23rd-24th June, 2024

1. The Central government has partially notified the Telecommunications Act, making it effective from June 26, 2024.
2. Union Home Minister and Minister of Cooperation Amit Shah inaugurated the ‘Fast Track Immigration – Trusted Traveller Programme’ (FTi-TTP) at Indira Gandhi International Airport, New Delhi.
3. Mirae Asset Investment Managers (India) Pvt. Ltd. has announced the launch of India’s first Exchange Traded Fund (ETF) dedicated to the Electric Vehicles (EV) and New Age Automotive segment.
4. The country’s largest lender, State Bank of India (SBI), has paid a dividend of Rs 6,959 crore for the financial year 2023-24 to the government.
5. Dinesh Khara, the Chairman of the State Bank of India (SBI) has announced that the bank will open 400 branches in FY25 for better customer service.
6. Recently the ASK Private Wealth Hurun India Future Unicorn Index 2024 was released.
7. The Indian Space Research Organisation (ISRO) completed the third round of it’s Reusable Launch Vehicle (RLV) Landing Experiment (LEX) at the Aeronautical Test Range (ATR) in Chitradurga, Karnataka.
8. Karnataka Vikas Grameena Bank (KVGB), a regional rural bank sponsored by Canara Bank, has been honored with a national award by the Pension Fund Regulatory and Development Authority (PFRDA) for significant enrolment under the Atal Pension Yojana (APY).
9. Bilan Media, Somalia’s 1st and only all-women news team, has won the 2024 One World Media (OWM) Press Freedom Award during the 36th One World Media Awards (2024) ceremony held at Curzon Soho in London, United Kingdom (UK).
10. The Odisha government has extended its sponsorship agreement with Hockey India,
11. BharatPe, a fintech company has partnered with Invest India.
12. Mr. Manoj Jain took charge as the Chairman & Managing Director (CMD) of Defence PSU Bharat Electronics Limited (BEL).
13. The Government of India (GoI) has appointed Atul Kumar Chaudhary as the new
    Secretary of the Telecom Regulatory Authority of India (TRAI).

National News

1. Centre notifies new Telecom Act
   • What: The Central government has partially notified the Telecommunications Act, making it effective from June 26, 2024.
     • The Telecom Bill was passed in December 2023 by the Indian Parliament.
     • This, among other powers, will allow govt to take control of any telecommunications services or networks in times of emergency.
   • Tell me more (Key highlights of the Telecommunications Act, 2023)
     • Repeals the existing laws: The bill repeals the Indian Telegraph Act, 1885, the Indian Wireless Telegraphy Act, 1933, and the Telegraph Wires (Unlawful Possession) Act, 1950.
       • It also amends the Telecom Regulatory Authority of India (TRAI) Act, 1997.
     • Authorisation for telecom-related activities:
       • Prior authorisation from the central government will be required
         • to provide telecommunication services
         • establish, operate, maintain, or expand telecommunications networks
         • possess radio equipment.
       • Existing licences will continue to be valid for the period of their grant, or for five years, where the period is not specified.
     • Assignment of spectrum: Spectrum will be assigned by auction, except for specified uses, where it will be allocated on an administrative basis. These include purposes such as:
       • national security and defence,
       • disaster management,
       • weather forecasting,
       • transport,
       • satellite services such as DTH and satellite telephony, and
       • BSNL, MTNL, and public broadcasting services.
     • Powers of interception and search:
       • Messages or a class of messages between two or more persons may be intercepted, monitored, or blocked on certain grounds.
       • Such actions must be necessary or expedient in the interest of public safety or public emergency.
         • It must be in the interest of specified grounds which include: security of the state; prevention of incitement of offences, or public order.
     • Extraordinary powers of the government
       • Telecom services may be suspended on similar grounds (above mentioned grounds).
       • The government may take temporary possession of any telecom infrastructure, network, or services on occurrence of any public emergency or public safety.
       • An officer authorised by the government may search premises or vehicles for possession of unauthorised telecom network or equipment.
     • Powers to specify standards: The central government may prescribe standards and assessments for telecom equipment, infrastructure, networks, and services.
     • Protection of users:
       • The central government may provide for measures to protect users which include:
         • prior consent to receive specified messages such as advertising messages,
         • creation of Do Not Disturb registers, and
         • a mechanism to allow users to report malware or specified messages.
     • Appointments to TRAI: The Bill amends the TRAI Act to also allow individuals with:
       • at least 30 years of professional experience to serve as the chairperson, and
       • at least 25 years of professional experience to serve as members.
     • Digital Bharat Nidhi: Digital Bharat Nidhi is the new name for the Universal Service Obligation Fund (USOF) in India. Under the Telecommunications Bill 2023, this fund has been established to provide telecom services in underserved areas.
     • Adjudication process: The central government will appoint an adjudicating officer to conduct inquiries and pass orders against civil offences under the Bill.
       • The officer must be of the rank of joint secretary and above.
       • Orders of the adjudicating officer may be appealed before the Designated Appeals Committee within 30 days.
       • Members of this Committee will be officers of the rank of at least Additional Secretary.
       • Appeals against the orders of the Committee, in connection to breach of terms and conditions, may be filed with TDSAT within 30 days.
     • Offences and penalties: The Bill specifies various criminal and civil offences.
       • Providing telecom services without authorisation, or gaining unauthorised access to a telecom network or data, are punishable with imprisonment up to three years, a fine up to two crore rupees, or both.
       • Breaching terms and conditions of authorisation is punishable with a civil penalty up to five crore rupees.
       • Possessing unauthorised equipment, or using unauthorised network or service, is punishable with a penalty of up to ten lakh rupees.
         Source: The Hindu

