01st and 02nd July, 2021 – Daily News

Topics covered – Zen Garden – Kaizen Academy , ‘Fund for Industrial Research Engagement (FIRE)’, Pradhan Mantri Formalisation of Micro food processing Enterprises , International Cricket Stadium , Atmanirbhar Krishi app , Shanghai Cooperation Organisation , World Health Organization (WHO), the World Intellectual Property Organization (WIPO) and the World Trade Organization (WTO) platform, “Growth Engines of Innovation: How Asia Pacific Technology Hubs are Reshaping Regional Real Estate” report by Colliers International, “Global Startup Ecosystem Index 2021”, Mercer 2021 Cost of Living City Ranking , “Road To A UK-India Free Trade Agreement: Enhancing The Partnership And Achieving Self-Reliance” report, Reliance- Abu Dhabi National Oil Company partnership, Dual-Display-UPI, International Day of Parliamentarism , International Asteroid Day ,

Bulletins

  1. Prime Minister Narendra Modi inaugurated a Japanese Zen Garden – Kaizen Academy at Ahmedabad Management Association (AMA) at Ahmedabad via video conferencing.
  2. Science and Engineering Research Board (SERB), in collaboration with Intel India, has launched the first-of-its-kind research initiative called ‘Fund for Industrial Research Engagement (FIRE)’.
  3. Pradhan Mantri Formalisation of Micro food processing Enterprises (PMFME) Scheme – launched under the Aatmanirbhar Bharat Abhiyan – has completed 1 year.
  4. Jharkhand State Cricket Association (JSCA) has signed an MoU with SAIL Bokaro Steel Plant (BSL), for the construction of an International Cricket Stadium in Bokaro city.
  5. Atmanirbhar Krishi app has been launched by Office of Principal Scientific Adviser to Govt to provide information of various departments / ministries of the govt that can be of use for the farmers.
  6. INS Kiltan has carried out a military exercise with a South Korean vessel (named ROKS Gyeongnam) in the East China Sea.
  7. India has presented English, Russian and Chinese translations of 10 classic works of modern literature written by prominent Indian authors in different languages to the headquarters of the Shanghai Cooperation Organisation (SCO).
  8. The leaders of the World Health Organization (WHO), the World Intellectual Property Organization (WIPO) and the World Trade Organization (WTO) have launched a joint platform to help countries plug the gaps in accessing Covid-19 vaccines, treatments and technologies.
  9. According to “Growth Engines of Innovation: How Asia Pacific Technology Hubs are Reshaping Regional Real Estate” report by Colliers International (Canada based company), Bengaluru is ranked at the 6th position among the top 10 technology centres in Asia Pacific region.
  10. Startupblink has released the “Global Startup Ecosystem Index 2021”.
  11. Mercer 2021 Cost of Living City Ranking has been released
  12. UK-India Business Council has launched the “Road To A UK-India Free Trade Agreement: Enhancing The Partnership And Achieving Self-Reliance” report.
  13. Reliance Industries Ltd has signed a strategic partnership with Abu Dhabi National Oil Company (ADNOC) to build a chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility at TA’ZIZ in Ruwais, Abu Dhabi.
  14. Innoviti Payment Solutions (India’s largest provider of payment solutions to Enterprise merchants) has partnered with PhonePe (India’s largest digital payments platform) for providing the facility of Dual-Display-UPI.
  15. SEBI has approved following amendments pertaining to different segments.
  16. According to RBI’s ‘Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs), March 2021’ data, credit growth to the industrial sector remained negative during 2020-21, mainly due to the COVID-19 pandemic and resultant lockdowns.
  17. Ujjivan Small Finance Bank has partnered with LoanTap (online lender) to provide personal loans to salaried professionals.
  18. Amazon Web Services (AWS) has partnered with Axis Bank (India’s third-largest private sector bank) to accelerate its digital transformation program and meet the growing demand for its digital banking services.
  19. International Day of Parliamentarism is observed on June 30.
  20. International Asteroid Day is observed on June 30.

