 in Aug 2023. Out of the total Rs
14,56,226 crore, written off loans of large industries and services stood at Rs
7,40,968 crore. According to Minister of State for Finance Bhagwat Karad
Scheduled Commercial Banks have recovered an aggregate amount of Rs 2,04,668
crore in written-off loans, including corporate loans, since April, 2014 2022
and up to March, 2023.
OBITUARIES
1. The
Exorcist' Director William Friedkin Dies At 87: The
Famous US director William Friedkin passed away at the age of 87. He directed
movies like The Exorcist" and "The French Connection". Friedkin
exploded onto the Hollywood scene in 1971 with the gritty cop drama "The
French Connection." It won five Oscars, including for best director and
best picture. Friedkin followed that up with "The Exorcist," in 1973.
It was a huge commercial and critical hit, as well as being deeply
controversial.
2. Padma Bhushan awardee and IAS officer N Vittal passes away: The Padma Bhushan awardee and IAS officer of the Gujarat cadre, 1960 batch, N Vittal passed away in Chennai. He was a former Telecom Secretary and Central Vigilance Commissioner (CVC). His experience of more than 40 years covered a wide spectrum with focus on industrial administration, science and technology, and security. As Chairman of the Telecom Commission, he also initiated the process of liberalization in the telecom sector and played a major role in getting the National Telecom Policy 1994 approved. He authored a book titled Corruption in India – The Roadblock to National Prosperity.
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