05th September, 2024

1. Defence Acquisition Council (DAC), led by Union Minister Rajnath Singh, approves 10 capital acquisition projects worth ₹1.44 trillion to enhance India’s defence capabilities.
2. Indian Navy’s P-8I Aircraft Joins the 22nd Indo-French Naval Exercise VARUNA 2024.
3. ICICI Prudential Life Insurance Introduces ‘ICICI Pru Signature Pension’ to Strengthen Retirement Savings.
4. Y Haragopal Appointed Managing Director of NABCONS.
5. UTT 2024: Sharath Kamal Becomes India’s First Ambassador for ITTF Foundation.
6. FWDA Announces Successful First Flight of Indigenous Unmanned Bomber “FWD 200B”.
7. GM Karthik Venkataraman Clinches Victory at the 61st National Chess Championship in Haryana.
8. President Approves the Establishment of the 23rd Law Commission.
9. India Achieves Maiden Flight of its First Indigenous Combat Unmanned Aircraft.
10. President Criticizes ‘Black Coat Syndrome’, Calls on Supreme Court to Uphold Justice for All.
11. 3rd Joint Defence Cooperation Committee Meeting Between India and Kenya Concludes in New Delhi.
12. India’s Sachin Sarjerao Khilari Wins Silver in Men’s Shot Put F46 Event.
13. Harvinder Singh Secures Historic Paralympic Gold in Archery.
14. Government Launches ‘Vishvasya’, a Blockchain Technology Stack.
15. International Day of Charity 2024: Understanding the Importance of Charity.
16. UP Government to Establish a Vedic-3D Museum in Varanasi.
17. Anuya Prasad Takes Gold at World Deaf Shooting Championship.
18. Finance Ministry to Divest 6.78% Stake in GIC Re for ₹4,700 Crore.
19. Telangana and Tamil Nadu Lead GSDP Growth Among India’s Largest States.
20. India and UNESCO to Co-Host 2024 Chief Science Advisers Roundtable in Paris

National News

1. President Sanctions 23rd Law Commission of India
   • What
     • President Droupadi Murmu has approved the formation of the 23rd Law Commission of India.
     • The commission will operate from September 1, 2024, to August 31, 2027.
   • Why
     • Law Commission of India is neither a constitutional body nor a statutory body, it is an executive body established by an order of the Government of India. Its major function is to work for legal reforms.
   • Tell me more
     • The commission will include a full-time Chairperson, four full-time members, and additional ex-officio and part-time members.
     • The 22nd Law Commission’s term is ending soon, and it has been functioning without a chairperson for several months.
     • Important reports, including those on the Uniform Civil Code and simultaneous elections, are pending due to the lack of a chairperson.
     • Justice Ritu Raj Awasthi resigned as the Chairman of the Law Commission in March 2024 after serving for 17 months.
     • The commission’s responsibilities include reviewing obsolete laws, addressing gender equality, and examining the impact of globalization.

2. MeitY Launches Blockchain Solutions for Digital Services
   • What
     • The Ministry of Electronics and Information Technology (MeitY) launched a series of blockchain-based solutions, including the Vishvasya-Blockchain Technology Stack and the NBFLite Lightweight Blockchain Platform.
   • Why
     • The purpose of these solutions is to enhance transparency, security, and efficiency in digital service delivery.
   • Tell me more
     • The Vishvasya stack offers Blockchain-as-a-Service (BaaS) and supports various permissioned blockchain applications.
     • It is hosted across NIC Data Centers in Bhubaneswar, Pune, and Hyderabad.
     • The National Blockchain Framework (NBF) aims to create reliable digital platforms and supports two permissioned blockchain platforms.
     • Applications developed include e-Stamps, judiciary applications, and mobile app verification through Praamaanik.

Source: ET

State News

1. Uttar Pradesh to Build Vedic-3D Museum in Varanasi
   • What
     • The Uttar Pradesh government announced the construction of a Vedic-3D museum in Varanasi at Sampurnanand Sanskrit University.
     • The museum will focus on Indian astrology, astronomy, and Vedic literature.
   • Why
     • The purpose of the museum is to showcase the evolution of Vedic literature and revive the tradition of spiritual discourse.
   • Tell me more
     • The museum will highlight the 16 Sanskars, 64 arts, and 18 Vidya Sthans, as well as contributions from Indian sages.
     • The museum will also display rare manuscripts, including the “Raas Panchadhyayi,” Shrimad Bhagwat Gita, and Durgasaptashati, which are preserved in the historic Saraswati Bhawan.
     • Conservation work for these manuscripts is being carried out by the National Manuscript Mission with support from the Government of India.

