19th June, 2024

1. Indian Railways has conducted a trial run on the world’s highest Rail bridge, the Chenab Rail Bridge.
2. The Armed Forces of Ukraine have created a new military branch called the “Unmanned Systems Forces (USF).” This branch focuses on supporting and developing units that use unmanned systems.
3. The European Union has formally adopted the Nature Restoration Law, which is the first continent-wide, comprehensive law of its kind.
4. International Finance Corporation (IFC), the private sector lending arm of the World Bank, has pledged $105 million (approx. INR 871 crore) to part-finance a 550 MW solar power project in Bikaner, Rajasthan.
5. Investments in key infrastructure sectors of roads, renewable energy and real estate may increase by 38% to Rs 15 trillion by 2025-26 of which the highway sector alone will account for 60%, according to Crisil Ratings.
6. Sweden-based Stockholm International Peace Research Institute (SIPRI) has recently released its yearbook for the year 2024.
7. Global rating agency Fitch Ratings released its report titled “Global Economic Outlook (GEO) for June 2024”.
8. The Indian Army has taken a significant step by launching the first-of-its-kind skin bank facility.
9. Manav Rachna University (MRU) has become the first University in Delhi, National Capital Region (NCR) to install a `Global Navigation Satellite System (GNSS) receiver’ and ‘Space Weather Laboratory’ at its campus.
10. Google has launched its Gemini app in India.
11. The International Day for Countering Hate Speech is observed on June 18.
12. Indian tennis player Sumit Nagal finished as runner-up in the Men’s Singles at the Internazionali di Tennis Città di Perugia 2024 (ATP Challenger 125 Perugia), a part of Association of Tennis Professionals (ATP) Challenger Tour 2024, held in Perugia, Italy.
13. India is actively working toward getting Yogasana recognized as an Olympic sport, before the Olympic Games 2036.
14. The Confederation of Real Estate Developers’ Associations of India (CREDAI) entered into a strategic partnership with the Alliance for an Energy Efficient Economy (AEEE) to promote the design and construction of net-zero buildings in India.
15. The United Nations High Commissioner for Refugees (UNHCR), the UN’s Refugee Agency, has named British actor, Theo James (Birth Name: Theodore Peter James Kinnaird Taptiklis) as its new Global Goodwill Ambassador.
16. Ajith Kumar KK has been appointed as the Managing Director and CEO of Dhanlaxmi Bank for a three-year term starting June 20, 2024.

National News

1. Indian Railways Conducts Trial Run on World’s Highest Rail Bridge
   • What: Indian Railways has conducted a trial run on the world’s highest Rail bridge, the Chenab Rail Bridge.
     • The bridge is constructed on the Chenab River.
   • The main reason for this run trial was to ensure the stability and safety of the world’s highest bridge.
   • Tell me more:
     • Location: The bridge is located in the Reasi district of Jammu and Kashmir, India.
     • Height: The height of the bridge is 359 meters (1,178 feet).
     • Design: The Chenab Rail Bridge is designed in the form of an arch, the length of the arch is 467 meters (1,532 feet).
     • Official name of the project: “Udhampur Srinagar Baramulla Rail Link (USBRL)” project
       • It is also referred to as the Chenab Arch Bridge.

• Cost: The bridge is part of the Rs 35000 crore Udhampur-Srinagar-Baramulla Railway Link (USBRL) project which aims to boost connectivity in Jammu and Kashmir by providing connectivity in complex topography and weather conditions.
  • However, by itself, the Chenab bridge cost around Rs 14,000 crore.
  • The project was approved in 2003 and contracted in 2008,
  • The project is not completed yet
• Specialty: It has a lifespan of 120 years. It can withstand strong winds up to 260 kmph.
  Source: India TV

International News

1. World’s 1st dedicated drone force announced by Ukraine to counter Russia
   • What: The Armed Forces of Ukraine have created a new military branch called the “Unmanned Systems Forces (USF).” This branch focuses on supporting and developing units that use unmanned systems.
     • Unmanned” refers to vehicles or systems that operate without a human onboard, such as drones and robots. These can be remotely controlled or autonomous
   • The branch will be tasked with providing units with drones, their support, recruiting and training specialists, and planning military operations involving unmanned systems.
   • Tell me more:
     • With this, Ukraine has become the 1st country in the world to establish a military branch dedicated to drone systems.
     • It USF aims to advance the capabilities of unmanned and robotic warfare across air, sea, and ground domains in combat operations.
     • Head of the force: Colonel Vadym Sukharevsky, has been appointed as the 1st Commander
     • Symbol: The symbol for this new military branch is a “steel swallow”. The swallow is a revered symbol of victory in Ukrainian culture.
       Source: ABC News

