17th-19th August, 2024

1. Three Indian Wetlands Added to Ramsar List, Bringing Total to 85 Sites
2. Ministry of Mines Introduces Rules to Manage Offshore Mineral Exploration in India
3. India and Israel Collaborate to Establish Water Technology Center at IIT Madras
4. EEPC India and ISSDA Sign Agreement to Boost Steel Exports by MSMEs
5. Government Approves 20% Gas Price Premium for ONGC and OIL to Increase Production
6. Jai Kisan Fintech Startup Receives NBFC License to Expand Loan Distribution
7. RBI Fines Entities for Breaking Regulations
8. ISRO Successfully Launches Final SSLV-D3-EOS-08 Mission from Sriharikota
9. Boeing Teams Up with AIESL to Support Indian Navy’s P-8I Aircraft
10. India and Uzbekistan Sign Agreement to Share Auditing Knowledge
11. DSP Mutual Fund Launches India’s First Nifty Top 10 Equal Weight Index Fund
12. NI-MSME Hyderabad Receives ‘UTKRISHT’ Accreditation Certificate
13. Paetongtarn Shinawatra Becomes Thailand’s Youngest Prime Minister
14. Kotak Bank Merges Sonata Finance and BSS Microfinance
15. Hockey India Retires Jersey Number 16 in Honor of PR Sreejesh, Appoints Him as Junior Men’s Coach
16. UP CM Yogi Adityanath Launches ‘MYUVA Scheme’ to Support Young Entrepreneurs
17. Dahisar and Kandivali in Mumbai Added to Amrit Bharat Station Scheme
18. INS Shivalik Reaches Guam After Participating in RIMPAC 2024 Exercise
19. Winners of the 70th National Film Awards for 2022 Announced

National News

1. Three New Ramsar Wetlands Designated in India
   • What
     • Three new wetlands have been designated as Ramsar sites in India, bringing the total to 85.
     • The new sites are Nanjarayan Bird Sanctuary and Kazhuveli Bird Sanctuary in Tamil Nadu, and Tawa Reservoir in Madhya Pradesh.
   • Tell me more
     • The total area of Ramsar sites in India now covers 1,358,068 hectares.
     • India became a signatory to the Ramsar Convention on February 1, 1982. Since 2014, the country has added 59 new wetlands to the Ramsar list, with Tamil Nadu having the highest number of sites at 18.

Source: HT

2. Offshore Areas Mineral Trust Rules, 2024 Introduced
   • What
     • The Centre has introduced the Offshore Areas Mineral Trust Rules, 2024, establishing a framework to oversee mineral exploration and production in India’s offshore areas.
     • Lease holders of offshore mines are required to contribute 10% of their royalty payments to the Trust, which will be deposited in the Public Account of India.
   • Why
     • The Rules aim to promote sustainable exploration, ensure environmental conservation, and support community welfare in offshore areas.
   • Tell me more
     • The Ministry of Mines has identified 10 offshore mineral blocks for potential auction and is currently engaged in inter-ministerial consultations.
     • The Trust will conduct research, studies, and administration to mitigate adverse ecological impacts, provide disaster relief, and support affected communities.
     • It will focus on supporting innovation, technological advancement, and detailed geological and geophysical surveys.
     • The Trust will organize national and international workshops and seminars on geological and environmental studies in offshore areas.
     • It will emphasize marine conservation, protect marine ecosystems, and foster capacity-building programs to enhance the technical skills of personnel engaged in offshore operations.
       Source: BS
3. India and Israel Collaborate on Water Technology Centre
   • What
     • India and Israel have partnered to establish a new Center of Water Technology at the Indian Institute of Technology (IIT) Madras.
   • Why
     • The collaboration seeks to address critical challenges in water management and promote integrated water resource management between the two countries.
   • Tell me more
     • A Joint Statement of Intent was signed by the Embassy of Israel, IIT Madras, and the AMRUT mission of the Ministry of Housing and Urban Affairs.
     • The center will focus on innovation, research, and capacity-building in water technologies. A capacity-building course on ’24/7 Water Supply in Urban Areas’ was held at IIT Madras from August 5 to August 8.
       Source: BS

