12th June, 2024

1. Pakistan and China agree to upgrade China-Pakistan Economic Corridor (CPEC)
2. The first ministerial meeting of Brazil, Russia, India, China, and South Africa (BRICS) group of countries with the newly added members took place in the Russian city of Nizhny Novgorod.
3. State-owned Bank of India has acquired a 6.125 percent stake in the recently incorporated Clearing Corporation of India Limited (CCIL) CCIL IFSC
4. State-owned Union Bank of India approved a proposal to raise Rs 10,000 crore, including Rs 6,000 crore by selling the shares in installments, to fund its business growth.
5. The World Economic Forum (WEF) has announced its list of Technology Pioneers for 2024.
6. Recently the Strengthening Data Ecosystems in Indian Schools report released by the Aapti Institute and Mozilla foundation with funding from United States Agency for International Development (USAID).
7. The Vice Chief of the Indian Army, Lt. Gen. Upendra Dwivedi officially launched Vidyut Rakshak, which uses Internet of Things (IoT) technology to track, protect, and control generators.
8. To enhance India’s underwater military capabilities, the Defence Research and Development Organisation (DRDO) is set to develop underwater-launched unmanned aerial vehicles (ULUAVs).
9. The Indian Space Research Organization (ISRO) has released the images of the Sun captured by the Aditya L1 satellite.
10. International Day for Dialogue among Civilizations
11. India will host the International Hockey Federation (FIH) Hockey Men’s Junior World Cup in December 2025.
12. In the recent FIFA World Cup Qualifier 2026 and AFC Asian Cup 2027 Preliminary Joint Qualification Round match between Qatar and India, Qatar emerged victorious with a 2-1 win.
13. The UAE-based advanced technology and defense group EDGE has signed a cooperation agreement with India’s Adani Defense & Aerospace.
14. Wadhwani Foundation ties up with IITs, AICTE
15. The Sikkim Governor, Lakshman Prasad Acharya, administered the oath of office to the Chief Minister, Prem Singh Tamang, and his Council of Ministers.
16. Every three years, the Department of Animal Husbandry and Dairying holds elections to elect 11 members to VCI
17. The Appointments Committee of Cabinet has appointed Lieutenant General Upendra Dwivedi as the next Chief of the Army Staff, succeeding the incumbent General Manoj Pande.
18. Mohun Bagan Super Giant has appointed Jose Francisco Molina as the head coach of the club for the upcoming Indian Super League (ISL) season.
19. Sarod maestro Pandit Rajeev Taranath, a globally renowned eminent figure in instrumental music, passed away.

International News

1. Pakistan and China agree to upgrade China-Pakistan Economic Corridor (CPEC)
   • About CPEC: It is a 3,000-km-long route of infrastructure projects connecting China’s northwest Kashgar (in Xinjiang Uyghur Autonomous Region) and Gwadar Port in the western Pakistan province of Balochistan.
   • Launched in 2015, it is a flagship project under the Belt & Road Initiative (BRI).
     • BRI is a multi-billion-dollar initiative launched in 2013 to link Southeast Asia, Central Asia, the Gulf region, Africa, and Europe with a network of land and sea routes.
     • It was created to counter China’s slowing economic growth and declining exports to developed countries after the 2007-08 economic crisis.
       • Rooted in China’s history of facilitating trade along the ancient Silk Road, the BRI aims to connect Asia, the Middle East, and Europe.