2. MoHA inaugurated the FTI-TTP at Indira Gandhi International Airport, New Delhi
   • What: Union Home Minister and Minister of Cooperation Amit Shah inaugurated the ‘Fast Track Immigration – Trusted Traveller Programme’ (FTi-TTP) at Indira Gandhi International Airport, New Delhi.
   • Why: The objective of this programme is to make international travel easy and secured by developing world-class immigration facilities through an accelerated immigration pathway for international travellers screened through automated gates (e-Gates).
     • e-gates will minimise human intervention in the immigration clearance process.

   • Tell me more:
     • This facility will be launched at 21 major airports in the country.
     • It will be implemenrted in two phases:
       • In the first phase, Indian citizens and OCI cardholders will be covered
       • In second phase, foreign travelers will be covered.
         Source: PIB

Banking and Economy

1. Mirae Asset Mutual Fund launches India’s 1st EV exchange-traded fund 
   • What: Mirae Asset Investment Managers (India) Pvt. Ltd. has announced the launch of India’s first Exchange Traded Fund (ETF) dedicated to the Electric Vehicles (EV) and New Age Automotive segment.
     • The fund is called Mirae Asset Nifty EV and New Age Automotive ETF.
     • ETF is a type of mutual fund scheme that is listed and traded on the stock exchange and can be bought and sold through the exchange just like stocks.
   • Why: This ETF aims to offer investors long-term capital appreciation by investing in equity of companies that working in the automotive sector and the entire value chain.
     Source: First post

2. SBI pays Rs 6,959 crore dividend to govt
   • What: The country’s largest lender, State Bank of India (SBI), has paid a dividend of Rs 6,959 crore for the financial year 2023-24 to the government.
   • Meanwhile, the Bank of Maharashtra (BoM) has presented a Rs 857 crore dividend to government.
     Source: PSU Connect
3. SBI plans to open 400 branches in FY25
   • What: Dinesh Khara, the Chairman of the State Bank of India (SBI) has announced that the bank will open 400 branches in FY25 for better customer service.
   • The country’s biggest lender opened 137 branches last fiscal, including 59 new rural branches.
   • This expansion plan aims to enhance banking services and reach more customers in various regions of India.
   • SBI has a network of 22,542 branches across the country as of March 2024.
     Source: Hindustan Times

   
   
   
   