Source: NOA

International News

1. UNESCO Chief Science Advisers’ Roundtable (CSAR)
   • What
     • The 2024 Edition of the Chief Science Advisers’ Roundtable (CSAR) will take place at UNESCO headquarters in Paris, France on September 6, 2024.
     • The event is co-organized by the Office of the Principal Scientific Adviser to the Government of India and UNESCO’s Natural Sciences Sector.
   • Why
     • The purpose of the roundtable is to foster open science, bridge knowledge gaps, and build global science advisory capacity.
   • Tell me more
     • Delegations from 28 countries, led by their Chief Science Advisers or equivalents, and 6 international organizations will participate.
     • The roundtable will be co-chaired by Prof. Ajay Kumar Sood, Principal Scientific Adviser to the Government of India, and Dr. Lidia Brito, Assistant Director General of UNESCO.

Source: PIB

Banking and Economy

1. ICICI Pru Launches Signature Pension Plan
   • What
     • ICICI Prudential Life Insurance has launched a new retirement savings plan called ‘ICICI Pru Signature Pension’, a market-linked retirement savings plan designed to help customers build a cost-effective and tax-efficient retirement corpus.
   • Tell me more
     • The plan features two newly introduced funds: ICICI Pru Pension India Growth Fund and ICICI Pru Pension Balanced Fund.
     • Customers can withdraw up to 60% of the accumulated corpus tax-free at the end of the policy term, with the remaining funds required to be used to purchase an annuity for guaranteed lifelong income.
     • Partial withdrawals are permitted, providing liquidity without disrupting the overall savings plan.
     • Customers have the option to make top-up contributions to further enhance their retirement savings.
       Source: CNBC
2. Government to Sell 6.78% Stake in GIC Re
   • What
     • The Union Ministry of Finance will sell a 6.78% stake in General Insurance Corporation of India (GIC Re) through an offer for sale (OFS).
     • The stake sale will be the first since GIC Re’s listing in 2017.
   • Why
     • The purpose of the stake sale is to raise around Rs 4,700 crore for the government.
   • Tell me more
     • The OFS will begin on September 4 for non-retail investors and continue on September 5 for retail investors and GIC Re employees.
     • The government will divest 3.39% equity with an additional 3.39% as a green shoe option.
     • The floor price for the OFS is expected to be set at approximately Rs 395 per share, a 6% discount to the current market price.
     • As of June 2024, the government held an 85.78% stake in GIC Re, which is the largest reinsurance company in India.

3. Telangana, Tamil Nadu Lead in GSDP Growth Among Largest States
   • What
     • Telangana, Tamil Nadu, and Rajasthan recorded the highest growth in real Gross State Domestic Product (GSDP) in FY24 among the ten largest states in India.
     • Telangana grew its economy by 9.2%, Tamil Nadu by 8.2%, and Rajasthan by 8%.
   • Tell me more
     • Telangana’s GSDP reached ₹7.9 lakh crore, while Tamil Nadu’s GSDP was ₹15.7 lakh crore.
     • The services sector played a crucial role in this growth, with Telangana’s services sector growing by 11% and Tamil Nadu’s by 9%.
     • Maharashtra remains the largest economy in India with a GSDP of ₹24.1 lakh crore.
     • The agriculture sector underperformed in many states due to El Niño, impacting overall growth.

Source: HBL

Defence News

1. Defence Acquisition Council Approves Major Procurement Proposals
   • What
     • The Defence Acquisition Council (DAC) has granted Acceptance of Necessity (AoN) for 10 capital acquisition proposals.
     • The total value of these proposals amounts to ₹1,44,716 crore.
   • Why
     • The purpose of these proposals is to modernize the Indian Armed Forces and enhance their operational capabilities.
   • Tell me more
     • The proposals include Future Ready Combat Vehicles (FRCVs) to replace ageing T-92 tanks, Air Defence Fire Control Radars, Dornier-228 aircraft, and next-generation patrol vessels.
     • The FRCV will be a futuristic Main Battle Tank with advanced features such as superior mobility and real-time situational awareness.
     • The procurement plan aims to replace over 1,700 T-92 tanks over time due to their aging and diminishing operational effectiveness.
     • Three AoNs have been approved to enhance the capabilities of the Indian Coast Guard, supporting surveillance and disaster relief operations.

