NATIONAL UPDATES:
1. ICAR-CIFE and VAMNICOM Sign MoU to Enhance Cooperative Management in Fisheries: In a significant stride towards fostering collaboration in the field of cooperative management within the fisheries sector, the Central Institute of Fisheries Education (ICAR-CIFE) and the Vaikunth Mehta National Institute of Cooperative Management (VAMNICOM) signed a Memorandum of Understanding (MoU). This is an important step forward in realization of the vision of establishment of 2 lakh PACS, Dairy, and Fishery Cooperatives in every Panchayat.Fisheries in India provides livelihood to 14.46 million people and this strategic partnership aims to enhance integration and reach of advanced technology as well as promotion of value addition in fishery cooperatives.VAMNICOM and ICAR-CIFE will together explore new opportunities in the area of Fish, Fish cooperative and Fisheries ecosystem from the perspective of education, research, capacity building and consultancy.
2. RINL & IOCL ink MoU towards the supply of hydraulic and lubricating oils & greases to RINL: The corporate entity of Visakhapatnam Steel Plant, RINL has signed an MoU with M/s. IOCL for the supply of hydraulic and lubricating oils & greases for a period of 5 years from 2024 to 2029.
This MoU between RINL & IOCL will stand as a benchmark to show how a progressive collaborative work can be taken by different industries towards Nation building.It may be noted that the 1st MoU was signed in the year 1994-95 between RINL & IOCL.This MOU will benefit VSP by ensuring an uninterrupted and continuous supply of lubricants from IOCL to meet the RINL’s requirements. IOCL will provide technical support to RINL, Visakhapatnam steel plant in the field of lubrication, condition monitoring of critical and large hydraulic and lube systems, total bulk oil handling, and used oil management.
3. Government approves 4 Start-Ups in the field of Technical Textiles: Secretary, Ministry of Textiles chaired the 8th Empowered Programme Committee (EPC) meeting under the National Technical Textiles Mission, at Udyog Bhawan, New Delhi.The committee has approved 4 Start-Ups with a grant of approx. INR 50 Lakhs, each, under the ‘Grant for Research & Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)’ scheme.The committee has also approved a grant of approx. INR 20 Cr. to 5 Education Institutes to introduce courses in Technical Textiles under the ‘General Guidelines for Enabling of Academic Institutes in Technical Textiles’.
The approved Start-Up projects are focused on key strategic areas of Composites, Sustainable Textiles, and Smart Textiles.
4. India’s Bharti Airtel announces content partnership with Apple: Bharti Airtel has partnered with Apple to bring exclusive offers for Apple Music and Apple TV+ to customers in India later this year.Apple TV+ will be included on Airtel’s video-streaming service Xstream with premium wifi and postpaid plans, and users of the company’s music-streaming service,Wynk Premium, will have access to offers on Apple Music.This comes as Disney and Reliance try to secure India antitrust approval for their $8.5 billion merger, aiming to create India’s biggest entertainment player.
5. PMJDY completes a decade of successful implementation: The world’s largest financial inclusion programme, Pradhan Mantri Jan Dhan Yojana (PMJDY) completed 10 years on 28 August 2024.The Pradhan Mantri Jan Dhan Yojana (PMJDY) was launched by the government of India on 28 August 2014 with the aim of bringing the unbanked population within the formal banking system.The scheme launched in 2014, has proven to be the foundation stone in bringing over 80 percent of Indian women under the ambit of financial inclusion.A significant boost in the bank account ownership of women in a decade, it has gone up from just 26 percent in 2011 to 78 percent in 2021.Out of the total 53.13 crore Jan Dhan accounts over 30 crore are women’s accounts. Over 35 crore of the Jan Dhan account hail from rural or semi-urban areas.
6. Rajasthan & MP govts to develop ‘Shri Krishna Gaman Path’ connecting Mathura to Ujjain: Rajasthan Chief Minister Bhajan Lal Sharma announced a new religious circuit called ‘Shri Krishna Gaman Path’ which will connect Krishna’s birthplace Mathura with Ujjain in Madhya Pradesh.This new circuit will be built connecting the places where Krishna left his footprints while travelling to Ujjain from his birthplace in Mathura.Both governments will work jointly for the development of this circle while identifying the places where he (Krishna) left his footprints while travelling from Mathura to Ujjain.The development of the Shri Krishna Gaman Path will be a joint effort between the states of Rajasthan and Madhya Pradesh, demonstrating inter-state cooperation in the realm of cultural and religious tourism.
