04th September, 2024

1. NSA Ajit Kumar Doval Visits Colombo to Sign Founding Documents of CSC
2. WHO Report: India Sees a 2% Increase in Road Accident Deaths from 2010-2021
3. MCA-Nepal Signs $12.36 Million Contract with India for 18 km Cross-Border Transmission Line
4. Key Highlights from the 5th Global Fintech Fest 2024
5. Tata AIA Introduces USD-Denominated Life Insurance Solutions for NRIs
6. ABSLI and Policybazaar Launch New Term Insurance Plan ‘Income Suraksha Plan’
7. NSO Reports India’s Real GDP Growth Slows to 6.7% in Q1 of FY25, a 15-Month Low
8. Nomura Revises India’s GDP Growth Forecast to 6.7% for FY25
9. IOC Awards Olympic Order in Gold to French President Emmanuel Macron; Laurent Nuñez and Nicolas Ferrand Also Honored
10. D K Sunil Assumes Additional Charge as CMD of HAL
11. Ferrari’s Charles Leclerc Wins the 2024 F1 Italian GP
12. IAS Officer Amrit Lal Meena Appointed as Bihar’s Chief Secretary
13. Cabinet Approves Procurement of 240 AL-31FP Aeroengines for Su-30 MKI from HAL
14. Indian PM Embarks on Historic First Bilateral Visit to Brunei Darussalam
15. L’Oréal Paris Names Alia Bhatt as New Global Brand Ambassador
16. Madhya Pradesh Government Launches Brindavan Gram Scheme and Gita Bhavan Project
17. Sumit Antil Makes History with Gold at Paris 2024 Paralympics
18. IIT Delhi Expands Globally with Abu Dhabi Campus Inauguration
19. Deepthi Jeevanji Wins Bronze at the 2024 Paris Paralympics
20. Paralympics 2024: Sharad Kumar and Mariyappan Thangavelu Secure Silver and Bronze
21. Lord’s to Host the 2025 ICC World Test Championship Final
22. World Bank Raises India’s Growth Forecast to 7% for FY25
23. Thulasimathi Murugesan and Manisha Ramadass Shine at Paris 2024 Paralympics
24. RIL Becomes India’s First Company to Cross Rs 10 Lakh Crore in Annual Revenue
25. Google DeepMind’s Morni AI to Support 125 Indic Languages
26. Uttar Pradesh to Invest Rs 33,500 Crore in IT and ITeS Hubs
27. Bisleri Collaborates with Goa to Enhance Waste Management
28. Suhas Yathiraj Wins Silver in Badminton at Paris 2024 Paralympics
29. Sheetal Devi and Rakesh Kumar Win Bronze in Mixed Team Compound Archery at Paralympics 2024
30. Philips Appoints Bharath Sesha as New Managing Director for India
31. NorthEast United FC Wins Historic Durand Cup Title
32. Nitesh Kumar Claims Gold at Paris Paralympic Games 2024
33. Yogesh Kathuniya Takes Silver in Men’s Discus Throw F56
34. Federal Bank Becomes First Indian Bank to Launch SmilePay

National News

1. Nepal Signs $12.36 Million Contract for Cross-Border Transmission Line
   • What
     • Nepal signed a $12.36 million contract for an 18 km cross-border electricity transmission line with India.
     • The project includes three sub-stations and is part of the broader Electricity Transmission Project.
   • Tell me more
     • The contract was signed under the Millennium Challenge Corporation (MCC) Nepal Compact, which is jointly funded by the governments of Nepal and the United States.
     • The contract was awarded to Transrail Lighting Ltd., which will construct the transmission line from the 400 kV New Butwal Substation to the Nepal-India border.
     • The signing ceremony was attended by officials from the Ministry of Finance, National Electricity Authority (NEA), MCC, and MCA-Nepal.

2. PM Modi Begins Historic Visit to Brunei and Singapore
   • What
     • Prime Minister Narendra Modi arrived in Bandar Seri Begawan for his first-ever bilateral visit to Brunei, marking the 40th anniversary of diplomatic ties between India and Brunei.
   • Why
     • The visit aims to strengthen India’s partnership with Brunei and Singapore, focusing on enhancing cooperation in various sectors.
   • Tell me more
     • Upon arrival, PM Modi received a ceremonial welcome and met with the Crown Prince of Brunei. He inaugurated the new Chancery of the High Commission of India and interacted with the Indian community.