• Concerns of India
  • CPEC passes through Gilgit-Baltistan (Pakistan-occupied Kashmir) violating India’s
    sovereignty and territorial integrity.
    Source: ARY

2. First ministerial meeting following BRICS expansion held in Russia
   • What: The first ministerial meeting of Brazil, Russia, India, China, and South Africa (BRICS) group of countries with the newly added members took place in the Russian city of Nizhny Novgorod on 10 June 2024.
     • The meeting of the BRICS Ministers of Foreign Affairs/International Relations was hosted by Russia, as it is the current chairman of the BRICS.
     • Russia took over the chairmanship of BRICS from South Africa on 1 January 2024.
     • Russia will host the 16th annual BRICS summit from 22 to 24 October 2024.
   • Tell me more:
     • Egypt, Iran, UAE, Saudi Arabia & Ethiopia Join first BRICS Ministerial meeting
       • At the 15th BRICS summit meeting, held in Johannesburg, South Africa, in August 2023, six countries—Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE)—were invited to join the BRICS group.
         • Argentina declined to join the group, while Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates joined the group on 1 January 2024.
       • Brazil, Russia, India, China, and South Africa were already members of the group.
         • The name of the grouping will remain the same (BRICS).
   • Dammu Ravi led the Indian delegation
     • Since Dr. S. Jaishanker was appointed the External Affairs Minister on 10 June 2024, India officially had no External Affairs Minister at the time of the start of the foreign ministers meeting.
     • Hence, India was represented by Dammu Ravi, the Secretary of (Economic Relations) in the Ministry of External Affairs.

Banking and Economy

1. Bank of India Acquires Over 6% Stake in CCIL IFSC
   • What: State-owned Bank of India has acquired a 6.125 percent stake in the recently incorporated Clearing Corporation of India Limited (CCIL) CCIL IFSC, listed in Gujarat International Finance Tech-city (GIFT-IFSC) Special Economic Zone (SEZ).
     • A SEZ is a geographical area in a country that has different and more favorable economic regulations and policies than the rest of the country.
   • Why: To support the growth of GIFT City’s global financial services.
   • Tell me more:
     • CCIL IFSC, promoted by the Clearing Corporation of India Limited (CCIL), is set to build and operate a real-time foreign currency settlement system within GIFT City, enhancing its ecosystem and promoting a wider range of financial activities.
     • The announcement was made during an event celebrating the first anniversary of the establishment of Bank of India’s IFSC Banking Unit (IBU) in GIFT City.
       • The establishment of the IBU at GIFT City 2023 was marked by an ambitious goal set by the bank to achieve a business volume of USD 1 billion in its first year.
       • The IBU surpassed the target of USD 1 billion as of March 2024.
         Source: Economic Times

2. Union Bank board approves plan to raise Rs.10,000 crore
   • What: State-owned Union Bank of India approved a proposal to raise Rs 10,000 crore, including Rs 6,000 crore by selling the shares in installments, to fund its business growth.
     • This will be done through a public issue, further public offer, rights issue, or qualified institutional placement (QIP).
   • The board also approved the raising of Basel III compliant Additional Tier 1 (AT 1) Bonds not exceeding Rs 2,000 crore and Tier 2 Bonds not exceeding Rs 2,000 crore (including foreign currency denominated AT1/Tier 2 Bonds) within the overall limit of Rs 10,000 crore.
     Source: Zee News

Report and Indices

1. Pixxel, Sarvam AI among 10 Indian startups in WEF’s Tech Pioneers list
   • What: The World Economic Forum (WEF) has announced its list of Technology Pioneers for 2024.
   • The list is known for featuring companies that are applying new technology to develop industry solutions and address global challenges.
   • Tell me more:
     • About Technology Pioneers 2024 List:
       • The list featured a total of 100 leading tech startups from 23 countries.
         • About 33% (1/3rd) of these companies were led by a Woman Chief Executive Officer.
       • The list is dominated by the United States of America (U.S.A.) and China which has most representation in terms of a number of startups, followed by India.
       • Benefits of including in the list: The selected startups will contribute their expertise to WEF’s global initiatives over the next two years.
         • They will also participate in WEF meetings, including the Annual Meeting of the New Champions in Dalian, China, from June 25-27, 2024.
       • India specific details (Name of companies included in the list)

Source: WEF

2. Strengthening Data Ecosystems in Indian Schools report released
   • What: Recently the Strengthening Data Ecosystems in Indian Schools report released by the Aapti Institute and Mozilla foundation with funding from United States Agency for International Development (USAID).
     • The USAID is the United States’ government agency that leads international development and humanitarian assistance efforts to partner countries
   • Why the report was released: The report highlights the potential benefits of data collection to serve as a reference for enhancing the implementation of the National/New Education Policy (NEP) 2020 and to contribute towards the realization of the Sustainable Development Goal (SDG) 4, which focuses on quality education.
     • It also aims to provide insights into how data-driven strategies can improve education.

