NATIONAL UPDATES:
1. Government exempts Customs Duty on Cancer Medicines to Enhance Drug Affordability: Government has exempted customs duty on Cancer medicines to improve the affordability of these drugs. Union Finance Minister Nirmala Sitharaman announced the exemption of three additional cancer medicines from customs duty in the proposed Union Budget 2024-25 in Parliament. These medicine are Trastuzumab Deruxtecan for Breast Cancer, Osimertinib for Lung Cancer and Durvalumab for Lung Cancer and Biliary Tract Cancer. Union Health Ministry said, 27 lakh cancer patients in the country will benefit from this decision. Finance Minister also revised the custom duty rates on X-ray tubes and flat panel detectors. These revised rates are expected to positively impact the X-ray machine industry by enhancing component availability at lower costs.
2. Indigenously developed Automatic Train Protection (ATP) system Kavach deployed on 1465 Route km: Indigenously developed Automatic Train Protection (ATP) system Kavach deployed on 1465 Route km and 144 locomotives on South Central Railway. Kavach is an indigenously developed Automatic Train Protection (ATP) system and a highly technology-intensive system, which requires safety certification of the highest order. Kavach aids the loco pilot in train running within specified speed limits by automatic application of brakes in case Loco Pilot fails to do so and also helps the train safely run during inclement weather. Kavach has been certified for highest level of Safety Integrity Level -SIL4 by Independent Safety Assessor and reduces the probability of train collisions in block sections.
3. Union Budget 2024-25: Govt announces Venture Fund of Rs 1,000 Crore to Expand Space Economy: Finance Minister Nirmala Sitharaman has announced a Rs 1,000 crore venture capital fund to give a push to the space economy in the Union Budget 2024-25. With our continued emphasis on expanding the space economy, by 5 times in the next 10 years, a venture capital fund of Rs 1,000 crore will be set up. This is the government’s vision is to increase India’s share in the global commercial space economy to 10% by 2030. Despite being a major spacefaring nation, India currently accounts for only 2 per cent of the global space market. Sitharaman also reiterated the government’s commitment of setting up a corpus of Rs 1 lakh crore to provide long-term, interest-free loan to encourage research and development by private sector. The Anusandhan National Research Fund will support research and prototype development.
4. Parle continues to be the most-chosen in-home FMCG brand: Biscuit brand Parle continues to be the most chosen in-home brand according to the latest edition of the annual Brand Footprint Report released by Kantar. The report ranks brands based on Consumer Reach Points (CRP’s). CRP considers the actual purchase made by consumers and the frequency at which these purchases are made in a calendar year. The report measures CRPS of 445 brands. With a CRP score of 7980 million, Parle holds the top spot as the most chosen in-home brand for a record 12 th year in a row. Other brands in the top five rankings include Britannia, Amul, Clinic Plus and Tata Consumer Products. Seven brands in the top 25 in-home rankings witnessed more than 20 per cent penetration increase in the last decade. This includes Britannia followed by Surf Excel, Sunfeast, Haldiram’s, Patanjali, Brooke Bond and Vim.
5. Rashtrapati Bhavan’s Durbar Hall, Ashok Hall renamed: President Droupadi Murmu announced the renaming of two of the important halls of Rashtrapati Bhavan – namely, ‘Durbar Hall’ and ‘Ashok Hall’ – as ‘Ganatantra Mandap’ and ‘Ashok Mandap’ respectively. Earlier, Rashtrapati Bhavan’s Mughal Garden was also renamed as ‘Amrit Udyan.’ The Rashtrapati Bhavan, the office and the residence of the President of India, is a symbol of the nation, and an invaluable heritage of the people.
6. Ajinkya Naik elected as the Youngest MCA President: 37 years old, Ajinkya Naik has been elected as the youngest president in the history of the Mumbai Cricket Association (MCA). Naik defeated Sanjay Naik, a candidate supported by Mumbai BJP chief Ashish Shelar, by 107 votes in a one-sided election. Ajinkya Naik secured 221 votes, while Sanjay Naik received 114 votes. The election was held following the passing of the former MCA President Amol Kale. Naik, who was previously the MCA Secretary, cited his extensive experience and committee involvement as factors contributing to his victory.
7. Filmmaker Shekhar Kapur appointed IFFI festival director: Veteran filmmaker Shekhar Kapur has been appointed festival director for the International Film Festival of India (IFFI). Kapur will head the festival, held annually in Goa, for the 55th and 56th editions. He has directed films such as “Masoom”, “Mr India” and “Bandit Queen” in India. Kapur served as the head of the chairperson of the international competition Jury at the 54th IFFI. He also served as chairperson of the Pune-based Film and Television Institute of India from 2020-2023
INTERNATIONAL UPDATES:
1. Global Passport Index: India at 82nd with Visa-Free Access to 58 Countries: India has been ranked 82nd spot on a global passport index, allowing Indians visa-free entry to 58 countries, including popular destinations like Indonesia, Malaysia and Thailand. According to the latest ranking by the UK-based Henley Passport Index, India’s passport now ranks at an improved 82nd spot. The ranking is based on data from the International Air Transport Association (IATA). Singapore occupied the top spot in the Index with its citizens having visa-free entry to 195 countries. It dethroned Japan from the first place, which is now at the second place along with Spain, France, Germany and Italy. The passports of all five countries allow visa-free access to 192 destinations. The Henley Passport Index is a global ranking of countries according to the travel freedom allowed by those countries’ ordinary passports for their citizens.
