NATIONAL UPDATES:
1. Government estimates Rs 50,000 crore from disinvestment, asset monetisation in FY25: The government has estimated to collect Rs 50,000 crore from disinvestment and asset monetisation in the current fiscal. Besides, the government estimates a total of Rs 56,260 crore dividend from CPSEs (central public sector enterprises), more than Rs 48,000 crore estimated in the interim budget. The budget also estimates that dividend from RBI, banks and financial institutions would be Rs 2,32,874 crore in FY25, more than double of interim budget estimate of Rs 1.02 lakh crore.
The massive increase in the number is on account of the windfall dividend of Rs 2.11 lakh crore from the RBI. As per the budget document, the government has estimated Rs 50,000 crore towards capital receipts. This is same as the amount provisioned for in the interim budget. The revised estimates for last fiscal have been pegged at Rs 30,000 crore.
2. Rs 6.22 lakh crore allocated to MoD, highest among Ministries, in Regular Union Budget 2024-25: In the Regular Union Budget of Financial Year (FY) 2024-25, the Ministry of Defence (MoD) has been allocated Rs 6,21,940.85 crore (approx. US $75 Billion), the highest among the Ministries. While maintaining the allocation made to MoD during the interim budget, the Government has made an additional allocation to the tune of Rs 400 crore on innovation in defence, through the Acing Development of Innovative Technologies with iDEX (ADITI) scheme.
Through this scheme, MoD is engaging with start-ups/MSMEs and innovators to develop Def-Tech solutions and supply the Indian military with innovative and indigenous technological solutions. A grant of up to 50% of the Product Development Budget with an enhanced limit (Max) of Rs 25 crore per applicant will be awarded as per extant iDEX guidelines.
3. Prime Minister’s package worth Rs 2 lakh crore central outlay announced; employment, skilling and other opportunities: The finance minister announced the Prime Minister’s package of 5 schemes and initiatives. The package aims to facilitate employment, skilling, and other opportunities for 4.1 crore youth over a 5-year period with a central outlay of Rs. 2 lakh crores.
The government will implement the following three schemes for ‘Employment Linked Incentive’, as part of the Prime Minister’s package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers.
4. C-DOT partners with IIT Roorkee and Mandi to boost 6G standardization, connectivity: The Centre for Development of Telematics (C-DOT), signed an agreement with the Indian Institute of Technology Roorkee (IIT Roorkee) and Indian Institute of Technology, Mandi (IIT Mandi). Goal for the development of ‘Cell-Free’ 6G Access Points. Both the IITs are collaborating to develop this technology. This scheme aims to enable affordable broadband and mobile services, playing a significant role in bridging the digital divide across India. The agreement is signed under the Telecom Technology Development Fund (TTDF) scheme of Department of Telecommunications, Government of India, which has been designed for providing funding support to domestic companies, Indian startups, academia and R&D institutions involved in technology design, development, commercialization of telecommunication products and solutions.
INTERNATIONAL UPDATES:
1. Nepal, Sri Lanka, Seychelles get more funds under Budget allocation for MEA: India-funded projects in the neighbourhood received the bulk of the allocation for the Ministry of External Affairs (MEA) under the Union Budget presented by Finance Minister Nirmala Sitharaman. Nepal secured an allocation of ₹700 crore, which is a jump of ₹150 crore from previous year’s allocation of ₹550 crore. Sri Lanka, which has a number of India-funded projects, has received ₹245 crore, an improvement of ₹95 crore over last year’s funding of ₹150 crore.
2. Nita Ambani unanimously re-elected as International Olympic Committee Member: The International Olympic Committee (IOC) announced that Nita Ambani has been re-elected unanimously as the IOC member from India at the 142nd session. Nita is the founder of Reliance Foundation and won unanimously with 100 per cent of the vote. Nita Ambani was first appointed to join the prestigious body in 2016, at the Rio de Janeiro Olympic Games. Since then, as India’s first woman to join the IOC, Nita Ambani has made great strides for the association, whilst also championing India’s sporting ambitions and Olympic vision. This includes recently hosting the first IOC session in Mumbai for over 40 years, in October 2023, which was hailed as showcasing the new, ambitious India to the world.
3. 25 July – World Drowning Prevention Day: World Drowning Prevention Day is observed every year on 25 July. Objective – To raise awareness and accelerating action on global drowning prevention.Theme 2024 – Anyone can drown, no one should This observance gains additional significance in light of the World Health Assembly Resolution WHA76.18, passed in 2023, which underscores the urgent need for coordinated multi-sectoral action to combat drowning—a leading cause of injury-related death and disability worldwide.
4. 25 July – World Embryologist Day: World Embryologist Day, or World IVF Day is celebrated every year on July 25. It gives us a chance to recognise the amazing work that embryologists from the past and present have accomplished. This day honours their contributions to the field of reproductive medicine, particularly in vitro fertilisation (IVF), which has helped countless individuals and couples realise their goal of becoming parents. July 25 was chosen as World IVF Day because it is the birthday of Louise Brown, the first baby ever born through in vitro fertilisation (IVF). Louise was born in Oldham, United Kingdom, on this day in 1978. Since then, over 8 million babies have been born through IVF.
