15th-16th August, 2023

1. China’s National Bureau of Statistics has reported that the Consumer Price Index (CPI)has declined in July 2023 by 0.3% compared to a year earlier, causing Deflation in the Country.
2. Consumer Price Index (CPI)-based inflation rate has jumped to 7.44% year-on-year (Y-o-Y) in July from 4.87% in the preceding month as per data released by the National Statistical Office (NSO).
3. Ministry of Health and Family Welfare (MoH&FW) has launched the 2nd Phase of nationwide mass drug administration (MDA) Campaign for Lymphatic Filariasis.
4. Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry and Ministry of Rural Development has jointly launched ‘One District One Product’ Wall at SARAS Ajeevika Store.
5. DMRC has launched a new initiative CarbonLite Metro Travel.
6. The Technology Development Board (TDB) has entered into an agreement with Noccarc Robotics Private Ltd., Maharashtra for the commercialisation of digitally enabled advanced universal Intensive Care Unit (ICU) ventilators.
7. NCERT has formed a 19-member National Syllabus and Teaching Learning Material Committee (NSTC) to revise textbooks for classes 3 to 12. 
8. Chief Justice of India (CJI) D Y Chandrachud has launched ‘SuSwagatam’, a web-based and mobile-friendly application to generate entry passes for those visiting supreme court premises.
9. Railways Ministry is set to establish Pradhan Mantri Bhartiya Janaushadhi Kendras at railway stations across the country to provide health care facilities.
10. Union Home Minister has inaugurated 3 connectivity projects costing Rs 360 crores to boost coastal security in Gujarat.
11. “ImPact with Youth Conclave” has been organised by United Nations India, Yuwaah at UNICEF, and Ministry of Youth Affairs & Sports, Government of India on the eve of International Youth Day.
12. Maharashtra’s New Amravati station has become the Central Railway’s 3rd Pink Station.
13. Gujarat Chief Minister has launched the ‘Sinh Suchna’ Web App on the occasion of World Lion Day celebrated on 10th August.
14. Chief Minister of Rajasthan has launched the Indira Gandhi Smart Phone Scheme during an event organised at the B.M. Birla Auditorium in Jaipur, Rajasthan.
15. Directorate of Tourism, Uttar Pradesh has entered into a strategic Memorandum of Understanding (MoU) with Luzern Ventures Private Limited (OGA).
16. Protean eGov Technologies (Protean) has partnered with PayNearby, a fintech platform owned by Nearby Technologies Private Limited to provide credit services on the ONDC (Open Network for Digital Commerce) network for last-mile borrowers and Micro, Small & Medium Enterprises (MSMEs).
17. Reserve Bank of India has awarded contract to global consultancy firms McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems using artificial intelligence and machine learning for its Public Tech Platform.
18. Reserve Bank of India (RBI) has announced the development of a Public Tech Platform for Frictionless Credit.
19. 11 August- World Steelpan Day (1st edition)
20. Indian hockey team has defeated Malaysia 4-3 to win for the fourth time at the Asian Champions Trophy 2023 at Mayor Radhakrishnan Hockey Stadium, Chennai.
21. IIITD Innovation and Incubation Centre (IIITD-IC), a section 8 company promoted by the Indraprastha Institute of Information Technology-Delhi (IIITD), has signed a Memorandum of Understanding (MoU) with YES Bank Limited (YES Bank) to support and scale up the growth of startup ecosystem in India.
22. Supreme Court of India (SC) has constituted an all-women committee of 3 former High Court judges to oversee the relief rehabilitation and rebuilding measures in Manipur.
23. The Insurance Regulatory and Development Authority of India (IRDAI) has approved the appointment of Amit Jhingran as the Managing Director (MD) & Chief Executive Officer (CEO) of SBI Life Insurance Company Limited (SBI Life).
24. R Doraiswamy has been appointed as the Managing Director of Life Insurance Corporation of India (LIC).

National News

1. China’s National Bureau of Statistics has reported that theConsumer Price Index (CPI) has declined in July 2023 by3% compared to a year earlier, causing Deflation in the country.

What is Deflation?

• It refers to a sustained and general decrease in the overall price levels of goods and services in the economy.
• In a deflationary environment, consumers can buy more goods and services for the same amount of money over time.
• However, deflation can occur for various reasons, such as reduced consumer demand, oversupply of goods, technological advancements that lower production costs, or tight monetary policies by central banks.
• In China’s case, reduced consumer demand and economic slowdown are the reasons which has led to-
• Spiral Contraction: When consumers expect prices to fall further, they delay purchases, leading to decreased demand for goods and services. The reduction in demand can lead to lower production, reduced profits, and even layoffs, which in turn further reduce consumer spending.

