NATIONAL UPDATES:
1. Cabinet approves fifth semiconductor unit in Sanad: The Union Cabinet chaired by PM Narendra Modi approved the proposal of Kaynes Semicon Pvt Ltd to setup a semiconductor unit in Sanand, Gujarat, with the objective to develop a vibrant semiconductor ecosystem. The proposed unit will be setup with an investment of Rs 3,300 crore. The capacity of this unit will be 60 Lakh chips per day. The chips produced in this unit will cater to a wide variety of applications which include segments such as industrial, automotive, electric vehicles, consumer electronics, telecom, mobile phones, etc. The Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India was notified on 21.12.2021 with a total outlay of Rs. 76,000 crore. In June, 2023, the Union Cabinet had approved the first proposal for setting up a semiconductor unit in Sanand, Gujarat. In February, 2024, three more semiconductor units were approved.
2. Cabinet approves 7 major schemes for improving farmers’ lives and livelihoods with a total outlay of Rs 14,235.30 Crore: The Union Cabinet chaired by Prime Minister, Narendra Modi approved seven schemes to improve farmers’ lives and increase their incomes at a total outlay of Rs 14,235.30 Crore.Digital Agriculture Mission: based on the structure of Digital Public Infrastructure, Digital Agriculture Mission will use technology to improve farmers’ lives. The Mission has a total outlay of Rs 2,817 crores. Crop science for food and nutritional security: with a total outlay of Rs 3,979 crore. The initiative will prepare farmers for climate resilience and provide for food security by 2047.
3. Strengthening Agricultural Education, Management, and Social Sciences: with a total outlay of Rs 2,291 Crore the measure will prepare agriculture students and researchers for current challenges. RIL becomes India’s first company to surpass Rs 10 lakh crore in annual revenue: Reliance Industries Limited (RIL) has become the first Indian company to surpass Rs 10 lakh crore in annual revenue. This significant milestone was announced by RIL chairman Mukesh Ambani during the company’s Annual General Meeting (AGM). During the AGM, Ambani revealed that Reliance achieved a record consolidated turnover of Rs 10,00,122 crore (USD 119.9 billion), for the financial year 2023-24. For the same period, RIL reported an EBITDA of Rs 1,78,677 crore (USD 21.4 billion) and a net profit of Rs 79,020 crore (USD 9.5 billion). The company also recorded exports amounting to Rs 2,99,832 crore (USD 35.9 billion), which accounted for 8.2% of India’s total merchandise exports.
4. Cabinet approves the Digital Agriculture Mission with an outlay of Rs. 2817 Crore: The Union Cabinet Committee chaired by PM Narendra Modi approved the Digital Agriculture Mission with an outlay of Rs. 2817 Crore, including the central share of Rs. 1940 Crore. The Mission is conceived as an umbrella scheme to support digital agriculture initiatives, such as creating Digital Public Infrastructure, implementing the Digital General Crop Estimation Survey (DGCES), and taking up other IT initiatives by the Central Government, State Governments, and Academic and Research Institutions. For a similar transformation of the Agriculture Sector, the government announced the building of Digital Public Infrastructure for agriculture in the Union Budget 2023-24. Further, in the Budget 2024-25, the augmentation of the Digital Public Infrastructure (DPI) initiative for the agricultural sector has also been announced. The Digital Public Infrastructure (DPI) for Agriculture aims to provide comprehensive and useful data on farmers comprising authenticated demographic details, land holdings, and crops sown.
5. Krishnan Venkat Subramanian appoints as MD & CEO of Federal Bank: Federal Bank has approved the appointment of Krishnan Venkat Subramanian as Managing Director and CEO of the bank, effective September 23, 2024. The decision was made during the bank’s 93rd Annual General Meeting. Subramanian brings extensive experience to Federal Bank, having previously served as the Joint Managing Director of Kotak Mahindra Bank until April 30, 2024. Throughout his tenure at Kotak Mahindra Bank, he led several key divisions, including Corporate Banking, Commercial Banking, Private Banking, and the Asset Reconstruction business.
6. Nehal Vora appoints as MD and CEO of CDSL: Securities and Exchange Board of India (SEBI) has approved for the appointment of Nehal Vora as the MD & CEO of Central Depository Services (India) Limited (CDSL). Nehal Vora’s transition to this leadership role marks a significant development for CDSL, especially as the company continues to focus on fortifying its leadership in alignment with its long-term strategic goals. Previously serving as the Chief Regulatory Officer at the BSE, Vora is expected to bring valuable experience to CDSL, furthering its mission to enhance the depository services landscape in India.
7. 5 September – National Teachers’ Day: In India, Teachers’ Day is celebrated on September 5 to recognise the work done by educators including teachers, researchers and professors. This day is observed to honour Dr Sarvepalli Radhakrishnan, who was born on September 5, 1888. He was also posthumously awarded the Bharat Ratna in 1954, the country’s highest civilian honour. Theme 2024 – Empowering Educators for a Sustainable Future Teachers’ Day is celebrated on the birth anniversary of Dr Sarvepalli Radhakrishnan, the first Vice-President of India and the second President of the nation.