State News

1. Uttar Pradesh Launches MYUVA Scheme to Empower Young Entrepreneurs
   • What
     • Uttar Pradesh Chief Minister Yogi Adityanath has launched the “Mukhyamantri Yuva Udyami Vikas Abhiyan (MYUVA)” scheme to nurture entrepreneurship among the state’s youth.
   • Why
     • The scheme aims to empower young entrepreneurs and foster a culture of innovation and enterprise in Uttar Pradesh.
   • Tell me more
     • Under MYUVA, the government aims to prepare one lakh young entrepreneurs every year by providing interest-free loans of up to Rs 5 lakh for projects.
     • The government has allocated Rs 1,000 crore in the budget for the financial year 2024-25 to support this initiative.
     • Beneficiaries include those who have undergone training in various government-run schemes and youth with educational qualifications.
     • Upon successful repayment of the first loan, units will be eligible for second-stage financing of up to Rs 7.50 lakh.
     • The application process for the scheme will be conducted online, with Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) coverage provided for all loans received from banks and financial institutions.
     • Funding for the scheme will be available from nationalized, scheduled, rural banks, SIDBI, and all financial institutions notified by the Reserve Bank of India.
       Source: TOI
2. Dahisar and Kandivali Stations Added to Amrit Bharat Scheme
   • What
     • Dahisar and Kandivali stations in Mumbai have been included in the Amrit Bharat Station Development Plan, increasing the total number of suburban stations under this initiative to 10.
   • Why
     • The inclusion aims to enhance passenger facilities and improve infrastructure at these stations, contributing to better overall travel experiences.
   • Tell me more
     • The Amrit Bharat Station Development Plan is a key initiative by Prime Minister Narendra Modi, focusing on modernizing railway stations to improve passenger movement and introduce amenities like retail outlets.
     • Eight other Maharashtrian stations already included in the plan are Marine Lines, Charni Road, Grant Road, Lower Parel, Prabhadevi, Malad, Jogeshwari Coaching Terminal, and Palghar.

Source: IE

Banking and Economy

1. Government Approves 20% Premium for ONGC Gas Production
   • What
     • The government has approved a 20% premium over the Administered Pricing Mechanism (APM) price for natural gas produced from new wells by Oil and Natural Gas Corporation (ONGC).
   • Why
     • The approval aims to enhance the viability of new gas development projects and increase domestic natural gas production.
   • Tell me more
     • Gas priced under APM is set by the Government of India. Under this system, the oil and gas sector are controlled at four stages viz. production, refining, distribution and marketing.
     • This premium pricing will make new gas projects more viable, incentivize ONGC to bring more new wells onstream, and support the company’s plans to significantly boost gas production in the coming years.
     • ONGC has recently approved projects, including the Daman Upside Development project, which aims for peak production of around 5 million standard cubic meters per day.

2. Rural Fintech Startup Jai Kisan Secures NBFC Licence
   • What
     • Rural-focused fintech startup Jai Kisan has obtained a non-banking finance company (NBFC) licence following its acquisition of a majority stake in Kushal Finnovation Capital.
   • Why
     • The NBFC licence will enable Jai Kisan to offer customised financial products, including loans from its own portfolio, and enter into co-lending partnerships with financial institutions.
   • Tell me more
     • Established in 2017, Jai Kisan’s co-founders are Arjun Ahluwalia and Adriel Maniego.
       Source: ET
3. RBI Imposes Penalties on Financial Entities for Regulatory Violations
   • What
     • The Reserve Bank of India (RBI) has imposed penalties on Bank of Maharashtra, CSB Bank, Union Bank of India, Muthoot Housing Finance, Nido Home Finance Limited, and Ashoka Viniyoga Limited, for contraventions of various regulatory norms.
   • Tell me more