• However, economic situations can be complex, and the actual effects of deflation can vary depending on the specific circumstances of an economy.

 What Caused Deflation in China?

• Zero-Covid Policy:
• The most prominent was a Zero-tolerance Covid policy that saw entire cities shut down, sometimes for weeks at a time, in an effort to prevent the spread of the coronavirus. This led to dampening of demand.
• Slowdown in Property:
• The property sector, which in recent years accounted for between 20% and 30% of GDP (Gross Domestic Product), has suffered a severe slowdown, with a number of major developers unable to service their Debts, and many projects left incomplete.
• Unemployment:
• Increasing unemployment among younger workers is also a problem, with the official jobless rate for people ages 16 to 24 at 21%, and some experts expressing concern that the real number is significantly higher.

 How can China’s Deflation Impact India and the World?

• Positive Effect: If investment in the Chinese economy is lowered owing to the increasing slowing rate of their economy, and now deflation, India could potentially emerge and take over as the manufacturing hub for the developed economies.
• Negative Effect: China remains one of the biggest importers of iron ore from India. The east Asian country imports almost 70% of Iron-ore from India.
  Source: LM

2. Consumer Price Index (CPI)-based inflation rate has jumped to 7.44% year-on-year (Y-o-Y) in July from 4.87% in the preceding month as per data released by the National Statistical Office (NSO).
   • Consumer food price index (CFPI) in July has also surged to 11.51%, the highest level since October 2020.
   • Reason- Sharp rise in vegetable prices (due to erratic monsoon) over the past few months, along with an equally sharp rise in the prices of cereals such as rice and wheat.
   • Food prices account for nearly half of the inflation basket.

3. Ministry of Health and Family Welfare (MoH&FW) has launched the 2nd Phase of nationwide mass drug administration (MDA) Campaign for Lymphatic Filariasis.
   • The Union Minister has also launched the National Guidelines for Clinical Management of Dengue Fever 2023 and Chikungunya Fever.
   • Lymphatic Filariasis
   • Lymphatic filariasis, commonly known as elephantiasis, is caused by parasitic infection which is transmitted through the bite of infected mosquitoes.
   • This impacts millions of individuals in tropical and subtropical regions across the globe.
   • It is commonly known as elephantiasis.
   • Filariasis is a parasitic infection caused by microscopic, thread-like worms known as filariae.
   • Target: India aims to eliminate Lymphatic Filariasis by 2027, three years ahead of the global target, through a mission-driven strategy.
   • WHO’s Global Programme to Eliminate Lymphatic Filariasis (GPELF) launched in 2000 with a mission to eradicate the disease.
   • GPELF aims to validate elimination in 80% of endemic countries by achieving sustained low infection rates and providing care.
   • Multi-drug administration (MDA) Campaign is held twice a year synchronized with National Deworming Day (10th Feb and 10th August).

4. Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry and Ministry of Rural Development has jointly launched ‘One District One Product’ Wall at SARAS Ajeevika Store.
   • SARAS Aajeevika is an initiative by Deendayal Antyodaya (DAY-NRLM), Ministry of Rural Development, Government of India.
   • It is a strong supporter of women’s empowerment, with a special focus on uplifting women artisans and Self-Help Groups (SHGs).
   • ‘ODOP Wall’ aims to showcase India’s craft uniqueness worldwide.
   • ODOP initiative focuses on promoting one unique product from each district, fostering balanced regional development.
     Source: PIB
5. DMRC has launched a new initiative CarbonLite Metro Travel.
   • Purpose: To help people understand their contribution to reducing CO2 emissions by opting for metro rail services.
   • The initiative is in line with the Government of India’s Mission Lifestyle for Environment (LiFE).
   • Based on comprehensive research conducted by The Energy and Resources Institute (TERI), Delhi, the initiative underscores that each kilometre travelled by metro train instead of road vehicles results in a noteworthy reduction of 32.38 gram of CO2 emissions.

