28th June, 2024
Bannerghatta, Hosur, iCET, Smart Wealth, RBL, CII, GRSE, (MR-MOCR), Space Machines Company, Arundhati Roy, MSME Day, PSB, BHEL, K-POP, Naveen Chandra Jha, Om Birla, Lake Natron
- South India’s first and the country’s largest leopard safari has opened at the Bannerghatta Biological Park (BBP) in Bengaluru, Karnataka.
- The Tamil Nadu government has passed a resolution to construct an international airport in Hosur, in the Krishnagiri district of Tamil Nadu.
- Jake Sullivan, the Assistant to the President for National Security Affairs (APNSA) of the United States of America (USA) was on a 2-day visit to New Delhi.
- HDFC Bank has recently launched SmartWealth, a digital investment platform designed to make investing easier and more transparent for Indian investors.
- RBL Bank has announced to raise up to ₹6,500 crore through a combination of qualified institutional placement (QIP) of shares and debt issuance.
- Recently the Confederation of Indian Industry has released a report titled “Developing India as the Manufacturing Hub for Electronics Components and Sub-Assemblies”
- Garden Reach Shipbuilders and Engineers (GRSE), a Defence PSU, recently signed an agreement with Germany-based Carsten Rehder Schiffsmakler and Reederei GmbH & Co. KG.
- The Medium Range-Microwave Obscurant Chaff Rocket (MR-MOCR) developed by the Jodhpur Laboratory of the Research and Development Organisation (DRDO) was formally handed over to the Indian Navy.
- NewSpace India Limited (NSIL), the commercial arm of the ISRO, and Space Machines Company, an Australian space firm, have signed an Agreement.
- Indian writer Arundhati Roy has been awarded the PEN Pinter Prize for her “unflinching and unswerving” writings
- The United Nations (UN) World Micro-, Small, and Medium-sized Enterprises (MSME) Day is annually observed across the globe on 27 June.
- Punjab & Sind Bank has signed an initial agreement with the Indian Army for a defense salary package.
- Bharat Heavy Electricals Ltd (BHEL) has secured a contract worth ₹13,300 crore to establish a 1600 MW thermal power plant in Koderma, Jharkhand.
- Seventeen, the popular South Korean (K-pop) band group, has made history by becoming UNESCO’s first-ever Goodwill Ambassador for Youth.
- SBI General Insurance Company has announced the appointment of Naveen Chandra Jha as its new Managing Director and Chief Executive Officer. Before his current role at SBI General Insurance, Jha served as Deputy Managing Director of SBI.
- Om Birla, a Bharatiya Janata Party (BJP) MP from Rajasthan’s Kota constituency, has been re-elected as the Speaker of the 18th Lok Sabha through a voice vote.
- Flamingoes in Lake Natron are under threat due to Climate change.
Table of Content
State News
- South India’s First Leopard Safari Opens at Bannerghatta
- What: South India’s first and the country’s largest leopard safari has opened at the Bannerghatta Biological Park (BBP) in Bengaluru, Karnataka.
- Area: 20 hectares
- Cost: 4.5 crore
- Currently, eight leopards have been released in the safari.
Source: The Hindu
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facts about Karnataka - Largest Coffee Exporter: Karnataka produces the largest amount of coffee in South India. The first coffee plantation was cultivated in Chikmagalur centuries ago. - Ruins of Vijayanagara Kingdom: The historic Hampi ruins, a grand 14th-century city, are remnants of the Vijayanagara Kingdom. Hampi is currently a UNESCO World Heritage Site. - Chief Minister: K Siddaramaiah - Governor: Thawar Chand Gahlot |
- Tamil Nadu to build international airport in Hosur
- What: The Tamil Nadu government has passed a resolution to construct an international airport in Hosur, in the Krishnagiri district of Tamil Nadu.
- Tell me more (Key details)
- Passenger Capacity: The airport is designed to handle up to 30 million passengers annually.
Source: Hindustan Times
- Passenger Capacity: The airport is designed to handle up to 30 million passengers annually.
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About Tamil Nadu - CM: MK Stalin - Governor: R.N. Ravi |
International News
- US National Security Adviser Jake Sullivan in India for iCET meet
- What: Jake Sullivan, the Assistant to the President for National Security Affairs (APNSA) of the United States of America (USA) was on a 2-day visit to New Delhi.
- Jake Sullivan and Ajit K Doval, NSA of India co-chaired the second meeting of the India-US initiative on Critical and Emerging Technology (ICET).
- About ICET:
- Launched by: PM Modi and US President Joe Biden on the sidelines of the Quad Leaders’ Summit held in Tokyo, Japan in 2022.
- The inaugural ICET meeting was held in January 2023 in Washington, D.C., USA.
