06th August, 2024

1. IIT Madras and IDBI Launch Cybersecurity Lab
2. Ladakh Proposed as India’s First Analogue Research Station
3. First Conference of Governors Presided by President Murmu
4. Yuge Yugeen Bharat Museum Project Announced
5. India International Hospitality Expo Highlights Tourism Growth
6. Rashtriya Hindi Vigyan Sammelan 2024
7. Nagaland First State to Implement Disaster Risk Insurance
8. Jharkhand Launches Chief Minister Mainiya Samman Yojana
9. Gujarat Announces GRIT Think-Tank Modelled After NITI Aayog
10. India’s Fiscal Deficit Declines to 8.1% of Full-Year Estimate in Q1 FY25
11. RBI Cancels Licenses of 78 Urban Cooperative Banks Since 2014
12. IRDAI Imposes ₹2 Crore Penalty on HDFC Life
13. UPI Transactions Exceed ₹20 Lakh Crore for July 2024
14. GST Collections Surge 10.3% to ₹1.82 Lakh Crore in July
15. Bharat Forge Subsidiary Receives Defence Manufacturing License
16. India and Vietnam Hold 14th Defence Policy Dialogue
17. Discovery of a Vampire Star in M67 Cluster Using AstroSat
18. NIT-Calicut Launches ‘Nivahika’ Web Portal for Data Management
19. Srinagar Recognized as ‘World Craft City’
20. 14th Indian Organ Donation Day – August 3
21. National Bone & Joint Day 2024 – August 4
22. National Handloom Day – August 7 (10th Edition)
23. India and Vietnam Collaborate on Maritime Heritage Complex
24. Daljit Singh Chawdhary Takes Charge as BSF DG
25. Janet Yang Re-Elected as Academy President for Third Term
26. Grinson George Appointed as Director of ICAR-CMFRI
27. RBI Approves Govind Singh’s Re-Appointment as MD & CEO of Utkarsh SFB
28. Padma Awardee & Renowned Indian Classical Dancer Yamini Krishnamurthy Passed Away
29. Piyush Goyal Launches ‘India@100: Envisioning Tomorrow’s Economic Powerhouse’
30. Former Indian cricketer Anshuman Gaekwad Passed Away

National News

1. IIT Madras and IDBI Bank Launch Cybersecurity Lab
   • What
     • IIT Madras has partnered with IDBI Bank to launch the IDBI-IIT-M Secure Systems Lab (I2SSL), a cybersecurity laboratory.
     • The lab will develop security solutions for sectors like healthcare, fintech, and aerospace, focusing on product development and research commercialization, especially for mobile technologies.
   • Why
     • The lab aims to enhance cybersecurity in systems deployed in industries like banking, automotive, power, and telecommunications, which are increasingly targeted by hackers.
   • Tell me more
     • The lab was commissioned at the IIT Madras campus (IIT-M Director V. Kamakoti) by IDBI Bank MD & CEO Rakesh Sharma.
     • The lab will work on Secure Systems Engineering, addressing security concerns from a holistic end-to-end perspective, from fundamental theoretical problems to practical system building and implementation-based attacks.
     • An online forum for AI-based malware analysis and tools for automated security evaluation are also proposed.
       Source: TH
2. Ladakh Proposed as India’s First Analogue Research Station
   • What:
     • Scientists have proposed Ladakh as the potential site for India’s first analogue research station.
     • This station will imitate conditions of the Moon and Mars for testing experiments.
   • Why:
     • To support India’s ambitious space programs, including Gaganyaan and lunar and Mars missions.
     • To provide a training ground for astronauts and advance research in space technologies.
   • Tell me more:
     • Ladakh’s dry, cold, and arid desert conditions closely match those of the Moon and Mars.
     • The site will aid in experiments and training by simulating extra-terrestrial conditions.
     • There are currently 33 analogue research stations worldwide, including notable ones in Russia, the USA, and Europe.

3. First Conference of Governors Presided by President Murmu
   • What
     • The two-day Conference of Governors commenced at Rashtrapati Bhavan, presided over by President Droupadi Murmu.
   • Why
     • The conference serves as a platform for Governors to discuss development initiatives and their roles in serving society.
   • Tell me more
     • Attendees include Vice President Jagdeep Dhankhar, Prime Minister Narendra Modi, and several Union Ministers.
     • The agenda covers the implementation of new criminal laws, reforms in higher education, and development in tribal and aspirational areas.
     • This is the first Conference of Governors under President Droupadi Murmu.
       Source: NOA
4. Yuge Yugeen Bharat Museum Project Announced
   • What
     • The ‘Yuge Yugeen Bharat Museum’ project, set to be the largest museum in the world, has been announced by Union Culture Minister Gajendra Singh Shekhawat during the State Museum Conclave.
     • The Conclave was hosted by the Ministry of Culture from August 1-3 at the Bharat Mandapam, New Delhi.
   • Why
     • The project aims to align with India’s vision of ‘Vikas Bhi, Virasat Bhi’, promoting cultural heritage and development.
   • Tell me more
     • The museum will feature eight thematic segments showcasing India’s history over 5,000 years.
     • The name of the project has been revised from ‘Yuge Yugeen Bharat National Museum’ to ‘Yuga Yugeen Bharat Museum’ (YYBM).
     • The museum will be located in the North and South Blocks of New Delhi.
       Source: Print

