NATIONAL UPDATES:
1. India, US Sign Cultural Property Agreement to Repatriate Stolen Indian Artifacts: India and the United States of America have signed a Cultural Property Agreement to repatriate stolen Indian artifacts from the USA. Under the agreement, both countries will work together to also prevent and prohibit illicit trade, import, export and trafficking of archaeological and ethnological materials. This is India’s first-ever Cultural Property Agreement with the US.
2. Centre clears urban flood management projects worth ₹2,514.36 cr of 5 states: A high-level committee (HLC), chaired by the union home minister, approved six proposals of five states, Telangana, Gujarat, Karnataka, West Bengal and Maharashtra — for urban flood management at a total cost of ₹2,514.36 crore. The funds would be utilized for flood management in six metro cities of Mumbai, Kolkata, Bengaluru, Hyderabad, Ahmedabad and Pune. Earlier in its meeting on November 27, 2023, the HLC approved the project proposal for integrated solutions for flood management in Chennai, Tamil Nadu, at a cost of ₹561.29 crore. The HLC, comprising of Finance Minister, Agriculture Minister and Vice Chairman NITI Aayog as members, overall considered nine proposals for funding from National Disaster Mitigation Fund (NDMF) and National Disaster Response Fund (NDRF) to combat urban flooding in six cities, to mitigate Glacial Lake Outburst Flood (GLOF) in 4 hill states and to strengthen fire services in 3 states.
3. Govt sets a target to open 25,000 PMBJKs by 31st March 2027 across India: The government has set a target to open 25,000 Pradhan Mantri Bharatiya Janaushadhi Kendras (PMBJKs) by 31st March 2027 across the country. In a written reply in Lok Sabha, Minister of State for Chemicals and Fertilizers, Anupriya Patel said, 547 PMBJ Kendras have been opened in Primary Agricultural Credit Societies across the country till June last month. Under Pradhan Mantri Bharatiya Janaushadhi Pariyojana, 2047 medicines and 3000 surgical and medical consumables have been brought under the product basket for wider availability.
4. India’s 500th Community Radio Station in Aizawl: Community radio gives people in the area a chance to be heard and allows people at the local level to communicate. It encourages participation in politics, artistic expression, and social change, which makes it an important part of the media landscape. The launch of Apna Radio is in line with the government’s Act East strategy, which aims to improve community welfare and connectivity, especially in India’s North East. It shows a dedication to making local problems and stories heard.
INTERNATIONAL UPDATES:
1. India – US Signed Cultural Property Agreement: India and the US signed a deal on cultural property on July 26, 2024. The goal was to make it easier for them to work together to protect cultural heritage. Both countries have made a larger promise to return stolen artifacts and stop the illegal trade of cultural property, which includes this deal.
2. South Africa Passes its First Sweeping Climate Change Law: When carbon budgets are put in place, experts expect big businesses to cut their pollution by a large amount. To make sure responsibility, reporting must be clear and honest. But the law will only work if clear rules for allocating resources are put in place and people are given money to help them switch to green energy sources. This act could mean a change in how the South African government deals with climate change, pointing to a more aggressive approach than in the past. Still, problems like not having enough money and clear plans for switching to green energy are already there.
OTHER UPDATES:
DEFENCE
1. Ajit Doval Represents India At 4th Annual BIMSTEC Security Chiefs Meeting In Naypyitaw: National Security Advisor NSA Ajit Doval led the Indian delegation at the 4th Annual Meeting of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation BIMSTEC Security Chiefs in Naypyitaw, Myanmar. He met with the Myanmar NSA Admiral Moe Aung and BIMSTEC Security Chiefs called on Prime Minister Senior General Min Aung Hlaing. Delivering India’s national statement at the BIMSTEC meet, Mr Doval spoke on strengthening cooperation in counter-terrorism and combating drug trafficking, arms smuggling and organized crime. He also spoke about BIMSTEC connectivity, holding the 2nd Ports Conclave and water security of Himalayan River systems.
2. Exercise KHAAN QUEST 2024: The first KHAAN QUEST took place in 2003 as a partnership between the US and Mongolia. Since then, it has grown into a major Multinational Peacekeeping Exercise. The 21st version will be held in 2024. In July 2023, the last drill took place. The U.S. Indo-Pacific Command is one of the sponsors of the drill, which is being held by the Mongolian Armed Forces. This shows that it involves forces from many countries.
3. 25th Kargil Vijay Diwas: India and Pakistan fought a fierce war called the Kargil War from May 8, 1999, to July 26, 1999. The war was a turning point in India’s military history, and it ended with the successful finishing of Operation Vijay. Prime Minister Atal Bihari Vajpayee was in charge of India then, and Nawaz Sharif was in charge of Pakistan.