- The iCET framework focuses on cooperation in new and emerging technologies, including semiconductors, artificial intelligence, quantum computing, defense innovation, space, and advanced telecommunications.
Source: India TV
Banking and Economy
- HDFC Bank launches digital investment platform SmartWealth
- What: HDFC Bank has recently launched SmartWealth, a digital investment platform designed to make investing easier and more transparent for Indian investors.
- Tell me more (Key Features)
- The SmartWealth Application (App) enables users to create SmartJars, which gives personalized portfolio plans that can be modified or paused anytime.
- Model Portfolios on SmartWealth suggest curated investment baskets based on 25 years of HDFC Bank’s expertise.
- It also provides an enhanced experience with a virtual Relationship Manager (RM) for real-time assistance and personalized support.
Source: Hindu Business Line
- RBL Bank to raise Rs. 6,500 crores through QIP, debt issue
- What: RBL Bank has announced to raise up to ₹6,500 crore through a combination of qualified institutional placement (QIP) of shares and debt issuance.
- Why: This capital raise aims to support the bank’s growth plans, and it will also help to distribute more loans to the public which will enhance its profitability.
- It targets a 20 per cent growth in its loan book over the next two financial years,
- Tell me more (Methods to raise):
- QIP (Qualified Institutional Placement): The bank will raise ₹3,500 crore through QIP. This involves issuing shares to institutional investors.
- Debt Securities: RBL Bank will also raise ₹3,000 crore through an issue of debt securities via private placement.
Source: Live Mint
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About QIP A Qualified Institutional Placement (QIP) is a method through which publicly listed companies can raise capital by issuing shares to qualified institutional buyers (QIBs) such as mutual funds, insurance companies, and foreign institutional investors. Here are the key points: - Eligibility: Only companies listed on stock exchanges are eligible for QIP. It allows them to raise funds without going through the lengthy process of a public issue. - Pricing: The company determines the issue price based on market conditions. The price is usually at a discount to the prevailing market price. - Regulations: QIPs are regulated by the Securities and Exchange Board of India (SEBI). Companies must comply with SEBI guidelines during the issuance. - Allotment: Shares are allotted to QIBs, and the company receives the capital. The shares are then listed on the stock exchange. |
- CII Report on Developing India as the Manufacturing Hub for Electronics Components
- What: Recently the Confederation of Indian Industry has released a report titled “Developing India as the Manufacturing Hub for Electronics Components and Sub-Assemblies”.
- Aim of the report: This report outlines critical actions needed to transition India’s electronics sector ecosystem from an ‘import-dependent assembly-led manufacturing’ model to ‘component-level value-added manufacturing’.
- Tell me more:
- Demand and Growth: In 2023, the demand for components and sub-assemblies in India stood at USD 45.5 billion, supporting USD 102 billion worth of electronics production.
- By 2030, this demand is projected to scale up significantly, reaching USD 240 billion to support USD 500 billion worth of electronics production.
- It identifies five priority components/sub-assemblies- batteries (lithium-ion), camera modules, mechanicals (enclosures etc.), displays and Printed Circuit Board.
- Priority components and sub-assemblies, including PCBAs, are expected to grow at a robust CAGR of 30%, reaching USD 139 billion by 2030.
- PCBs alone are expected to grow by 30%, leading to a demand creation of Rs. USD87.46 billion by 2030.
Source: CII
- PCBs alone are expected to grow by 30%, leading to a demand creation of Rs. USD87.46 billion by 2030.
- Priority components and sub-assemblies, including PCBAs, are expected to grow at a robust CAGR of 30%, reaching USD 139 billion by 2030.
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Government initiatives to promote electronic manufacturing - The Production Linked Incentive Scheme (PLI) for Large Scale Electronics Manufacturing, IT Hardware, etc. - Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS). - Modified Electronics Manufacturing Clusters Scheme (EMC 2.0). - National Policy on Electronics 2019 |
Defence News
- GRSE to build vessels worth $54 million for German firm
- What: Garden Reach Shipbuilders and Engineers (GRSE), a Defence PSU, recently signed an agreement with Germany-based Carsten Rehder Schiffsmakler and Reederei GmbH & Co. KG.
- Why: The deal involves the construction and delivery of four multi-purpose cargo vessels.
- Tell me more:
- Contract value: $54 million, and the order is set to be executed within 33 months.
Source: Hindustan Times
- Contract value: $54 million, and the order is set to be executed within 33 months.