4. DSP Launches India’s First Nifty Top 10 Equal Weight Index Fund and ETF
   • What
     • DSP Mutual Fund has introduced India’s first Nifty Top 10 Equal Weight Index Fund and Exchange-Traded Fund (ETF). These funds will invest equally in the top 10 Indian companies based on their market size.
   • Why
     • The goal of these funds is to take advantage of better prices for the top 10 stocks compared to the overall Nifty 50 and Nifty 500 indices. They will look at factors like price-to-earnings (P/E) ratio and returns on equity and assets for investing the money in the stocks.
   • Tell me more
     • The new fund offer (NFO) for both the index fund and ETF will be available for investment from August 16 to August 30, 2024.
     • Investors can start with a minimum of Rs 100 for the index fund and Rs 5,000 for the ETF.
     • The funds will be managed by Anil Ghelani and Diipesh Shah from DSP Mutual Fund.

5. Kotak Mahindra Bank’s Subsidiaries Sonata Finance and BSS Microfinance to Merge
   • What
     • Sonata Finance Private Ltd and BSS Microfinance Ltd, both wholly-owned subsidiaries of Kotak Mahindra Bank, have approved a scheme of amalgamation.
     • As per the scheme, Sonata Finance will merge into BSS Microfinance Ltd on a going concern basis.
   • Why
     • The merger aims to streamline operations and enhance efficiency between the two subsidiaries.
   • Tell me more
     • The combined net worth of Sonata and BSS is less than 2% of Kotak Mahindra Bank’s net worth as of March 31, 2024.
     • BSS will issue and allot shares to Sonata shareholders in the proportion of 1,931 shares of face value Rs 10 each for every 10,000 shares of face value Rs 10 each held in Sonata.
     • The transaction is at an arm’s length price based on a valuation report obtained from an independent registered valuer.

Source: ET

Defence News

1. Boeing Partners with AIESL for P-8I Aircraft Overhaul
   • What
     • Boeing has announced a partnership with AI Engineering Services Limited (AIESL) to develop local maintenance, repair, and overhaul (MRO) capabilities for the Indian Navy’s fleet of 12 P-8I maritime surveillance aircraft.
   • Why
     • The partnership aims to enhance India’s indigenous capabilities for complex MRO services and improve the readiness of the Indian Navy’s aircraft.
   • Tell me more
     • The first landing gear overhaul of a P-8I aircraft has been successfully completed at INS Rajali in Tamil Nadu.
     • This initiative is part of Boeing’s India Repair Development and Sustainment (BIRDS) hub program, which focuses on building a robust MRO ecosystem in India.
     • The P-8I aircraft is crucial for the Indian Navy’s maritime surveillance missions and is also operated by several other countries, including the United States and Australia.

2. INS Shivalik Arrives in Guam After RIMPAC 2024
   • What
     • INS Shivalik has reached Guam for an Operational Turnaround after successfully participating in the RIMPAC 2024, the world’s largest multinational maritime exercise.
   • Why
     • The visit is part of the operational deployment of the Indian Navy’s Eastern Fleet to the South China Sea and the Pacific Ocean.
   • Tell me more
     • During the visit, planned activities include interactions with the Governor of Guam, the Commander of Navy Region Marianas, professional exchanges with the US Navy, cross-deck visits, sports fixtures, and community outreach programs.

Source: TH

Science and Technology

1. ISRO’s SSLV-D3 Successfully Launches EOS-08 Satellite
   • What
     • The Indian Space Research Organisation (ISRO) successfully launched the EOS-08 Earth Observation Satellite using the Small Satellite Launch Vehicle (SSLV)-D3.
   • Why
     • The SSLV-D3 mission marks the final developmental flight of ISRO’s smallest rocket, making it fully operational for future missions and boosting NewSpace India Ltd’s commercial satellite launch operations.
   • Tell me more
     • The EOS-08 satellite carries three payloads: the Electro-Optical Infrared Payload (EOIR), the Global Navigation Satellite System-Reflectometry payload (GNSS-R), and the SiC UV Dosimeter.
     • The satellite, with a mass of 175.5 kg and a mission life of one year, is built on the Microsat/IMS-1 bus and generates around 420 W of power.
     • The SSLV, ISRO’s smallest rocket, stands at 34 meters tall and is capable of carrying payloads of up to 500 kg into low earth orbit.

