NATIONAL UPDATES:
1. ISA to launch $100 million solar facility, insurance mechanism to accelerate solar power projects: The International Solar Alliance (ISA) will launch a $100 million fund, Global Solar Facility, that will help catalysing up to $1.5 billion in funding to expand decentralised solar power capacities across the least developed countries in Africa, where more than 700 million people have no access to electricity. Besides, the international organisation aiming to electrify the global south is also working on creating an insurance mechanism, which will also aid in accelerating funding in poor countries. The festival aims to catalyse global solar adoption by forging partnerships, unlocking innovative financing, deploying cutting-edge technology and boosting capacity in ISA member countries. Aligning businesses, policymakers, and financial institutions, it will serve as a launchpad for collaborations that fast-track the world’s transition to a future powered by affordable, reliable and sustainable solar energy.
2. President Murmu approves constitution of 23rd Law Commission for three-year term: President Droupadi Murmu has approved the constitution of the 23rd Law Commission of India, with its term set from September 1, 2024, to August 31, 2027. The commission will include a full-time chairperson, four members, and additional ex-officio and part-time members. The commission’s mandate is to review and recommend legal reforms to enhance the Indian legal system.The 22nd Law Commission’s term ends 31 August 2024. The commission has been functioning without a chairperson for several months, delaying crucial reports, including those on the Uniform Civil Code and simultaneous elections.In March 2024, Justice Ritu Raj Awasthi, the then Chairman of the Law Commission, resigned after a 17-month tenure. While the report on simultaneous elections is ready, it cannot be submitted to the Law Ministry due to procedural requirements that stipulate the need for a chairperson.
3. MP govt approves ‘Brindavan Gram’ scheme for rural areas: The Madhya Pradesh government has approved the ‘Brindavan Gram’ scheme, under which, ‘gaushalas’ and other schemes benefitting the villagers will be established.This scheme is the flagship of Chief Minister Mohan Yadav, a formal announcement was made on the occasion of Janmashtami.The selected gram panchayats will be named – ‘Brindavan Gram’. Madhya Pradesh has a total of 313 blocks, and one gram panchayat will be selected from each block. Gaushalas (cow sheds) will be established and milk production will be promoted.
4. Telangana, TN top in GSDP growth among 10 largest States: Telangana, Tamil Nadu, and Rajasthan have recorded the highest growth in real gross state domestic product (GSDP) in FY24 among the 10 largest States ranked according to their GSDP.This is revealed in the analysis of data on recent estimates put out by MoSPI.In FY24, Telangana, the ninth biggest State, grew its economy at 9.2 percent to reach real GSDP of ₹7.9 lakh crore. This is faster than national GDP growth of 8.2 percent.Tamil Nadu, which is the third largest State, grew its economy by 8.2 percent to reach ₹15.7 lakh crore in size. Rajasthan, at seventh spot, grew 8 percent.Tamil Nadu’s services sector, which holds 52 percent share in total GVA, grew 9 percent and Telangana’s services sector with 63 percent share, grew 11 percent, MoSPI data show. Services underperformed in Maharashtra clocking just about 9 percent growth relative to 13 percent in FY23.
5. Partha Sinha appointed as the new Chairman of ASCI: The Advertising Standards Council of India (ASCI) has appointed Partha Sinha as its new Chairman for 2024-25.Sinha is the President and Chief Brand Officer of Bennett Coleman & Company Limited.Sinha, who has worked with companies like Ogilvy, Publicis, BBH,McCann, and Citibank, will take over from Saugata Gupta, Managing Director and Chief Executive Officer of Marico Limited.
INTERNATIONAL UPDATES:
1. UAE and India sign MoU to strengthen public sector audit cooperation: The Comptroller and Auditor General of India signed an MoU with the UAE Accountability Authority of the United Arab Emirates, Supreme Audit Institution, UAE during a bilateral meeting with the President of UAE Accountability Authority.This MoU is a testament to the shared values and goals of our institutions and reinforces the strong ties between India and the UAE.The MoU aims to foster collaboration between the two Supreme Audit Institutions, focusing on areas such as knowledge exchange, capacity building, and best practices in public sector auditing. By sharing expertise and experiences, both countries seek to strengthen their respective audit methodologies and improve overall governance.