OTHER UPDATES:
DEFENCE
1. Goa Shipyard Launches First Indigenous P1135.6 Frigate ‘Triput’: In a significant achievement for India’s naval capabilities and the ‘Atmanirbhar Bharat’ initiative, Goa Shipyard Ltd (GSL) successfully launched the first indigenous P1135.6 Frigate, named Triput. This marks the first time these vessels are being constructed indigenously in India. Triput is the first of two P1135.6 Class Frigates being built at GSL. The 124-meter-long ship can reach speeds of 28 knots at a displacement of approximately 3200 tonnes and is equipped with advanced state-of-the-art weaponry and sensors. The frigate features indigenous components, including specialized low-carbon micro-alloy grade steel for the hull and various systems developed by private industry.
SPORTS
1. Khelo India once again gets lion’s share in Budget for sports: Khelo India, which is the government’s flagship project to promote sports at the grassroots level, was once again the biggest beneficiary in the union budget for the sports ministry as it was assigned ₹900 crore from the overall allocation of ₹3,442.32 crore.Khelo India’s share, announced in the budget presented by Finance Minister Nirmala Sitharaman in New Delhi, is ₹20 crore more than the revised allocation of ₹880 crore during the previous financial year.The budget for the previous cycle was ₹3,396.96 crore for the previous financial year.While Khelo India’s actual allocation in 2022-23 stood at ₹596.39 crore, it was increased by more than ₹400 crore, to ₹1,000 crores, in the 2023-24 budget, before being revised to ₹880 crore.The budget for Sports Authority of India, which apart from maintaining its stadia across the country also manages the Target Olympic Podium Scheme (TOPS) to prepare athletes for the global sporting extravaganzas, has also been enhanced from ₹795.77 crore to ₹822.60 crore, which is a jump of ₹26.83 crore.
2. IOA ropes in BPCL as principal sponsor for four years: The Indian Olympic Association (IOA) has named Bharat Petroleum Corporation Limited (BPCL) as its official principal sponsor for four years, starting with the Paris Olympics till the 2028 Los Angeles Games. The collaboration between BPCL, a Maharatna company, and IOA will also encompass the Commonwealth Games, Asian Games, Summer Youth Olympics, Winter Olympics, and Winter Youth Olympics. As part of this collaboration, BPCL will launch series of campaigns designed to support the Indian contingent heading to Paris. These initiatives aim to inspire the nation, galvanize support for the athletes, and celebrate their relentless pursuit of excellence on the global stage.
3. French Alps to Host 2030 Winter Olympics and Paralympic Games: The International Olympic Committee (IOC) announced that the French Alps will host the Winter Olympic and Paralympic Games in 2030. The announced plans are conditional based on the guarantees given by French President Emmanuel Macron that the new office being formed in the country after 2024 will underwrite all the organisational guarantees that must still be signed. The 2030 Winter Games will be the first time the event returns to France since the 1992 edition. The 2026 edition of the prestigious tournament will be held in Italy.
BANKING AND FINANCE
1. With ₹2.65 lakh crore outlay, Railways to prioritise safety: The Ministry of Railways has received a record allocation of over ₹2.55 lakh crore in financial year 2024-25, which is a jump of 5.85% from the previous year’s ₹2.41 lakh crore, according to Union Budget documents. The total outlay provided for capital expenditure includes ₹2.52 lakh crore from general revenues, ₹200 crore from Nirbhaya Fund, ₹3,000 crore from internal resources and ₹10,000 crore from extra budgetary resources, bringing it up to ₹2.65 lakh crore. This amount will be spent on assets, acquisitions, construction and replacement. The actual operating ratio of the railways for FY2022-23 stood at 98.10%. In Budget Estimates of FY2024-25, this has gone up a bit to 98.22%. Operating ratio is number of rupees spent to earn every hundred rupees.
2. Paytm partners with Axis Bank to provide payment technology solutions: One97 Communications (OCL), the company that owns fintech firm Paytm, has partnered with Axis Bank to provide point-of-sale (POS) solutions and electronic data capture (EDC) or card machines to the lender and its merchant network. Paytm’s technology solutions, via payment acceptance devices, will reach a wider base through Axis Bank. Paytm’s software offers complete store management services, including inventory management, invoice generation, promotions and discounts, sales tracking and reporting, and customer relationship management.
AWARDS AND HONOURS
1. Shah Rukh Khan gets honoured with Customised Gold Coins by Paris’ Grevin Museum: Bollywood superstar Shah Rukh Khan has been honoured with customised gold coins by the Grevin Museum in Paris. Shah Rukh is the first Indian actor to have gold coins in his name at the museum. According to the report, the Gervin Museum is a wax museum located on the Grands Boulevards in Paris. The Dunki actor has his wax statues in several wax museums across the globe including the US, the UK, Germany, France, Czech Republic, Thailand, India, Singapore and Australia. Shah Rukh will soon be receiving the prestigious Pardo alla Carriera at the 77th edition of the Locarno Film Festival as well.
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