   • Tell me more (The key findings and recommendations from the report include)
     • Establishing a central agency responsible for the annual collection of educational data through a standardized and rigorous process.
     • Providing financial incentives for teachers undertaking data entry tasks to compensate for the additional workload.
     • Having data specialists in each administrative block to handle and analyze the data effectively.
     • Reallocating budgets towards annual training for IT staff and teachers to improve data handling skills.
     • Developing a standardized scoring system for benchmarking schools to recognize their effectiveness in utilizing the collected data.
     • Strengthening of infrastructure and capacity by effective budgeting and training of teachers.
     • Creation of school leaderboards based on effectiveness in utilization of collected data.
   • Note: As per the report, the Indian school education system, one of the world’s largest, includes over 1.49 million schools, with 335,726 of those being private schools, about 9.5 million teachers, and serves more than 265 million students from various socioeconomic backgrounds across 28 States and 8 Union Territories.
     Source: Aapti

Defence News

1. Indian Army Launches ‘Vidyut Rakshak’ Monitoring System
   • What: The Vice Chief of the Indian Army, Lt. Gen. Upendra Dwivedi officially launched Vidyut Rakshak, which uses Internet of Things (IoT) technology to track, protect, and control generators.
     • The Internet of Things (IoT) refers to a network of physical devices, vehicles, appliances, and other physical objects that are embedded with sensors, software, and network connectivity, allowing them to collect and share data with other IoT devices and the cloud.
   • Why: Vidyut Rakshak will be used to improve the performance of engines (generators in military language) used by the Indian Army by adding cutting-edge IoT technology to them.
   • Tell me more:
     • Developed by: Major Rajaprasad RS of the Army Design Bureau (ADB), along with help from IIT Delhi, which is a big step forward in the Indian Army’s “Year of Tech Absorption.”
       • Indian Army is observing 2024 as the ‘Year of Tech Absorption’ to leverage technology as a catalyst for transformative change in the Indian army.
       • During Aero India 2023 in Bangaluru, an MoU was signed between the Indian Army and Foundation for Innovation and Technology Transfer (FITT), IIT Delhi, for ‘Production of Innovations’.
         • Vidyut Rakshak is the first item developed under the ‘Production of Innovations’.
         • Production of Innovations” is an initiative launched for developing and implementing new technologies, strategies, and methods to enhance military capabilities.
     • It was recently displayed during “Exercise Bharat Shakti,”
       • The event is a combined exercise of the Army, Navy, and Air Force, showing off their ability to work together. It highlights the power and skill of Indian-made defense equipment used by all three services.
       • The 2024 edition was held in Pokhran, Rajasthan.
         Source: Financial Express
2. DRDO Awards Contract for India’s First Underwater UAV to Pune’s Sagar Defence
   • What: To enhance India’s underwater military capabilities, the Defence Research and Development Organisation (DRDO) is set to develop underwater-launched unmanned aerial vehicles (ULUAVs).
     • They will be developed with the assistance of a Pune-based defence startup Sagar Defence Engineering Pvt Ltd.
   • Tell me more:
     • This startup was awarded the technology development contract by DRDO’s Technology Development Fund (TDF) after being selected from 17 competing firms through a competitive bidding process.
     • The Defence Research & Development Laboratory (DRDL) of the DRDO will support Sagar Defence in developing ULUAV technology. Sagar Defence, which previously created a maritime spotter drone for the Indian Navy,
       Source: Times of India