2. India to hold 2nd edition of International Conference on Green Hydrogen from Sept 11-13: India will hold the second edition of the International Conference on Green Hydrogen from 11th to 13th September in New Delhi.The goal of this three-day event is to deepen our understanding of the green hydrogen landscape and foster connections with global scientific communities and industries.India as a whole also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070.New and Renewable Energy Minister – Pralhad Joshi
3. Global Textiles Expo Bharat Tex 2025 to held from February 14th to 17th next year: The Global Textiles Expo—Bharat Tex 2025 will be held from February 14th to 17th next year at Bharat Mandapam in the national capital and at the India Expo Centre and Mart in Greater Noida.Over five thousand exhibitors and more than six thousand international buyers will participate in the Expo, which is a collaboration between the government and industry.The Expo focusses on the vision of 5F (Farm to Fibre, Fibre to Factory, Factory to Fashion, and Fashion to Foreign).Through Bharat Tex, the Ministry of Textiles and industry stakeholders have created an umbrella that has attracted global attention.Union Minister for Textiles – Giriraj Singh
4. India, Singapore signed agreements on semiconductors, healthcare.: India and Singapore unveiled agreements for a semiconductor ecosystem partnership and greater interoperability between their digital economies even as they elevated their relations to a comprehensive strategic partnership.India and Singapore announced four agreements on semiconductors, digital cooperation, healthcare and medical research, and education and skill development.The MoU on a semiconductor ecosystem partnership envisages cooperation to support India’s growing semiconductor industry while facilitating Singapore’s companies and supply chains to enter the Indian market.The MoU on cooperation in digital technology will encourage greater interoperability between the digital economies of the two countries and build on earlier work such as linking the digital payment systems of India and Singapore. The main areas of cooperation under this MoU are data flows and data protection, digital utilities and digital public infrastructure.
5. 5th September – International Day of Charity: The International Day of Charity is a global observance held annually on September 5th. It was established by the United Nations General Assembly in 2012.The primary objective of this day is to increase awareness and create a shared platform for charity-related activities worldwide.The International Day of Charity was proclaimed by the United Nations General Assembly in 2012, in response to a proposal by Hungary.The date of September 5 was chosen to commemorate the anniversary of the death of Mother Teresa of Calcutta, who was a Nobel Peace Prize laureate for her work in helping the poor and sick.Mother Teresa was a Catholic nun who founded the Missionaries of Charity, a religious congregation that provides care for the poor, sick, orphaned, and dying.
OTHER UPDATES:
SPORTS
1. Luis Suarez retires from Uruguay national team: Celebrated football striker Luis Suarez is ending his historic run with the Uruguay national team.The nation’s all-time leading scorer with 69 goals, Suarez announced that he will retire from international duties following the FIFA 2026 World Cup qualifier against Paraguay in Montevideo, Uruguay.Suarez has made 142 appearances for Uruguay, playing in four World Cups and winning the 2011 Copa America title.In his debut MLS campaign, Suarez has posted two consecutive braces and is tied for third in the league with 16 goals through 20 matches for Inter Miami this season.
2. Kapil Parmar wins historic Judo bronze for India at Paralympics: At Paris Paralympics 2024 India’s JudoKa Kapil Parmar won bronze medal in Para Judo men’s -60kg J1 category beating Brazil’s Elielton de Oliveira .This is the first medal in this event in India’s history of Paralympics. The match ended in just 33 seconds.Parmar produced a superlative performance, dominating his opponent from start to finish to record a 10-0 win in the bronze medal contest.He had earlier lost to S Banitaba Khorram Abadi in the semifinals, beaten 0-10 by his Iranian opponent.Parmar, who won the silver medal at the 2022 Asian Games in the same category, had earlier beaten Venezuela’s Marco Dennis Blanco 10-0 in the quarterfinals.The J1 class in para judo is for the athletes who suffer from no to very low visual activity. Athletes in this category wear red circles to indicate that they may need guided support before, during and after a contest.
3. Wrestler Jyoti Berwal wins gold medal in U20 World Championships: In wrestling, Jyoti Berwal clinched a gold medal in the women’s 76 kg freestyle category at the U20 World Championships in Pontevedra, Spain.Jyoti defeated Ukraine’s Mariia Orlevych in the final. On her way to the final, Jyoti defeated Mongolian, Chinese, and Turkish opponents.This was India’s second consecutive world U20 title in women’s 76 kg after Priya Malik claimed it in the 2023 edition.Indian grapplers won two more medals in the same category. Komal in 59 kg and Sristhi in 68 kg bagged bronze medals.
BANKING AND FINANCE
1. AU Small Finance Bank applies for transition to Universal Bank: AU Small Finance Bank has submitted an application to the Reserve Bank of India to seek approval for the voluntary transition from a Small Finance Bank (SFB) to a Universal Bank.This application comes in the backdrop of Fincare Small Finance Bank (Fincare SFB) amalgamating with and into AU SFB with effect from April 1, 2024, marking the first such consolidation in the SFB space.In April 2024, the RBI issued a circular allowing the voluntary transition of Small Finance Banks to Universal Banks and AU SFB is the first Bank to seek regulatory approval for the transition.To qualify, as per the RBI guidelines, SFBs need a five-year track record, strong financials, and a stock exchange listing among various other parameters.
2. Star Health launches India’s first health insurance policy in Braille: Star Health and Allied Insurance has introduced an insurance policy in Braille.This is aimed at empowering visually impaired individuals in India. This will allow the blind community to access health insurance information independently.The new “Special Care Gold” policy provides tailored health coverage for individuals with disabilities.The policy is designed to meet the specific needs of people with 40% or more disability, including physical, sensory, or cognitive impairments.Star Health has also launched a financial inclusivity drive, offering visually impaired individuals the opportunity to become health insurance agents.The initiative focuses on training and upskilling this marginalized group, allowing them to generate income while working from home.
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