2. EU countries approve landmark nature law
   • What: The European Union has formally adopted the Nature Restoration Law, which is the first continent-wide, comprehensive law of its kind.
     • It is a continent-wide and comprehensive law that forms part of the EU’s European Green Deal (aims for net zero emissions of greenhouse gases by 2050).
   • Aim of the regulation: The law aims to mitigate climate change, protect biodiversity, and fulfil international environmental commitments.
     • This regulation aims to restore at least 20% of the EU’s land and sea areas by 2030 and all ecosystems in need of restoration by 2050.
   • Tell me more:
     • Working: It sets specific, legally binding targets for nature restoration across various ecosystems, including terrestrial, marine, freshwater, and urban environments.
     • Implementation: Through National Restoration Plans of the EU countries.
       Source: Reuters

Banking and Economy

1. IFC commits $105 million to Brookfield’s 550 MW solar project in Rajasthan
   • What: International Finance Corporation (IFC), the private sector lending arm of the World Bank, has pledged $105 million (approx. INR 871 crore) to part-finance a 550 MW solar power project in Bikaner, Rajasthan.
   • Tell me more:
     • Developed by: The project is being developed by Brookfield Asset Management
     • Type of investment: This investment will be in the form of non-convertible debentures, supporting the expansion of renewable energy infrastructure in India.
       • NCDs are a type of fixed-income security issued by companies to raise capital. They are called “non-convertible” because they cannot be converted into equity shares unlike convertible debentures.
     • About the project:
       • Brookfield Global Transition Fund (BGTF) is developing a 550 MW solar power project in Bikaner, Rajasthan, divided into two phases.
         • The first phase of 268 MW was commissioned in March 2024,
         • second phase adding 282 MW, totaling 550 MW.
           • The estimated cost of the second phase is USD 317 million.
           • The project is connected to India’s interstate transmission system and aims to reduce greenhouse gas emissions by approximately 804,408 tons of CO2 annually.
       • This is IFC’s first investment in Asia and the Pacific using a new method
         • The new method: As the project will sell the electricity it generates to commercial and industrial consumers through long-term contracts and also on the open market.
       • Revenue model: The solar project will supply green energy through long-term power purchase agreements to commercial and industrial clients.
         Source: ZeeBIZ

2. Key infra sectors, may attract Rs 15 trillion by FY26
   • What: Investments in key infrastructure sectors of roads, renewable energy and real estate may increase by 38% to Rs 15 trillion by 2025-26 of which the highway sector alone will account for 60%, according to Crisil Ratings.
   • Tell me more:
     • The surge in investments is driven by several factors:
       • Demand for Real Estate: Rising demand for residential and commercial real estate plays a crucial role.
       • Policy Interventions: Regular policy interventions fuel investor interest in these sectors.
         Source: Financial Express

Report and Indices

1. SIPRI Yearbook 2024: Armaments, Disarmament, and International Security released
   • What: Sweden-based Stockholm International Peace Research Institute (SIPRI) has recently released its yearbook for the year 2024.
   • Why: It provides a comprehensive overview of developments in international security, weapons technology, military expenditure, arms production, armed conflicts, etc, in the particular year
   • Tell me more (Key Highlights on Nuclear Armament)
     • Nine nuclear-armed states — US, Russia, UK, France, China, India, Pakistan, North Korea, and Israel — continued to modernize their nuclear arsenals.
     • Of the total 12,121 nuclear warheads, almost 90% belong to the USA and Russia.
     • Global reductions of operational warheads appear to have stalled with China expanding its nuclear arsenal.
     • India slightly expanded its nuclear arsenal to 172 in 2023, surpassing Pakistan’s nuclear arsenal for the first time.
       • In 2023, India had 164 nuclear warheads
     • Along with Israel, India mainly uses Plutonium as fissile material in nuclear weapons.
   • Challenges to nuclear disarmament
     • War in Ukraine has negative impact on bilateral and multilateral engagement on nuclear arms control and raises the concern of nuclear disaster.
     • Worsening Russian-US Strategic Relations
     • Israel-Hamas War
   • Nuclear warhead with countries in 2024

Source: SIPRI

GDP Forcasts

1. Fitch Ratings upgrades forecast for India’s GDP growth at 7.2 per cent in FY25
   • What: Global rating agency Fitch Ratings released its report titled “Global Economic Outlook (GEO) for June 2024”.
   • Tell me more:
     • In the report, the agency has raised its projection for India’s Gross Domestic Product (GDP) growth by 20 basis points (bps) from 7% (projected in March 2024) to 7.2% for fiscal year FY25 (2024-25).
     • This projection is mainly driven by improving consumer spending and increasing investments.
     • But, India’s GDP growth for FY26 (2025-26) and FY27 (2026-27) will remain unchanged at 6.5% and 6.2% respectively.
       Source: Telegraph

Defence News

1. Army opens first skin bank for severe burn injuries
   • What: The Indian Army has taken a significant step by launching the first-of-its-kind skin bank facility.
   • Why: This initiative aims to revolutionize the treatment of severe burn injuries and other skin-related conditions for service personnel and their families.
   • Tell me more:
     • Facility Location: The Army Hospital (Research & Referral) in New Delhi houses this state-of-the-art skin bank
     • Centralized Hub: It serves as a centralized hub for collecting, processing, storing, and distributing skin grafts. Military medical centers across the country can access this critical resource.
       Source: NDTV

