31st July, 2024

1. Mahatma Gandhi Bust Unveiled in Tokyo
2. India’s First Sunken Museum Inaugurated in New Delhi
3. Uttar Pradesh Approves 1,200 MW Pumped Storage Power Project
4. China to Build World’s First Molten Thorium Salt Nuclear Plant
5. SEBI Launches AI-Powered Virtual Assistant for Investors
6. Shriram Group to Enter Asset Reconstruction Business
7. ICICI Lombard and Karnataka Bank Form Bancassurance Partnership
8. NIIT and HDFC Bank Launch ACE Banker Program
9. UltraTech Cement Acquires Majority Stake in India Cements
10. Mangroves on Southern Indian Coast Critically Endangered
11. NCAER’s Monthly Economic Review (MER): Indian Economy Projected to Grow 7.5% in FY 2024-25
12. Defence Acquisition Council Approves Key Military Deals
13. Union Minister Dr. Jitendra Singh Conferred Lifetime Achievement Award
14. Eminent Tamil Epigrapher V. Vedachalam Conferred V Venkayya Epigraphy Award
15. Kantar Brand Footprint Report: Parle Tops for the 12th Year
16. Indian Badminton Star Ashwini Ponnappa Announces Retirement
17. President Droupadi Murmu Appoints New Governors
18. Former Health Secretary Preeti Sudan Appointed UPSC Director
19. Manoj Mittal takes charge as Sidbi’s CMD

National News

1. Mahatma Gandhi Bust Unveiled in Tokyo
   • What
     • A bust of Mahatma Gandhi was unveiled in Tokyo’s Edogawa ward by Indian External Affairs Minister S. Jaishankar.
   • Tell me more
     • The bust is located in Edogawa ward, known as “Little India,” which is home to around 3,000 Indians. The bust will be placed in a park named after Gandhi.
     • Jaishankar attended the unveiling ceremony of bust while in Japan for a Quad foreign ministers’ meeting in Tokyo.

2. India’s First Sunken Museum Inaugurated in New Delhi
   • What
     • India’s first sunken museum was inaugurated at Humayun’s Tomb complex in New Delhi by Union Culture Minister Gajendra Singh Shekhawat.
   • Tell me more
     • The museum features over 500 artefacts, many on public display for the first time.
     • It is inspired by traditional ‘baolis’ or water tanks and is a result of 25 years of conservation efforts by the Aga Khan Trust for Culture and the Archaeological Survey of India (ASI).
     • The museum includes an immersive gallery with a 270-degree screen for virtual tours of the World Heritage Site’s monuments and gardens.

Source: TOI

State News

1. Uttar Pradesh Approves 1,200 MW Pumped Storage Power Project
   • What
     • The Uttar Pradesh government has granted in-principal approval for a 1,200 MW pumped storage power project proposed to be set up in Robertsganj tehsil of Sonbhadra district by THDC India at an estimated cost of ₹6,600 crore.
   • Why
     • The project aims to enhance the power infrastructure in Uttar Pradesh and reinforce the state’s commitment to sustainable energy solutions.
   • Tell me more
     • The project will use the water from the Son river.

Source: HT

International News

1. China to Build World’s First Molten Thorium Salt Nuclear Plant
   • What
     • China plans to create the world’s first nuclear power plant based on molten thorium salt in the Gobi Desert, with operations expected to start by 2025.
   • Why
     • The innovative facility aims to revolutionize the global energy sector by providing safer and more environmentally friendly nuclear energy through advanced technologies.
   • Tell me more
     • The plant will use thorium instead of uranium as fuel, eliminating concerns about uranium shortages.
     • Unlike traditional reactors, this facility will not require water for cooling; it will use liquid salt or carbon dioxide to transfer heat and generate electricity.
     • This will be the first molten salt nuclear reactor since the United States shut down its test reactor in 1969.

Source: Azernews

Banking and Economy

1. SEBI Launches AI-Powered Virtual Assistant for Investors
   • What
     • SEBI has launched SEBI’s Virtual Assistant (SEVA), an AI-based conversation platform designed for investors.
     • The beta version of the chatbot includes features like citations for responses, speech-to-text and text-to-speech functionality, and the ability to handle follow-up questions.
   • Why
     • The purpose of launching SEVA is to enhance investor protection by providing easy access to information regarding the securities market, grievance redressal processes, and the latest master circulars.
   • Tell me more
     • The chatbot is currently capable of answering general questions related to the securities market. It is available on SEBI’s investor website and the SAARTHI mobile app for both Android and iOS. Additional features will be added based on user feedback.
       Source: SEBI

2. Shriram Group to Enter Asset Reconstruction Business
   • What
     • Shriram Group, based in Chennai, is set to enter the asset reconstruction (ARC) business this financial year after receiving approval from the Reserve Bank of India (RBI).
   • Tell me more
     • The wealth management business will operate under Shriram Credit, a subsidiary of Shriram Capital, while the ARC will be managed by Shriram Capital.
     • Shriram Finance (SFL) has also stated that it expects a 15% growth in assets under management (AUM) for the current financial year.