INTERNATIONAL UPDATES:
1. L’Oreal Paris names Alia Bhatt as new global brand ambassador: Leading French cosmetic maker L’Oreal Paris has roped in Bollywood actress Alia Bhatt as its new global brand ambassador. With this, Bhatt joins the brand’s diverse roster of L’Oreal brand ambassadors like Viola Davis, Jane Fonda, Eva Longoria, Kendall Jenner, Elle Fanning, Camila Cabello, and many others. She will star in the French beauty brand’s campaigns, starting in September 2024. Bhatt embodies the core values of L’Oreal Paris, representing inclusivity and empowerment, sharing the transformative power of self-belief with women all over the world.
OTHER UPDATES:
DEFENCE
1. IPS Officer Rajwinder Singh Bhatti takes Charge as DG of CISF: Indian Police Service (IPS) officer Rajwinder Singh Bhatti took over the charge as Director General (DG) of Central Industrial Security Force (CISF). Rajwinder Singh Bhatti has been appointed as the 31st DG for the CISF. Prior to his appointment as DG CISF, Bhatti was serving as the Director General of Bihar Police, where he was known for his strategic acumen and leadership in managing complex law and order challenges. An IPS officer from the batch of 1990 in Bihar Cadre, Bhatti is a Chartered Accountant with an M.Phil degree. Rajwinder Singh Bhatti was decorated with the President’s Police Medal for Meritorious Service in 2006 and the President’s Police Medal for Distinguished Service in 2014.
SPORTS
1. NorthEast United FC wins its maiden Durand Cup beating Mohun Bagan: Guwahati-based NorthEast United Football Club won its first Durand Cup title, defeating the defending champion Mohun Bagan Super Giant (MBSG) 4-3 in a penalty shootout in the final. The final of the 133rd edition of Asia’s oldest football tournament was played at the Vivekananda Yuba Bharati Krirangan, Kolkata (West Bengal). The 133rd edition of the Durand Cup was held in Kolkata, Kokrajhar (Assam), Jamshedpur (Jharkhand), and Shillong (Meghalaya). Jamshedpur was hosting the matches of the Durand Cup for the first time. Mohun Bagan Super Giant football club, the most successful team in the history of the Durand Cup, having won it 17 times, failed to defend its title.
2. Bangladesh wins maiden SAFF U-20 Championship Football Tournament: Bangladesh won its maiden SAFF (South Asian Football Federation) Men’s U-20 Championship by defeating host Nepal 4-1 in the final. The final was played at the ANFA Complex in Lalitpur, Nepal. The Bangladeshi team, also famous as the Bengal Tigers, finally won the title in their fourth attempt at the finals. The Bangladeshi team appeared in the 2017,2019 and 2022 finals without any success. However, in this fourth attempt, they defeated the host country, Nepal, to win their maiden title. The Bangladeshi team defeated the favourite and defending champion, India, 4-3, in the penalty shootout in the semi-final to progress to the final.
3. Shot put thrower Sachin Khilari wins silver in Paris Paralympics: 2023 and 2024 world champion Sachin Khilari clinched silver in the Paris Paralympics. Khilari threw 16.32m in the men’s shot put F46 – finishing behind Canada’s Greg Stewart at Stade de France in Paris. Khilari’s throw was also the best effort an Asian has ever put in the men’s F46 event. There were a total of three Indians participating in the event. Mohd Yasser and Rohit Kumar were not able to get into the podium contention, finishing 8th and 9th respectively with best throws of 14.21m and 14.10m.
4. Harvinder Singh becomes first Indian archer to win Paralympic gold medal: At the Paris Paralympics 2024, Harvinder Singh created history by winning a Gold in the men’s archery individual recurve open final. He became the first and only Indian archer to clinch a gold medal at the Paralympics or Olympics. Harvinder defeated Poland’s Lukasz Ciszek 6-0 with a dominant performance in the final of the Men’s Individual Recurve Open to clinch India’s 4th gold medal at the Paris Paralympics 2024.
BANKING AND FINANCE
1. NPST launches Digital Payment Services at Global Fintech Fest 2024: NPST, a major digital banking and payments technology company unveiled a range of cutting-edge AI-enabled digital payment solutions at the Global Fintech Fest 2024. UPI rails are driving the exponential growth of India’s fintech sector. These solutions are intended to help banks and payment aggregators benefit from the current momentum by utilising cutting-edge technologies, such as artificial intelligence and machine learning.
2. Risk Intelligence Decision-Making Platform: The Risk Insight Decisioning Platform learns and analyses transaction patterns by combining insight from numerous data sources. By forecasting and mitigating new threats, the platform allows merchant acquirers to efficiently foresee and prevent fraud. EVOK 3.0 is an enhanced version of the EvoK platform that provides a complete payment solution for payment aggregators, payment gateway service providers, and retailers.
3. World Bank raises India growth forecast to 7% for current fiscal year from 6.6%: The World Bank revised its FY25 growth forecast for India to 7%, up from its previous estimate of 6.6%. The upgrade reflects the Indian’s government’s continued capital expenditure on infrastructure, a rise in household investments in real estate, better-than-expected monsoon and agricultural output, and an increase in private consumption, it said. According to its projections, India’s debt-to-GDP ratio is expected to decline from 83.9% in FY24 to 82% by FY27, while the current account deficit is anticipated to remain between 1% and 1.6% of GDP until FY27. Moody’s upgraded its economic growth forecast for India to 7.2% in 2024 and 6.6% in 2025, from earlier estimates of 6.8% and 6.4%, respectively, driven by broad-based growth.
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