3. IIT Delhi Inaugurates Abu Dhabi Campus, Launches Partnerships
   • What
     • The Crown Prince of Abu Dhabi, Sheikh Khaled bin Mohamed, inaugurated the IIT-Delhi Abu Dhabi campus, the first international campus of India’s prestigious Indian Institute of Technology.
   • Why
     • The inauguration marks a significant step in Abu Dhabi’s efforts to establish itself as a global hub for research and development.
   • Tell me more
     • During the event, Sheikh Khaled oversaw the launch of strategic partnerships between IIT-Delhi Abu Dhabi, IIT-Delhi, and leading Abu Dhabi universities, including Khalifa University, Mohamed bin Zayed University of Artificial Intelligence, Sorbonne University Abu Dhabi, and Zayed University.

Source: Print

State News

1. Madhya Pradesh Launches Brindavan Gram Scheme
   • What
     • The Madhya Pradesh government has approved the ‘Brindavan Gram’ scheme to establish gaushalas and other benefits for villagers.
   • Why
     • The scheme aims to promote milk production in villages and increase farmers’ incomes.
   • Tell me more
     • The scheme was announced on August 26, coinciding with Janmashtami. One gram panchayat will be selected from each of the 313 blocks in Madhya Pradesh.
     • The selected villages will receive support for cow sheds and rooftop solar policies. The scheme will be implemented by the Panchayat and Rural Development Department.
     • The Madhya Pradesh government also approved the establishment of ‘Gita Bhawan’ in all urban bodies to promote spiritual knowledge.
     • Currently, there is only one ‘Gita Bhawan’ in Indore, which serves as a religious and cultural center.
     • The government plans to celebrate the 320th birth anniversary of Ahilyabai Holkar with various programs throughout the year.
       Source: DW
2. UP Govt Plans Rs 33.5K Crore Investment in IT Hubs
   • What
     • The Uttar Pradesh government is planning to invest Rs 33,500 crore (around $4 billion) to build global technology hubs in the state.
   • Why
     • The investment aims to boost the Information Technology (IT) and IT-enabled Services (ITeS) sectors by 10 times over the next five years.
   • Tell me more
     • The investments will focus on new-age technologies in various domains, including industry, e-commerce, education, health, tourism, space, electronics, and energy.
     • The state government has identified five cities for developing these hubs: Noida, Lucknow, Kanpur, Varanasi, and Prayagraj.
     • Noida will be developed as an IT & ITeS hub, while Lucknow will focus on AI and machine learning industries.
     • Kanpur will become a hub for drones and robotics, and Varanasi and Prayagraj will be established as centers for engineering research and development.
       Source: BS
3. Bisleri Partners with Goa Govt to Improve Waste Management
   • Bisleri International Pvt. Ltd. exchanged a letter of intent (LOI) with the Goa State Pollution Control Board to enhance plastic waste management practices in Mormugao, Vasco.
   • The collaboration aims to address waste management challenges and foster sustainable development in the region.
     Source: BS

Banking and Economy

1. Tata AIA Launches Offshore Branch at GIFT City
   • What
     • Tata AIA Life Insurance Co. Ltd has launched its offshore branch at Gujarat International Finance Tech-City (GIFT City), India’s first International Financial Services Centre (IFSC).
   • Why
     • The branch aims to provide Non-Resident Indians (NRIs) with US dollar denominated life insurance products through its website.
   • Tell me more
     • The insurance plans cover various risks, including death, accident, disability, and critical illness, for individuals up to 100 years of age.
     • Customers can choose from five plan options tailored to their lifestyle, medical history, and occupation, with add-on benefits available, such as accidental death benefit and critical illness cover.
     • Tata AIA plans to introduce unit-linked life insurance products soon, allowing consumers to invest in global equity markets.

