08th August, 2024

1. Government Reconstitutes EC and GB of NIPCCD After Over 50 Years
2. RIL Rises to 86th in Fortune Global 500 for 2024; Walmart Tops for 11th Year
3. Nehru Group and Global Education Outreach Mauritius Sign MoU for Education Collaboration
4. FPEL Secures $275 Million Funding from IFC, ADB, and DEG Consortium
5. SBI General Insurance and HSBC India Form Bancassurance Partnership
6. Muthoot Capital Services Partners with UK Financial Institution to Expand Electric Vehicle Portfolio
7. CIL and GAIL Form JV to Set Up Coal-to-SNG Plant in West Bengal
8. Nobel Laureate Muhammad Yunus Appointed Chief Adviser of Bangladesh’s Interim Government
9. Nobel Prize-Winning Physicist Tsung-Dao Lee Passes Away
10. National Javelin Day 2024 – August 7
11. NCW Launches Digital Shakti Center to Fight Cybercrimes Against Women
12. Gati Shakti Vishwavidyalaya and Airbus Collaboration Begins
13. Australia Announces Maitri Grants for Research and Cultural Collaboration with India
14. India Exports First GI-Tagged Fig Juice to Poland
15. Capital Small Finance Bank and Edelweiss Life Partner for Bancassurance
16. Government Appoints Challa Sreenivasulu Setty as SBI Chairman

National News

1. NIPCCD’s Executive Council and General Body Reconstituted After 50 Years
   • What
     • The Ministry of Women and Child Development has reconstituted the Executive Council and General Body of the National Institute of Public Cooperation and Child Development (NIPCCD) after more than five decades.
     • The reconstitution was approved during a meeting chaired by WCD Minister Annpurna Devi.

   • Why
     • The reconstitution aims to create a leaner and more efficient structure for NIPCCD, an autonomous organization under the WCD Ministry.

   • Tell me more
     • The size of the General Body has been reduced from 94 to 22 members, while the Executive Council has been reduced from 21 to 13 members.
     • The General Body is responsible for formulating overall policies, while the Executive Council manages the administrative affairs of the institute.
     • NIPCCD will expand its Advanced Diploma Courses on Child Guidance and Counselling and support the ministry in key missions including Mission Poshan 2.0, Mission Vatsalya, and Mission Shakti.

2. India-Mauritius Trade Conference 2024 Strengthens Bilateral Ties
   • What
     • The Indian Economic Trade Organization, in association with the India Africa Trade Council, organized the India Mauritius Trade Conference 2024 in Port Louis, Mauritius.

   • Why
     • The conference aims to promote investment and growth through collaboration with Mauritius business houses and strengthen the partnership between India and Mauritius.

   • Tell me more
     • A Memorandum of Understanding for educational collaboration was signed between Global Education Outreach Mauritius and Nehru Group of Institutions in Coimbatore.
     • The motto of the conference was “Promoting Investment and Growth”.
     • The Nehru Group plans to establish educational institutes in Mauritius focusing on dairy farming and food processing.
     • The Comprehensive Economic and Commercial Partnership Agreement (CECPA) between India and Mauritius was signed on February 22, 2021, and came into force on April 1, 2021.
       Source: BS
3. Digital Shakti Center Launched to Combat Cyber Crimes
   • What
     • The National Commission for Women (NCW) inaugurated the Digital Shakti Center to combat cyber crimes against women.
   • Why
     • The center aims to raise awareness about cyber crimes targeting women and provide essential technical support for registering and addressing complaints.

   • Tell me more
     • The Digital Shakti Center was launched in collaboration with the CyberPeace Foundation and was inaugurated by NCW Chairperson Rekha Sharma.
     • The initiative responds to the alarming rise in cyber crimes, including identity theft, cyberstalking, and sexual exploitation.
     • The center will offer expert guidance to ensure timely resolution of cyber crime complaints and builds on the success of the NCW’s Digital Shakti campaign, which has reached millions of women since its launch in 2018.
       Source: ET
     
     
4. Gati Shakti Vishwavidyalaya Launches Aviation Training Program
   • What
     • Gati Shakti Vishwavidyalaya (GSV) has inaugurated its first executive training program for the aviation sector in collaboration with Airbus in New Delhi.
   • Why
     • The program aims to enhance awareness and expertise in Safety Management Systems among working professionals in the aviation industry.
   • Tell me more
     • The training is also attended by international professionals, including participants from Nepal and Bhutan.
     • The collaboration follows an MOU signed in September 2023, aimed at strengthening the Indian aviation sector.

5. Australia-India Maitri Grants Enhance Collaboration
   • What
     • The Australian government has announced the recipients of the Maitri Research and Cultural Partnerships Grants, aimed at fostering collaboration between Australia and India.
   • Why
     • The grants are designed to deepen links between the two countries and support initiatives in research, cultural exchange, and commercial innovation.
   • Tell me more
     • The Maitri Research Grants will focus on agribusiness, critical technology, energy transition, and advanced manufacturing.
     • This year’s recipients include projects for sustainable manufacturing of Australian technology in India, workshops connecting Australian researchers with Indian start-ups, and artistic collaborations in Melbourne.
     • The Maitri Cultural Partnerships will fund 14 collaborations, including three First Nations projects, to strengthen connections between Australian cultural organizations and India’s creative sector.