Source: HBL

2. Indian Navy’s P-8I Aircraft Joins Exercise Varuna in France
   • What
     • The Indian Navy’s P-8I aircraft has arrived in France to participate in the 22nd edition of ‘Exercise Varuna’ with the French Navy in the Mediterranean Sea.
   • Tell me more
     • This deployment marks the first-ever deployment of the P-8I aircraft in Europe.
     • The P-8I aircraft landed at Air Base 125 Istres-Le Tube, France.
     • The last Indian Navy aircraft to operate in France was the Alize, which flew from INS Vikrant 63 years ago.
     • INS Tabar, a frigate of the Indian Navy, is also participating in the exercise.

3. Successful Maiden Flight of Indigenous Bomber Aircraft “FWD 200B”
   • What
     • Flying Wedge Defence and Aerospace (FWDA) has successfully completed the maiden flight of its indigenous unmanned bomber aircraft, the FWD 200B.
     • The FWD 200B is classified as a Medium Altitude Long Endurance (MALE) Unmanned Aerial Vehicle (UAV).
   • Tell me more
     • The aircraft’s design, airframe, propulsion systems, and electronics are all made in India at FWDA’s facility in Bengaluru.
     • The FWD 200B can operate at an altitude of up to 15,000 feet.
       Source: ET
4. India and Kenya Hold Third Joint Defence Cooperation Committee (JDCC) Meeting
   • What
     • The third Joint Defence Cooperation Committee (JDCC) meeting between India and Kenya took place in New Delhi on September 3, 2024.
   • Why
     • The purpose of the JDCC is to strengthen defence ties and explore new avenues for collaboration between India and Kenya.
   • Tell me more
     • The Indian delegation was led by Joint Secretary Shri Amitabh Prasad, while the Kenyan side was led by Major General David Kipkemboi Ketter.
     • India and Kenya have a long-standing relationship, supported by a Memorandum of Understanding (MoU) on Defence Cooperation signed in July 2016.

Source: PIB

Important Days

1. International Day of Charity – September 5
   Source: UN

Sports

1. Karthik Venkataraman Wins 61st National Chess Championship
   • Karthik Venkataraman won the 61st Indian National Chess Championship, as organized by the Haryana Chess Association.
   • Surya Ganguly and Neelash Saha finished in second and third place, respectively.
     Source: CB
2. Paralympics 2024 Winners
   • Sachin Sarjerao Khilari, an Indian para athlete, won the silver medal in the men’s shot put F46 event at the Paris 2024 Paralympics. He set an Asian record of 16.32m on his second attempt. Canada’s Greg Stewart won the gold.
   • Harvinder Singh became the first Indian archer to win a gold medal at the Paralympics, beating Poland’s Lukasz Ciszek. In Tokyo 2020, he won a bronze medal.
     Source: OC CNBC
3. Anuya Prasad Wins Gold at World Deaf Shooting Championship
   • Anuya Prasad won the women’s air pistol gold after defeating Sofia Olenych of Ukraine at the second World Deaf shooting championship in Hannover, Germany.
     Source: TH

Appointments

1. Y Haragopal Appointed as MD of NABCONS
   • Y Haragopal has been appointed Managing Director of NABCONS (NABARD Consultancy Services), a wholly-owned subsidiary of the National Bank for Agriculture and Rural Development.
     Source: HBL
2. Sharath Kamal Becomes ITTF Foundation Ambassador
   • What
     • Sharath Kamal has been named the first Indian ambassador of the International Table Tennis Federation (ITTF) Foundation.
     • The announcement was made at the Jawaharlal Nehru Indoor Stadium during the Ultimate Table Tennis (UTT) season five.
   • Tell me more
     • Sharath is currently the captain of Chennai Lions in the UTT, although the season has been challenging for him.
     • Ultimate Table Tennis (UTT) is a professional table tennis league in India that features top athletes from around the world. The league was launched in 2017 and is promoted by Niraj Bajaj and Vita Dani.
     • The headquarters of the ITTF is in Lausanne, Switzerland.
       Source: TH

Miscellaneous

1. “Black Coat Syndrome” Term
   • President Droupadi Murmu coined the term “Black Coat Syndrome” to describe the anxiety and reluctance of poor people from villages to approach courts, similar to how some people experience “White Coat Hypertension” when their blood pressure rises in a hospital environment due to stress..
     Source: IE

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