23rd July, 2024

1. India may provide Rs 1,500 crore to Bhutan as part of its Economic Stimulus Programme (ESP) over the next 18 months to support Bhutan’s economic recovery.
2. A Memorandum of Understanding (MoU) signed between the Airports Authority of India (AAI), Rajasthan government, Urban Development Department, and Civil Aviation Department for the development of Kota Greenfield Airport in Rajasthan.
3. Uttarakhand became the first state in the world to launch the Gross Environmental Product (GEP) Index.
4. Azerbaijan established a climate finance action fund (CFAF) to support green projects in developing countries.
5. The European Space Agency (ESA) announced a mission named Ramses to study the near-earth asteroid Apophis in 2029.
6. IREDA clarified its recent investment in Nepal’s hydropower project in response to NSE’s query.
7. IndusInd Bank’s CSR initiative, “Wrestle for Glory,” offers fully-funded scholarships for 50 female wrestlers to train at the prestigious Inspire Institute of Sport (IIS).
8. India’s garment exports, which have been lower than 2013-14 levels, have declined further in 2023-24 to $14.5 billion compared to $15 billion in 2013-14.
9. Pi Approximation Day is celebrated annually on July 22nd, as the date (22/7) is commonly used to approximate the mathematical constant π (pi).
10. On July 22, 1947, the Constituent Assembly of India, chaired by Dr. Rajendra Prasad, adopted the National Flag, marking a significant moment in India’s history as it moved towards independence.
11. Shreya Gupta, a fencer from Jammu and Kashmir, won the Bronze medal in the Sabre category at the Commonwealth Junior and Cadet Championship 2024 in Christchurch, New Zealand.
12. A six-member student team from India secured the country’s best performance ever in the 65th International Mathematical Olympiad (IMO) 2024 held in Bath, United Kingdom.
13. The Board of Control for Cricket in India (BCCI) announced that it will provide ₹8.5 crore to the athletes of the Indian Olympic Association (IOA) for the Paris Olympics 2024.
14. UPL University signed a Memorandum of Understanding (MoU) with ISRO’s Space Application Centre (SAC) to collaborate on chemical sciences research.
15. NHPC (National Hydroelectric Power Corporation) extended the tenure of Rajendra Prasad Goyal as Chairman and Managing Director (CMD) for three months.
16. Sanjeev Krishan has been re-elected for a second term as the chairperson of PwC India, starting April 1, 2025.
17. Union Minister for Agriculture and Farmers Welfare, Shri Shivraj Singh Chouhan, unveiled four books related to Rashtrapati Bhavan.

National News

1. India Considers ₹1500 Crore Economic Stimulus for Bhutan
   • What
     • India may provide Rs 1,500 crore to Bhutan as part of its Economic Stimulus Programme (ESP) over the next 18 months to support Bhutan’s economic recovery.

   • Tell me more
     • This is subject to progress on implementation of proposals submitted by Bhutan.
     • The announcement follows a two-day visit by India’s Foreign Secretary, Vikram Misri, to Bhutan.
     • The two sides also approved 61 development projects worth Rs 4,958 crore under the 13th Five Year Plan.

Source: IE

State News

1. Rajasthan to Develop Kota Greenfield Airport
   • What
     • A Memorandum of Understanding (MoU) signed between the Airports Authority of India (AAI), Rajasthan government, Urban Development Department, and Civil Aviation Department for the development of Kota Greenfield Airport in Rajasthan.

   • Tell me more
     • Greenfield airport refers to a new airport built on undeveloped land.
     • This project follows a review meeting by the Union Civil Aviation Minister.
       Source: ET

   
   
2. Uttarakhand Launches World’s First GEP Index
   • What
     • Uttarakhand became the first state in the world to launch the Gross Environmental Product (GEP) Index.
   • Why
     • The GEP index aims to assess the development of the state’s ecosystem and promote balance between ecology and economy.
   • Tell me more
     • The GEP index assigns a monetary value to air, water, forest, and soil resources.
     • This data will be released alongside the Gross Domestic Product (GDP) for the state.
     • The GEP index aims to raise environmental awareness and inform future development plans.