6. The Technology Development Board (TDB) has entered into an agreement with Noccarc Robotics Private Ltd., Maharashtra for the commercialisation of digitally enabled advanced universal Intensive Care Unit (ICU) ventilators.
   • TDB, is a statutory body under Department of Science & Technology (DST).
   • It aims to promote the development and commercialization of indigenous technology and the adaptation of imported technology for wider application.
   • Noccarc Robotics is IIT Kanpur-Incubated Startup established in 2017.
   • The board has pledged support of ₹3.94 Crores under the agreement.
   • India imports around 85% of the medical devices.
     Source: PIB
7. NCERT has formed a 19-member National Syllabus and Teaching Learning Material Committee (NSTC) to revise textbooks for classes 3 to 12. 
   • The committee is chaired by National Institute of Educational Planning and Administration (NIEPA) chancellor MC Pant.
   • The committee aims to align curriculum with the National Curriculum Framework for School Education (NCF-SE) under the National Education Policy (NEP) 2020.
   • The NCFSE serves as a guideline for developing syllabi, textbooks, and teaching practices in India.
     Source: IE
8. Chief Justice of India (CJI) D Y Chandrachud has launched ‘SuSwagatam’, a web-based and mobile-friendly application to generate entry passes for those visiting supreme court premises.
   • Purpose- This will enable a user to avoid long queues, and obtain a paperless entry pass (e-pass).
     Source: IE
9. Railways Ministry is set to establish Pradhan Mantri Bhartiya Janaushadhi Kendras at railway stations across the country to provide health care facilities.
   About the Kendra:
   • These are set up under Pradhan Mantri Bhartiya Jan Aushadhi Pariyojana, which was launched by the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers in November 2008.
   • Objective: To provide quality medicines at affordable prices for all, particularly the poor, so as to reduce out-of-pocket expenses in healthcare.
   • They provide generic drugs, which are available at lesser prices but are equivalent in quality and efficacy as expensive branded drugs. All therapeutic medicines are made available from Jan Aushadhi Stores.
     Source: NoA

10. Union Home Minister has inaugurated 3 connectivity projects costing Rs 360 crores to boost coastal security in
    • The projects are namely-
    • BSF’s Mooring Place at Koteshwar in Kutch district
    • Chidiyamod Biarbet link road and OP Tower in Kutch.
      Source: NoA
11. “ImPact with Youth Conclave” has been organised by United Nations India, Yuwaah at UNICEF, and Ministry of Youth Affairs & Sports, Government of India on the eve of International Youth Day.
    • The theme of the event was ‘Igniting Passions & Sparking Change – Amplifying voices and driving change with young people from South Asia’.
      Source: PIB

State News

1. Maharashtra’s New Amravati station has become the Central Railway’s 3rd Pink Station.
   • Central Railway became the first zone of the Indian Railways to set up all women managed station.
   • Matunga suburban station in Mumbai division became the 1st railway station in India to be operated by an all-woman staff in July 2017, followed by Ajni station in the Nagpur division in 2018.
     Source: FE
2. Gujarat Chief Minister has launched the ‘Sinh Suchna’ Web App on the occasion of World Lion Day celebrated on 10th August.
   • Purpose- To help the state forest department track the movement of lions to prevent incidents of human-animal conflict.
   • Other Launches:
   • ‘Lion Anthem Film’ has been launched.
   • Two books have been launched- ‘The King of Jungle – Asiatic Lions of Gir’, written by Sakkira Begum and ‘Hu Gir no Savaj’ by Shri Arvind Goswami.
   • The main event was organised in Sasan, the headquarters of Gir National Park and Wildlife Sanctuary (GNPWLS) in Junagadh district of Gujarat.

3. Chief Minister of Rajasthan has launched the Indira Gandhi Smart Phone Scheme during an event organised at the B.M. Birla Auditorium in Jaipur, Rajasthan.
   • During the event, CM also launched the ‘Digital Sakhi Book’.

   About the Scheme:

   • Under this scheme, free smartphones with 3 years of data facility will be distributed to 1.3 crore women in Rajasthan. The beneficiaries will include girl students (class 9 to class 12) of government schools, college students, single women, and widows.
   • Rs. 6800 will be deposited in an e-wallet through DBT (Direct Benefit Transfer) for the purchase of these smartphones and SIM.
     Source: NoA

4. Directorate of Tourism, Uttar Pradesh has entered into a strategic Memorandum of Understanding (MoU) with Luzern Ventures Private Limited (OGA).
   • Purpose- To arranging around 5,000 special accommodations during the Maha Kumbh in Prayagraj in 2025.
     Source: ET

Banking and Economy

1. Protean eGov Technologies (Protean) has partnered with PayNearby, a fintech platform owned by Nearby Technologies Private Limited to provide credit services on the ONDC (Open Network for Digital Commerce) network for last-mile borrowers and Micro, Small & Medium Enterprises (MSMEs).
   • Under this partnership, Protean will be an ONDC technology service provider through PayNearby’s Distribution as a Service (DaaS) network through over 12 lakhs active PayNearby outlets.
   • Protean will also aggregate Loan Service Providers (LSPs) onto a single platform.
   • Previously, PayNearby & Protean have partnered for paperless PAN (Permanent Account Number) Card services at nearby stores across India.
     Source: BS