2. Aditya Birla Launches Income Suraksha Plan for Families
   • What
     • Aditya Birla Sun Life Insurance (ABSLI) and Policybazaar have launched a new term insurance plan called the ‘Income Suraksha Plan’.
   • Why
     • The plan aims to provide a guaranteed monthly income for life to the policyholder’s family in the unfortunate event of their death.
   • Tell me more
     • The plan offers two options: Fixed Income Protection and Increasing Income Protection.
     • The Increasing Income Protection option provides a 5% annual increment in monthly income, capped at 1.5 times the initial amount.
     • The plan is available for individuals aged 21 to 55 years, with a maturity age of 31 to 70 years.
     • It also includes flexible premium payment options and rider benefits for additional coverage.

3. Reliance Becomes First Indian Company to Cross Rs 10 Lakh Crore Revenue
   • What
     • Reliance Industries Limited (RIL) has become the first Indian company to surpass Rs 10 lakh crore in annual revenue.
   • Why
     • This milestone achievement was announced by RIL chairman Mukesh Ambani during the company’s Annual General Meeting (AGM).
   • Tell me more
     • The company increased its annual Corporate Social Responsibility (CSR) spending by 25% to Rs 1,592 crore (USD 191 million) and added over 1.7 lakh new jobs last year.
     • The company’s total CSR spend over the past three years has exceeded Rs 4,000 crore (USD 502 million), making it the largest among Indian corporates.
     • Over the past three years, RIL’s total contribution to the exchequer has crossed Rs 5.5 lakh crore (USD 68.7 billion), the highest by any Indian corporate.
       Source: IT
4. Google DeepMind Launches AI Project for 125 Indian Languages
   • What
     • Google DeepMind’s India unit has initiated an AI project called Morni, aiming to support 125 Indian languages and dialects.
   • Why
     • The project seeks to address the lack of digital data for many Indian languages and promote inclusivity in artificial intelligence.
   • Tell me more
     • Manish Gupta, director at Google DeepMind, announced the project at the Global Fintech Fest in Mumbai.
     • The initiative targets over 100 Indian languages, focusing on 60 languages with over a billion speakers and 125 languages that have more than a lakh speakers each. Currently, 73 of these 125 languages have no existing digital data.
     • Google overcame the challenge of sourcing data for these languages through Project Vaani – a collaboration among Google, Indian Institute of Science’s ARTPARK (Artificial Intelligence & Robotics Technology Park).
     • Recently, Google added 110 new languages to Google Translate, including five Indian languages.

