07th September, 2023

1. According to a recent research published in Science Advances, groundwater depletion in India is projected to triple between 2041 and 2080 due to the effects of global warming.
2. Shipping Minister Sarbananda Sonowal has inaugurated the Vizag International Cruise Terminal (VICT) along with several other projects valued at Rs 333 crore at Visakhapatnam Port.
3. Grene Roboticsin partnership with Bharat Electronics Limited (BEL) has launched ‘Indrajaal’, India’s first and the only counter-drone system that uses Artificial Intelligence (AI) and Machine Learning(ML) to counter drone threats.
4. Madhya Pradesh (MP) Chief Minister has inaugurated the city of Sanchi in Raisen district in MP as India’s first Solar City.
5. Andhra Pradesh Food Processing Society (APFPS) has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) for upgrading and establishing a minimum of 7,500 micro-food processing units in AP.
6. 2nd edition of Surya Nepal Kathmandu Kalinga Literary Festival (KLF) held in Kathmandu, Nepal has been concluded.
7. Urban Infrastructure Development Fund (UIDF), announced in the FY24 Budget is set to disburse its first tranche of loans to fund ongoing projects in tier-2 and tier-3 cities.
8. Bajaj Allianz Life Insurance has launched a New Savings Plan ‘Bajaj Allianz Life ACE’.
9. Hitachi Payment Services Private Ltd has launched India’s first-ever Unified Payments Interface (UPI)-Automated Teller Machine (ATM) in association with the National Payments Corporation of India (NPCI).
10. Punjab National Bank(PNB) has launched the Central Bank Digital Currency(CBDC) and Unified Payments Interface (UPI) interoperability in its PNB Digital Rupee App.
11. Technology Development Board (TDB) has partnered with Aloe Ecell Pvt. Ltd., a Lucknow-based startup, to support the project “Commercialization of Eco-friendly 1.5V AA size Aloe Vera-based batteries.”
12. Bharat Electronics Limited (BEL) and Israel Aerospace Industries Ltd (IAI) has signed a Memorandum of Understanding (MoU) for cooperation in addressing India’s growing needs in the field of Short Range Air Defence Systems.
13. Vijayawada Railway Stationin Andhra Pradesh(AP) has been certified as “Green Railway Station” with the highest rating of Platinum by IGBC (Indian Green Building Council)-Confederation of Indian Industry (CII).
14. Indian Men’s Team has won bronze at the recently concluded IITF Asian Table Tennis Championship 2023 (26th edition).
15. Indian Renewable Energy Development Agency Limited (IREDA) has signed a Memorandum of Understanding with Union Bank of India (UBI) and Bank of Baroda (BoB).
16. A recent research has revealed that the night sky is becoming 10% brighter each year, primarily due to the proliferation of cheaper and brighter LED lights.

National News

1. According to a recent research published in Science Advances, groundwater depletion in India is projected to triple between 2041 and 2080 due to the effects of global warming.

Findings of the study

• Groundwater Level Decline:Estimated groundwater level decline from 2041 to 2080 is 3.26 times the current rate. Variation exists, ranging from 1.62 to 4.45 times depending on climate models.
• Farmers’ Response to Climate Change: Farmers rely more on groundwater as temperatures rise, intensifying resource depletion.
  • Over time, this reduces long-term irrigation capacity.
• Expanding Overexploitation of Aquifers:Overexploitation may extend to southwest, south, and central India by 2050, posing challenges for hard rock aquifers.
  • Currently, overexploitation is concentrated in the northwest and south.

  Source: DTE

2. Shipping Minister Sarbananda Sonowal has inaugurated the Vizag International Cruise Terminal (VICT) along with several other projects valued at Rs 333 crore at Visakhapatnam Port.
• The VICT is developed with an investment of ₹96.05 crores with a grant of ₹38.50 crores by the Ministry of Tourism, Government of India.
• It has a capacity to accommodate 2000 passenger vessels.

Source: ET

3. Grene Roboticsin partnership with Bharat Electronics Limited (BEL) has launched ‘Indrajaal’, India’s first and the only counter-drone system that uses Artificial Intelligence (AI) and Machine Learning(ML) to counter drone threats.

