29th June, 2024

1. Advanced AI system for early detection of forest fires launched at Pench Tiger Reserve
2. CLGF Annual Board meeting held in Colombo, Sri Lanka
3. UN-backed network PRI has launched “Spring”, a new initiative to halt or reverse nature loss
4. Exercise Freedom Edge
5. Mindspace raises ₹650 crore from IFC via sustainability-linked bonds
6. ADB & Aadhar Housing Partners To Give Housing Loans To Low-Income Women
7. Fiscal deficit during Apr-May narrows to Rs 50,615 crore
8. Highlights of Global Livability Index 2024
9. DRDO has successfully completed developmental trials of ‘ABHYAS’
10. June 28: National Insurance Awareness Day
11. IBJA reconstitutes board for 2024-29 with Prithviraj Kothari as national chief
12. Bank of Baroda appoints Tennis player Sumit Nagal as its brand ambassador
13. Rahul Gandhi appointed leader of Opposition in Lok Sabha
14. President’s Address to the Parliament
15. Wockhardt to launch novel antibiotics in India in FY25
16. Deputy NSA Vikram Misri to be next foreign secretary

National News

1. Advanced AI system for early detection of forest fires launched at Pench Tiger Reserve
   • What: The Pench Tiger Reserve (PTR) in Maharashtra has recently deployed an advanced AI system for early forest fire detection.
     • The system is named Pantera, equipped with a high-resolution camera boasting a visual range of 15 kilometers which can be used in case of forest fire.
   • Implemented by: PTR, Maharashtra, Satpuda Foundation, Umgrameio (Brazil), and Forest Fire Tech, a division of Scaale Inc., USA.
   • Funded by: Part of the project was funded by Solar Industries India Limited Nagpur and the rest by the state government.
     Source: Deccan Herald

International News

1. CLGF Annual Board meeting held in Colombo, Sri Lanka
   • What: Additional Secretary, Ministry of Panchayati Raj, Dr. Chandra Shekhar Kumar represented India at the three-day meeting of the Commonwealth Local Government Forum (CLGF) Annual Board in Colombo, Sri Lanka.
   • Why: The initiative aims to promote and strengthen democratic local governments across the Commonwealth and foster the exchange of best practices.
   • Tell me more:
     • The theme: “Reinforcing Social Resilience through Women’s Political Representation.”
     • Dr. Chandra Shekhar Kumar requested to host the next CLGF meeting in India, the largest member country of the Commonwealth.
     • In India, 46% of local body positions in Panchayati Raj Institutions/Rural Local Bodies are held by women, surpassing the global average of 36%.
       Source: PIB

2. UN-backed network PRI has launched “Spring”, a new initiative to halt or reverse nature loss
   • What: The United Nations, backed, The Principles for Responsible Investment (PRI) recently launched the “Spring” initiative.
   • Why: The initiative to halt or reverse nature loss by 2030.
   • Tell me more (About the initiative):
     • Supported by a coalition of 200 investors managing a combined $15trn in assets.
     • Objective: To address systemic risk of nature loss to societies and long-term portfolio value creation by enhancing corporate practices on forest loss and land degradation.
     • It focuses on responsible political engagement, a vital aspect of corporate governance.
       Source: UNPRI

   
   
3. Exercise Freedom Edge
   • What: South Korea, the USA, and Japan began their first trilateral multi-domain exercise, Freedom Edge.
   • Venue: It took place in South Korea’s southern island of Jeju.
   • The exercise comes amid North Korea and Russia’s signing a comprehensive strategic partnership treaty to deepen security cooperation.
     Source: USNI

Banking and Economy

1. Mindspace raises ₹650 crore from IFC via sustainability-linked bonds
   • What: Listed real estate firm Mindspace Business Parks Real Estate Investment Trusts (Mindspace REIT) has raised a ₹650 crore sustainability-linked bond from the International Finance Corporation (IFC), the private sector arm of the World Bank Group.
   • Why: The company will use the fund mainly to refinance existing loans and would help Mindspace improve the sustainability of its business parks and reduce greenhouse gas emissions in the coming times.
   • Tell me more:
     • It has become the first Indian Real Estate Investment Trust (REIT) to issue such bonds.
     • Duration: 7 years (till 2031)
     • Coupon rate: 7.94% per annum, payable quarterly.
     • These bonds are to be listed on the Wholesale Debt Market (WDM) segment of the Bombay Stock Exchange(BSE Limited).
       Source: Business Standard