Science and Technology

1. ISRO releases images of Sun captured by Aditya-L1’s payloads
   • What: The Indian Space Research Organization (ISRO) has released the images of the Sun captured by the Aditya L1 satellite.
   • Why these images were taken: According to ISRO, these images will help in studying solar flares, understanding and predicting space weather, monitoring solar activity and UV radiation, and also aid in the study of long-term solar variations.
   • Solar missions by other countries: NASA’s Parker Solar Probe; European Space Agency’s Solaand Heliospheric Observatory; China’s Kuafu-1 solar probe etc.
     Source: The Hindu

Important Days

1. June 10: Inaugural United Nations (UN)’s International Day for Dialogue among Civilizations
   • What: The first-ever United Nations (UN) International Day for Dialogue among Civilizations was observed on 10th June 2024
   • Why: To raise awareness of the value of the diversity of civilizations and promote dialogue, mutual respect, tolerance, and global solidarity.
   • Note: This Day aligns with China’s Global Civilization Initiative (GCI) which advocates respect for the diversity of civilizations, the common values of humanity, the importance of inheritance and innovation of civilizations, etc.
   • Background:
     • On 7th June 2024, the 78th session of the United Nations General Assembly (UNGA) adopted the resolution by consensus, declaring the 10th June of every year as the International Day for Dialogue among Civilizations.
     • The draft resolution was proposed by China, to establish the International Day for Dialogue among Civilizations at the UNGA.
   • Note: The UNGA has also elected 18 countries to the Economic and Social Council to serve three-year terms, beginning 1 January 2025.
     Source: UN

   
   

Sports

1. India to host FIH Hockey Men’s Junior World Cup in 2025
   • What: India will host the International Hockey Federation (FIH) Hockey Men’s Junior World Cup in December 2025.
     • The tournament is hosted after every two years.
   • Tell me more:
     • The tournament is set to feature 24 teams for the first time.
     • It will be the 14th edition of the Junior Hockey World Cup.
     • The host city will be announced later.
     • The 13th edition of the FIH Hockey Men’s Junior World Cup was held in Kuala Lumpur Malaysia in 2023.
       • India lost to Germany 4-1 in the semi-finals. Then, they were defeated by Spain 3-1 in the third-place match, finishing in fourth place.
     • This will be the fourth time India has hosted the Junior Hockey World Cup.
       • The previous editions include, 2013 edition hosted in New Delhi, while Lucknow hosted the 2016 edition and Bhubaneswar hosted the 2021 edition.
     • India has won the Men’s Junior World Cup twice, in Australia in 2001 and on home soil in 2016.
       • Germany, with seven wins, are the most successful team in the history of the competition which began in 1979.
         Source: Olympics
2. India was knocked out of the FIFA World Cup qualifiers in 2026 after losing to Qatar
   • What: In the recent FIFA World Cup Qualifier 2026 and AFC Asian Cup 2027 Preliminary Joint Qualification Round match between Qatar and India, Qatar emerged victorious with a 2-1 win.
     • With this India is out of the FIFA World Cup Qualifier 2026.
     • For AFC Asian Cup 2027, result is yet to announced.
   • The match took place at the Jassim Bin Hamad Stadium in Doha, Qatar.
     Source: Firstpost

Memorandum of Understanding

1. Adani defense unit inks deal with UAE group
   • What: The UAE-based advanced technology and defense group EDGE has signed a cooperation agreement with India’s Adani Defense & Aerospace.
   • Why: This involves assessing cooperation across EDGE’s and Adani’s core product domains, including missiles and weapons, platforms and systems covering unmanned aerial systems (UAS), loitering munitions, counter-drone systems, unmanned ground vehicles (UGV), electronic warfare (EW), and cyber technologies.
     Source: Times of India