3. ICICI Lombard and Karnataka Bank Form Bancassurance Partnership
   • What
     • ICICI Lombard and Karnataka Bank Limited have announced a bancassurance tie-up to offer ICICI Lombard’s insurance products to Karnataka Bank’s customers.

   • Why
     • The partnership aims to leverage Karnataka Bank’s extensive network of branches to provide a wide range of insurance products to over 13 million customers, enhancing customer service and product accessibility.
   • Tell me more
     • Karnataka Bank was founded on February 18, 1924.
       Source: TOI
     
     

   
   
4. NIIT and HDFC Bank Launch ACE Banker Program
   • What
     • NIIT Institute of Finance, Banking and Insurance (NIIT IFBI) has launched the ACE Banker Program in collaboration with HDFC Bank to recruit and train customer service professionals for the bank.
   • Why
     • The program aims to equip participants with essential skills and knowledge needed to excel in customer service roles within the banking sector.
   • Tell me more
     • The ACE Banker Program includes 45 days of residential training at NIIT University’s Campus.
     • Upon completion, candidates will receive a joint certificate from HDFC Bank and NIIT and may be offered jobs based on the program’s terms and conditions.

5. UltraTech Cement Acquires Majority Stake in India Cements
   • What
     • UltraTech Cement Ltd, owned by the Aditya Birla group, has acquired a 32.72% stake in India Cements for Rs 3,954 crore, consolidating its position as the market leader in the cement sector.

   • Why
     • The acquisition aims to strengthen UltraTech Cement’s presence in the southern markets and accelerate its path to a capacity of over 200 MTPA (million tonnes per annum).
       Source: IE

Report and Indices

1. Mangroves on Southern Indian Coast Critically Endangered
   • What
     • A report by the Global Mangrove Alliance (GMA) on World Mangrove Day (July 26) revealed that large swathes of natural mangrove forests on the southern Indian coast are critically endangered, while those on the west coast, including Gujarat, are vulnerable to collapse.
     • Name of the Report: “The State of the World’s Mangroves 2024”
   • Tell me more
     • The GMA report assessed the world’s natural mangrove forests spread over 1.47 lakh sq km using satellite data with 2020 as the baseline.
     • Mangroves in Lakshadweep archipelago and on the coast of Tamil Nadu are critically endangered due to rising sea levels caused by global warming.
     • Mangroves on the western seaboard from Gujarat to Kerala are vulnerable to collapse due to human activities like shrimp aquaculture and natural threats such as tropical storms.
     • Conversion to aquaculture, oil palm plantations, and rice cultivation together explain 43% of mangrove losses between 2000 and 2020.
     • Shrimp aquaculture is a major driver behind the loss of mangroves, with significant losses still occurring in Kerala, eastern India, Indonesia, northeast Brazil, and northwest Mexico.

Source: IE

GDP Forecasts

1. NCAER’s Monthly Economic Review (MER): Indian Economy Projected to Grow 7.5% in FY 2024-25
   • What
     • The Indian economy is expected to grow higher than 7% and possibly closer to 7.5% in the current fiscal year (FY 2024-25), according to NCAER’s Monthly Economic Review (MER).
   • Why
     • The projected growth is driven by a normal monsoon, receded electoral uncertainty, and steady improvement in consumption and investment demand.
   • Tell me more
     • Real GDP grew by 8.2% in FY 2023-24.
     • The NCAER-NSE business confidence index (BCI) increased to 149.8 in Q1 of FY 2024-25, up from 138.2 in Q4 of FY 2024, indicating improved business sentiments.