2. ADB & Aadhar Housing Partners To Give Housing Loans To Low-Income Women
   • What: The Asian Development Bank (ADB) has collaborated with Aadhar Housing Finance Limited (AHFL).
   • Why: To enhance access to housing loans specifically for women in low-income households.
   • Tell me more:
     • Amount of loan: USD 60 million, with USD 30 million already disbursed.
     • Funding: Distributed in the form of nonconvertible debentures financing agreement.
     • Geographic Focus: Half of the funds will be deployed in eight states:
       • Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Uttar Pradesh, and West Bengal.
     • Loan Sizes: Average size of 900,000 Indian rupees (around USD 10,875) through its network of branches across 20 states and union territories.
       Source: The Print

   
   

3. Fiscal deficit during Apr-May narrows to Rs 50,615 crore
   • What: India’s fiscal deficit for the initial two months (April and May) of FY25 decreased to Rs 50,615 crore, equivalent to 3% of the estimated deficit for the entire fiscal year.
   • Why: This has been decreased on account of higher dividend received from the Reserve Bank of India (RBI) by the government, as per data released by the Controller General of Accounts (CAG).
   • Tell me more:
     • Last year, during April-May it stood at Rs 2.1 lakh crore.
     • In May, the Centre witnessed a fiscal surplus of Rs 1.6 lakh crore owing to the large RBI dividend transfer of Rs 2.1 lakh crore in that month.
       • This brought down the fiscal deficit to Rs 50,000 crore in the first two month of FY25.
     • Data shows that net tax revenues in April-May reached Rs 3.19 lakh crore, representing 12% of the annual target.
       • This marks an increase from Rs 2.78 lakh crore during the corresponding period last year.
     • There was a surplus of Rs 90,923 crore because revenue receipts were higher than expenditures.
       • Revenue receipts increased to 19% of the budgeted estimates for April-May FY25, up from nearly 15% in the same period last year.
       • This rise is due to higher tax revenue and the RBI’s dividend of Rs 2.1 lakh crore approved for the last fiscal year.
     • Total expenditure by the government during the period stood at Rs 6.23 lakh crore, or about 13% of the annual target, as against Rs 6.26 lakh crore in the same period of last year.
       Source: Indian Express

Report and Indices

1. Highlights of Global Livability Index 2024
   • What: The Global Livability Index 2024, published by the Economist Intelligence Unit (EIU), was recently released.
     • Cities assessed: 173
     • What it assesses: It assesses the challenges faced by individuals in their lifestyles
     • Criteria: 30 indicators into 5 categories (stability, healthcare, culture and environment, education and infrastructure)
   • Tell me more (Key highlights):

• Vienna, the capital of Austria, has topped the index for the third consecutive year.
  • In 2024 it has secured perfect scores of 100 in stability, healthcare, education, and infrastructure categories and secured 93.5 in culture and environment.
• Denmark’s Copenhagen maintained its second position, while Switzerland’s Zurich moved up from 6th place (2023) to 3rd on the 2024 list.
• Note: No India City is ranked on the 2024 list of top 10 liveable cities in the world.
• Western Europe has retained its position as the most liveable region in the world, with Copenhagen (Denmark), Zurich and Geneva (Switzerland) included in the top 10.
• Four cities in the Asia-Pacific region—Melbourne and Sydney in Australia, Osaka in Japan, and Auckland in New Zealand—have made it into this year’s top ten most livable cities globally.
• Stability has registered the biggest decline of all the five categories in the index

