26th June, 2024
Underground Coal Gasification, Keralam, museum of temples in Ayodhya, ONDC, Smart lock, Tech Mahindra, Moody’s, NPS, State of Marginal Farmers of India 2024’, S&P Global Ratings, International Day of Women in Diplomacy, Day of the Seafarer, World Table Tennis (WTT) Contender Lagos 2024, Spanish Grand Prix, 43rd World Medical and Health Games, Anuj Tyagi, ‘Gateways to the Sea: Historic Ports and Docks of Mumbai Region’, Frank Duckworth,, oaths of office of the MPs
- Public sector undertaking, Eastern Coalfields Limited (ECL) under the aegis of Ministry of Coal (MoC) has initiated the India’s first ever pilot project for Underground Coal Gasification (UCG) at the Kasta coal block in Jamtara District, Jharkhand.
- The CM of Kerala Shri Pinarayi Vijayan in the Kerala Legislative Assembly has moved a resolution to rename the state’s name to ‘Keralam’ from Kerala.
- The Uttar Pradesh government approved a proposal from the Tata Sons to build a museum of temples in Ayodhya from its corporate social responsibility (CSR) fund.
- The Uttar Pradesh (UP) government will connect state’s agriculture commodity startups with central government promoted e-commerce platforms like ONDC (Open Network for Digital Commerce) and e-NAM (National Agriculture Market).
- ICICI Bank Limited has launched ‘SmartLock’, a first-of-its-kind safety feature on iMobile Pay, the official Mobile Banking app of ICICI Bank.
- Tech Mahindra has approved the merger of its IT services and consulting business, Healthnxt Inc., with its parent firm, Tech Mahindra Americas. The merger will take effect on July 1.
- India faces increasing water stress amid rapid economic growth and climate change and the growing stress can negatively affect the economy’s sovereign credit strength, as per credit rating firm Moody’s Ratings.
- Nearly 110,655 fresh subscribers joined the National Pension System (NPS) in April 2024, with state government employees constituting nearly two-thirds of them, latest data released by the National Statistical Office (NSO).
- Recently the Annual Survey on the ‘State of Marginal Farmers of India 2024’ was released.
- S&P Global Ratings (previously Standard & Poor’s) released its Economic outlook for Asia Pacific
- The United Nations (UN) International Day of Women in Diplomacy (IDWID) is annually observed across the globe on 24 June
- The United Nations (UN)’s Day of the Seafarer (also known as the International Day of the Seafarer) is annually observed across the globe on 25 June.
- The World Table Tennis (WTT) Contender Lagos 2024 was held in Sir Molade Okoya Thomas Indoor Sports Hall, Lagos, Nigeria.
- The 2024 Spanish Grand Prix was hosted in Barcelona, Spain.
- Four officers of the Armed Forces Medical Service (AFMS) have won a record 32 medals at the 43rd World Medical and Health Games held in Saint-Tropez, France.
- Private sector general insurer HDFC Ergo General Insurance has announced the appointment of Anuj Tyagi as its new Managing Director (MD) and Chief Executive Officer (CEO).
- The Governor of Maharashtra Shri Ramesh Bais released a book titled ‘Gateways to the Sea: Historic Ports and Docks of Mumbai Region’.
- British statistician and one of the inventors of the Duckworth-Lewis-Stern (DLS) method, Frank Duckworth, passed away.
- Article 99 deals with oaths of office of the MPs, to be subscribed before the President or some person appointed by him.
Table of Content
National News
- Ministry of Coal initiates India’s First Ever Pilot project for Underground Coal Gasification
- What: Public sector undertaking, Eastern Coalfields Limited (ECL) under the aegis of Ministry of Coal (MoC) has initiated the India’s first ever pilot project for Underground Coal Gasification (UCG) at the Kasta coal block in Jamtara District, Jharkhand.