Source: The Australia FM ANI

Banking and Economy

1. Fourth Partner Energy Secures $275 Million Investment
   • What
     • Fourth Partner Energy Ltd (FPEL) has secured an investment of $275 million from a consortium consisting of the International Finance Corporation (IFC), Asian Development Bank (ADB), and Deutsche Investitions- und Entwicklungsgesellschaft (DEG).
   • Why
     • The investment aims to fund FPEL’s business expansion plans, which include achieving a target portfolio of 3.5 gigawatts (GW) of renewable energy assets by 2026.
   • Tell me more
     • FPEL currently has an installed base of 1.5 GW of green assets and is set to commission the first phase of its 575 MW wind-solar hybrid project under the Inter-State Transmission System (ISTS) route in Karnataka.
     • The investment breakdown includes $125 million from IFC, $100 million from ADB, and $50 million from DEG.
     • FPEL is developing additional capacities of 1.2 GW across Maharashtra, Uttar Pradesh, Tamil Nadu, and Gujarat, focusing on ISTS, on-site solar, and battery storage.

2. Bancassurance Partnerships
   • What
     • SBI General Insurance Company Limited has entered into a bancassurance partnership with HSBC India for the distribution of non-life insurance products through HSBC’s network.
     • Capital Small Finance Bank Limited (CSFB) and Edelweiss Life Insurance have entered into a bancassurance tie-up to distribute life insurance products.

3. Muthoot Capital Secures ₹100 Crore for EV Portfolio
   • What
     • Muthoot Capital Services Limited (MCSL) has partnered with a UK-based Development Financial Institution to raise long-term debt funds aimed at promoting its electric vehicle (EV) portfolio.
   • Why
     • The partnership is intended to drive the widespread adoption of electric vehicles in India, particularly among the lower middle-income segment.
   • Tell me more
     • The collaboration, facilitated by Axis Bank, involves a deal size of ₹100 crore, marking one of the largest partnership deals for Muthoot Capital’s sustainability initiatives.
     • Muthoot Capital is currently involved in electric vehicles through a co-lending route and plans to grow its own EV book by approximately ₹200 crore during FY25.
       Source: BS
4. Coal India and GAIL Collaborate on Coal-to-SNG Plant
   • What
     • Coal India Ltd (CIL) and GAIL (India) Ltd have signed a joint venture agreement to establish a coal-to-synthetic natural gas (SNG) plant using surface coal gasification technology in the Raniganj area of West Bengal.
   • Why
     • The partnership aims to utilize the chemical properties of coal to produce synthetic natural gas, thereby reducing dependency on natural gas imports and promoting sustainable energy solutions.
   • Tell me more
     • This initiative is part of the National Coal Gasification Mission, which seeks to enhance coal utilization while minimizing carbon emissions.
     • The Ministry of Coal has facilitated this agreement in collaboration with the Ministries of Power and Petroleum.

Source: ET

Agriculture and Rural Development

1. Purandar Highlands Exports India’s First Fig Juice to Poland
   • What
     • Purandar Highlands Farmers Producer Company Ltd has exported India’s first GI-tagged fig juice to Poland, marking a significant milestone in international trade.
   • Why
     • The export aims to promote sustainable manufacturing of Australian technology in India and enhance the global presence of Indian agricultural products.
   • Tell me more
     • The export was facilitated by the Agricultural and Processed Food Products Export Development Authority (Apeda).
     • The figs from Purandar are known for their sweet taste, size, and nutritional benefits, alongside other products like Phule Purandar Custard Apples and Ratnadeep Guava.
       Source: HBL

Awards

1. Reliance Industries Tops Indian Firms on Fortune Global 500 List
   • What
     • Reliance Industries Ltd (RIL) continues to be the highest-ranked Indian firm on the Fortune Global 500 list, jumping two places to rank 86th in the 2024 edition.
     • RIL was placed 88th in last year’s ranking and has gained 69 places in the last three years, rising from 155th in 2021 to 86th in 2024.
   • Tell me more
     • The 2024 ranking includes nine Indian firms, with five from the public sector and four from the private sector.

Source: BS

Important Days

1. National Javelin Day – August 7
   • The Athletics Federation of India, the governing body for athletics in the country, designated this date to honour Neeraj Chopra’s historic gold medal win in the javelin throw at the Tokyo Olympics 2020.
     Source: IT

Appointments

1. Nobel Laureate Muhammad Yunus to Lead Bangladesh Interim Government
   • What
     • Nobel Peace Prize laureate Muhammad Yunus has been appointed as the chief adviser of Bangladesh’s interim government by President Mohammed Shahabuddin.
     • Yunus’s appointment comes a day after Prime Minister Sheikh Hasina resigned and fled the country following violent crackdowns on student-led protests.
   • Tell me more
     • Yunus, 84, and his Grameen Bank won the 2006 Nobel Peace Prize for their work in lifting millions out of poverty through microcredit.
       Source: Reuters

2. Challa Sreenivasulu Setty Appointed SBI Chairman
   • What
     • Challa Sreenivasulu Setty has been appointed as the Chairman of the State Bank of India (SBI) for a period of three years, effective August 28, 2024.
   • Tell me more
     • The Appointments Committee of the Cabinet (ACC) approved Setty’s appointment based on a recommendation from the Financial Services Institutions Bureau (FSIB).
     • Alongside Setty’s appointment, Rana Ashutosh Kumar Singh has been appointed as the new Managing Director of SBI, effective until his superannuation on June 30, 2027.

Source: BS FSIB

Miscellaneous

1. Nobel Laureate Tsung-Dao Lee Passes Away at 97
   • Chinese-American physicist Tsung-Dao Lee, who won the Nobel Prize in Physics in 1957, died at his home in San Francisco on August 4, 2024, at the age of 97.
   • Lee was known for his groundbreaking work in particle physics, which advanced the understanding of the field.
     Source: TH

Start Quiz of 08th August 2024 on Mobile

Start Quiz of 08th August 2024 on Desktop