Source: CNBC

Awards

1. NI-MSME Receives Accreditation Certificate for Training Excellence
   • What
     • The National Institute for MSME (NI-MSME) has been awarded an Accreditation Certificate for successfully completing the National Standards for Civil Services Training Institutions (NSCSTI) process.
   • Why
     • This accreditation recognizes NI-MSME’s excellent services in promoting and developing Micro, Small, and Medium Enterprises (MSMEs) in India.
   • Tell me more
     • The assessment was conducted by a team from the Capacity Building Commission (CBC) and ICARE, which inspected the standard operating procedures and methodologies followed by NI-MSME.
     • The accreditation was presented during the Civil Services Training Institutions (CSTI) Convention by Dr. Jitendra Singh, Minister of State for Science and Technology; Personnel, Public Grievances & Pensions; Atomic Energy; Space & Prime Minister’s Office.

2. Winners of 70th National Film Awards Announced
   • What
     • The winners of the 70th National Film Awards were declared on August 16, 2024, honoring the best films and cinematic achievements of 2022.
   • Why
     • The awards recognize outstanding contributions to Indian cinema and aim to celebrate excellence in filmmaking across various categories.
   • Tell me more

Source: TH

Sports

1. Hockey India Retires No. 16 Jersey in Honor of P.R. Sreejesh
   • What
     • Hockey India has retired the No. 16 jersey of legendary goalkeeper P.R. Sreejesh following his retirement after the Paris Olympics.
   • Why
     • The retirement of the jersey number is a tribute to Sreejesh’s significant contributions to Indian hockey, including helping the team win back-to-back Olympic bronze medals.
   • Tell me more
     • The retirement of the No. 16 jersey means that no player from the senior national hockey team will wear that number in the future.
     • Sreejesh, who wore the No. 16 jersey for nearly two decades, will take on the role of junior national coach. However, the No. 16 jersey will still be available for junior players.
     • During a ceremony, Sreejesh received a trophy and a cash prize of Rs 25 lakhs. He expressed his ambition to coach the national team by the 2036 Olympics.
       Source: IT

Memorandum of Understanding

1. MoU Signed to Boost MSME Exports in India
   • What
     • The Engineering Export Promotion Council of India (EEPC India) and the Indian Stainless Steel Development Association (ISSDA) signed a Memorandum of Understanding (MoU) to promote exports by MSME members.
   • Why
     • The collaboration aims to identify potential export products and facilitate trade through exhibitions, buyer-seller meets, and economic summits.
   • Tell me more
     • The MoU was signed by EEPC India’s Executive Director Adhip Mitra and ISSDA’s Executive Director Rohit Kumar. The agreement also focuses on the exchange of trade information and encourages international investment through joint ventures and technical collaborations.
     • EEPC India and ISSDA will conduct capacity-building sessions to support the growth of the engineering goods and stainless steel sectors.
       Source: BS
2. CAG of India Signs MoU with Uzbekistan’s Audit Institution
   • What
     • The Comptroller and Auditor General (CAG) of India has signed a Memorandum of Understanding (MoU) with the Chamber of Accounts of Uzbekistan in Tashkent.
   • Why
     • The agreement aims to enhance collaboration and exchange expertise in auditing between the two institutions.
   • Tell me more
     • The MoU was signed to invest in capacity building, ensuring that supreme audit institutions can effectively audit complex government programs.
     • The Chamber of Accounts of Uzbekistan is the supreme audit institution of Uzbekistan.
     • CAG of India: Girish Chandra Murmu
       Source: ET

Appointments

1. New PM of Thailand
   • Paetongtarn Shinawatra becomes Thailand’s youngest Prime Minister.
     Source: TH

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