2. Wadhwani Foundation ties up with IITs, AICTE
   • What: The Wadhwani Foundation signed MoUs with All India Council for Technical Education (AICTE), IIT Bombay, IIT Delhi, IIT Hyderabad, IIT Kanpur, IISc Bangalore, and Centre for Cellular And Molecular Platforms (C-CAMP) Bangalore, to launch Wadhwani Innovation Net-work Centres of Excellence (WINCoEs) in these institutions.
   • Why: This partnership aims to transform academic and laboratory research by Indian faculty, students, and researchers into real-world applications that can be sold, used, or implemented in various industries, thus creating long-term economic value, and benefiting society.
     • Currently, less than 1 percent of higher education institutes in India are engaged in research.
   • Tell me more:
     • Each WIN-COE will receive up to USD 1 million annually to support the initiative.
     • An additional joint investment for AICTE’s 13 “Indovation Centers” with an additional $10 million yearly. This joint investment is expected to support over 100 higher education institutes.
       Source: Economic Times

     
     

Appointments

1. Prem Singh Tamang was re-appointed as the new CM of Sikkim
   • What: The Sikkim Governor, Lakshman Prasad Acharya, administered the oath of office to the Chief Minister, Prem Singh Tamang, and his Council of Ministers.
     • Eleven other Ministers also took oath along with him
   • This event marked the beginning of Prem Singh Tamang’s second consecutive term as the Chief Minister of Sikkim.
   • Tell me more:
     • The Sikkim Krantikari Morcha (SKM), led by Prem Singh Tamang, secured a significant victory in the assembly polls, winning 31 of the 32 Assembly seats, and also secured the lone Lok Sabha seat in Sikkim.
     • The Opposition Sikkim Democratic Front (SDF), which ruled the State for 25 years in a row till 2019, managed to win only one seat.
       Source: The Hindu

   
   

List of India’s longest serving Chief Ministers:

2. New members elected to serve on VCI
   • What: Every three years, the Department of Animal Husbandry and Dairying holds elections to elect 11 members to VCI
     • Note: The names have not been announced yet.
   • The council also includes nominated members.
     Source: VCI

3. Lt. General Upendra Dwivedi appointed as the next Chief of the Indian Army
   • What: The Appointments Committee of Cabinet has appointed Lieutenant General Upendra Dwivedi as the next Chief of the Army Staff, succeeding the incumbent General Manoj Pande.
     • He will be the 33rd Chief of the Indian Army.
   • Tell me more:
     • He will assume the position on June 30.
     • He is currently serving as the Vice-Chief of the Army Staff.
     • General Pande, initially due to retire on May 31, was given a one-month extension till June 30.
       • He was the first from the Military Engineering Services to become Army chief.
       • He is also the first officer to get such an extension, last time it was granted more than five decades ago by the Indira Gandhi government to General GG Bewoor, who succeeded Field Marshal SHFJ Manekshaw as army chief in January 1973.
         Source: PIB

4. After Sunil Chhetri’s retirement, Gurpreet Singh Sandhu appointed as new football captain
   • What: Goalkeeper of the Indian Football team, Gurpreet Singh Sandhu, was named the captain after Sunil Chhetri’s retirement, for the FIFA World Cup 2026 qualifier against Qatar.
     Source: Sportstar

   
   
5. Mohun Bagan Super Giant Name Jose Francisco Molina as New Head Coach
   • What: Mohun Bagan Super Giant has appointed Jose Francisco Molina as the head coach of the club for the upcoming Indian Super League (ISL) season.
     • Molina will replace Antonio Lopez Habas as the head coach.
   • Tell me more:
     • Molina was previously the head coach of Atletico de Kolkata (ATK), leading them to win the Indian Super League (ISL) trophy in 2016.
       • ISL is an Indian football club tournament.
         Source: Sportstar

Miscellaneous

1. Sarod Maestro Pt. Rajeev Taranath Passes Away: A Look At His Legacy
   • What: Sarod maestro Pandit Rajeev Taranath, a globally renowned eminent figure in instrumental music, passed away.
   • He was given Padma Shri in the year 2019 under the arts category.
     Source: The New India Express

   
   

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