NATIONAL UPDATES:
1. Third edition of ‘Har Ghar Tiranga’ campaign set for August 9-15: The third edition of the ‘Har Ghar Tiranga’ campaign, aimed at fostering patriotism and national pride by encouraging citizens to display the national flag at their homes, will run from August 9 to August 15. This initiative has seen significant public participation in the past two years, with Prime Minister Narendra Modi urging citizens to continue the tradition. The campaign was launched in 2022 under the ‘Azadi Ka Amrit Mahotsav’ program. This initiative was a huge hit among the citizens of India. The participants represented diverse communities all over India. In its launching year, more than 23 crores have taken part and around 6 crore selfies along with the flag were uploaded. Next year around 10 crore selfies were uploaded for the campaign. The initiative was successful by including participation from all the states and Union territories.
2. Ambani family’s wealth 10% of India GDP: Barclays-Hurun India report: According to report released’ 2024 by Barclays Private Clients Hurun India Most Valuable Family Businesses List’ the Ambani family’s combined wealth valuation of Rs 25.75 trillion was equivalent to around 10 per cent of the Indian gross domestic product (GDP). The Ambani family remains the richest business family in India, followed by the Bajaj and Birla families. According to the report, the top three business families -Ambani, Bajaj, and Birlas- are valued at $460 billion, which is equivalent to Singapore’s GDP. The Ambani family is followed by the Bajaj family in the second position with a valuation of Rs 7.13 trillion. The Pune-based automobile business is headed by Niraj Bajaj, a third-generation leader, as per the report. The Birla family ranks third at Rs 5.39 trillion, led by fourth-generation Kumar Mangalam Birla. The business primarily focuses on metals, mining, cement, and financial services. The list further features the Sajjan Jindal-led family, valued at Rs 4.71 trillion in fourth place, and the Nadar family with a value of Rs 4.30 trillion in fifth place. The Nadar family’s Roshni Nadar Malhotra is the only woman in the list of top 10 family businesses.
The 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses list does not include first-generation families. However, the Adani family, set up by current chairman Gautam Adani, has emerged as the most valued first-generation family business with a value of Rs 15.44 trillion.
3. Chhattisgarh Establishes Third Largest Tiger Reserve Amid Decline: Chhattisgarh has recently approved the creation of the Guru Ghasidas-Tamor Pingla Tiger Reserve to address a sharp decline in the state’s tiger population. The new reserve combines an existing national park and a wildlife sanctuary, to improve conservation efforts despite some legal and environmental challenges.
INTERNATIONAL UPDATES:
1. HCLTech unit to acquire French software firm Zeenea for 24 mn euros: HCLSoftware, the software business division of Indian IT services giant HCLTech, will acquire Zeenea, a Paris-based firm providing data catalog and governance solutions, for Euro 24 million (around Rs 218 crore).
The acquisition is expected to close in September 2024. The acquisition will strengthen its data and analytics business called Actian. Actian has seen strong growth in hybrid data management and integration in the last few years. Adding metadata management, data catalog and governance capabilities will help Actian customers.
2. GoI constitutes a committee to monitor the current situation on Indo-Bangladesh Border: The Government of India has constituted a committee to monitor the current situation on the Indo-Bangladesh Border (IBB). The committee will maintain communication channels with their counterpart authorities in Bangladesh to ensure the safety of Indian citizens and people belonging to minority communities in Bangladesh. The Committee will be headed by ADG, Border Security Force (BSF), Eastern Command and will have IG, BSF Frontier HQ South Bengal, IG, BSF Frontier HQ Tripura, Member (Planning & Development), Land Ports Authority of India (LPAI), and, Secretary, LPAI, as its members.
3. Goritsa Gruncharova-Kozhareva appoints new caretaker PM of Bulgaria: Goritsa Gruncharova-Kozhareva has been sworn in as Bulgaria’s caretaker prime minister, leaving her to oversee an interim government that has held power in the country since the resignation of former prime minister Nikolai Denkov in March. She replaces Dimitar Glavchev, who was appointed on 9 April. Kozhareva was appointed by Bulgaria’s head of state Roumen Radev, who added that he saw 20 October as a suitable date for holding another parliamentary election.