- Coal gasification: It is a process to convert underground coal into valuable gasses like methane, hydrogen, carbon monoxide (CO), and carbon dioxide (CO2
- Why: This pilot project aims to establish new standards in coal resource utilisation, contributing to India’s journey towards energy self-reliance.
- Benefits
- Provide access to coal resources that are economically unviable through traditional mining methods.
- Sustainable and efficient use of India’s huge coal reserves (third largest in world).
- India is highly dependent on imported fuel – crude oil (82%) and natural gas (45%) of total requirement. It will help in reducing imports
- Provide access to coal resources that are economically unviable through traditional mining methods.
- Tell me more:
- Note: ECL is a subsidiary of Coal India Limited (CIL), a Maharatna Central Public Sector Undertaking (CPSU) under the MoC.
- Why Kasta was chosen: It is suitable for Indian geo-mining conditions.
- In 2015, the Ministry has approved the policy framework for UCG in coal and lignite-bearing areas
- Implementing agencies: Managed by ECL in collaboration with Central Mine Planning & Design Institute Limited, Ranchi and Ergo Exergy Technologies Inc. from Canada,
- Project duration: Two years and comprises of two phases.
- The first phase, which commenced on June 22, 2024, involves preparing a Technical Feasibility Report through borehole drilling and core testing.
- The second phase will focus on coal gasification at a pilot scale
- Project funded by: Research &Development Board of CIL
Source: PIB
- What: Public sector undertaking, Eastern Coalfields Limited (ECL) under the aegis of Ministry of Coal (MoC) has initiated the India’s first ever pilot project for Underground Coal Gasification (UCG) at the Kasta coal block in Jamtara District, Jharkhand.
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About the Ministry of Coal (MoC): - Union Minister- G. Kishan Reddy Minister of State (MOS)- Satish Chandra Dubey Initiatives taken for Coal Gasification - Under National Coal Gasification Mission, India aims for 100 million tons coal gasification by 2030. - 100% FDI in coal mining. - Viability Gap Funding scheme for promotion of Coal/Lignite Gasification Projects |
State News
- Kerala Assembly has passed a resolution to rename the State as ‘Keralam’
- What: The CM of Kerala Shri Pinarayi Vijayan in the Kerala Legislative Assembly has moved a resolution to rename the state’s name to ‘Keralam’ from Kerala.
- After receiving the approval from the Indian parliament, the name will be changed officially.
- Tell me more:
- The same resolution was adopted in the Kerala Assembly in August 2023 but due to technical reasons, it had to be presented again.
Source: India Today
- The same resolution was adopted in the Kerala Assembly in August 2023 but due to technical reasons, it had to be presented again.
- What: The CM of Kerala Shri Pinarayi Vijayan in the Kerala Legislative Assembly has moved a resolution to rename the state’s name to ‘Keralam’ from Kerala.
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Procedure for Renaming of States - It can be initiated by the Parliament or State Legislature. - Renaming is governed by Article 3 of the Constitution. - Article empowers Parliament to alter the name of any State by law. - Bill may be introduced in Parliament on the recommendation of the President. - Then referred by the President to Legislature of that State for expressing their views. - Bill is passed in each house by a simple majority. - Following the president assent, a change in name of the state is recorded in First and Fourth Schedule of Constitution. |
- UP clears Tata Sons proposal for temple museum in Ayodhya
- What: The Uttar Pradesh government approved a proposal from the Tata Sons to build a museum of temples in Ayodhya from its corporate social responsibility (CSR) fund.
- Tell me more:
- Official name of Museum: Indian Temple Museum
- Project cost: Rs 650 crore, to be built in Manjha Jamthara village of Ayodhya.
- A tripartite agreement between the Union Ministry of Culture, the Uttar Pradesh government and Tata Sons has been signed to build and run the museum.