7. Maharashtra becomes first state to adopt Unified Pension Scheme: The Maharashtra Cabinet has approved the central government’s Unified Pension Scheme (UPS), becoming the first state to do so.The move by the Maharashtra government comes hours after employee unions demanded states to implement the newly approved scheme by the Modi government, which will take effect from April 1, 2025.The cabinet also cleared the proposal to expand the uninterrupted power supply scheme to more farmers in the state. They would get supply during the day. It cleared the ₹7,000 crore Nar-Par-Girna River linking scheme that would primarily benefit north Maharashtra districts like Nashik and Jalgaon.The project involves lifting 9.19 TMC of water from the Nar, Par, and Auranga rivers, carrying it through a 14.56-kilometre tunnel, and releasing it in the Girna river basin near the Chankapur dam.
8. PM Modi chairs 44th PRAGATI Interaction: Prime Minister Narendra Modi has chaired the meeting of the 44th edition of PRAGATI, the ICT-based multi-modal platform for Pro-Active Governance and Timely Implementation, involving Centre and State governments.It was the first meeting of PRAGATI in the third term of the Narendra Modi Government.In the meeting, seven significant projects were reviewed including two projects relating to road connectivity, two rail projects and one project each of the Coal, Power and Water Resources sectors.The cost of these projects totalled more than 76 thousand 500 crore rupees. The projects relate to Uttar Pradesh, Uttarakhand, Jharkhand, Maharashtra, Rajasthan, Gujarat, Odisha, Goa, Karnataka, Chhattisgarh and Delhi.
9. Government launches She-Box portal to make workplaces safer for women: The government has launched the She-Box portal to make workplaces safer for women.Women and Child Development Minister Annpurna Devi launched the portal in New Delhi.She-Box portal is a centralized platform for registering and monitoring complaints of sexual harassment of women at the workplace.This platform provides facility to file complaints, track its status and ensure a time-bound processing of complaints by Internal Committees.This initiative is a critical step forward in providing a more efficient and secure platform for addressing workplace-related sexual harassment complaints.
10. 30 August – Small Industry Day: Small Industry Day is observed on 30 August every year.This day recognises the contributions of small businesses and industries to the economy. It also highlights the crucial role that small enterprises play in fostering innovation, creating jobs, and driving economic growth.Theme 2024 – Leveraging Power and Resilience of Micro-, Small and Medium-sized Enterprises (MSMEs) to Accelerate Sustainable Development and Eradicate Poverty in Times of Multiple CrisesThe origins of Small Industry Day can be traced back to the year 2000 when the Indian government introduced a comprehensive policy package for small-scale industries (SSI). To mark this significant development, the Ministry of Small-Scale Industries declared August 30 as Small Industries Day.
INTERNATIONAL UPDATES:
1. Berkshire Hathaway First Non-Tech Company to Hit $1 Trillion: Buffett’s approach to investing is disciplined and straightforward. He categorizes investment opportunities into three groups: “yes,” “no,” and “too tough to understand.” For a long time, he stayed away from technology stocks, believing they were difficult to predict. However, he later changed his view when he saw the strong market position of companies like Apple, which he now considers to have a strong competitive advantage, or a “moat.” Warren Buffett’s success is built on a combination of value investing, smart diversification, and a long-term vision. These principles have helped make Berkshire Hathaway one of the most valuable companies in the world.
2. Global Fintech Fest (GFF) 2024: The Global Fintech Fest is a major conference dedicated to innovations in financial technology. It started in 2020 and brings together industry leaders, startups, and regulators. The event features more than 250 speakers and draws thousands of participants from around the world. Key topics include digital payments, blockchain technology, and financial inclusion. The festival encourages collaboration between fintech companies and traditional financial institutions. It is organized by the Association of Global Fintech and the National Payments Corporation of India, to advance fintech policies and developments globally.