Source: BS

Defence News

1. Defence Acquisition Council Approves Key Military Deals
   • What
     • The Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, has approved amendments to the deal for 31 MQ-9B High Altitude Long Endurance (HALE) Unmanned Aerial Vehicles (UAVs) from General Atomics, along with a scheduled refit of aircraft carrier INS Vikramaditya.
   • Why
     • The amendments aim to enhance indigenous content in the MQ-9B deal and ensure the timely upgrade of the INS Vikramaditya, contributing to India’s defense capabilities.
   • Tell me more
     • The DAC approved the acquisition of 31 MQ-9B UAVs at a cost of $3.99 billion.
     • The deal is subject to approval by the Cabinet Committee on Security.
     • The DAC also granted Acceptance of Necessity (AoN) for the procurement of Advanced Land Navigation Systems (ALNS) for Armoured Fighting Vehicles and 22 Interceptor Boats for the Coast Guard.
       • The ALNS Mk-II is compatible with Indian Regional Navigation Satellite System (IRNSS) and offers high accuracy for navigational applications.
       • The Interceptor Boats will be used for coastal surveillance, patrolling, and search and rescue operations.

Source: TH

Awards

1. Union Minister Dr. Jitendra Singh Conferred Lifetime Achievement Award
   • What
     • Union Minister Dr. Jitendra Singh was conferred the prestigious “Lifetime Achievement Award” in recognition of his exemplary dedication to the advancement of diabetology, diabetes care, and diabetes research.

   • Why
     • The award recognizes Dr. Jitendra Singh’s pioneering work and outstanding contributions in the field of diabetology, which have earned him acknowledgement across the country and overseas.
   • Tell me more
     • The citation described Dr. Jitendra Singh as a versatile personality known as an outstanding academician, researcher, medical teacher, author, and brilliant orator.
     • His unique distinction as the Lifetime Pattern of RSSDI (Research Society for the Study of Diabetes in India), the largest academic association of Diabetologists, was also mentioned.
     • Dr. Jitendra Singh’s pioneering work on “Stress Diabetes in Kashmiri Migrants” was hailed by the World Health Organization (WHO).

2. Eminent Tamil Epigrapher V. Vedachalam Conferred V Venkayya Epigraphy Award
   • What
     • V. Vedachalam, an eminent Tamil epigrapher and historian, has been conferred the V Venkayya Epigraphy Award for 2024.
   • Why
     • The annual award, instituted by Sunitha Madhavan, the great-granddaughter of Mr. Venkayya, in association with the Tamil Heritage Trust, commemorates the pioneering epigrapher and celebrates exceptional contributions to epigraphy in any Indian language.
   • Tell me more
     • V. Venkayya was the first Indian Chief Epigraphist to the government of India.
     • V. Muralidharan, founder and managing trustee of Sevalaya, a non-governmental organisation, and S. Swaminathan, co-founder of Tamil Heritage Trust, were present at the event.
       Source: TH
3. Kantar Brand Footprint Report: Parle Tops for the 12th Year
   • What
     • Parle has been recognized as India’s most chosen in-home fast-moving consumer goods (FMCG) brand for the 12th consecutive year, according to the Kantar Brand Footprint report.

   • Why
     • The report highlights the consistent preference for familiar brands among consumers, especially amid inflationary pressures.
   • Tell me more
     • The top 5 brands as per the Kantar Brand Footprint report are:
       1. Parle
       2. Britannia
       3. Amul
       4. Clinic Plus
       5. Tata Consumer Products
     • The report indicates that consumers are sticking to well-known brands, which has helped maintain Parle’s top position.

Source: FE

Sports

1. Indian Badminton Star Ashwini Ponnappa Announces Retirement
   • What
     • Indian badminton player Ashwini Ponnappa has announced that the Paris 2024 Olympics will be her last appearance at the Summer Games.
   • Tell me more
     • Ponnappa, who partnered with Tanisha Crasto in the women’s doubles event, lost their final Group C match in the Paris Olympics against Australia’s Setyana Mapasa and Angela Yu, ending their campaign.

Source: Olympics.com

Appointments

1. President Droupadi Murmu Appoints New Governors
   • What
     • President Droupadi Murmu has appointed six new governors and reshuffled three others.

   • Why
     • Article 155 of the Constitution of India states that the President of India appoints the Governor of a state by warrant under their hand and seal.

   • Tell me more

2. Former Health Secretary Preeti Sudan Appointed UPSC Director
   • Former union health secretary Preeti Sudan has been appointed as the director of the Union Public Service Commission (UPSC).
   • The UPSC was established in 1926 and is headquartered in New Delhi.
     Source: HT
3. Manoj Mittal takes charge as Sidbi’s CMD
   • Manoj Mittal has taken charge as Chairman and Managing Director (CMD) of Small Industries Development Bank of India (SIDBI).
   • Prior to this, he was the managing director (MD) of Industrial Finance Corporation of India (IFCI).
     Source: BS
   
   

Start Quiz of 31st July 2024 on Mobile

Start Quiz of 31st July 2024 on Desktop