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- For the first time, the GRSE exported the offshore patrol vessel CGS Barracuda to Mauritius in 2014. - Later, the GRSE-built fast patrol vessel PS Zoroaster was exported to the Seychelles in 2021. - GRSE is currently in the process of building six patrol boats and a dredger for Bangladesh. - In 2023, GRSE delivered the MV Ma Lisha, a passenger-cum-cargo ocean-going ferry, to the Cooperative Republic of Guyana. It is the largest and most advanced ferry in that country now. |
- MR-MOCR developed by DRDO Lab Jodhpur, was Handed to the Indian Navy
- What: The Medium Range-Microwave Obscurant Chaff Rocket (MR-MOCR) developed by the Jodhpur Laboratory of the Research and Development Organisation (DRDO) was formally handed over to the Indian Navy.
- Why: To Obscure radar signals and reduce detection.
- Tell me more: (Working):
- The MOCR when fired forms a microwave obscurant cloud in space, which obscures radar signals, creating a microwave shield around assets, and platforms, reducing radar detection.
Source: Economic Times
- The MOCR when fired forms a microwave obscurant cloud in space, which obscures radar signals, creating a microwave shield around assets, and platforms, reducing radar detection.
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About Defence Research and Development Organisation (DRDO): - DRDO was formed in 1958 - Chairman- Dr Samir Vankatpati Kamat - Headquarters- New Delhi, Delhi |
Science and Technology
- ISRO to launch Australian Space Machines’ Optimus spacecraft aboard SSLV
- What: NewSpace India Limited (NSIL), the commercial arm of the ISRO, and Space Machines Company, an Australian space firm, have signed an Agreement.
- Why: It will allow ISRO to launch the Space Machines Company’s second Optimus spacecraft in the year 2026 via ISRO’s Small Satellite Launch Vehicle (SSLV).
- It is the largest Australian-designed and built spacecraft to date.
- Rajat Kulshrestha, CEO and Co-Founder of Space Machines Company
- Tell me more:
- Amount to be received by ISRO: $18 million for the mission.
- The agreement, announced at the India Space Congress 2024 in Delhi
- Mission name: Space MAITRI (Mission for Australia India’ Technology, Research and Innovation)
- It aims to foster closer ties among commercial, institutional, and governmental space organizations from both countries in the space domain
Source: India Today
- It aims to foster closer ties among commercial, institutional, and governmental space organizations from both countries in the space domain
Awards
- Booker Prize-winning author, Arundhati Roy Gets UK’s Pen Pinter Prize 2024
- What: Indian writer Arundhati Roy has been awarded the PEN Pinter Prize for her “unflinching and unswerving” writings
- She will receive the award during an October 10 ceremony at the British Library in London.
- What: Indian writer Arundhati Roy has been awarded the PEN Pinter Prize for her “unflinching and unswerving” writings
- She has received the Booker prize for her debut novel “The God of Small Things”.
- Tell me more:
- About the award: This award, founded in memory of playwright Harold Pinter, recognizes writers who look at the world honestly and without fear.
- Established in: 2009.
Source: WION
Important Days
- June 27: United Nations (UN) World Micro-, Small, and Medium-sized Enterprises
- What: The United Nations (UN) World Micro-, Small, and Medium-sized Enterprises (MSME) Day is annually observed across the globe on 27 June.
- Why: To raise awareness about MSMEs’ contributions to achieving the UN Sustainable Development Goals (SDGs).
- The theme of MSME Day 2024 is “Leveraging Power and Resilience of Micro-, Small and Medium-sized Enterprises (MSMEs) to Accelerate Sustainable Development and Eradicate Poverty in Times of Multiple Crises.”
- The 1st ever World MSMEs Day was observed on 27 June 2017.
Source: Business Standard
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MSMEs in India - According to the annual report of the MSME Ministry's FY 23, there are more than 63 million MSMEs in India, a number which places the nation only behind China which has 140 million micro and small enterprises. - These MSMEs contribute 30 per cent of India's GDP and 40 per cent to exports and have created over 110 million jobs across the country. - As per details available to the government Udyam registration portal, over 46 million MSMEs were registered with the MSME Ministry and over 200 million jobs. - Along with MSME Day 2024, India also observes National Small Industry Day every year on August 30 to celebrate the contribution of the small-scale industry to the growth of the country |
Memorandum of Understanding
- Punjab & Sind Bank signs pact with Indian Army for salary accounts
- What: Punjab & Sind Bank has signed an initial agreement with the Indian Army for a defense salary package.
- Tell me more:
- The MoU provides serving personnel, veterans, and trainees with personal accident insurance (Death/Disability) coverage.
- Additionally, the bank has introduced the PSB Gaurav Bachat SB Salary account, designed specifically for the banking needs of serving and retired personnel.