Report and Indices

1. ASK Private Wealth Hurun India Future Unicorn Index 2024 report released
   • What: Recently the ASK Private Wealth Hurun India Future Unicorn Index 2024 was released.
   • The report sheds light on India’s burgeoning start-up ecosystem. Its objective is to showcase fast-growing Indian start-ups.
   • Tell me more:
     • The index tracks startups that can likely become unicorns, touching a valuation of $1 billion and above.
     • The cut-off for Hurun’s 2024 index was May 31, 2024.
     • The total worth of India’s future unicorns will stand at USD 58 billion, an increase of 1.2 per cent as compared to last year. The fintech sector leads with the highest number of companies that can become Unicorns in future.
     • 25 future Unicorns (5 Gazelles, and 20 Cheetahs) were dropped from the list.
     • To feature in the list, the startup must have a minimum valuation of Rs. USD 200 Million.
     • Classification of startups
       • “unicorns (start-ups founded after 2000 with a valuation of $1 billion)
       • gazelles (start-ups that are most likely to turn unicorn in the next three years)
       • Cheetahs (start-ups that could turn unicorn in the next five years)
   • Index 2024:
     • The 2024 Index includes 152 Indian future unicorns from 31 cities. Of the 152, 12 of these Gazelles and Cheetahs were found in 2020.
       • In the 2023 list, the number stood at 157.
       • On average, most of them were set up in 2015, with the majority selling Software and Services.
     • As per the 2024 Index, India is currently home to 67 Unicorns, 46 Gazelles, and 106 Cheetahs as against 68 Unicorns 51 Gazelles, and 96 Cheetahs in the 2023 Index.
       • 12 companies in the 2023 Index were downgraded from Gazelle to Cheetah, while 10 were transitioned from Cheetah to Gazelle.
     • In the 2024 index, one Cheetah (Porter) skipped the Gazelle stage and directly entered into the Unicorn club.
     • The 106 Cheetahs in the 2024 index collectively secured funding of USD 12.4 billion, the cumulative valuation of these Cheetahs experienced a 10% Y-o-Y increase, amounting to USD 29 billion.
     • The Gazelles featured in the index experienced a Year-on-Year (Y-o-Y) decrease of 6%, amounting to USD 29 billion.
     • The FinTech sector leads with 8 Gazelles, followed by SaaS (6), Artificial Intelligence (AI), and EdTech (each 5) Gazelles.
     • Only 3 start-ups (2 Gazelles and 1 Cheetah) from the 2023 Index were promoted to Unicorns with a valuation of over USD 1 billion each.

• Top five Indian cities

• Top five sectors

• Key highlights:
  • The 2024 index saw 38 new entrants; 7 Gazelles and 31 Cheetahs. The combined revenue of the companies featured in the index has surged by 71% to Rs 51,422 crore.
  • 35 Indian future unicorns have overseas headquarters, with 31 in the United States of America (USA), 2 in Singapore, and 1 each in the United Kingdom (UK) and Vietnam.
  • Bengaluru (Karnataka) houses 46 probable unicorns and continues to be the future unicorn capital of India.
  • In 2024 index, 20 women entrepreneurs from 19 companies have co-founded a total of 5 Gazelles and 14 Cheetahs.
  • Vrushali Prasade (29) co-founder of Pixis, is the youngest female co-founder, while Manju Dhawan (58) co-founder of Ecom Express is the oldest.
  • 26-year-olds Awais Ahmed and Kshtji Khandelwal, Co-founders of Aerospace start-up, Pixxel are the youngest individuals featured in the list.
  • Peak XV Partners (formerly Sequoia Capital India & SEA) continues to be the most active investor in the 2024 index having invested in 47 probable unicorns.
  • Companies featured in the 2024 index employed over 1,50,000 people.
    Source: Hurun India

Science and Technology

1. ISRO completes its Reusable Launch Vehicle (RLV) technology demonstrations
   • What: The Indian Space Research Organisation (ISRO) completed the third round of it’s Reusable Launch Vehicle (RLV) Landing Experiment (LEX) at the Aeronautical Test Range (ATR) in Chitradurga, Karnataka.
     • The RLV has been named Pushpak
     • The experiment was successful in last two missions also.