Table of Content

National News

  1. Prime Minister Narendra Modi inaugurated a Japanese Zen Garden – Kaizen Academy at Ahmedabad Management Association (AMA) at Ahmedabad via video conferencing.
      • The garden and the academy are a symbol of friendship between India and Japan
Japanese Zen Garden
  1. Science and Engineering Research Board (SERB), in collaboration with Intel India, has launched the first-of-its-kind research initiative called ‘Fund for Industrial Research Engagement (FIRE)’.
      • SERB is a statutory body of Department of Science and Technology (DST), Government of India.
      • This fund will enable Indian research community to pursue industry-relevant research opportunities in the areas of deep technologies that are new, transformative, and can have a ground-breaking impact on a national scale.
      • It will increase research opportunities in the space of Artificial Intelligence (AI)/Machine Learning (ML), platform systems, circuits & architecture, Internet of Things (IoT), materials & devices, security, and so on.
      • The FIRE program is a joint government and industry initiative with a co-funding mechanism to promote innovative technology solutions and strengthen academic research through collaboration with key research and development (R&D) organizations in India.
  2. Pradhan Mantri Formalisation of Micro food processing Enterprises (PMFME) Scheme – launched under the Aatmanirbhar Bharat Abhiyan – has completed 1 year.
      • The scheme was launched in June 2020.
      • The online portal for the application of the PMFME Scheme was launched in January 2021.
Progress made under the scheme:
→ The scheme is currently being implemented in 35 States and Union Territories.
→ Under the One District One Product (ODOP) component of the PMFME Scheme, the Ministry of Food Processing Industries approved ODOP for 707 districts for 35 States and UTs, including 137 unique products as per the recommendations received by States/UTs.
→ Under the PMFME Scheme, the Ministry signed three joint letters with the Ministry of Rural Development, the Ministry of Tribal Affairs, and the Ministry of Housing and Urban Affairs.
→ Ministry of Food Processing Industries has signed six MoU with the Indian Council of Agricultural Research (ICAR), the National Cooperative Development Corporation (NCDC), the Tribal Cooperative Marketing Development Federation of India (TRIFED), the National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED), National Scheduled Castes Finance and Development Corporation (NSFDC), and Rural Self Employment Training Institutes (RSETI).
→ An agreement has been signed with the Union Bank of India as the Nodal Bank of the scheme and MoUs with 11 banks as official lending partners for the PMFME Scheme.
→ Under the Capacity Building component of the PMFME Scheme, the National Institute of Food Technology Entrepreneurship and Management (NIFTEM) and the Indian Institute of Food Processing Technology (IIFPT) have been providing training and research support to selected enterprises/groups/clusters in partnership with the State Level Technical Institutions.
→ Under the scheme, 54 Common Incubation Centres have been approved in the 17 States and UTs.
→ The PMFME Scheme provides financial support of Rs. 40,000 for working capital and purchase of small tools for each member of SHGs engaged in food processing activities.
→ Under the scheme, MoUs have been signed with NAFED and TRIFED for marketing and branding of 10 products each.
→ To commemorate 75 years of India's Independence, under the Azadi Ka Amrit Mahotsav initiative, the Ministry of Food Processing Industries is conducting 75 Unique One District One Product (ODOP) webinars/offline workshops across the country in collaboration with States/UTs, NIFTEM, and IIFPT.
→ A weekly series of success stories titled "Kahaani Sukshma Udyamon Ki" has been launched to bring 75 stories of existing micro food processing enterprises.

State News

  1. Jharkhand State Cricket Association (JSCA) has signed an MoU with SAIL Bokaro Steel Plant (BSL), for the construction of an International Cricket Stadium in Bokaro city.