5. India International Hospitality Expo Highlights Tourism Growth
   • What
     • The India International Hospitality Expo (IHE) was inaugurated by Union Culture Minister Gajendra Singh Shekhawat.
   • Why
     • The expo aims to address gaps in the hospitality industry and promote collaboration to drive further development in tourism.
   • Tell me more
     • The event is being held from August 3-6, 2024, at India Expo Mart in Greater Noida.
     • Vietnam is the partner country for this year’s expo, which includes a Vietnamese food festival to enhance cultural exchange.
       Source: HT
6. Rashtriya Hindi Vigyan Sammelan 2024
   • Date: July 30-31, 2024
   • Theme: अमृतकाल में राष्ट्रीय वैज्ञानिक चेतना का उन्नयन (Promotion of National Scientific Consciousness in the Era of Amritkaal)
   • Location: CSIR – Advanced Materials and Processes Research Institute (AMPRI), Bhopal
     Source: CRRI

State News

1. Nagaland First State to Implement Disaster Risk Insurance
   • What
     • The Nagaland government and SBI General Insurance have signed a Memorandum of Understanding (MoU) for the Disaster Risk Transfer Parametric Insurance Solution (DRTPS).
     • This makes Nagaland the first state in India to implement such a disaster risk management insurance solution.
   • Why
     • The purpose of the DRTPS is to protect the state’s critical infrastructure and reduce economic losses resulting from disasters.
     • The initiative is particularly relevant due to the increasing occurrences of extreme weather caused by climate change.
   • Tell me more
     • The MoU is effective immediately and will last for three years, from 2024 to 2027.
     • The insurance will cover the entire state of Nagaland, with the government responsible for paying the insurance premium.
     • In the event of a disaster, the insurer will provide assistance as per the terms of the agreement.
       Source: TOI
2. Jharkhand Launches Chief Minister Mainiya Samman Yojana
   • What
     • The Jharkhand government has introduced the Chief Minister Mainiya Samman Yojana (JMMSY) to provide financial assistance to women in the state.
   • Why
     • The scheme aims to empower women (in the age group of 21-50 years) by providing them with a monthly financial support of Rs. 1000, targeting families with an annual income below Rs. 8 lakh.
   • Tell me more
     • The scheme, previously known as Jharkhand Behan Beti Swavalamban Protsahan Yojana, is expected to benefit around 48 lakh women in Jharkhand.
     • The estimated annual budget for the scheme exceeds Rs. 4000 crore.
       Source: ZN
3. Gujarat Announces GRIT Think-Tank Modelled After NITI Aayog
   • What
     • Gujarat Chief Minister Bhupendra Patel announced the creation of the Gujarat State Institution for Transformation (GRIT), a think-tank modelled after NITI Aayog.
   • Why
     • GRIT aims to serve as a public policy think-tank for Gujarat, helping the state systematically achieve its development goals and contribute to the vision of making India a developed nation by 2047.
   • Tell me more
     • Patel unveiled the ‘Gujarat@2047 Dynamic Document-Roadmap’ focused on the pillars of ‘Earning Well’ and ‘Living Well,’ aimed at enhancing quality of life and economic prosperity in the state.
     • The chief minister also committed to the ‘GYAN’ mantra, focusing on the advancement of the poor, youth, farmers, and women.

Source: ITN

Banking and Economy

1. India’s Fiscal Deficit Declines to 8.1% of Full-Year Estimate in Q1 FY25
   • What
     • The Centre recorded a fiscal deficit of Rs. 1.4 lakh crores in Q1 FY25, amounting to 8.1% of the budget estimate.
   • Why
     • The achievement reflects improved revenue receipts and a focus on fiscal prudence, despite a slowdown in government spending.
   • Tell me more
     • The fiscal deficit in Q1 FY24 was 25.3% of the budget estimate.
     • The government aims to meet a revised fiscal deficit target of 4.9% of GDP for FY25, supported by strong tax collections and prudent expenditure management.
       Source: BT