2. Reserve Bank of India has awarded contract to global consultancy firms McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems using artificial intelligence and machine learning for its supervisory functions.
   Source: BT
3. Reserve Bank of India (RBI) has announced the development of a Public Tech Platform for Frictionless Credit.
   • The issue: Currently, data needed for credit appraisal is available with different entities like Central and State governments, account aggregators, banks, digital identity authorities, etc. This creates hindrance in frictionless and timely delivery of rule-based lending.
   • The Solution: This end-to-end digital platform with an open architecture, open Application Programming Interfaces (APIs) and standards, will connect all financial sector players seamlessly in a ‘plug and play’ model.
   • The Platform is being developed by Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of the RBI.
     Source: TH

Important Days

1. 11 August- World Steelpan Day (1st edition)
   • Purpose- To recognise the cultural and historical significance of the Steelpan, the National Musical instrument of Trinidad and Tobago, and its correlation to cultural, social, and economic development.
   • Steelpan’ was declared as the National Musical instrument of Trinidad and Tobago in August 1992.

• Trinidad and Tobago are the southernmost island country in the Caribbean.

    Source: UN

Sports

1. Indian hockey team has defeated Malaysia 4-3 to win for the fourth time at the Asian Champions Trophy 2023 at Mayor Radhakrishnan Hockey Stadium, Chennai.
   • Indian men’s hockey team has jumped to the third spot in FIH Men’s Hockey World Rankings following their win in Chennai.

• The Men’s Asian Champions Trophy is an event held annually by the Asian Hockey Federation (since 2011). It features Asia’s top six field hockey teams during that hockey season
• India is the most successful team in this tournament’s history.
  Source: Sportstar

Memorandum of Understanding

1. IIITD Innovation and Incubation Centre (IIITD-IC), a section 8 company promoted by the Indraprastha Institute of Information Technology-Delhi (IIITD), has signed a Memorandum of Understanding (MoU) with YES Bank Limited (YES Bank) to support and scale up the growth of startup ecosystem in India.
   Source: IT

Appointments

1. Supreme Court of India (SC) has constituted an all-women committee of 3 former High Court judges to oversee the relief rehabilitation and rebuilding measures in Manipur.
   • The committee is led by former Chief Justice of Jammu and Kashmir High Court (HC) Gita Mittal.
   • Other members- Justice Shalini Shashank Phansalkar Joshi, former Judge of Bombay HC and Justice Asha Menon, former Judge of Delhi HC.
     Source: TH
2. The Insurance Regulatory and Development Authority of India (IRDAI) has approved the appointment of Amit Jhingran as the Managing Director (MD) & Chief Executive Officer (CEO) of SBI Life Insurance Company Limited (SBI Life).

3. R Doraiswamy has been appointed as the Managing Director of Life Insurance Corporation of India (LIC).
   • He will replace Ipe Mini, who is due to superannuate at the end of this month.
     Source: HBL

Miscellaneous

1. Padma Awardee and renowned nuclear physicist Bikash Chandra Sinha has passed away.

Awards and accolades

• Recipient of Padma Shri in 2001 and Padma Bhushan in 2010 in the Science & Engineering field.
• Recipient of the N. Bose Birth Centenary Award of the Indian Science Congress Association in 1994.
• He has received West Bengal’s highest state award ‘Bangabibhushan’ (2022).
• He also won Humboldt Research Award by the Alexander von Humboldt Foundation, Germany and Prof. Meghnad Saha Memorial Lecture Award from The National Academy of Sciences, India.
• Books: He has authored a book titled ‘Sristi O Krishti Bandhanhin Granthi’ in Bengali.
  Source: ToI

2. A devastating wildfire has swept through Maui, Hawaii, leading to destruction, fatalities, and evacuations.
   • Maui is an island in the Central Pacific, part of the Hawaiian archipelago. The Hawaiian Islands are an archipelago of eight major volcanic islands, several atolls, and numerous smaller islets in the North Pacific Ocean.
     Source: IE

   
   
3. A Chinese naval vessel named ‘Hai Yang 24 Hao’ has visited the Colombo Port, Sri Lanka.
   • Previously, in May 2023 Indian Navy Ship ‘Batti Malv’ visited Sri Lanka’s Trincomalee port and participated in Maritime Partnership Exercise with SLNS Ranadheera.
     Source: BS
4. India is the largest source of Human Hair (raw material) in the world: Minister of State for Commerce and Industry.
   • The country had exported 169.23 million dollars in value of Human Hair during last fiscal.
     Source: NoA

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