24th July, 2024

1. India’s Forest Cover Assessed in Latest Report
2. Assam Launches Amrit Brikshya Andolan 2.0 to Plant 3 Crore Seedlings
3. Union Government Grants Clearance for Parandur Airport
4. NASA’s Curiosity Rover Discovers Pure Sulphur on Mars
5. Fusion Micro Finance Ltd Rebrands to Fusion Finance Limited
6. Bank of Baroda Launches AI-Powered Banking Initiatives
7. Paytm Partners with Axis Bank to Enhance POS Solutions
8. Gevra and Kusmunda Mines Rank Among World’s Largest Coal Mines
9. Global Million Dollar Round Table (MDRT) Rankings for 2024
10. ISRO Successfully Tests Air-Breathing Propulsion Technology
11. India’s Supreme Court Issues Split Verdict on GM Mustard
12. Chandrayaan-3 Wins Prestigious World Space Award
13. Income Tax Day 2024 – July 24
14. Oscar Piastri Wins First F1 Title at Hungarian GP
15. Ministry of Youth Affairs & Sports Recognizes Kalarippayattu Federation of India
16. Rashtriya Raksha University Partners with NSE for Financial Security
17. Federal Bank Shares Hit Record High After RBI Approval
18. Estonia’s New Prime Minister
19. Military Chief Min Aung Hlaing New President of Myanmar
20. Economist C.T. Kurien Passed Away
21. A Book on Jamsetji Tata

National News

1. India’s Forest Cover Assessed in Latest Report
   • What
     • The Forest Survey of India (FSI) has published the latest India State of Forest Report (ISFR) 2021, which states that the total forest cover of the country is 7,13,789 square kilometers, accounting for 21.71% of India’s geographical area.
     • The information was provided by Union Minister of State for Environment, Forest and Climate Change, Shri Kirti Vardhan Singh, in a written reply in the Lok Sabha.
   • Tell me more
     • The Forest Survey of India is an organization under the Ministry of Environment, Forest and Climate Change.
     • The ISFR is published biennially to assess forest cover across the country.
       Source: PIB

State News

1. Assam Launches Amrit Brikshya Andolan 2.0 to Plant 3 Crore Seedlings
   • What
     • The Government of Assam has launched the Amrit Brikshya Andolan 2.0, aiming to plant a total of 3 crore seedlings across the state from August 1, 2024, to August 15, 2024.
   • Why
     • The Amrit Brikshya Andolan, launched in 2023, received overwhelming support from Assam’s citizens, resulting in 10 Guinness World Records.
   • Tell me more
     • The program was implemented through the ‘Jan Bhagidaari’ model, with over 48 lakh beneficiaries registering through a mobile app and uploading geo-tagged and time-stamped pictures of the planted seedlings.
     • The Amrit Brikshya Andolan 2.0 will also include planting seedlings in honor of mothers, following the ‘Ek Ped Maa Ke Naam’ campaign launched by Prime Minister Narendra Modi on World Environment Day 2024.
       Source: Gov.Assam
2. Union Government Grants Clearance for Parandur Airport
   • What
     • The Union government has granted clearance for the greenfield airport in Tamil Nadu’s Parandur.
   • Why
     • The clearance aims to facilitate the construction of the airport, which is seen as vital for Tamil Nadu’s economic growth and its goal of becoming a $1 trillion economy by 2030.
   • Tell Me More
     • The Tamil Nadu Industrial Development Corporation Limited (TIDCO) will develop the airport on 4,000 acres at a cost of ₹32,000 crore, with a capacity to handle 100 million passengers annually.

Source: HT

International News

1. NASA’s Curiosity Rover Discovers Pure Sulphur on Mars
   • What
     • NASA’s Curiosity rover has made a groundbreaking discovery on Mars by uncovering pure sulphur after driving over and cracking open a rock.
   • Why
     • Sulphur is a key element for life, alongside carbon, hydrogen, nitrogen, oxygen, and phosphorus, which together constitute 98% of living matter on Earth.
     • Curiosity’s unexpected find in the Gediz Vallis channel on Mars, which may have been created 3 billion years ago by flowing water, has raised new questions about Mars.
   • Tell me more
     • Curiosity made this discovery on May 30 while exploring Gediz Vallis, a channel on Mount Sharp in the Gale Crater.
     • Curiosity rover was launched in 2011.
       Source: TOI