2. India among top 3 countries in most significant forest area gains: FAO: According to a new report by the Food and Agriculture Organisation (FAO), India gained 2,66,000 hectares of forest area annually from 2010 to 2020, securing the third spot among the top 10 countries with the most significant forest area gains during this period. China led the world with the maximum forest area gain of 1,937,000 hectares, followed by Australia with 4,46,000 hectares, and then India. Other countries in the top 10 include Chile, Vietnam, Turkey, the United States, France, Italy and Romania. The report highlighted a significant reduction in deforestation in some countries. For example, Indonesia saw an 8.4 percent decline in deforestation from 2021 to 2022. While Brazil’s Amazon experienced a 50 percent reduction in deforestation in 2023.
OTHER UPDATES:
DEFENCE
1. 26 July – Kargil Vijay Diwas: Kargil Diwas, also known as Kargil Vijay Diwas, is celebrated annually on July 26 to commemorate India’s victory over Pakistan in the Kargil War. On this day, in the year 1999, India successfully outed Pakistani Forces from their occupied positions on the mountain tops of Northern Kargil District in Ladakh. As the nation approaches the 25th anniversary of this historic victory, Prime Minister Narendra Modi is set to visit the Drass sector in the Union Territory of Ladakh. The Kargil War, a armed conflict between India and Pakistan, took place from May 8, 1999, to July 26, 1999. This period was marked by intense fighting and strategic maneuvers that would shape the future of Indo-Pakistani relations.
SPORTS
2. Real Madrid become first football club in world to report €1 billion in revenue: Real Madrid have become the first football club to report revenue generation of over €1 billion ($1.08bn). As per the financial report for 2023-24, the La Liga giants Real Madrid made €1.073bn in revenue, registering a rise of 27% and a total gain of €230 million. The revenue statement did not include player transfers. They also registered after-tax profits of €16m, 32% higher than last season. Real Madrid is valued at $6.07bn by Forbes – the most valuable football club in the world and the 11th most valuable sports team overall. The Dallas Cowboys are the highest-valued sports team in the world as per Forbes with a valuation of $9bn.
BANKING AND FINANCE
1. Credit guarantee cover extended to ₹7.5 lakh under revamped Model Skill Loan Scheme: Minister of State for Skill Development and Entrepreneurship Jayant Chaudhary has launched the ‘Model Skill Loan Scheme’ in New Delhi. The scheme aims to empower the country’s future-ready workforce. Under the scheme, education and upskilling opportunities will be provided to 25 thousand youth across the country. Under the new scheme, the loan amount limit has been increased to 7.5 lakh rupees which was 1.5 lakh rupees earlier. This scheme had been mentioned by the Union Finance Minister Nirmala Sitharaman in Union Budget 2024-25. The earlier Credit Guarantee Fund Scheme for Skill Development, notified in November 2015 to create a credit guarantee fund for courses aligned to the National Skill Qualification Framework, faced multiple challenges. As on March 31, 2024, loans amounting to ₹115.75 crore had been extended to just 10,077 borrowers.
2. Acko acquires healthtech company OneCare in all cash deal: Insurtech company Acko has acquired digital chronic care management company OneCare in an all-cash deal. This is a strategic move to re-emphasise Acko’s broader vision of being a comprehensive healthcare provider to its customers, going beyond the insurance services. Following the move, Rakesh Shivran and Sagar Bhat, co-founders of OneCare, will also be joining the leadership team of Acko, bringing in their substantial learning and experience in building large scale health-tech services. OneCare has developed a unique omnichannel care model that combines advanced wearables, data-driven insights, and the accessibility of both physical clinics and virtual care teams.
3. IRDAI revises its guidelines on commission on long-term motor insurance: The Insurance Regulatory and Development Authority of India (IRDAI) has revised its guidelines regarding the commission for long-term motor insurance policies. The recent policy change brings these long-term policies in line with the standard one-year motor insurance policies. Under the updated regulation, insurers are now permitted to provide commissions within the expense management framework for long-term policies. For three-year comprehensive motor insurance policies for four-wheelers, the commission cap was originally set at 15% for the first year, 10% for the second year, and 5% for the third year. The recent guidelines have granted insurers the freedom to tailor commission structures according to their management expenses.
No comments:
Post a Comment