Source: EIU

Defence News

1. DRDO has successfully completed developmental trials of ‘ABHYAS’
   • What: The Defence Research and Development Organisation (DRDO) has successfully completed six consecutive development trials of the High-Speed Expendable Aerial Target (HEAT) ‘ABHYAS’.
   • Tell me more:
     • Designed by: DRDO’s Aeronautical Development Establishment, Bengaluru
     • Launched from: Integrated Test Range (ITR), Chandipur, Odisha,
     • It offers a realistic threat scenario for practice of weapon systems.
     • It is designed for autonomous flying with the help of an auto pilot, a laptop-based Ground Control System for aircraft integration, pre-flight checks, and autonomous flight.
     • It has a feature to record data during flight for post-flight analysis.
       Source: PIB

Science and Technology

1. Wockhardt to launch novel antibiotics in India in FY25
   • What: Mumbai-based Drugmaker, Wockhardt has announced that it will launch its novel antibiotic medicine, WCK 5222 (also known as Zaynich), in India by the end of 2024-25.
   • Global launch: In the year 2025-26.
   • Global market: The estimated global market for this antibiotic is around $25 billion
   • What this drug will treat: The drug works against drug-resistant pathogens that have become resistant to most antibiotics, offering hope in the fight against antimicrobial resistance (AMR).
     Source: Zee Business

   
   

Important Days

1. June 28: National Insurance Awareness Day
   • What: National Insurance Awareness Day is observed annually on June 28.
     Source: Live Mint

   
   
   
   

Appointments

1. IBJA reconstitutes board for 2024-29 with Prithviraj Kothari as national chief
   • What: Mumbai, Maharashtra-based Indian Bullion and Jewellers Association (IBJA) has reconstituted its governing board for 2024-2029 and Prithviraj Kothari of Riddi Siddhi Bullion Ltd has been appointed as the national president.
   • Tell me more (other appointments)
     • Aksha Mohit Kamboj from Aspect Global Ventures Pvt Ltd was appointed as the national vice president.
     • She becomes the 1st woman to hold the post.
     • Surendra Mehta C.A. was appointed as the national secretary.
     • Note: IBJA, established in June 1919, is a leading organization that serves as a key representative body for India’s bullion and jewelry industry.
       Source: Hindu Business Line

2. Bank of Baroda appoints Tennis player Sumit Nagal as its brand ambassador
   • What: Sumit Nagal, the star Indian tennis player, has recently become the brand ambassador for Bank of Baroda.
   • Note: The other BoB endorsers include PV Sindhu (Badminton star) and Shafali Verma (Cricketing youth icon).
     Source: Sportskeeda
   
   
   
   

3. Rahul Gandhi appointed leader of Opposition in Lok Sabha
   • What: Lok Sabha Speaker Om Birla officially recognized Rahul Gandhi as the Leader of the Opposition (LoP) in the 18th Lok Sabha.
   • Appointed under: Under Section 2 of the Salary and Allowances of Leaders of Opposition in Parliament Act, 1977.
   • He is a Congress MP from the Rae Bareli seat of Uttar Pradesh.
   • The post of LoP was lying vacant for the last 10 years because no opposition party secured the minimum strength required for the post in the 2014 and 2019 General elections,
     • For LoP, a party should have at least 10% of total Lok Sabha seats or a minimum of 55 Lok Sabha seats.
   • Congress Party emerged as the single largest party by securing 99 seats in the elections.
     Source: Live Mint
   
   
   
   

4. Deputy NSA Vikram Misri to be next foreign secretary
   • What: The central government has appointed Deputy National Security Advisor Vikram Misri as the next foreign secretary in Ministry of External Affairs.
   • He will succeed Vinay Kwatra in this role.
     Source: Indian Express

Miscellaneous

1. President’s Address to the Parliament
   • What: The President addressed the joint sitting of Parliament after the formation of the 18th Lok Sabha.
   • About President’s Address
     • Article 87 of the Constitution provides two instances when the President specially addresses both Houses of Parliament assembled together.
       • At the beginning of the first Session after each general election.
       • At the beginning of the first session of each year.

Start Quiz of 29th June 2024 on Mobile

Start Quiz of 29th June 2024 on Desktop