Banking and Economy

1. Fusion Micro Finance Ltd Rebrands to Fusion Finance Limited
   • Fusion Micro Finance Ltd has announced a name change to Fusion Finance Limited, w.e.f., July 9, 2024.
   • Devesh Sachdev is MD & CEO, Fusion Finance Limited.
     Source: BFSI
2. Bank of Baroda Launches AI-Powered Banking Initiatives
   • What
     • Bank of Baroda (BoB) has launched a range of digital and technology-led initiatives, including a Generative AI-powered virtual relationship manager (VRM) and a credit line on UPI, to enhance the banking experience for customers.
   • Tell me more
     • The GenAI-powered VRM, first of its kind in the Indian banking sector, offers real-time information on products and services, captures customer requirements, and supports multiple languages through video, audio, and chat.
     • It handles tasks like account statements, cheque book requests, and debit card requests.
     • On its 117th foundation day (July 20), BoB launched 11 products and services, including enabling the credit line on UPI for Baroda Kisan Credit Card (BKCC) customers.
       • BKCC customers can link their KCC account to UPI and access a pre-sanctioned credit line for merchant payments, with repayments counted towards the utilized limit.
     • The bank has integrated BKCC with the Reserve Bank Innovation Hub’s (RBIH) Public Tech Platform for frictionless credit, allowing access to digital land records and farm-related information.
     • The entire process, from customer onboarding to loan account opening and disbursement, is fully digital.
     • The project is initially being implemented in Madhya Pradesh.
       Source: HBL

   
   
3. Paytm Partners with Axis Bank to Enhance POS Solutions
   • What
     • A partnership has been established between Paytm and Axis Bank to provide POS solutions and Electronic Data Capture (EDC) devices card machines to the bank and its merchant network.
   • Why
     • The collaboration aims to transform the merchant acquiring business by harnessing advanced technology to optimize business operations and elevate customer satisfaction.
   • Tell me more
     • The EDC devices come equipped with features designed to streamline operations and drive business growth, offering complete store management services such as inventory management, invoice generation, promotions, discounts, sales tracking, reporting, and CRM.
     • The POS solution enables merchants to effectively manage their businesses while enjoying seamless payment processing capabilities.
     • Through this partnership, cutting-edge technology will reach a wider merchant base via Axis Bank, strengthening their merchant acquiring portfolio and enhancing transaction efficiency and operational effectiveness.
       Source: Paytm

Report and Indices

1. Gevra and Kusmunda Mines Rank Among World’s Largest Coal Mines
   • What
     • Gevra and Kusmunda blocks of South Eastern Coalfields have secured the 2nd and 4th spots, respectively, in the list of the world’s 10 largest coal mines by production volume, as released by WorldAtlas.com.
   • Why
     • The recognition highlights the significant production capabilities of these mines, which collectively account for about 10% of India’s total coal production.
   • Tell me more
     • Located in the Korba district of Chhattisgarh, Gevra mine has an annual production capacity of 70 million tonnes (MT) and produced 59 MT of coal in FY24, while Kusmunda produced over 50 MT.
     • Both mines are open-cast projects operated by South Eastern Coalfields Ltd (SECL), which is among the top three coal-producing subsidiaries of Coal India Ltd (CIL).
     • The list of the largest coal mines is topped by Black Thunder Mine and North Antelope Rochelle Mine in the US, with production figures of 62.68 MT and 56.25 MT, respectively.
     • The Northern Shaanxi Mine in China secured the fifth spot with a production of 41.34 MT last year.

2. Global Million Dollar Round Table (MDRT) Rankings for 2024
   • What
     • Tata AIA Life Insurance has secured the 6th position in the Global Million Dollar Round Table (MDRT) rankings for 2024, with the largest number of MDRT-qualified Life Insurance Advisors in India at 2,584.
   • Why
     • MDRT is a global, independent association of the world’s leading life insurance and financial services professionals from over 700 companies in 80 nations and territories.
     • MDRT membership is recognized internationally as the standard of excellence in the life insurance and financial services business, demonstrating exceptional professional knowledge, strict ethical conduct, and outstanding client service.
     • A higher number of MDRT advisors puts a life insurer at an advantage, as the right advice during product sales ensures happy and loyal consumers who keep renewing their policies year on year.
   • Tell me more
     • Tata AIA also ranked #1 in India and #7 globally among companies with Female MDRT Members, with 1,238 qualified Women MDRT Advisors.

Source: MDRT

Science and Technology

1. ISRO Successfully Tests Air-Breathing Propulsion Technology
   • What
     • The Indian Space Research Organisation (ISRO) successfully conducted its second experimental flight to demonstrate Air-Breathing Propulsion Technology.
   • Why
     • Air-breathing propulsion systems offer the potential to significantly reduce the weight of a launch vehicle by using atmospheric oxygen (instead of carrying a heavy oxidizer on board). This translates to increased payload capacity.
     • This technology is currently in the development phase and not used in operational vehicles. However, it is envisioned for future space vehicles, potentially for first-stage boosters or hypersonic travel.
   • Tell me more
     • The test was conducted at Satish Dhawan Space Centre using ISRO’s heaviest sounding rocket, RH-560, as a test bed.
     • This builds upon extensive ground testing at various ISRO centers and collaboration with CSIR-National Aerospace Laboratories.
       Source: IT

Agriculture and Rural Development

1. India’s Supreme Court Issues Split Verdict on GM Mustard
   • What
     • The Supreme Court has delivered a split verdict on the Centre’s 2022 decision to grant conditional approval for the environmental release of genetically modified (GM) mustard crops.
   • Why
     • The court has emphasized the need for the Centre to formulate a national policy regarding GM crops for research, cultivation, trade, and commerce in India.
   • Tell me more
     • The Genetic Engineering Appraisal Committee (GEAC) recommended the environmental release of transgenic mustard hybrid DMH-11 on October 18, 2022.
     • The government is expected to conduct a national consultation within the next four months to develop this policy.