OTHER UPDATES:
DEFENCE
1. India Commissions Second Nuclear Submarine, INS Arighaat: India recently commissioned its second nuclear-powered ballistic missile submarine (SSBN) called INS Arighaat. This event took place in Visakhapatnam and was a significant step in strengthening India’s defense capabilities. Defence Minister Rajnath Singh mentioned that this move is crucial for boosting India’s nuclear triad, which is a three-part system that includes land-based missiles, aircraft, and submarines capable of launching nuclear weapons. This makes India more secure against potential threats.
2. India, China Commit to Peace in Border Areas: The Working Mechanism for Consultation & Coordination on India-China Border Affairs (WMCC) was set up in 2012 to handle border problems and improve communication. It includes representatives from both countries’ foreign and defense ministries. The WMCC helps with discussions on managing the border, building trust, and resolving disputes in border areas. It meets regularly, especially when tensions are high. The goal is to avoid conflicts and handle crises through talks, showing a commitment to keeping peace and stability along the India-China border.
3. B Srinivasan Appointed New NSG Director General: B Srinivasan, a 1992 batch Indian Police Service (IPS) officer from Bihar, will lead the NSG until his retirement on August 31, 2027. The Ministry of Personnel confirmed his appointment. Nalin Prabhat, who was the previous NSG Director General, has been reassigned to the Special DG role in Jammu and Kashmir Police. He is also a 1992 batch IPS officer, but from Andhra Pradesh. Prabhat has had a distinguished career, receiving three Police Gallantry Medals and the Parakram Padak. He has significant experience in counter-insurgency operations and previously led the Greyhounds unit in Andhra Pradesh.
SCIENCE AND TECHNOLOGY
1. Google DeepMind Launches AI Project for 125 Indian Languages: One big challenge that Manish Gupta, the Director of Google DeepMind, has pointed out is the lack of digital data for many Indian languages. For 73 out of the 125 languages targeted by the project, there is no digital data available at all. This makes it very hard to develop AI that can understand and work with these languages. Even Hindi, which is widely spoken, makes up only 0.1% of all the text available on the internet.
BANKING AND FINANCE
1. ESAF Small Finance Bank launches Inori RuPay Platinum Credit Card: ESAF Small Finance Bank has launched the Inori RuPay Platinum Credit Card, a premium financial product designed in collaboration with the National Payments Corporation of India (NPCI) to offer cardholders exclusive benefits and privileges.The card’s name “Inori” is derived from the Japanese word for “wish,” symbolising our aspiration to fulfil the desires and expectations of customers.Cardholders can enjoy a range of rewards, including exciting cashback offers on monthly transactions and comprehensive insurance coverage of up to ₹2 lakh.Additionally, the card provides access to exclusive merchant offers and global acceptance. The RuPay Platinum Credit Card also includes personalized concierge services, offering assistance with travel, dining, and lifestyle needs.
2. GST taxpayers without valid bank account to be barred from filing GSTR-1 from Sep 1: GST taxpayers who do not furnish bank account details to GST authorities will be barred from filing outward supply return GSTR-1 from September 1, GST Network (GSTN) has said in an advisory.As per GST Rule 10A, a taxpayer is required to furnish details of a valid bank account within 30 days from the date of grant of registration, or before furnishing the details of outward supplies of goods or services or both in Form GSTR-1 or using Invoice Furnishing Facility (IFF), whichever is earlier.The GST Council in its meeting in July last year, had approved an amendment to Rule 10A to strengthen the registration process and to effectively deal with the menace of fake and fraudulent registrations in GST.
3. Jana SFB Sweeps 4 Awards at ICC Emerging Asia Banking Conclave: Jana Small Finance Bank has once again cemented its status as a frontrunner in the Indian banking industry.The bank’s commitment to excellence and innovation was recognized at the prestigious 2nd ICC Emerging Asia Banking Conclave & Awards, where it clinched four coveted awards.Jana Small Finance Bank was honoured with the titles of Best Small Finance Bank, India, Best Performance on Profitability (Runners-up), Best Performance on Asset Quality, and Best Performance on Risk Management.This quadruple win underscores the bank’s exceptional performance across key metrics and its dedication to providing innovative financial solutions.
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