Source: NOA

International News

1. Azerbaijan Announces New Climate Fund at COP29
   • What
     • Azerbaijan established a climate finance action fund (CFAF) to support green projects in developing countries.
   • Why
     • To address climate change by mobilizing funds from fossil fuel producers for mitigation, adaptation, and disaster response in developing countries.
   • Tell me more
     • The fund aims to raise $1 billion initially and will be operational upon securing 10 contributing countries.
     • Contributions can be fixed-sum or based on production volume.
     • 50% of funds will target climate projects (clean energy, energy efficiency, climate resilience) and R&D in developing countries.
     • Another 50% will assist member nations in achieving their Nationally Determined Contributions (NDCs).
     • 20% of revenue generated from investments will be allocated to a disaster response facility for vulnerable countries.
     • The fund will be headquartered in Baku with a board of directors representing contributors and an independent audit committee.

2. European Space Agency Announced Ramses Mission
   • What
     • The European Space Agency (ESA) announced a mission named Ramses to study the near-earth asteroid Apophis in 2029.

   • Why
     • This mission aims to improve asteroid deflection techniques in case of future threats and gain valuable scientific knowledge.

   • Tell me more
     • Apophis, once thought to be on a collision course, will come unusually close to Earth (32,000 km) in 2029, offering a unique opportunity for study.

Source: IE

Banking and Economy

1. IREDA to Invest in Nepal Hydro Project
   • What
     • IREDA clarified its recent investment in Nepal’s hydropower project in response to NSE’s query.
   • Tell me more
     • IREDA plans to acquire up to 10% equity stake in GMR Upper Karnali Hydro Power Ltd and Karnali Transmission Company Pvt Ltd for Rs 290 crore.
     • The investment is subject to government and regulatory approvals.
     • The hydropower project is under construction and currently has no revenue.

2. IndusInd Bank Launches ‘Wrestle for Glory’ Program to Empower Women Wrestlers
   • What
     • IndusInd Bank’s CSR initiative, “Wrestle for Glory,” offers fully-funded scholarships for 50 female wrestlers to train at the prestigious Inspire Institute of Sport (IIS).
   • Why
     • This program aims to empower women wrestlers and promote inclusivity in Indian sports by providing them with the resources to excel on a global stage.

   • Tell me more
     • IndusInd Bank established the “IndusInd For Sports” initiative in 2016, focusing on promoting sports through diverse programs.
     • The Inspire Institute of Sport is a high-performance training facility for Olympic aspirants.
     • IndusInd Bank is a private bank established in 1994 with a presence across India.

Source: The Week

Report and Indices

1. India’s Garment Exports Decline Amid High Duties and Complex Procedures
   • What
     • India’s garment exports, which have been lower than 2013-14 levels, have declined further in 2023-24 to $14.5 billion compared to $15 billion in 2013-14.
     • The Global Trade Research Initiative (GTRI) published the report titled “How Complex Procedures, Import Restrictions and Domestic Interests Hinder India’s Garments Exports”.
   • Why
     • The decline is attributed to high duties and barriers on raw material imports, along with difficult customs and trade procedures, rather than other nations’ competitive strengths.
   • Tell me more
     • The Production Linked Incentive (PLI) scheme for textiles launched by the Centre in 2021 has failed to gain traction with investors and needs significant modifications to be effective.
     • India’s garments and textiles imports have grown steadily in recent years, reaching almost $9.2 billion in calendar year 2023.
       Source: TH

Important Days

1. Celebrating Pi Approximation Day – July 22
   • What
     • Pi Approximation Day is celebrated annually on July 22nd, as the date (22/7) is commonly used to approximate the mathematical constant π (pi).
   • Why
     • The day aims to honor the significance of π, which represents the ratio of a circle’s circumference to its diameter, and to promote a casual appreciation for mathematics.
   • Tell me more
     • Pi Day is also observed on March 14.
       Source: IT
2. National Flag Day – July 22
   • What
     • On July 22, 1947, the Constituent Assembly of India, chaired by Dr. Rajendra Prasad, adopted the National Flag, marking a significant moment in India’s history as it moved towards independence.
   • Why
     • The adoption of the tricolour flag symbolized India’s journey to establish itself as an independent nation, free from colonial rule.
   • Tell me more
     • The design of the Wheel was based on the abacus of the Sarnath Lion Capital of Asoka, and the flag’s dimensions were specified to have a width-to-length ratio of 2:3.

3. World Brain Day 2024 – July 22
   • Theme: ‘Brain Health and Prevention’
     Source: Quint
4. National Broadcasting Day – July 23
   • What
     • National Broadcasting Day is celebrated annually in India on July 23, marking the beginning of radio broadcasting in the country in 1927.
   • Tell me more
     • On July 23, 1927, the Indian Broadcasting Company (IBC) made its first radio broadcast from Bombay (now Mumbai), marking the start of organized radio broadcasting in India.
     • The IBC was later taken over by the government and renamed All India Radio (AIR) in 1936, which has since become one of the largest radio networks in the world.