Agriculture and Rural Development

  1. Atmanirbhar Krishi app has been launched by Office of Principal Scientific Adviser to Govt to provide information of various departments / ministries of the govt that can be of use for the farmers.
      • The app is providing the data from KisanMitr, a national digital platform, that provides data from various government ministries/departments to farmers.
      • Tech Mahindra Makers Lab has designed and built the Atmanirbhar Krishi App.
      • The app is also available in 12 languages.
      • Categories of data available on Atmanirbhar Krishi app and the Government Ministry/Department which is the source of the data:
Data Source
Weather & Weather-based Information Indian Meteorological Department(IMD)
Land surface information, Vegetation index & Crop Indian Space Research Organisation (ISRO)
Soil Type and Soil Health Department of Agriculture Cooperation & Farmer Welfare (DACFW) The Indian Council of Agriculture Research (ICAR)
Surface Water (River/Reservoir/Canal) & Ground Water National Water Informatics Centre (NWIC) Includes Central Ground Water Board (CGWA)

Defence News

  1. INS Kiltan has carried out a military exercise with a South Korean vessel (named ROKS Gyeongnam) in the East China Sea.

International News

  1. India has presented English, Russian and Chinese translations of 10 classic works of modern literature written by prominent Indian authors in different languages to the headquarters of the Shanghai Cooperation Organisation (SCO).
      • Indian Ambassador to China Vikram Misri presented the books to SCO Secretary General Vladimir Norov at the SCO secretariat in Beijing.
      • Announcement regarding the same was made by PM Modi at SCO Council of Heads of State Summit in Bishkek in 2019.
      • Books are:
        • Arogyaniketan (Bengali) written by Tarashankar Bandyopadyay,
        • Ordained by Fate (Urdu) by Rajender Singh Bedi,
        • Illu (Telugu) by Rachakonda Vishwanatha Sastry,
        • The Last Exit (Hindi) by Nirmal Varma,
        • Longing for Sunshine (Assamese) by Sayed Abdul Malik,
        • Mystery of the Missing Cap and other short stories (Odia) by Manoj Das,
        • The Last Flicker (Punjabi) by Gurdial Singh,
        • Of Men and Moments (Tamil) by Jayakanthan,
        • Parva: A Tale of War, Peace, Love, Death, God and Man (Kannada) by S L Bhyrappa
        • The Promised Hand (Gujrati) by Jhaverchand Meghnani.
  2. The leaders of the World Health Organization (WHO), the World Intellectual Property Organization (WIPO) and the World Trade Organization (WTO) have launched a joint platform to help countries plug the gaps in accessing Covid-19 vaccines, treatments and technologies.
      • It was launched by the WHO chief Tedros Adhanom Ghebreyesus, WIPO head Daren Tang and WTO director-general Ngozi Okonjo-Iweala.
      • The platform will provide a one-stop shop that will make available the full range of expertise on access, IP and trade matters provided by our organisations, and other partners, in a coordinated way.

Reports & Indices

  1. According to “Growth Engines of Innovation: How Asia Pacific Technology Hubs are Reshaping Regional Real Estate” report by Colliers International (Canada based company), Bengaluru is ranked at the 6th position among the top 10 technology centres in Asia Pacific region.
      • Beijing bagged the top spot in the list followed by Shanghai, Bengaluru, Shenzhen, and Singapore.
      • The above-mentioned cities are the top places in the Asia-Pacific for technology companies to start operations.
      • In terms of technology submarkets, Shangdi in Beijing, Yangpu in Shanghai, Hitec City (Suburban Business District) in Hyderabad as well as Sydney’s CBD South, Whitefield and North Bengaluru in Bengaluru are the top performers.
  2. Startupblink has released the “Global Startup Ecosystem Index 2021”.
      • Total – 100 countries and 1000 cities
      • Top
          • Country – US, UK, Israel, Canada and Germany respectively
          • Cities – San Francisco Bay (US), New York (US), Beijing (China), Los Angeles (US), and London (UK).
      • India’s rank – 20th rank (with 8.8 score)
          • Indian Cities in Top 20 – Bangalore at 10th, New Delhi at 14th, and Mumbai at 16th.
          • India is the third-largest startup ecosystem in the world.
      • Parameters – Three dimensions (Quantity of startups, Quality of startups, and Business Environment)
  3. Mercer 2021 Cost of Living City Ranking has been released.
      • Total – 209 cities
      • India – Mumbai is at 78th rank
          • Other Indian cities – New Delhi at 117th, Chennai at 158th, Bengaluru at 170th
      • Bishkek, Kyrgyzstan is the least expensive (at 209th rank).