5. Launches at Global Fintech Festival 2024
   • SBI’s YONO 2.0 to create a seamless omnichannel experience, enabling customers to begin transactions in-branch and conclude them on the app.
   • POP, a fintech company, has introduced India’s first multi-brand co-branded credit card in partnership with RuPay and Yes Bank.
   • Flipkart’s fintech venture, Super.Money, has introduced a new co-branded credit card named SuperCard, in partnership with Utkarsh Small Finance Bank.
   • RBL Bank, in partnership with Indian Oil Corporation Limited (IOCL), launched co-branded RuPay contactless credit card “IndianOil RBL Bank XTRA Credit Card”.
   • HDB Financial Services has become the first NBFC to implement the National Payments Corporation of India’s (NPCI) e-KYC Setu system.
     • The e-KYC Setu system, developed by NPCI, facilitates seamless electronic verification of customers’ identities by integrating with various government databases.
   • Razorpay launched “Razorpay A1”, which is a payment device that emphasizes QR payments, especially for UPI transactions, but it also supports other payment methods, making it useful for merchants.
   • In-Solutions Global Ltd (ISG), in partnership with J.P. Morgan Payments, launched its “ONDC made easy” solution to empower corporate clients of JP Morgan to become sellers on Open Network for Digital Commerce (ONDC) network by offering direct access to the platform.
   • Aurionpro Payments, a subsidiary of Aurionpro, has started operations as an online payment aggregator.
   • PayU introduced its new solutions on Subscription Multiplier with cross border support and Cross-Border Issuer Authentication Solution to streamline and secure international transactions, offering merchants, issuers, and consumers seamless payment experiences across global markets.
   • Aditya Birla Capital Digital Limited (ABCDL) has launched three new products: DigiGold Gifting, Family Health Scan, and SIMPLiNVEST.
     • DigiGold Gifting: Users can gift digital gold to friends and family using their mobile numbers. The recipient can redeem the gold by downloading the ABCD app.
     • Family Health Scan: This free feature allows users to perform a health scan using a selfie. It can now cover up to five family members and measures over 20 health parameters, including heart rate and blood pressure.
     • SIMPLiNVEST: Currently in beta, this feature allows users to make systematic investments in various asset classes like mutual funds and stocks through a single platform. It personalizes the investment journey based on users’ financial goals and risk appetite.
   • PayU announced the launch of innovative payment solutions:
     • PayU Protect Plus: An AI/ML-powered fraud detection and protection solution for Indian merchants, enabling them to expand to international markets safely.
     • PayU Prepaid Edge PPI Suite: A comprehensive payments and engagement solution bundle designed to tackle merchant challenges like customer acquisition, retention, and cost efficiency.
     • Push Provisioning Solution: A secure platform for dynamic card token sharing between merchants and banks in partnership with Mastercard, Visa, and RuPay.
     • FlashPay: An EMV-compliant plug-and-play solution that simplifies payments using biometric authentication.
     • ReconX: An automated reconciliation tool designed to streamline financial operations for merchants.
     • Maximizer: A payment routing tool that automates the streamlining of multiple financial data sources for merchants.
   • IDFC Bank launched the First Ashva Credit Card.
   • The Amazon Pay ICICI Bank credit card, powered by VISA, has become the first co-branded credit card in India to onboard over 5 million customers nationwide.
     Source: CNBC ET BS CNBC APAC RZ IT BS ANI BS
6. Federal Bank Launches SmilePay for Contactless Payments
   • What
     • Federal Bank has launched SmilePay, a revolutionary payment solution that allows customers to complete transactions using only their faces.
   • Tell me more
     • SmilePay is the first-of-its-kind payment solution in India, utilizing advanced facial authentication technology built on the UIDAI’s Bhim Aadhaar Pay.
     • The launch took place at the Loo Fintech Fest by Shalini Warrier, Executive Director of Federal Bank.
       Source: UNI

Report and Indices

1. WHO South-East Asia Regional Status Report on Road Safety: Towards Safer and Sustainable Mobility
   • What
     • India reported a 2% increase in estimated road traffic deaths from 2010 to 2021, with 1,53,973 fatalities recorded in 2021 according to a WHO report.
   • Why
     • The report aims to highlight the rising road traffic fatalities and the need for improved road safety measures to protect vulnerable road users, including pedestrians and motorcyclists.
   • Tell me more
     • The WHO estimates that the actual number of road deaths in India for 2021 was 2,16,618.
     • The highest fatalities were among drivers/riders of motorized two and three-wheelers, accounting for 45.1% of deaths.
     • The report emphasizes the importance of road safety as a public health priority and its role in achieving the UN Sustainable Development Goals.

Source: NIE

GDP Forecasts

1. NSO’s Data: India’s GDP Growth Slows to 6.7% in Q1 FY2025
   • What
     • India’s economic growth slowed to 6.7% in the April-June quarter of 2024-25, marking a 15-month low, as per the National Statistical Office (NSO) data.
   • Why
     • The slowdown is mainly attributed to poor performance in the agriculture and services sectors, impacting overall economic growth.
   • Tell me more
     • In the same quarter of the previous year, GDP growth was at 8.2%.
     • Despite the slowdown, India remains the fastest-growing major economy, with China reporting a growth of 4.7%.
     • The agriculture sector’s growth decreased to 2% from 3.7% in the previous year. However, the manufacturing sector’s growth improved to 7% from 5% a year ago.

2. Nomura Lowers India’s FY25 GDP Growth Forecast
   • What
     • Nomura has reduced its economic growth forecast for India in FY25 to 6.7% from 6.9% after the GDP growth data for the April-June quarter showed slower-than-expected performance.
   • Why
     • The downgrade is due to weaker GDP growth, primarily influenced by reduced government spending during national elections, which impacted overall economic activity.
   • Tell me more
     • India’s GDP grew by 6.7% in the April-June quarter, down from 8.2% in the same period last year. The agriculture sector’s growth slowed to 2%, while the manufacturing sector saw growth rise to 7%.
     • The Reserve Bank of India’s (RBI) forecast for GDP growth was 7.1%.