Source: Indian Express
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About CSR - CSR is when a company takes steps to be socially accountable—to itself, its stakeholders, and the public. It means that beyond making a profit, the company also aims to positively impact society and the environment Legal regulations: - Section 135 of Companies Act, 2013 provides for provisions regarding CSR requirements for companies. The CSR provisions are applicable to the following companies: - Every company, its holding company, its -subsidiary company and foreign company having in the preceding financial year: - Net Worth > 500 Crore - Turnover > 1000 Crore - Net Profit > 5 Crore CSR expenditure: The Board of every company to which CSR is applicable shall ensure that the company spends, in every financial year, at least two per cent of the average net profits of the company made during the three immediately preceding financial years. |
- Uttar Pradesh government to connect Agri startups with ONDC, e-NAM
- What: The Uttar Pradesh (UP) government will connect state’s agriculture commodity startups with central government promoted e-commerce platforms like ONDC (Open Network for Digital Commerce) and e-NAM (National Agriculture Market).
- ONDC is a private non-profit company established by the Department for Promotion of Industry and Internal Trade (DPIIT) to develop open e-commerce and promote local commerce.
- e-NAM is a pan-India trading portal which networks agricultural produce market committee (APMC) mandis to create a unified national market.
- Why: The goal is to enhance rural incomes and create employment opportunities by fostering market linkage through ONDC and e-NAM
- How it will be established: The state government has directed the agriculture department to establish a dedicated farmer producer cell to facilitate this connection.
Source: Business Standard
- What: The Uttar Pradesh (UP) government will connect state’s agriculture commodity startups with central government promoted e-commerce platforms like ONDC (Open Network for Digital Commerce) and e-NAM (National Agriculture Market).
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Initiatives by UP to promote Agri industry - About 3,240 FPOs operate in UP under the Atmanirbhar Krishak Samanvit Vikas Yojana (AKSY) in UP. - AKSY is a scheme introduced by UP government to achieve doubling of farmers’ income by 2022. It will focus on identification of more productive crops in each agri-climate zone, promote new technology and investment to improve productivity, and developing markets for distribution. - Recently, state’s agriculture minister Surya Pratap Shahi flagged off a 4 tonne consignment of the famous Malihabadi Dussehri mango for the USA. - Meanwhile, the UP government has partnered with industry stakeholders to promote food processing and introduce artificial intelligence (AI) in farming. - The state also plans to host a global farmers’ summit Krishi Bharat in November 2024 in association with the Confederation of Indian Industry (CII). - Farmers’ delegations from countries like the US, Germany, Brazil, Italy, Poland, France, Spain, Indonesia, and Kenya are expected to participate in the four-day event in Lucknow. |
Banking and Economy
- ICICI Bank Launches ‘SmartLock’ To Lock/Unlock Banking Services
- What: ICICI Bank Limited has launched ‘SmartLock’, a first-of-its-kind safety feature on iMobile Pay, the official Mobile Banking app of ICICI Bank.
- Tell me more:
- The feature enables customers to lock/unlock multiple banking services instantly, without the support of customer care executive through phone or e-mail.
- This also permits account holders to lock or unlock the entire iMobile Pay.
- This will enable customers to lock/unlock internet banking, Unified Payments Interface (UPI) (including payments from other UPI apps linked to the bank account), credit and debit cards.
- This will also allow the user to deactivate a particular banking service during a period of time and in case of a possible fraudulent transaction.
Source: ICICI
- The feature enables customers to lock/unlock multiple banking services instantly, without the support of customer care executive through phone or e-mail.
- Tech Mahindra okays merger of Healthnxt with parent firm
- What: Tech Mahindra has approved the merger of its IT services and consulting business, Healthnxt Inc., with its parent firm, Tech Mahindra Americas. The merger will take effect on July 1.
Source: CNBC TV18
- What: Tech Mahindra has approved the merger of its IT services and consulting business, Healthnxt Inc., with its parent firm, Tech Mahindra Americas. The merger will take effect on July 1.