    Mercer 2021
    Cost of Living City Ranking

Rank 2020 Rank 2021 City Location Rank change
2 1 Ashgabat Turkmenistan 1
1 2 Hong Kong Hong Kong (SAR) -1
45 3 Beirut Lebanon 42
3 4 Tokyo Japan -1
4 5 Zurich Switzerland -1
7 6 Shanghai China 1
5 7 Singapore Singapore -2
9 8 Geneva Switzerland 1
10 9 Beijing China 1
8 10 Bern Switzerland -2
Rank 2020 Rank 2021 City Location Rank change
209 206 Tunis Tunisia 3
203 207 Tbilisi Georgia -4
201 208 Lusaka Zambia -7
206 209 Bishkek Kyrgystan -3
  1. UK-India Business Council has launched the “Road To A UK-India Free Trade Agreement: Enhancing The Partnership And Achieving Self-Reliance” report.
      • As per this report, a free trade agreement between UK and India will help in achieving the vision of Atmanirbhar Bharat.
      • Negotiations for FTA are underway. Both countries have already agreed for an Enhanced Trade Partnership.
      • The report also provides recommendations to implement Atmanirbhar Bharat program.
        • Build A Strategy For The Future, Taking A Long-Term View
        • India Should Become Increasingly Open To Free And Fair Trade
        • Focus On Developing And Supporting Innovators
        • Digital And Data (focus on digital services with enhanced cyber security)
        • Put Sustainability At The Heart Of India’s Trade And Investment Strategy