SPORTS
1. 2024 Paris Olympics Opening Parade held on River Seine, Paris: The 33rd Summer Olympics opened with a first-of-its-kind opening ceremony in the French capital city of Paris on 26 July 2024. For the first time in the Summer Olympics’ history, the traditional opening ceremony was not held in a stadium but in the open on the Seine. Out of the 117-strong Indian side, 78 participated in the opening ceremony. The Indian contingent was led by four-time Olympian table tennis player Sharath Kamal and two-time Olympian badminton player P.V. Sindhu. Paris will host the 33rd Summer Olympics from 26 July to 11 August and Paralympics for the physically challenged athletes from 28 August to 8 September 2024. It is the third time Paris is hosting the Summer Olympics, having hosted in 1900,1924 and now in 2024.
SCIENCE AND TECHNOLOGY
1. India Advances 6G Technology Development with IITs Collaboration: Cell-based design is how most mobile networks work. ‘Cell-Free’ Massive MIMO technology, on the other hand, uses many access points spread out in an area to work together. The following are some good things about this system: Connectivity everywhere, with fewer dead spots; stronger and more reliable signals; and much faster data speeds for users, especially in areas with lots of people. Overall, this project is a big step forward for improving India’s communications and lays the groundwork for the 6G age that is coming soon.
2. ISRO Seeks ESA Collaboration for Apophis Asteroid Mission: Somanath, the chairman of ISRO, said that the organization would like to interact with the asteroid during its flyby, but the exact details of the plan are still not clear. Talks with ESA about working together are already going on, to use both groups’ skills. Asteroids are pieces of the Solar System that were left over when it was formed. Asteroids have been ignored in the past, but people are becoming more aware of how dangerous they could be to Earth, especially when you think about how dinosaurs died out because of strikes from asteroids.
BANKING AND FINANCE
1. RBI introduces PCA framework to improve financial health of UCBs: The Reserve Bank of India (RBI) has prescribed a Prompt Corrective Action (PCA) framework for relatively weak urban co-operative banks (UCBs), with deposits above ₹100 crore (upper tier category), to nurse them back to health. As per the framework, a financially unsound and ill-managed UCB can be brought under PCA if it breaches the risk thresholds of identified indicators pertaining to capital and profitability (net profit). Currently, there are around 1,500 UCBs in the country. RBI classifies UCBs as Tier-I (deposits up to ₹100 crore); Tier-2 (more than ₹100 crore and up to ₹1,000 crore); Tier-3 (deposits more than ₹1,000 crore and up to ₹10,000 crore); and Tier-4 (above ₹10,000 crore). Tiers 2 to 4 come under the upper Tier. The objective of the PCA Framework is to enable supervisory intervention at an appropriate time and require the UCBs to initiate and implement remedial measures in a timely manner, to restore their financial health.
2. ADB Approves Support to Improve Urban Mobility in India: The Asian Development Bank (ADB) has approved a $200 million loan to expand metro rail corridors and improve transport connectivity in Nagpur, India. The Nagpur Metro Urban Mobility Project will improve transport connectivity within and to Nagpur’s new and growing urban areas. The project will finance the extension of four metro rail corridors in Nagpur. These are from Automotive Square to Kanhan, Prajapati Nagar to Transport Nagar, Khapri to Maharashtra Industrial Development Corporation ESR, and Lokmanya Nagar to Hingna. The project will construct 43.8 kilometers of elevated metro rail corridors with 32 stations. The project will help the Maha Metro develop a 5-year institutional action plan, including a gender equality and social inclusion-responsive workplace strategy; improve its digital project management platform; and train staff on metro planning and management.
3. IndusInd Bank collaborates with Inspire Institute of Sport to launch ‘Wrestle for Glory’: IndusInd Bank has launched the ‘Wrestle for Glory’ program, a CSR initiative of the Bank, continuing the longstanding collaboration with the Inspire Institute of Sport (IIS), a high-performance Olympic training facility headquartered in Vijayanagar, Bellary. This program aims to empower 50 talented female wrestling athletes from across the country. And provide them with coaching at the esteemed IIS facility on fully-funded scholarships. Under the ‘Wrestle for Glory’ CSR program, female wrestlers will benefit with access to top-tier training facilities, expert coaching, comprehensive sports science resources, cutting-edge equipment, nutritional support, educational assistance, and a supportive ecosystem essential for nurturing their potential and propelling them towards success on the global stage.
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