About Indrajaal

• It works on AI-driven platform 
• It is the world’s only autonomous wide area, counter-unmanned aircraft system(C-UAS) that can defend against all classifications and all levels of autonomous drones.
  • It is equipped with infrared and lasers to attack specific targets.
• The drone addresses threats like low radar cross section (RCS) hazards, and medium to high-altitude sustained operation (MALE and HALE) Unmanned aerial vehicles (UAV), along with loitering ammunitions and mass drone infiltrations.
• It employs Multi spectral detection with Acoustic sensors, active Radio Frequency (RF), passive RF, thermal sensors, etc.
• The drone uses the combination of 12 proprietary technologies based on the need.
• It can offer 360-degree protection against areas upto 4000 sq.kms.

Source: BS

State News

1. Madhya Pradesh (MP) Chief Minister has inaugurated the city of Sanchi in Raisen district in MP as India’s first Solar City.
• This is in line with Prime Minister’s vision of developing a solar city in every state by 2070.
• An agreement has been signed between the state department of renewable energy and IIT Kanpur to make Sanchi a net zero city.

About the Sanchi Solar City:

• The solar plants of 3 MW and 5 MW solar plants in Nagauri and Gulgaon of sanchi respectively will cater to the city’s electrical and agricultural needs.
• Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL) is the nodal agency of the solar city project.
• It will reduce annually about 14,000 tonnes of carbon dioxide emissions, which is equivalent to having more than 2 lakh adult trees.

Source: HT

2. Andhra Pradesh Food Processing Society (APFPS) has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) for upgrading and establishing a minimum of 7,500 micro-food processing units in AP.
• The agreement will be executed during the fiscal year 2023-24(FY24) under the Prime Minister Formalisation of Micro Food Processing Enterprises (PMFME) scheme.

About the partnership

• SBI will offer collateral-free loans of up to Rs 10 lakh to eligible beneficiaries, following the guidelines of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) under the Agri Infrastructure Fund (AIF).
  • CGTMSE is jointly set up by the Ministry of Micro, Small & Medium Enterprises (MoMSME), and the Small Industries Development Bank of India (SIDBI) to catalyse the flow of institutional credit to Micro & Small Enterprises (MSEs).
• Under the PMFME scheme, loans will be available at 9% interest, with an additional 3% interest subvention wherever applicable. There will be a moratorium of 3 months when the food processing units are stabilizing.
• In addition to collateral-free loans and financial support, SBI will provide necessary working capital loans to ensure the successful operation of the enterprises.
• SBI will also support the promotion of food processing in collaboration with Farmer Producer Organizations (FPOs).

Source: ET

International News

1. 2nd edition of Surya Nepal Kathmandu Kalinga Literary Festival (KLF) held in Kathmandu, Nepal has been concluded.
• Theme: Shakti, Bhakti, Civilizational connection: Nepal as centre of Global Thought.
• Organisers: Odisha-based Kalinga Literary Festival (KLF) in association with Yashaswi Pragya Pratishthan.
• This festival is held to exchange South Asian culture through promoting literary and cultural activities.
• Artists and writers from India, Nepal, Bhutan, Bangladesh, and Sri Lanka displayed their work in literature, music, dance, poetry, and other mediums.

Source: PTI

Banking and Economy

1. Urban Infrastructure Development Fund (UIDF), announced in the FY24 Budget is set to disburse its first tranche of loans to fund ongoing projects in tier-2 and tier-3 cities.

About the fund

• UIDF is established through the use of priority sector lending shortfall.
• Purpose: The Fund will be used by public agencies to create urban infrastructure in tier-2 and tier-3 cities.
• The focus will be on basic services like sewerage and Solid Waste Management, water supply and sanitation, construction and improvement of drains/storm water drains, etc., and impact-oriented projects will be prioritised.
• It is managed by the National Housing Bank.
• The initial corpus for this Fund is ₹10,000 crores.
• States will be encouraged to leverage resources from the grants of the 15th Finance Commission, as well as existing schemes, to adopt appropriate user charges while accessing the UIDF.
• It currently covers 459 tier-2 cities and 580 tier-3 cities.
• UIDF Loans:
  • The interest rate on UIDF loans has been kept at Bank Rate minus 1.5%.
  • The loan (Principal) will be repayable in 5 equal annual instalments within 7 years from the date of the draw, including a moratorium period of 2
  • Interest will be payable on a quarterly
    Source: IE
2. Bajaj Allianz Life Insurance has launched a New Savings Plan ‘Bajaj Allianz Life ACE’.
• It is a non-linked, participating, early-income life insurance plan designed to offer enhanced flexibility to customers in customizing their cash flows according to their individual financial needs.
  Source: LM

3. Hitachi Payment Services Private Ltd has launched India’s first-ever Unified Payments Interface (UPI)-Automated Teller Machine (ATM) in association with the National Payments Corporation of India (NPCI).