Source: PSU Connect
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- Established in – 1908 PSB has introduced the PSB Pink debit card powered by RuPay for women during its 117th Foundation Day which was celebrated on June 24, 2024. - It also signed an MoU with Indian Institute of Management (IIM) Amritsar (Punjab) to promote academic research and industry interactions. About Punjab & Sind Bank (PSB): - Managing Director and Chief Executive Officer (MD & CEO) - Swarup Kumar Saha Headquarters - New Delhi, Delhi - Tagline- Where Service is a way of life |
- BHEL bags Rs, 13,300 crore order to set up 1600 Mw power unit
- What: Bharat Heavy Electricals Ltd (BHEL) has secured a contract worth ₹13,300 crore to establish a 1600 MW thermal power plant in Koderma, Jharkhand.
- The contract was awarded by the Damodar Valley Corporation (DVC)
- This project is expected to enhance DVC’s installed thermal generation capacity to 8140 MW by 203
Source: Economic Times
- What: Bharat Heavy Electricals Ltd (BHEL) has secured a contract worth ₹13,300 crore to establish a 1600 MW thermal power plant in Koderma, Jharkhand.
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- The Central Government and the State Governments of West Bengal and Bihar (now Jharkhand) participated jointly for the purpose of building the Damodar Valley Corporation. - The Corporation came into existence on 7th July, 1948 as the first multipurpose river valley project of independent India. |
Appointments
- K-pop group SEVENTEEN to become UNESCO’s first-ever Goodwill Ambassador for Youth
- What: Seventeen, the popular South Korean (K-pop) band group, has made history by becoming UNESCO’s first-ever Goodwill Ambassador for Youth.
- Tell me more:
- As part of their ambassadorship, seventeen will contribute $1 million to finance an ambitious joint grant program called “Going Together – For Youth Creativity and Well-Being”.
- This program aims to support youth-led initiatives worldwide, addressing challenges related to well-being and development through music, arts, and sports.
Source: UNESCO
- This program aims to support youth-led initiatives worldwide, addressing challenges related to well-being and development through music, arts, and sports.
- As part of their ambassadorship, seventeen will contribute $1 million to finance an ambitious joint grant program called “Going Together – For Youth Creativity and Well-Being”.
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- UNESCO’s Global Youth Grant Scheme)
UNESCO’s Global Youth Grant Scheme will support youth-led projects globally. - It will support project leaders aged 18 to 30, from diverse backgrounds and regions. |
- SBI General Insurance appoints Naveen Chandra Jha as new MD & CEO
- What: SBI General Insurance Company has announced the appointment of Naveen Chandra Jha as its new Managing Director and Chief Executive Officer. Before his current role at SBI General Insurance, Jha served as Deputy Managing Director of SBI.
- He succeeds Kishore Kumar Poludasu.
Source: PSU Connect
- The 18th Lok Sabha Speaker was elected by a voice vote
- What: Om Birla, a Bharatiya Janata Party (BJP) MP from Rajasthan’s Kota constituency, has been re-elected as the Speaker of the 18th Lok Sabha through a voice vote.
- He has defeated the INDIA bloc’s nominee, Kodikunnil Suresh, the eight-time Congress MP from Kerala’s Mavelikara.
- Other facts:
- Om Birla’s re-election makes him the fifth Lok Sabha Speaker to have two consecutive terms.
- Since Independence, only M A Ayyangar, G S Dhillon, Balram Jakhar, and G M C Balayogi have retained the coveted posts in the subsequent Lok Sabhas.
- Jakhar was the Speaker of the seventh and the eighth Lok Sabhas and holds the distinction of being the only presiding officer to complete two full terms.
- Tell me more:
- This is the fourth occasion 1952, 1967, 1976, and 2024, when the election of Lok Sabha election has occurred.
- What: Om Birla, a Bharatiya Janata Party (BJP) MP from Rajasthan’s Kota constituency, has been re-elected as the Speaker of the 18th Lok Sabha through a voice vote.
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- NATO is an intergovernmental military alliance of 32 member states—30 European and 2 North American. - It was established in the aftermath of World War II and implements the North Atlantic Treaty, signed in Washington, D.C., on April 4, 1949. |
- GV Mavalankar was the first Lok Sabha speaker.
Source: Indian Express
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Office of Speaker of Lok Sabha - The Speaker is the presiding officer who is responsible for the day-to-day functioning of the House. Term of Office: - The Speaker does not vacate his/her office until immediately before the first meeting of the Lok Sabha after the dissolution. He/she is eligible for re-election Tenure: Usually, the Speaker remains in office during the life of the Lok Sabha i.e. 5 years. - Article 93 states that the Lok Sabha shall choose two of its members as Speaker and Deputy Speaker on a date fixed by the President. - It is done by a simple majority of members present and voting. |
Miscellaneous
- Lake Natron is Located in Tanzania
- Why in the news: Flamingoes in Lake Natron are under threat due to Climate change.
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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