- India’s increasing water stress can negatively affect sovereign credit strength: Moody’s
- What: India faces increasing water stress amid rapid economic growth and climate change and the growing stress can negatively affect the economy’s sovereign credit strength, as per credit rating firm Moody’s Ratings.
- How: A decrease in water supply can cause problems for farming and factories, leading to higher food prices.
- It will impact sectors that heavily consume water, such as coal power generators and steelmakers.
- It will further reduce earnings for businesses and communities, potentially leading to social unrest, and affecting government operations, which in turn can impact the country’s credibility in the sovereign credit market.
- It will impact sectors that heavily consume water, such as coal power generators and steelmakers.
- However, Moody’s has recommended that the Environment, Social, and Governance (ESG) financing framework can help companies to finance water investment
Source: CNBC TV18
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Steps for water conservation by India - The Centre had doubled its budget for the Department of Water Resources, River Development, and Ganga rejuvenation to $2.52 billion for FY25 from FY20. - India is working with the World Bank on a national groundwater improvement program with a total investment of $1.35 billion, with the multilateral lender committing $450 million. - The country’s average annual water availability per capita is likely to drop to 1,367 cubic meters by 2031 from an already low of 1,486 cubic meters in 2021, according to the ministry of water resources. - A level below 1,700 cubic meters indicates water stress, with 1,000 cubic meters being the threshold for water scarcity. |
- NPS added over 110K subscribers in April 2024
- What: Nearly 110,655 fresh subscribers joined the National Pension System (NPS) in April 2024, with state government employees constituting nearly two-thirds of them, latest data released by the National Statistical Office (NSO).
- An age-wise analysis showed that 43.8 percent fresh subscribers belonged to the 18-28 age group.
- Overall, 937,000 subscribers joined the National Pension System during FY24, 13.6 per cent higher than the 824,700 subscribers logged in the FY23.
Source: Business Standard
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About NPS - The Union government now requires all new employees to join the National Pension System, which serves as an indicator of new hires at the central level. - Administered by the Pension Fund Regulatory and Development Authority, the National Pension System operates on a defined contribution model. Both the employee and employer contribute equally to the employee's account. This system became mandatory for new central government employees from January 1, 2004, excluding the armed forces. - Since April 2018, the National Statistical Office has been publishing formal sector employment statistics. These statistics rely on data from the number of subscribers to schemes such as the Employees’ Provident Fund Scheme, Employees’ State Insurance Scheme, and the National Pension System. |
Report and Indices
- Annual Survey on the ‘State of Marginal Farmers of India 2024 was released
- What: Recently the Annual Survey on the ‘State of Marginal Farmers of India 2024’ was released.
- Tell me more:
- Released by: Development Intelligence Unit (DIU), a collaborative enterprise of Sambodhi
Research and Transform Rural India Foundation (TRIF).- Funded by: Forum of Enterprises for Equitable Development (FEED), an organization dedicated to advocating for marginal farmers.
- Major highlights:
- More than 50 percent of marginal farmers reported losing at least half of their standing crops due to extreme weather conditions.
- A marginal farmer is someone with below 1 hectare of agricultural land where they do agricultural activities as a proprietor, sharecropper, or tenant.
- A total of 6,615 marginal farmers participated in the study on a Pan-India basis.
- The first round of the survey was conducted in 2023, and the respondents were selected based on their landholding size from 21 states.
- Marginal farmers constitute the largest segment of India’s agricultural sector, they have an average per capita holding of 0.38 hectare
- The survey found that the Pradhan Mantri Fasal Bima Yojana (PMFBY) played a crucial role in promoting agricultural resilience and economic stability, with around 35 per cent
of the surveyed marginal farmers enrolled in this scheme. - Additionally, close to 83 per cent of the marginal farmers surveyed had received government grants or subsidies, primarily through the Kisan Samman Nidhi, directly in their bank accounts.