Banking & Economy

  1. Reliance Industries Ltd has signed a strategic partnership with Abu Dhabi National Oil Company (ADNOC) to build a chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) production facility at TA’ZIZ in Ruwais, Abu Dhabi.
  2. Innoviti Payment Solutions (India’s largest provider of payment solutions to Enterprise merchants) has partnered with PhonePe (India’s largest digital payments platform) for providing the facility of Dual-Display-UPI.
      • This feature makes it safer and faster for customers to pay through UPI while shopping at Shoppers Stop’s outlets pan India.
      • This feature makes the payment secure and reduces the time taken in the transaction by 10-20 seconds in comparison to the UPI transactions.
  3. SEBI has approved following amendments pertaining to different segments.
A) Amendment to SEBI (Mutual Funds) Regulations, 1996
⚬ The Board approved to provide for investment of a minimum amount in the Mutual Fund (MF) schemes by Asset Management Companies (AMCs) based on the risk associated with the scheme.
⚬ This new amendment will replace the current requirement of 1% of the amount raised in New Fund Offer or an amount of Rs 50 lakhs, whichever is less.
B) Introduction of Framework for Accredited Investors in securities market
⚬ SEBI has approved the proposal to introduce a framework for ‘Accredited Investors’ in the Indian securities market, a class of investors who may be considered to be well informed or well advised about investment products.
Features of Accredited Investors:
⚬ Eligibility criteria for Accredited Investors who may be Individuals, HUFs, Family Trusts, Sole Proprietorships, Partnership Firms, Trusts and Body Corporates based on financial parameters and information as may be specified by SEBI.
⚬ Accreditation Agencies - Eligible subsidiaries of depositories and specified stock exchanges, and any other specified institutions can be recognized as Accreditation Agencies. Accreditation Agencies will grant accreditation status and issue Accreditation Certificate to Accredited Investor.
Benefits of Becoming An Accredited Investors:
⚬ Accredited Investors shall have flexibility to participate in investment products with an investment amount lesser than the minimum amount mandated in the Alternative Investment Funds (AIF) Regulations and Portfolio Managers (PMS) Regulations.
⚬ The AIF – where each of the Accredited Investors invest a minimum of Rs 70 crores – may avail the relaxation from regulatory requirements such as portfolio diversification norms, conditions for launch of schemes and extension of tenure of the AIF.
⚬ Accredited Investors with minimum investment of Rs. 10 Crores with registered PMS provider, may avail relaxation from regulatory requirement with respect to investment in unlisted securities and can enter into bilaterally negotiated agreements with the PMS provider.
⚬ Accredited Investors who are clients of Investment Advisers will have the flexibility to determine the limits and modes of fees payable to the Investment Adviser through bilaterally negotiated contractual terms.
C) Amendments to SEBI (Infrastructure Investment Trusts) Regulations, 2014
⚬ The amendment introduces minimum unit holders requirement for unlisted InvITs.
⚬ The minimum number of unit holders, other than sponsor, its related parties and its associates shall be 5, together holding not less than 25% of the total unit capital of the InvIT.
D) Amendments to SEBI (Infrastructure Investment Trusts) Regulations, 2014 and SEBI (Real Estate Investment Trusts) Regulations, 2014
⚬ The amendments provides for revision in minimum subscription and trading lot for publicly issued REITs and InvITs.
⚬ The revised minimum application value shall be within the range of Rs 10,000-15,000 and the revised trading lot shall be of one unit.
E) Permitting Resident Indian fund managers to be constituents of FPIs
⚬ The Board approved the proposal to amend the SEBI (Foreign Portfolio Investors) Regulations, 2019 to permit eligible Resident Indian Fund Managers (other than individuals) to be constituents of Foreign Portfolio Investors (FPIs).
⚬ Such FPIs shall be investment funds approved by Central Board of Direct Taxes (CBDT) under Section 9A of the Income-Tax (IT) Act, 1961, read with the IT Rules, 1962.
⚬ These amendments shall bring the SEBI (FPI) Regulations, 2019 in line with the recent amendments in Section 9A of the IT Act, thereby facilitating Indian fund managers in managing investment funds incorporated/established/ registered outside India.
F) Review and Merger of SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and SEBI (Non-Convertible Redeemable Preference Shares) Regulations, 2013 into a single Regulation –SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021
⚬ Major provisions of the new regulation - SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021
i) Issuers other than unlisted REITs and InvITs who are in existence for less than 3 years, have been facilitated to tap the bond market, provided:
→ Issuance of their debt securities is made only on a private placement basis;
→ The issue is made on the EBP platform irrespective of the issue size; and;
→ This will enable Special Purpose Vehicles created for specific infrastructure purposes/ NBFCs/ listed REITs/ listed InvITs and other companies to list their debt securities on private placement basis even though they do not have a three-year existence history. However, all other relevant requirements will continue to apply on such securities.
ii) The requirement to have a minimum rating of AA- for a public issuance of Non-Convertible Redeemable Preference Shares (NCRPS) has been removed.
iii) The requirement of a minimum tenure of 3 years for a public issuance of NCRPS has been removed to provide flexibility to issuers to issue the NCRPS as per their resource requirement.
iv) To enable issuers to raise funds quickly without filing a separate prospectus each time, the restriction of not more than four issuances of debt securities in a year through a single shelf prospectus has been done away with.
v) The option for call and put has been introduced in case of debt securities issued on private placement basis. Also, the period for exercise of call and put option has been brought down to 12 months from 24 months in order to provide increased flexibility, both to issuers and investors.
vi) Now, issuers can file shelf prospectus to raise funds through non-convertible securities even after committing a default in payment of interest/dividend/redemption amount, provided they have cured the default at least 30 days prior to filing the draft shelf prospectus.
vii) In order to encourage public issuances of debt securities, the present stipulation that the minimum size of Rs. 100 crore has been done away with.
viii) The Electronic Book Provider (EBP) platform has been made mandatory for issuance of eligible securities on private placement basis proposed to be listed amounting to Rs 100 crore or above in a financial year which will improve price discovery and transparency.
ix) In case an issuer wishes to roll over the debt securities the provision of e-voting has been introduced in addition to postal ballot to facilitate issuers to seamlessly obtain voting for passing the resolution. This will also encourage wider investor participation in the voting.
G) Amendments to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015
⚬ The maximum amount of reward has been increased from Rs 1 Crore, at present, to Rs 10 Crore.
⚬ If the total reward payable to the informant is less than or equal to Rs 1 Crore, then the reward may be granted by SEBI, after the final order is issued.
⚬ If the total reward payable to the informant is more than Rs 1 Crore, then an interim reward not exceeding Rs 1 Crore may be granted by SEBI, after the final order is issued.
  1. According to RBI’s ‘Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs), March 2021’ data, credit growth to the industrial sector remained negative during 2020-21, mainly due to the COVID-19 pandemic and resultant lockdowns.
      • However, personal loans continued to grow at robust pace and recorded 13.5% growth (Y-o-Y) in March 2021; industrial loan growth, on the other hand, remained negative during all quarters of 2020-21.
      • Working capital loans in the form of cash credit, overdraft and demand loans, which accounted for a third of total credit, contracted during 2020-21.
      • Private sector banks recorded higher loan growth when compared to public sector lenders. Their share in total credit increased to 36.5% in March 2021 from 35.4% a year ago and 24.8% five years ago.
      • Credit to household sector rose by 10.9% (Y-o-Y) and its share in total credit increased to 52.6% in March 2021 from 49.8% a year ago.
      • Growth in credit to the private corporate sector declined for the sixth successive quarter and its share in total credit stood at 28.3%.
      • Bank branches in urban, semi-urban and rural areas recorded double-digit credit growth (Y-o-Y) in March 2021, whereas metropolitan branches, which accounted for 63% of bank credit, achieved 1.4% growth.
  2. Ujjivan Small Finance Bank has partnered with LoanTap (online lender) to provide personal loans to salaried professionals.
  3. Amazon Web Services (AWS) has partnered with Axis Bank (India’s third-largest private sector bank) to accelerate its digital transformation program and meet the growing demand for its digital banking services.
      • Under the partnership, the AWS will provide digital services to Axis Bank so that the bank can provide them to its customers.