2. RBI Cancels Licenses of 78 Urban Cooperative Banks Since 2014
   • What
     • The Reserve Bank of India (RBI) has cancelled the licenses of 78 Urban Cooperative Banks (UCBs) since 2014, with 46% of these from Maharashtra.
   • Why
     • The cancellations were due to inadequate capital, poor earning prospects, and financial deterioration, which were prejudicial to depositors and the public interest.
   • Tell me more
     • In 2024 alone, 10 UCBs had their licenses cancelled, with two each from Maharashtra, Karnataka, and Uttar Pradesh.
     • Maharashtra has seen the highest number of cancellations since 2014, with 36 banks losing their licenses, followed by Uttar Pradesh (14 banks) and Karnataka (8 banks).
     • The RBI has implemented measures to strengthen the financial health of UCBs, including increased housing loan limits and a phased approach to comply with Priority Sector Lending (PSL) targets.

3. IRDAI Imposes ₹2 Crore Penalty on HDFC Life
   • What
     • The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a ₹2 crore fine on HDFC Life for violating various regulations.
   • Tell me more
   • The ₹2 crore fine is divided into two parts:
     • ₹1 crore for issues related to protection of policyholders’ interests
     • ₹1 crore for irregularities in outsourcing services and payment of commissions

4. UPI Transactions Exceed ₹20 Lakh Crore for July 2024
   • What
     • Unified Payments Interface (UPI) transactions in India surpassed ₹20 lakh crore for the third consecutive month in July 2024, reaching ₹20.64 lakh crore.
   • Why
     • This milestone reflects the growing adoption and usage of UPI as a preferred payment method among consumers and businesses in India.
   • Tell me more
     • The platform accounted for 80% of all digital payment volumes in India.
     • UPI’s share of non-cash retail transactions rose from 6% in FY18 to 80% in FY24, with projections to reach 90% by FY26.
     • UPI is part of the “India Stack,” a set of APIs that facilitate digital transactions and services in the country.
       Source: ET

5. GST Collections Surge 10.3% to ₹1.82 Lakh Crore in July
   • What
     • Goods and Services Tax (GST) collections in July 2024 totaled ₹1,82,075 crore, a 10.3% increase compared to July 2023.
   • Why
     • The growth reflects strong domestic consumption and robust import activity, indicating positive economic trends and resilience amid global uncertainties.
   • Tell me more
     • Year-to-date figures for 2024 show a 10.2% increase in GST collections, amounting to ₹7.38 lakh crore.
     • April 2024 saw a record high collection of ₹2.10 lakh crore, followed by ₹1.73 lakh crore in May and ₹1.74 lakh crore in June.
     • For FY 2023-24, the total gross GST collection reached ₹20.18 lakh crore, an 11.7% increase from the previous year.
       Source: ET

Defence News

1. Bharat Forge Subsidiary Receives Defence Manufacturing License
   • What
     • Bharat Forge’s wholly-owned subsidiary, Kalyani Strategic Systems (KSSL), has been granted a defence manufacturing license for various products specifically designed for military applications.
     • The license was awarded by the Department for Promotion of Industry & Internal Trade under The Industries (Development and Regulation) Act, 1951.
   • Tell me more
     • The license will remain in effect perpetually, subject to compliance with specified terms and conditions.
     • KSSL will manufacture defence products at its Jejuri unit in Maharashtra.

Science and Technology

1. Discovery of a Vampire Star in M67 Cluster Using AstroSat
   • What:
     • AstroSat is India’s first dedicated multi-wavelength space observatory launched by ISRO in 2015.
     • Recently, researchers discovered a vampire star in the M67 star cluster, Cancer constellation, by using the UltraViolet Imaging Telescope on AstroSat.
   • Why:
     • AstroSat helps in understanding celestial phenomena by capturing detailed observations across different wavelengths.
     • It is designed to observe the universe in various wavelengths including visible, ultraviolet (UV), and X-ray.
   • Tell me more:
     • AstroSat was launched on September 28, 2015, from the Satish Dhawan Space Centre.
     • It carries five payloads for multi-wavelength observations, including UVIT, the Soft X-ray Telescope (SXT), and the Large Area X-ray Proportional Counter (LAXPC).
     • The mission aims to study high-energy processes in the universe, such as star birth and death, and the behavior of matter in strong gravitational fields.
       Source: PIB ISRO
2. NIT-Calicut Launches ‘Nivahika’ Web Portal for Data Management
   • What
     • The National Institute of Technology-Calicut (NIT-C) has launched ‘Nivahika’, a web portal for streamlining data handling and reporting.
   • Why
     • Nivahika aims to revolutionize the institute’s data management processes, ensuring accuracy, consistency, and timely reporting.
   • Tell me more
     • NIT-C Director Prasad Krishna inaugurated the portal and stated that it could set a benchmark for other NITs once fully operational.
     • The portal is hosted on the NIT-C campus and offers personalised user accounts to the Director, Registrar, deans, heads of departments, and center chairpersons.
       Source: TH

Awards

1. Srinagar Recognized as ‘World Craft City’
   • What
     • Srinagar has been officially designated as a ‘World Craft City’ by the World Crafts Council (WCC).
   • Tell me more
     • The announcement was made during a Certificate Award Ceremony addressed by J&K Lt Governor Manoj Sinha.
     • Srinagar is the fourth Indian city to receive this recognition, joining Jaipur, Malappuram, and Mysore.