• Tell me more:
  • To bring down the launch costs and to remain competitive, the RLV by ISRO is designed to take satellites to space and then return and land on a runway like an aeroplane.
  • The third demonstration undertaken by using a helicopter was to test the vehicle in more challenging conditions- when there is a higher degree of deviation from the intended orbit while the launch vehicle comes down and when there are more severe wind conditions.
    Source: The Hindu

Awards

1. Karnataka Vikas Grameena Bank Gets National Award for APY Implementation
   • What: Karnataka Vikas Grameena Bank (KVGB), a regional rural bank sponsored by Canara Bank, has been honored with a national award by the Pension Fund Regulatory and Development Authority (PFRDA) for significant enrolment under the Atal Pension Yojana (APY).
   • Tell me more:
     • Shreekant M Bhandiwad, Chairman of KVGB, received the award from Vivek Joshi, Secretary, Department of Financial Services, Government of India, and Deepak Mohanty, Chairman of PFRDA, in New Delhi on June 21.
     • The bank has enrolled 4,27,736 cumulative accounts under APY.
     • During 2023-24, it enrolled 86,350 accounts against a target of 67,932, achieving the target well ahead of schedule.
     • PFRDA had set a target of an average of 100 accounts per branch, which the bank surpassed with an average of 137 accounts, the highest among all banks in South India.
       Source: Hindu Business Line

2. Somalia’s Only All-Women Media Team Wins Global Freedom of Expression Award
   • What: Bilan Media, Somalia’s 1st and only all-women news team, has won the 2024 One World Media (OWM) Press Freedom Award during the 36th One World Media Awards (2024) ceremony held at Curzon Soho in London, United Kingdom (UK).
   • Why they have received the award: This award recognizes their courageous reporting, which has addressed many taboo subjects and opened doors for women journalists in Somalia.
   • Tell me more:
     • With this award, Bilan became the 1st Somali media team to receive this honor.
     • About Bilan:
       • Bilan was established by the United Nations Development Programme (UNDP) in 2021 and has been funded by the European Union (EU) through UNDP since 2024.
       • The team is run entirely by women.
   • Note: During the award ceremony, Vivienne Francis, Director of OWM, launched a new grant of up to 20,000 pounds for a documentary maker based in the global south to create a film about climate impacts on people’s lives and labor.
     • This is a partnership between One World Media, the Financial Times (FT), and the
       Pulitzer Center.
     • Note: The film needs to be 25 minutes or less and should be completed by June 2025.
       Source: UNDP
     
     

Sports

1. Hockey India Extends Sponsorship Deal with Odisha Government Until 2036
   • What: The Odisha government has extended its sponsorship agreement with Hockey India,
   • Tell me more:
     • Validity of the partnership: Until the year 2036
       • Initially set to expire in 2033
     • Odisha has been a principal sponsor since 2018, significantly enhancing Indian hockey.
       Source: Outlook

Memorandum of Understanding

1. BharatPe and Invest India to drive Financial Inclusion amongst ODOP Producers and Sellers
   • What: BharatPe, a fintech company has partnered with Invest India.
   • Why: To drive digital financial inclusion and literacy.
     • Their collaboration focuses on One District One Product (ODOP) producers and sellers across various districts in the country.

   • Tell me more:
     • Digital Financial Literacy: The program aims to increase awareness and knowledge about digital payments among ODOP stakeholders. It will educate them on using digital payment methods effectively and securely.
     • Access to Digital Payment Mediums: The initiative will enable ODOP merchants in tier 3-4 cities and rural areas to accept digital payments by providing them with BharatPe QR codes and PoS devices.
       Source: BharatPe

Appointments

1. Mr. Manoj Jain assumes charge as BEL CMD
   • What:  Mr. Manoj Jain took charge as the Chairman & Managing Director (CMD) of Defence PSU Bharat Electronics Limited (BEL).
     Source: BEL

   
   

2. Centre appoints Atul Kumar Chaudhary as Secretary, TRAI
   • What: The Government of India (GoI) has appointed Atul Kumar Chaudhary as the new
     Secretary of the Telecom Regulatory Authority of India (TRAI).
     • Currently, he has been serving as the Deputy Director General (DDG) in Unique Identification Authority of India (UIDAI) since 2021.
   • Tell me more:
     • He has been appointed for a period of two years.
     • This appointment comes after the superannuation of V Raghunandan on May 31 2024.
       Source: Business Line

   
   

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