4. Africa Faces Urgent Mpox Outbreak, WHO Holds Emergency Meeting: Africa is facing a serious outbreak of mpox, and the World Health Organization (WHO) has held an urgent meeting to decide if this situation should be declared a Public Health Emergency of International Concern. Currently, 15 African countries, including Burundi, Kenya, Rwanda, and Uganda—which previously had no cases—are reporting confirmed cases of mpox.
OTHER UPDATES:
DEFENCE
1. US to Release $3.5 Billion Military Aid to Israel: Gaza is one of the world’s oldest inhabited areas, dating back to at least the 15th century BCE. It is densely populated, with over 5,000 people per square kilometer. Known for its history and agriculture, particularly olive and citrus production, Gaza’s economy has struggled due to conflicts and blockades. The Gaza Strip is about 41 kilometers long and was occupied by Israel until 2005 when Israel withdrew from the area.
2. Indian Army Conducts ‘Parvat Prahaar’ Military Exercise in Ladakh: The Indian Army recently conducted a military exercise called ‘Parvat Prahaar’ in the Ladakh region, which is located near the India-China border. This exercise focuses on preparing soldiers for high-altitude warfare, which involves fighting in the difficult and mountainous terrains of Eastern Ladakh. The exercise is a key part of India’s military strategy, especially given the ongoing tensions with China.
SPORTS
1. Oldest Indian Medal Winner at Summer Olympics: The Oldest Indian to win a medal at the Summer Olympics is Rajyavardhan Singh Rathore. He won a silver medal in the double trap shooting event at the 2004 Athens Olympics at the age of 34 years, 6 months, and 19 days. The Oldest Indian woman to win a medal at the Summer Olympics is boxer Mary Kom. Kom won a bronze medal in the 2012 London Olympics at the age of 29 years, 8 months, and 15 days.
2. Flag bearer at the closing ceremony of the Paris Olympics: The Indian Olympic Association (IOA) has also announced that PR Sreejesh, along with Manu Bhaker, will be the flag bearer of the Indian contingent at the closing ceremony of the 2024 Paris Olympics. Sharath Kamal and PV Sindhu were the Indian flag bearers at the opening ceremony of the Paris Olympics.
3. Aman Sehrawat Wins Bronze in 57kg Wrestling at Paris 2024: Aman Sehrawat was born on July 16, 2003, in Haryana. Competing in the 57 kg weight category, he is known for his freestyle wrestling technique. Sehrawat first made a name for himself in junior competitions, winning a silver medal at the 2021 World Wrestling U23 Championships and a gold medal at the 2022 Asian U23 Wrestling Championships. His training is deeply rooted in traditional methods from his hometown, which have shaped his unique wrestling style. Aman Sehrawat’s journey from local competitions to the Olympic podium is a testament to his dedication and talent, making him a key figure to watch in the future of Indian wrestling.
BANKING AND FINANCE
1. India’s Reserve Bank of India ranks 12th around the world: Central banks play a crucial role in maintaining economic stability and growth by implementing stable monetary policy and ensuring financial stability. Globally, they have specialised departments dedicated to regulation and supervision, staffed with experts who monitor compliance with established financial laws and regulations. The total wealth of central banks reflects the economic outlook of their respective countries, which is mainly assessed through the central bank’s assets, with the balance sheet acting as a crucial indicator of the nation’s economic health.
India’s Reserve Bank of India ranks 12th around the world. The Reserve Bank of India (RBI) balance sheet grew by 11.08% year on year to Rs 70.47 trillion as of March 31, 2024, owing to its liquidity and foreign currency (forex) activities.
2. Pine Labs-owned Setu partners Axis Bank for UPI-focused payments platform: Pine Labs-owned Setu, an application programming interface (API) infrastructure provider, introduced a Unified Payments Interface (UPI)-focused payments platform for businesses and developers in partnership with Axis Bank. The platform, named UPISetu, supports a wide range of UPI products, from basic QR code payments, UPI Autopay, equated monthly instalments (EMIs), and third-party validation service. It also features functionalities like brand and bank offers, advanced dispute resolution, instant cashback and refunds, all provided via APIs.
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