Source: Hindustan Times
- More than 50 percent of marginal farmers reported losing at least half of their standing crops due to extreme weather conditions.
- Released by: Development Intelligence Unit (DIU), a collaborative enterprise of Sambodhi
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As per agriculture Census, the operational holdings are categorised in five size classes as shown below: - Marginal: Below 1.00 hectare. - Small: 1.00-2.00 hectare. - Semi- Medium: 2.00-4.00 hectare. - Medium: 4.00-10.00 hectare. - Large: 10.00 hectare and above. |
GDP Forecasts
- S&P retains India FY25 GDP growth estimate at 6.8%; forecast lower than RBI
- What: S&P Global Ratings (previously Standard & Poor’s) released its Economic outlook for Asia Pacific.
- It has retained India’s Gross Domestic Product (GDP) growth projection at 6.8% for FY25
- Tell me more (Data for other years)
- FY26: 6.9%
- FY27: from 6.2% (projected in March 2024) to 7%.
- RBI’s projection for FY 25: 7.2%
Source: Business Standard
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Projections made by various Rating Agency for India’s FY25 GDP are: - Fitch Ratings: 7.2%. - The Asian Development Bank (ADB): 7%. - Moody's Ratings: 6.6%. - Morgan Stanley: 6.8%. |
Important Days
- June 24: International Day of Women in Diplomacy
- What: The United Nations (UN) International Day of Women in Diplomacy (IDWID) is annually observed across the globe on 24 June
- 24 June 2024 marks the 2nd observance of IDWID.
- The 1st ever International Day of Women in Diplomacy was observed on 24 June 2023.
- Theme, “Women’s Leadership in Multilateral Diplomacy
Source: Times of India
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UNGA President pays tribute to Indian reformer Hansa Mehta - UN General Assembly President Dennis Francis paid tribute to Indian reformer and educator Hansa Mehta on the International Day of Women in Diplomacy. - Mehta served as the Indian delegate to the UN Commission on Human Rights from 1947 to 1948 and is widely known for ensuring a more gender-sensitive language in the landmark Universal Declaration of Human Rights, the UDHR. - She is widely credited with significantly changing the language of Article 1 of the UDHR, by replacing the phrase "All men are born free and equal" with "All human beings are born free and equal." - She was the first female Vice Chancellor of any Indian University (SNDT university, Mumbai) - She received Padma Bhushan in 1959 |
- June 25: UN’s Day of the Seafarer
- What: The United Nations (UN)’s Day of the Seafarer (also known as the International Day of the Seafarer) is annually observed across the globe on 25 June.
- Seafarers are people who work on ships. They may also be known as mariners or sailors
- Organized by: International Maritime Organization (IMO).
Source: UN
- What: The United Nations (UN)’s Day of the Seafarer (also known as the International Day of the Seafarer) is annually observed across the globe on 25 June.
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About the International Maritime Organization (IMO): - The convention for establishing IMO was adopted in 1948 and came into force in 1958. - Secretary-General- Arsenio Dominguez (Republic of Panama) - Headquarters- London, The United Kingdom (UK) |
Sports
- Highlights of WTT contender league 2024
- What: The World Table Tennis (WTT) Contender Lagos 2024 was held in Sir Molade Okoya Thomas Indoor Sports Hall, Lagos, Nigeria.
- Tell me more:
- India related facts:
- The Indian contingents won 9 medals (3 gold, 1 silver, and 5 bronze) at the event.
- India’s Sreeja Akula became the first-ever Indian player to win a Women’s Singles title in the WTT Contender.
- Harmeet Desai and Manav Thakkar became the first Indian men’s pair to win a WTT Contender title.
Source: WTT
- F1 race: Highlights of Spanish Grand Prix 2024 Grand Prix
- What: The 2024 Spanish Grand Prix was hosted in Barcelona, Spain.