Science and Technology

1. ISRO Partners with Manav Rachna University, to Establish GNSS Receiver
   • What: Manav Rachna University (MRU) has become the first University in Delhi, National Capital Region (NCR) to install a `Global Navigation Satellite System (GNSS) receiver’ and ‘Space Weather Laboratory’ at its campus.
     • It has been installed in collaboration with the National Atmospheric Research Laboratory (NARL)-Indian Space Research Organization (ISRO).
   • This GNSS receiver will contribute to critical studies on weather, climate, space weather, and planetary ionospheres.
     Source: Financial Express
2. Google launches Gemini with support for 9 Indian languages
   • What: Google has launched its Gemini app in India.
     • The website of the same was launched in 2023.
   • The app supports ten Indian languages including English, giving users an artificial intelligence (AI) tool to answer queries by typing, talking, or uploading an image.
     Source: Hindustan Times

Important Days

1. June 18: International Day for Countering Hate Speech
   • What: The International Day for Countering Hate Speech is observed on June 18.
   • It was proclaimed by the UN General Assembly to address global concerns over the spread and proliferation of hate speech.
   • Theme of 2024: The Power of Youth for Countering and Addressing Hate Speech
     Source: UN

Sports

1. Sumit Nagal finishes runner-up at ATP Perguia Challenger, attains career-high ranking
   • What: Indian tennis player Sumit Nagal finished as runner-up in the Men’s Singles at the Internazionali di Tennis Città di Perugia 2024 (ATP Challenger 125 Perugia), a part of Association of Tennis Professionals (ATP) Challenger Tour 2024, held in Perugia, Italy.
   • Italy’s Luciano Darderi won the Men’s Singles title by defeating Sumit Nagal in the finals.
   • Sumit Nagal achieved career-high Ranking of 71 With this victory, His previous best was 77.
   • Career-high singles ranking achieved by other Indian players:
   • Leander Paes (73 in 1998); Sashi Menon (71 in 1975); Somdev Devvarman (62), Ramesh Krishnan (23) and Vijay Amritraj (18).
   • Sumit Nagal will be the only Indian participating in the Men’s singles event at the 2024 Paris Olympics.
   • List of Winners:

2. India pushing to get Yogasana recognized as an Olympic sport
   • What: India is actively working toward getting Yogasana recognized as an Olympic sport, before the Olympic Games 2036.
     • India is also targeting to host the 2036 Olympic games.
   • Tell me more:
     • To achieve this, the Ayush Ministry is collaborating with the sports ministry to launch a Yogasana Super League in 2024.
     • The Sports and Youth Affairs Ministry has already acknowledged Yogasana (distinct from yoga’s spiritual aspects) as a separate sport, including it in events like Khelo India, university games, and school games.
     • Additionally, the ministry is developing an AI-based system to assess Yogasana accurately and ensure error-free results.
       Source: Indian Express

Memorandum of Understanding

1. CREDAI signs MoU with AEEE to promote net-zero buildings
   • What: The Confederation of Real Estate Developers’ Associations of India (CREDAI) entered into a strategic partnership with the Alliance for an Energy Efficient Economy (AEEE) to promote the design and construction of net-zero buildings in India.
     • A net-zero energy building produces enough renewable energy (like using solar panels) to meet its own annual energy consumption requirements, thereby reducing the use of nonrenewable energy in the building sector.
   • Why: The goal is to develop initiatives and market transformation strategies that enhance energy efficiency, climate resilience and sustainability in the Indian building and construction sector.
   • Tell me more:
     • A significant focus of the collaboration will be on the Solar Decathlon India (SDI), the net zero building challenge for the youth from Indian institutions, which is primarily organized by AEEE.
       • SDI aims to equip students with the skills to design net-zero energy-water, affordable, healthy and resilient building solutions for real projects.
     • The overarching objective is to make real estate a net-zero industry by 2050.
       Source: Housing.com

Appointments

1. Actor Theo James appointed as global Goodwill Ambassador for UNHCR
   • What: The United Nations High Commissioner for Refugees (UNHCR), the UN’s Refugee Agency, has named British actor, Theo James (Birth Name: Theodore Peter James Kinnaird Taptiklis) as its new Global Goodwill Ambassador.
   • Goodwill Ambassadors are prominent public figures associated with UNHCR, enhancing the organization’s global visibility through their influence, dedication, and hard work.
     Source: UNHCR

2. Dhanlaxmi Bank appoints Ajith Kumar MD & CEO
   • What: Ajith Kumar KK has been appointed as the Managing Director and CEO of Dhanlaxmi Bank for a three-year term starting June 20, 2024.
     Source: Economic Times

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