How will it work?

• Users will have to select the “UPI cash withdrawal” option on the ATM and select the amount to be withdrawn.
• A single-use QR code will be displayed on the screen. Users can then scan the QR code on the screen from any UPI app on their phones, input their pin, and get the cash.

Source: ET

4. Punjab National Bank(PNB) has launched the Central Bank Digital Currency(CBDC) and Unified Payments Interface (UPI) interoperability in its PNB Digital Rupee App.
• The app users can use their CBDC Wallets to make purchases on the UPI QR of these merchants even if they don’t have a CBDC Wallet.
• Interoperability is the technical compatibility that allows a payment system to work with other payment systems.

Source: ET

5. Technology Development Board (TDB) has partnered with Aloe Ecell Pvt. Ltd., a Lucknow-based startup, to support the project “Commercialization of Eco-friendly 1.5V AA size Aloe Vera-based batteries.”
• The project is valued at 2.98 crores with TDB’s substantial contribution of Rs.1.91 crores as a soft loan aimed to boost green innovation.
• The Aloe Vera battery offers an alternative to conventional batteries laden with heavy metals and harmful chemicals.
• Technology Development Board (TDB), is a statutory bodyestablished by Government of India under Technology Development Board Act, 1995, to promote development and commercialization of indigenous technology and adaptation of imported technology for much wider application.

Source: CS

Defence News

1. Bharat Electronics Limited (BEL) and Israel Aerospace Industries Ltd (IAI) has signed a Memorandum of Understanding (MoU) for cooperation in addressing India’s growing needs in the field of Short Range Air Defence Systems.
• Objective: To provide the Indian Armed Forces with high-end Air Defence solutions that meet their high-end operational requirements on one hand and ‘Make in India’ requirements on the other.

Source: ET

Awards

1. Vijayawada Railway Stationin Andhra Pradesh(AP) has been certified as “Green Railway Station” with the highest rating of Platinum by IGBC (Indian Green Building Council)-Confederation of Indian Industry (CII).
• This is the 2nd railway station under the South Central Railway (SCR) Zone to bag a Platinum rating after Secunderabad railway division(Telangana), in 2018.
• Previously, Vijayawada Railway Station was holding the Gold Standard Rating from IGBC – CII since 2019, which is valid for 3 years.

Source: TH

Sports

1. Indian Men’s Team has won bronze at the recently concluded IITF Asian Table Tennis Championship 2023 (26th edition).
• This is team’s second consecutive medal in the tournament including the bronze medal in 2021 in Doha, Qatar.
• Indian Men’s team: Sharath Kamal, Sathiyan Gnanasekaran and Harmeet Desai
• The Indian women’s teamhas secured sixth place in the women’s team event.

Source: ET

Memorandum of Understanding

1. Indian Renewable Energy Development Agency Limited (IREDA) has signed a Memorandum of Understanding with Union Bank of India (UBI) and Bank of Baroda (BoB).
• Purpose: To enable IREDA to work with UBI and BoB in loan syndicationand co-lending for a variety of renewable energy projects involving both established and cutting-edge renewable energy technology.
• This is part of IREDA’s plans to support the government of India’s target of achieving 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
• The collaboration aims to extend IREDA’s reach, particularly in tier-2 & tier-3 cities and rural areas, to provide unique and innovative financial support to existing and new customers.

Source: PIB

Miscellaneous

1. A recent research has revealed that the night sky is becoming 10% brighter each year, primarily due to the proliferation of cheaper and brighter LED lights.
• The excessive artificial light disrupts sleep cycles, potentially leading to health issues, affects insect populations, and results in the deaths of millions of birds.

Source: cbs

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