Source: Formula 1
- Highlights of 43rd World Medical & Health Games in Saint-Tropez, France
- What: Four officers of the Armed Forces Medical Service (AFMS) have won a record 32 medals at the 43rd World Medical and Health Games held in Saint-Tropez, France.
- This year more than 2500 participants from more than 50 different nations participated.
- Tell me more:
- About the games:
- The annual event is popularly known as the Medgames is the world’s largest sporting event for the medical and health professions around the world.
- The first Medgames was held in 1978 in Cannes, France.
- They are often regarded as the Olympic Games for Health Professionals.
- About the winners:
- Lieutenant Colonel Sanjeev Malik, Major Anish George, Captain Stephen Sebastian, and Captain Dania James of the AFMS together, won 19 gold medals, 9 silver medals and 4 bronze Medals (Total 32 medals).
Source: PIB
- Lieutenant Colonel Sanjeev Malik, Major Anish George, Captain Stephen Sebastian, and Captain Dania James of the AFMS together, won 19 gold medals, 9 silver medals and 4 bronze Medals (Total 32 medals).
- About the games:
- What: Four officers of the Armed Forces Medical Service (AFMS) have won a record 32 medals at the 43rd World Medical and Health Games held in Saint-Tropez, France.
- Anuj Tyagi to succeed Ritesh Kumar as MD & CEO of HDFC Ergo
- What: Private sector general insurer HDFC Ergo General Insurance has announced the appointment of Anuj Tyagi as its new Managing Director (MD) and Chief Executive Officer (CEO).
- He will succeed Ritesh Kumar, who has been the MD & CEO of HDFC Ergo General Insurance since 2008.
Source: Business Standard
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| About Armed Forces Medical Services– The government of India, on the recommendation of the Dr B C Roy committee on’ Armed Forces Medical Services and Research Integration’ integrated the medical services of the three wings of the defence forces- Army, Navy and the Air Force and created the Armed Forces Medical Service in 1948.– The service is headed by Director General Armed Forces Medical Services.– The Director General Armed Forces Medical Services is responsible to the Union Defence Minister for all medical policy matters related to the defence forces.– Union Defence Minister: Raj Nath Singh Director General Armed Forces Medical Services: Lt Gen Daljit Singh |
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Appointments
Miscellaneous
- A book titled ‘Gateways to the Sea: Historic Ports and Docks of Mumbai Region’ released
- What: The Governor of Maharashtra Shri Ramesh Bais released a book titled ‘Gateways to the Sea: Historic Ports and Docks of Mumbai Region’.
- Published by: Publications Division, Ministry of Information and Broadcasting, Government of India.
- Compiled by: The Maritime Mumbai Museum Society
Source: PIB
- Frank Duckworth, co-inventor of DLS method, dies at the age of 84
- What: British statistician and one of the inventors of the Duckworth-Lewis-Stern (DLS) method, Frank Duckworth, passed away.
- Other inventors are: Tony Lewis (British), and Steven Stern (Australian)
- The method was later renamed the Duckworth-Lewis-Stern method after modifications by Australian statistician Steven Stern.
- What: British statistician and one of the inventors of the Duckworth-Lewis-Stern (DLS) method, Frank Duckworth, passed away.
- About the Duckworth-Lewis method (DLS)
- The method was introduced to determine results in rain-affected cricket matches.
- This method has been widely used in international cricket since 1997 and was formally adopted by the International Cricket Council (ICC) as the standard method for setting revised targets in rain affected games since 2001.
Source: Hindustan Times
- Oath of Members of Parliament (MPs) of 18th parliament
- What: Article 99 deals with oaths of office of the MPs, to be subscribed before the President or some person appointed by him.
- The forms of oath are provided in the Third Schedule.
- Article 104 provides a penalty for a member if he/she sits in the House without the oath.
- Oaths can be subscribed in English or any of the 22 Scheduled languages.
About Anuj Jindal
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Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 5 years of experience in the field of Education.
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