Source: IT

Sports

1. J&K Fencer Shreya Gupta Wins Commonwealth Bronze
   • What
     • Shreya Gupta, a fencer from Jammu and Kashmir, won the Bronze medal in the Sabre category at the Commonwealth Junior and Cadet Championship 2024 in Christchurch, New Zealand.
   • Tell me more
     • Shreya defeated Saunders Nicole of England and Hardge Gala of Australia.
     • She lost to Juliet Mind of Singapore in the semifinals.
     • Shreya has previously won team event bronze medals at the Commonwealth Championship and Asian Championship.

2. India Secures Best-Ever Rank in International Mathematical Olympiad 2024
   • What
     • A six-member student team from India secured the country’s best performance ever in the 65th International Mathematical Olympiad (IMO) 2024 held in Bath, United Kingdom.
   • Tell me more
     • Indian contingent achieved its best rank ever (4th). Medals:

Gold Medalists

• Adhitya Mangudy
• Ananda Bhaduri
• Kanav Talwar
• Rushil Mathur

Silver Medalist

• Arjun Gupta

Honorable Mention

• Siddharth Choppara
• Team USA, China, and South Korea finished as the top three winners, respectively.
• India’s total score of 167 was just one mark behind South Korea’s third-place score of 168.
• Mangudy’s individual performance secured him an overall ranking of fifth, the best performance by an Indian team member ever.

3. BCCI Announces ₹8.5 Crore Support for Indian Olympic Athletes
   • What
     • The Board of Control for Cricket in India (BCCI) announced that it will provide ₹8.5 crore to the athletes of the Indian Olympic Association (IOA) for the Paris Olympics 2024.

   • Why
     • The financial support aims to bolster India’s performance at the upcoming Paris Olympics, building on the country’s best-ever medal haul at the Tokyo Olympics.
   • Tell me more
     • India will be represented by 117 athletes at the Paris Olympics, along with 140 support staff and officials, of which 72 have been approved at the government’s expense.

Source: ET

Memorandum of Understanding

1. UPL University Partners with ISRO for Chemical Sciences Research
   • What
     • UPL University signed a Memorandum of Understanding (MoU) with ISRO’s Space Application Centre (SAC) to collaborate on chemical sciences research.
   • Why
     • To advance research and innovation in chemical applications within materials science and related fields.
   • Tell me more
     • The partnership will provide UPL University faculty and students with access to ISRO’s cutting-edge research facilities, expertise, and data resources.
     • This collaboration aligns with UPL’s strategy to promote academic excellence and global recognition.

Source: FE

Appointments

1. NHPC Extends Rajendra Prasad Goyal’s Tenure as CMD
   • What
     • NHPC (National Hydroelectric Power Corporation) extended the tenure of Rajendra Prasad Goyal as Chairman and Managing Director (CMD) for three months.

   • Tell me more
     • The position is awaiting a permanent appointment by the Appointments Committee of the Cabinet (ACC), which finalizes important appointments in the Government of India.
       Source: ET
2. Sanjeev Krishan Re-elected as PwC India Chairperson
   • Sanjeev Krishan has been re-elected for a second term as the chairperson of PwC India, starting April 1, 2025.
     Source: BS

Miscellaneous

1. Union Agriculture Minister Unveils Books on Rashtrapati Bhavan
   • What
     • Union Minister for Agriculture and Farmers Welfare, Shri Shivraj Singh Chouhan, unveiled four books related to Rashtrapati Bhavan.
   • Why
     • The unveiling of these books aims to celebrate the heritage of Rashtrapati Bhavan and highlight the speeches of President Droupadi Murmu, showcasing her compassion and commitment to various sections of society.
   • Tell me more
     • “Wings to Our Hopes” includes 75 speeches by President Murmu from her first year in office (July 2022 – July 2023), covering education, public service, and women-led development.
     • “Rashtrapati Bhavan: Heritage Meets the Present” examines the history and architecture of Rashtrapati Bhavan, detailing its rooms like Ashoka Hall and Durbar Hall.
     • “Kahani Rashtrapati Bhavan Ki” targets children, presenting Rashtrapati Bhavan’s history in an engaging way, divided into chapters on the President and main attractions.
     • The books were published by the Publications Division to compile the President’s thoughts and highlight Rashtrapati Bhavan’s historical significance.
       Source: PIB

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