Source: WCC TH

Important Days

1. 14th Indian Organ Donation Day – August 3
   • What:
     • The 14th Indian Organ Donation Day ceremony was organized by the National Organ and Tissue Transplant Organization (NOTTO).
   • Tell me more:
     • India ranks third globally in organ transplantation, but most donations occur within families.
     • A “One Nation, One Policy” initiative has removed barriers to organ transplantation, such as domicile and age-related issues.

2. National Bone & Joint Day 2024 – August 4
   • Observed since 2012, the day raises awareness about the significance of maintaining healthy bones and joints.
     Source: TOI
3. National Handloom Day – August 7 (10th Edition)
   • What
     • The “VIRAASAT” exhibition, organized by the National Handloom Development Corporation Ltd (NHDC) under the Ministry of Textiles, commenced at Handloom Haat in Janpath on August 3, 2024.
     • The exhibition will run until August 16, 2024, coinciding with the 10th National Handloom Day on August 7.
   • Tell me more
     • The exhibition features 75 stalls showcasing handloom products from various locations across India.
     • Prime Minister Narendra Modi praised the handloom artisans’ contributions during his Mann ki Baat broadcast and urged people to share photos of local products on social media with the hashtag #MyProductMyPride.

Source: PIB

Memorandum of Understanding

1. India and Vietnam Collaborate on Maritime Heritage Complex
   • What
     • India and Vietnam have signed a Memorandum of Understanding (MoU) to develop the National Maritime Heritage Complex (NMHC) in Lothal, Gujarat.
   • Why
     • The collaboration aims to preserve and celebrate the shared maritime heritage of both nations, reinforcing their historical and cultural ties.
   • Tell me more
     • Key features of the complex will include one of the world’s tallest lighthouse museums, the largest open aquatic gallery, and India’s grandest naval museum.
     • The project will also involve the exchange of artifacts, sharing of expertise in design and technology, and the establishment of a Marine Heritage and Conservation Laboratory.
       Source: PIB

Appointments

1. Daljit Singh Chawdhary Takes Charge as BSF DG
   • What
     • Daljit Singh Chawdhary has been appointed as the acting Director General of the Border Security Force (BSF).
     • He currently serves as the Director General of the Sashastra Seema Bal (SSB) and assumes this additional role following the repatriation of Nitin Agrawal.
   • Tell me more
     • Daljit Singh Chawdhary has received multiple awards, including four Police Medals for Gallantry, the police medal for meritorious service, the President’s police medal for distinguished service and the Ati Utkrisht seva medal.

2. Janet Yang Re-Elected as Academy President for Third Term
   • Janet Yang has been re-elected as the president of the Academy of Motion Picture Arts and Sciences for a third term.
   • Academy of Motion Picture Arts and Sciences confers the Oscar awards.
     Source: TOI
3. Grinson George Appointed as Director of ICAR-CMFRI
   • Grinson George has been appointed as the new Director of the Central Marine Fisheries Research Institute (CMFRI).
   • The CMFRI was established in 1947, under the Ministry of Agriculture and later joined the ICAR family in 1967.
     Source: TH
4. RBI Approves Govind Singh’s Re-Appointment as MD & CEO of Utkarsh SFB
   • The Reserve Bank of India (RBI) has approved the re-appointment of Govind Singh as the Managing Director and Chief Executive Officer of Utkarsh Small Finance Bank for a period of three years, effective from September 21, 2024.
     Source: BS

Miscellaneous

1. Padma Awardee & Renowned Indian Classical Dancer Yamini Krishnamurthy Passed Away
   • Padma Vibhushan awardee Bharatnatyam veteran Dr Yamini Krishnamurthy died at the age of 84.
     Source: TOI

   
   
2. Piyush Goyal Launches ‘India@100: Envisioning Tomorrow’s Economic Powerhouse’
   • Union Minister of Commerce and Industry Piyush Goyal launched the book titled ‘India@100: Envisioning Tomorrow’s Economic Powerhouse’ authored by Prof. K V Subramanian in New Delhi.
     Source: NOA
   
   
3. Former Indian cricketer Anshuman Gaekwad Passed Away
   • Former Indian cricketer Anshuman Gaekwad passed away at 71.
     Source: ET

   
   

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