Important Days

  1. International Day of Parliamentarism is observed on June 30.
  2. International Asteroid Day is observed on June 30.
      • On this day in 1908, Tunguska asteroid hit Siberia, Russian Federation.
Asteroid Day

Start Quiz of 01st and 02nd July 2021

Q.1) What is India’s rank in the Global Startup Ecosystem Index 2021?
Q.2) With which company did Science and Engineering Research Board (SERB) partner to launch Fund for Industrial Research Engagement (FIRE)?
Q.3) Which city is the best performer in India in terms of being a technology centre, as per the “Growth Engines of Innovation: How Asia Pacific Technology Hubs are Reshaping Regional Real Estate” report by Colliers International?
Q.4) Which is the least expensive city as per the Mercer 2021 Cost of Living City Ranking?
Q.5) When is the International Day of Parliamentarism observed?
Q.6) Where is the Japanese Zen Garden - Kaizen Academy located in India?
Q.7) How much financial support is provided to each member of SHGs engaged in food processing activities for working capital requirements under the Pradhan Mantri Formalisation of Micro food processing Enterprises scheme?
Q.8) In how many languages has Atmanirbhar Krishi app been launched?
Q.9) How many translated Indian classic books have been presented to the Shanghai Cooperation Organisation by Indian Ambassador to China Vikram Misri?
Q.10) With which bank has Amazon Web Services partnered to accelerate its digital transformation program by providing digital banking services?
CEO of Anujjindal.in


About Anuj Jindal

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Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 4 years of experience in the field of Education.

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