3. World Bank’s India Development Update: India’s to Grow 7% in FY25
   • What
     • The World Bank has revised its growth forecast for the Indian economy in FY25 to 7%, up from its previous projection of 6.6%.
   • Why
     • The upward revision is driven by a recovery in the agricultural sector, private consumption, and rural demand, despite a challenging global environment.
   • Tell me more
     • India’s growth is expected to remain strong over the medium term, averaging 6.7% in FY26-FY27. Private investment is anticipated to pick up, partially offsetting a marginal moderation in industry. Services are expected to remain robust.
     • India showed “extraordinary resilience against challenging external conditions” and grew at 8.2% in FY24, the fastest among major economies.
     • The World Bank’s projection aligns with the upward revisions by the IMF, ADB, and Moody’s for India’s GDP growth in FY25.

Source: ET

Defence News

1. Cabinet Approves Purchase of 240 Aero-Engines for IAF
   • What
     • The Cabinet Committee on Security approved the procurement of 240 aero-engines (AL-31FP) for the Su-30 MKI aircraft of the Indian Air Force (IAF).
   • Why
     • The purchase aims to sustain the operational capability of the IAF and strengthen national defense preparedness.
   • Tell me more
     • The contract is valued at over Rs 26,000 crore and includes all taxes and duties.
     • Delivery of the engines will begin after one year and be completed over eight years.
     • The engines will have over 54% indigenous content due to the indigenization of key components and will be manufactured at the Koraput division of Hindustan Aeronautics Limited (HAL).

Source: BS

Awards

1. Nuñez and Ferrand Awarded Olympic Order for Contributions
   • What
     • Laurent Nuñez and Nicolas Ferrand have been awarded the Olympic Order for their significant roles in ensuring the safety and successful preparation for the Paris 2024 Olympic Games.
   • Tell me more
     • Nuñez, as the Prefect of Police, managed security challenges effectively, ensuring a safe environment for visitors.
     • Ferrand, head of SOLIDEO, oversaw the construction of Olympic infrastructure, meeting ambitious standards without budget overruns.

Source: OC

Sports

1. Charles Leclerc wins Italian F1 GP
   • Charles Leclerc (Monacan motorsports racing driver) won the Italian F1 Grand Prix.
     Source: TG
2. Lord’s to Host 2025 World Test Championship Final
   • What
     • The International Cricket Council (ICC) has announced that the iconic Lord’s Cricket Ground in London will host the third World Test Championship (WTC) final from June 11-15, 2025.
   • Tell me more
     • Lord’s will be hosting the WTC final for the first time, with the previous two finals being held at Southampton (2021) and The Oval (2023).
     • Currently, India is leading the WTC points table, followed by reigning champion Australia. The two teams are set to face each other in a five-match away series later this year.
       Source: TH
3. NorthEast United FC Wins First Durand Cup Title
   • NorthEast United FC claimed their first Durand Cup title by defeating Mohun Bagan.
   • The match took place at Salt Lake Stadium in Kolkata.
   • NorthEast United FC was established a decade ago and is owned by actor John Abraham.
     Source: TOI
4. Paris 2024 Paralympics
   • Sumit Antil defended his gold medal in the Men’s Javelin Throw F64 category with a throw of 70.59 meters.
   • Sharad Kumar and Mariyappan Thangavelu won the silver and bronze medals, respectively, in the men’s high jump T63 class.
   • Thulasimathi Murugesan and Manisha Ramadass won silver and bronze medals, respectively, in badminton SU5 class.
   • Suhas Yathiraj won the silver medal in the men’s singles badminton SL4 class.
   • Sheetal Devi and Rakesh Kumar clinched the bronze medal in the mixed compound open archery event.
   • Deepthi Jeevanji won the bronze medal in women’s 400m T20 final.
   • Till now, India has won 16 medals – three gold, five silver and eight bronze – at the ongoing edition.
     Source: TH OC OC OC TH

Appointments

1. