23rd August, 2024

1. India’s Telecom Sector Achieves Strong Growth in FY24: TRAI Report
2. MoSPI Establishes Two New Survey-Based Divisions in Restructuring
3. NRI Deposits Increase by USD 4 Billion in Q1, While Outward Remittances Fall by 24%: RBI
4. RBI Approves IndusInd Bank’s Entry into Mutual Fund Business
5. ABFL Partners with AU Small Finance Bank to Launch Co-branded Credit Card
6. Mynd IFSC Introduces M1NXT in GIFT City for Global Trade Finance
7. LIC Housing Launches ‘Griha Rakshak’ Home Loan Scheme for Armed Forces
8. Bank of Baroda Secures Rs 5,000 Crore Loan Deal with SAIL
9. India Approves Additional 251 MW Power Export to Nepal
10. Ather Energy Becomes Unicorn with USD 71 Million Investment from NIIF
11. Singapore’s Sembcorp to Invest Rs 36,238 Crore in Green Ammonia Plant in Thoothukudi
12. ICAR Develops Miniature Plant Genome Editing Tool ‘ISDra2TnpB’
13. EU Nature Restoration Law Recently Enacted
14. Leonard Hayflick Passes Away
15. Powerful Earthquake in Russia’s Far East Activates Shiveluch Volcano in Kamchatka Peninsula
16. PhonePe’s ‘Credit Line On UPI’ Transforms Digital Transactions
17. India Overtakes China as Top Importer of Russian Oil
18. ISRO Celebrates Foundation Day
19. President Murmu Presents First-Ever Rashtriya Vigyan Puraskar
20. Zomato Acquires Paytm’s Entertainment Ticketing Business
21. Former CSIR Director-General Girish Sahni Passes Away at 68
22. Rajesh Nambiar Named NASSCOM President-Designate, Succeeding Ghosh
23. NCLT Approves Merger of Slice and North East Small Finance Bank
24. Indian Navy Signs MoU with BEML Ltd.
25. Union Minister Giriraj Singh Presents Handicrafts Export Awards
26. Amardeep Singh Bhatia Appointed as DPIIT Secretary
27. 165th Income Tax Day – August 21

National News

1. MOSPI Restructures Statistical Divisions for Improved Data Quality and Timeliness
   • What
     • The Ministry of Statistics and Programme Implementation has restructured its operations to create two survey-wise verticals.
     • This change aims to increase the frequency of various surveys, including the Periodic Labour Force Survey (PLFS), and reduce the time taken to release their results.
   • Why
     • The restructuring is part of efforts to improve data quality in the country.
     • It aims to strengthen survey methodologies and ensure timely reporting of statistics for better policy-making.
   • Tell me more
     • The ministry has established separate divisions for household and enterprise surveys.
     • A new state and international cooperation unit has been created to follow internationally accepted standards in surveys.
     • The frequency of the PLFS is being increased from quarterly urban unemployment data to monthly data.
     • The PLFS for the first quarter of 2024-25 showed a decrease in urban unemployment to 6.6% from 6.7%.
     • The Survey Design and Research Division has been redesignated as the Household Survey Division, covering various household surveys.
     • The Data Processing Division and the Industrial Statistics Wing have merged to form the Enterprise Survey Division.

2. Nepal to Export Additional 251 MW of Power to India
   • What
     • India’s Designated Authority for Cross-Border Trade, Central Electricity Authority, has approved an additional 251 MW of power exports from 12 hydropower projects in Nepal.
     • This marks the first time Nepal will export power to Bihar through a medium-term power sales agreement.
   • Why
     • The purpose of this approval is to enhance electricity trade between India and Nepal and to support Nepal’s goal of becoming a leading hydropower exporter in South Asia.
   • Tell me more
     • This approval increases the total allowed power exports from Nepal to India from 690 MW from 16 projects to 941 MW from 28 projects.
     • Nepal has already become a net exporter of electricity, generating NPR 16.93 billion in revenue in the last fiscal year.
     • The Nepal Electricity Authority has also signed medium-term power sales agreements with distribution companies in Haryana and Bihar.

Source: NOA

State News

1. Sembcorp to Set Up India’s First Green Hydrogen Plant
   • What
     • Sembcorp Industries is establishing India’s first large-scale green hydrogen and green ammonia manufacturing unit in Tuticorin, Tamil Nadu.
     • The investment for this project is ₹36,238 crore.
   • Why
     • The purpose of this project is to produce green ammonia for export to Japan, supporting the transition to cleaner energy sources.
   • Tell me more
     • The plant will cover an area of 160 acres and will initially produce 200,000 metric tonnes of green ammonia per year.
     • Chief Minister M K Stalin laid the foundation stone for the facility during the Tamil Nadu Investment Conclave 2024.
     • Tamil Nadu will become the first state in India to commercially produce large-scale green hydrogen molecules.

Source: TOI

International News

1. EU Adopts Nature Restoration Law
   • What
     • The EU has adopted the Nature Restoration Law to restore degraded ecosystems across Europe.
     • The law aims to restore 20% of EU’s degraded ecosystems by 2030 and all by 2050.
   • Why
     • The purpose of the law is to harmonize nature conservation, seek synergies with climate commitments, and improve food security and ecosystem services in the EU.
   • Tell me more
     • Member States must restore 30% of terrestrial, coastal, freshwater, and marine ecosystems to good condition by 2030.
     • 30% of drained agricultural peatlands must be restored and partially rewetted by 2030.
     • Urban greening targets are set to help EU cities adapt to climate change.
     • The law encourages restoring 25,000 km of rivers into free-flowing rivers and planting 3 billion additional trees by 2030.

Source: IUCN

Banking and Economy

1. TRAI’s Annual Report 2023-2024
   • What
     • The Telecom Regulatory Authority of India (TRAI) released an annual report highlighting significant growth in the Indian telecom sector during the financial year 2023-2024.
     • The report indicates that the overall tele-density in India increased from 84.51% to 85.69%.
   • Why
     • The report aims to provide insights into the growth trends and key parameters across various telecom services in India.
   • Tell me more
     • The total number of internet subscribers rose from 88.1 crore to 95.4 crore, with a yearly growth rate of 8.30%.
     • Broadband subscribers increased from 84.6 crore to 92.4 crore, reflecting a growth rate of 9.15%.
     • Wireless data subscribers grew from 84.6 crore to 91.3 crore, with a growth rate of 7.93%.
     • Total wireless data usage increased from 1,60,054 PB to 1,94,774 PB, showing a yearly growth of 21.69%.
     • The number of telephone subscribers increased from 117.2 crore to 119.9 crore, with a yearly growth rate of 2.30%.
     • Average Minutes of Usage (MOUs) per subscriber per month rose from 919 to 963, with a growth rate of 4.73%.
     • Adjusted Gross Revenue (AGR) increased from Rs 2,49,908 crore to Rs 2,70,504 crore, reflecting a growth rate of 8.24%.

2. Mynd IFSC Launches M1NXT ITFS Platform
   • What
     • Mynd IFSC Pvt. Ltd. has received permission from IFSCA to commence commercial operations of its International Trade Financing Services (ITFS) Platform.
     • The platform will operate under the brand name M1NXT.
   • Why
     • The purpose of launching M1NXT is to meet the working capital needs of exporters and importers, facilitating global trade with cost-effective, transparent, and efficient financing through digital channels.
   • Tell me more
     • M1NXT aims to convert trade receivables into cash quickly, addressing the financing needs of exporters and importers across geographies in a seamless manner.
     • The platform successfully concluded 17 live commercial transactions as part of Sandbox testing in June 2024.
     • M1NXT’s ecosystem includes SBI GIFT City IBU, SBI Frankfurt, Yes Bank, Union Bank of India, Drip Capital Inc., and several reputed exporters and importers.
     • IndusInd Bank is the first bank to participate in export financing transactions on the M1NXT ITFS platform.

3. Overseas Indians Deposit $4 Billion in NRI Schemes: RBI’s Data
   • What
     • Overseas Indians deposited approximately $4 billion into non-resident Indian (NRI) deposit schemes between April and June FY25.
     • This represents a significant 79% increase compared to the same period last year.
   • Why
     • The increase in deposits indicates a growing trust in NRI schemes amid changing financial conditions.
     • It reflects a shift in priorities among Indians living abroad regarding their financial management.
   • Tell me more
     • Foreign currency non-resident (FCNR) deposits attracted $1.68 billion, up from $1.12 billion a year ago.
     • Non-resident external (NRE) deposits saw inflows of $1.53 billion, compared to $489 million in the same quarter last year.
     • Non-resident ordinary (NRO) deposits grew with inflows of $743 million, up from $598 million.
     • Outward remittances under the Reserve Bank of India’s Liberalised Remittance Scheme (LRS) fell by 24.39% to $6.9 billion for the quarter.
     • Remittances for maintaining close relatives dropped 46% to $983.2 million, while gift remittances fell nearly 41% to $811.9 million.
     • Spending on overseas education decreased by 14% to $596.08 million from $694.41 million.

4. IndusInd Bank to Enter Mutual Fund Business
   • What
     • IndusInd Bank has received approval from the Reserve Bank of India (RBI) to set up a wholly-owned subsidiary for mutual fund asset management business.
     • RBI has also allowed the bank to infuse equity capital into this new subsidiary.
   • Why
     • The move aims to expand IndusInd Bank’s presence in the financial services sector by tapping into the growing mutual fund market.
     • It will enhance the bank’s asset management capabilities and offer investors a wider range of investment options.
   • Tell me more
     • Gross non-performing asset (GNPA) ratio stood at 2.02%, and net NPA ratio at 0.60%.
     • Capital to risk-weighted asset ratio as of June 30, 2024, was 17.55%.

5. Launch of Aditya Birla Finance AU Credit Cards
   • What
     • Aditya Birla Finance Limited (ABFL) and AU Small Finance Bank Limited have launched co-branded credit cards.
     • The cards are available on Visa and RuPay payment networks and come in four variants: ABC AU Flex, ABC AU Nxt, ABC AU Pro, and ABC AU Biz.
   • Tell me more
     • The credit cards offer various reward benefits across categories such as lifestyle, travel, dining, education, entertainment, utilities, insurance, grocery, and government-related spends.
     • Key features include:
       • ABC AU Flex: An affordable option for mass India.
       • ABC AU Nxt: Designed for millennials with specialized features.
       • ABC AU Pro: A high-end card for affluent users, offering airport lounge access and reduced forex markup fees.
       • ABC AU Biz: Tailored for entrepreneurs and business owners, providing accelerated rewards points and discounts at select dining partners.
     • Customers can enjoy lifetime-free benefits with the ‘Flex’ and ‘Nxt’ cards and an unlimited fuel surcharge waiver of 1%.

6. LIC Housing Finance Launches Griha Rakshak Scheme
   • What
     • LIC Housing Finance Limited has launched a home loan scheme called ‘Griha Rakshak’ for the armed forces.
     • The scheme offers discounted interest rates and benefits to serving and retired personnel.
   • Tell me more
     • Eligible applicants with a CIBIL score of 750 and above can avail of home loans up to Rs 2 crore at a competitive interest rate of 8.4% per annum.
     • LIC Housing Finance has waived processing fees for these loans.
     • The offer is available to all serving and retired personnel from the Army, Navy, Air Force, Coast Guard, and paramilitary forces.
     • Interested individuals can take advantage of this special scheme until September 30, 2024.

7. Bank of Baroda Wins ₹5,000 Crore Loan Deal with SAIL
   • What
     • Bank of Baroda (BoB) has secured a ₹5,000 crore loan deal with Steel Authority of India Limited (SAIL).
     • BoB’s bid of 7.49% for a five-year loan was the lowest among competitors.
   • Why
     • The purpose of this loan is to fund SAIL’s capital expenditure and working capital requirements.
   • Tell me more
     • The loan is linked to the 364-day treasury bill and will be drawable in multiple tranches over the coming months.
     • All major public and private sector banks participated in the bidding due to SAIL’s government-owned status, which poses minimal risk.

8. Ather Energy Becomes a Unicorn with New Funding
   • What
     • Ather Energy has raised ₹600 crore (approximately $71 million) from the National Investment and Infrastructure Fund (NIIF).
     • This funding has valued Ather Energy at $1.3 billion, making it a unicorn.
   • Why
     • The purpose of this funding is to support Ather Energy’s growth and expansion plans in the electric scooter market.
   • Tell me more
     • Ather Energy is the fourth unicorn in India this year and the second in the mobility sector after Rapido.
     • Ather’s largest backer, Hero MotoCorp, holds a 40% share in the company and invested ₹124 crore in June 2023.
     • Ather Energy plans to use the funding to enhance its manufacturing capabilities and launch new products, including the Rizta scooter for families.
     • The company has converted itself into a public limited company as it prepares for an initial public offering (IPO) by 2025.