Source: TH

Awards

1. Chandrayaan-3 Wins Prestigious World Space Award
   • What
     • India’s Chandrayaan-3 mission has won the prestigious World Space Award presented by the International Astronautical Federation (IAF) for its remarkable contributions to space exploration.
   • Why
     • The award recognizes Chandrayaan-3’s historic achievement of making India the first country to land near the lunar South Pole, placing India among the elite group of nations that have successfully conducted soft landings on the moon.
   • Tell me more
     • The award ceremony is scheduled to take place on October 14, 2024, during the opening of the 75th International Astronautical Congress in Milan, Italy.

Source: TOI

Important Days

1. Income Tax Day 2024 – July 24
   • What
     • Income Tax Day 2024 is celebrated on July 24 to mark the introduction of income tax in India by Sir James Wilson in 1860.
     • This year, the day coincides with the announcement of important changes to income tax in the Union Budget 2024.
   • Tell me more
     • Changes announced with respect to the income tax in the Union Budget:
       • The standard deduction for salaried employees has been increased from ₹50,000 to ₹75,000, and the deduction for family pensioners has risen from ₹15,000 to ₹25,000.
       • Only taxpayers with an annual income over ₹50 lakh will be subject to re-assessment of their old Income Tax Returns (ITR) after three years.

• These new tax slabs will take effect from April 1, 2025, for the Assessment Year 2025-26.
  Source: LM

Sports

1. Oscar Piastri Wins First F1 Title at Hungarian GP
   • Australian F1 racer Oscar Piastri won his first-ever F1 title at the Hungarian Grand Prix.
     Source: NOA

2. Ministry of Youth Affairs & Sports Recognizes Kalarippayattu Federation of India
   • What
     • The Indian Kalarippayattu Federation has been recognized as the Regional Sports Federation to promote Kalarippayattu in India.
     • This decision was announced by the Ministry of Youth Affairs & Sports Recognizes Kalarippayattu Federation of India, in a written reply in the Lok Sabha.
   • Why
     • This recognition will help in the promotion and development of Kalarippayattu, an ancient Indian martial art, at both national and international levels.
     • It emphasizes the importance of supporting traditional sports and creating infrastructure for their growth.
   • Tell me more
     • Kalaripayattu, also known as Kalari, originated in Kerala.
       Source: PIB

Memorandum of Understanding

1. Rashtriya Raksha University Partners with NSE for Financial Security
   • What
     • Rashtriya Raksha University (RRU) and the National Stock Exchange International Exchange (NSE IX) and National Stock Exchange International Clearing (NSEICC) have signed an MoU.

   • Why
     • The MoU aims to combine the expertise of RRU and NSE IX to deliver upskilling and training programs in various areas including economic crimes, forensic accounting, cybercrimes, financial regulations, and technological advancements.
   • Tell me more
     • The MoU was signed during a physical ceremony at the RRU Campus in Lavad, Gandhinagar.

Source: PIB

Appointments

1. Federal Bank Shares Hit Record High After RBI Approval
   • Reserve Bank of India (RBI) approved Krishnan Venkat Subramanian (KVS Manian) as the next Managing Director and Chief Executive Officer (MD & CEO) of Federal Bank.
     Source: BS
   
   
2. Estonia’s New Prime Minsiter
   • Estonia’s president formally approved Kristen Michal as Prime Minister-designate.
     Source: APN
3. Military Chief Min Aung Hlaing New President of Myanmar
   • Myanmar’s acting President has taken medical leave and transferred his duties to Military Chief Min Aung Hlaing.
     Source: TH

Miscellaneous

1. Economist C.T. Kurien Passed Away
   • Noted economist C.T. Kurien, who dedicated his life to understanding and fighting poverty, passed away at the age of 93.
   • C.T. Kurien was a professor at Madras Christian College and Madras Institute of Development Studies.
   • C.T. Kurien was the President of the Indian Economic Association in 2000.
     Source: TH

2. A Book on Jamsetji Tata
   • “Jamsetji Tata: Powerful learnings for corporate success” book has been authored by Harish Bhat and R Gopalakrishnan.
     Source: Penguin.co

   
   

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