9. PhonePe Launches Credit Line on UPI
   • What
     • PhonePe, a leading digital payments platform, has launched a new feature called “Credit Line on UPI”.
     • This allows consumers to link their pre-approved credit lines from banks to UPI for seamless payments across millions of merchants.
   • Why
     • It follows the Reserve Bank of India’s (RBI) decision to expand UPI to include pre-approved credit lines.
   • Tell me more
     • Customers and merchants using the PhonePe Payment Gateway (PG) can now enable “Credit Line on UPI” as a payment method.
     • Users can link their credit line by selecting their bank in the PhonePe app profile section and setting a UPI PIN.
     • Once linked, the credit line will appear as a payment instrument during transactions.
     • This launch follows the success of RuPay Credit Cards on UPI, which was PhonePe’s first credit-based offering on the platform.
       Source: MoneyControl
10. India Becomes Top Importer of Russian Oil
    • What
      • In July 2024, India surpassed China to become the world’s largest importer of Russian oil.
      • Indian imports of Russian crude reached a record 2.07 million barrels per day (bpd).
    • Why
      • The increase in India’s oil imports is primarily due to lower prices for Russian oil, following Western sanctions against Russia after its invasion of Ukraine.
    • Tell me more
      • Russian oil accounted for 44% of India’s total oil imports in July, marking a 4.2% increase from June and a 12% increase from July 2022.
      • Iraq remains India’s second-largest oil supplier, followed by Saudi Arabia and the UAE.
      • The share of Middle Eastern oil in India’s imports rose from 38% in June to 40% in July.
        Source: TH
11. Zomato Acquires Paytm’s Ticketing Business
    • What
      • Zomato has agreed to acquire Paytm’s entertainment ticketing business for ₹2,048 crore.
    • Why
      • The purpose of this acquisition is to create a more streamlined platform for customers to book tickets for movies, sports, and events, consolidating services under a new app called District.
    • Tell me more
      • The acquisition includes transferring Paytm’s ticketing services, which will continue to operate on the Paytm app for up to 12 months during the transition.
      • Zomato plans to encourage users to migrate from multiple apps to the District app over time.
      • The ticketing business reported revenues of ₹297 crore and an adjusted EBITDA of ₹29 crore in FY24.
      • Zomato’s acquisition includes the transfer of around 280 employees from Paytm’s ticketing business.

12. NCLT Approves Merger of Slice with North East Small Finance Bank
    • What
      • The National Company Law Tribunal (NCLT) has approved the merger of Bengaluru-based Slice with North East Small Finance Bank (NESFB).
      • The merger received clearance from the Reserve Bank of India (RBI) in October 2023.
    • Why
      • The purpose of the merger is to expand Slice’s offerings in the financial services sector and enhance customer access to banking and payment solutions.
    • Tell me more
      • The merger involves several entities, including Garagepreneurs Internet Pvt Ltd (Slice’s parent company), Quadrillion Finance Pvt Ltd, and RGVN (North East) Microfinance Ltd.
      • Slice plans to provide technology-backed financial services to NESFB customers after the merger.
      • The merger has also received approval from the Competition Commission of India and the Registrar of Companies.
      • Following the merger, Slice aims to leverage profits from its existing businesses to scale operations in the going-out segment, which includes dining and entertainment.

Source: ET

Science and Technology

1. New Plant Genome Editing Tool Developed
   • What
     • Researchers from ICAR-National Rice Research Institute and Pennsylvania State University have developed a new plant genome editing tool called ISDra2TnpB.
     • This tool is derived from a bacterium called Deinococcus radiodurans, which can survive extreme environmental conditions, and is smaller than existing tools like Cas9 and Cas12.
   • Why
     • The aim of this development is to provide a more efficient option for plant genome editing, addressing limitations of current methods.
   • Tell me more
     • The new tool, ISDra2TnpB, is about half the size of Cas9 and Cas12 and consists of around 400 amino acids.
     • It uses a method where TnpB is guided to the target DNA sequence by RNA, allowing it to bind and eliminate the undesired DNA sequence.
     • The editing efficiency achieved with this tool is 33.58% on average, surpassing the capabilities of Cas9 and Cas12 for certain targets.
     • The tool has been effective on both monocots (like rice) and dicots (like Arabidopsis).
     • TnpB can target unique regions in the genome that Cas9 cannot. It enables the creation of fusion proteins by combining genes that originally coded for separate proteins, expanding genome engineering possibilities.
       Source: TH

Awards

1. President Murmu Awards Vigyan Ratna Puraskar
   • What
     • President Droupadi Murmu conferred the first-ever Vigyan Ratna Puraskar on biochemist Govindrajan Padmanabhan.
     • The award ceremony took place at Rashtrapati Bhawan, where several other science awards were also presented.
   • Why
     • The Vigyan Ratna Puraskar is India’s highest science award, recognizing outstanding contributions in the field of science.
   • Tell me more
     • In addition to the Vigyan Ratna Puraskar, 13 Vigyan Shri Puraskars, 18 Vigyan Yuva-Shanti Swarup Bhatnagar Prizes, and one Vigyan Team award were also awarded.
     • The Vigyan Team award was given to the scientists and engineers who worked on the Chandrayaan-3 mission, accepted by project director P Veeramuthuvel.
     • Notable recipients of the Vigyan Shri awards included directors and prominent scientists from various institutions, such as Annapurni Subramaniam and Avesh Kumar Tyagi.
     • The Vigyan Yuva-Shanti Swarup Bhatnagar awards recognized young scientists for their contributions to climate science and other fields.

2. 24th Handicrafts Exports Awards in New Delhi
   • What
     • Union Minister of Textiles Giriraj Singh addressed the 24th Handicrafts Exports Awards in New Delhi.
   • Tell me more
     • The Export Promotion Council for Handicrafts organized the awards ceremony to honor top exporters in the industry.
     • C.L. Gupta Exports Limited from Uttar Pradesh received the Top All Handicrafts Award for 2019-20 and 2020-21.
     • Muzafar Hussain from Jammu and Kashmir was awarded the Lifetime Achievement Award for his outstanding contributions to the sector.
       Source: NOA

Important Days

1. ISRO’s Foundation Day – August 15
   • What
     • The Indian Space Research Organisation (ISRO) was formed on August 15, 1969, and operates under the Department of Space (DOS) of the Government of India.
   • Tell me more
     • ISRO was originally established as the Indian National Committee for Space Research (INCOSPAR) in 1962, envisioned by Dr. Vikram Sarabhai.
     • The headquarters of ISRO is located in Bengaluru, with various centers across India for different functions, including satellite development and launch operations.
     • The Department of Space was created in 1972, bringing ISRO under its purview.
     • ISRO’s first satellite, Aryabhata, was launched in 1975.

2. 165th Income Tax Day – August 21
   • What
     • The 165th anniversary of Income Tax Day was observed by the Central Board of Direct Taxes (CBDT) in New Delhi, presided over by Union Minister of Finance Smt. Nirmala Sitharaman.
   • Why
     • The event aims to recognize the achievements of the Income Tax Department and to encourage a fair and friendly approach towards taxpayers while enhancing their experience.
   • Tell me more
     • During the event, Smt. Sitharaman released a special “My Stamp” to commemorate the occasion.
     • The Income Tax Department was originally established as part of the Indian tax system in 1860.
     • The first Income Tax Act in India was enacted in 1886.
       Source: PIB

Memorandum of Understanding

1. BEML Signs MoU with Indian Navy for Marine Engineering
   • What
     • BEML, a leading defense and heavy engineering company, has signed a Memorandum of Understanding (MoU) with the Indian Navy.
     • The agreement was signed at the Naval Headquarters in Delhi.
   • Why
     • The purpose of this MoU is to enhance cooperation in the indigenous design, development, manufacture, testing, and support of critical marine equipment and systems.
       Source: TOI

Appointments

1. Rajesh Nambiar Appointed as Nasscom President-Designate
   • Rajesh Nambiar has been appointed as the president-designate of the National Association of Software and Service Companies (Nasscom).
   • He will succeed Debjani Ghosh, whose term as Nasscom president ends in November 2024.
   • Nambiar recently resigned as the Chairman and Managing Director of Cognizant India.
     Source: BS
2. Amardeep Singh Bhatia Appointed as DPIIT Secretary
   • Shri Amardeep Singh Bhatia has assumed the charge of Secretary, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry.
     Source: PIB

Miscellaneous

1. Leonard Hayflick, Pioneer of Cell Aging Research, Dies
   • Leonard Hayflick, a pioneering biomedical researcher who passed away at 98, is renowned for discovering the Hayflick limit, which revealed that normal somatic cells can only divide a limited number of times.
   • This discovery shifted the understanding of aging by showing that it is partly due to cellular senescence, where non-dividing cells accumulate, contributing to the aging process.
   • The Hayflick limit suggests a theoretical maximum human lifespan of around 125 years.
     Source: IE
2. Russia’s Kamchatka Peninsula
   • A 7.0-magnitude earthquake hit off the coast of Russia’s Kamchatka Peninsula, triggering the eruption of the highly active Shiveluch volcano in the area.
     Source: IE
3. Former CSIR DG Dr. Girish Sahni Passes Away
   • Dr. Girish Sahni, former Director General of the Council of Scientific and Industrial Research (CSIR), passed away.
   • Dr. Sahni made significant contributions to the development of protein cardiovascular drugs, especially clot-busting medications.
   • He was credited with developing India’s first indigenous clot-buster drug, natural streptokinase, followed by recombinant and clot-specific streptokinase.
     Source: TOI

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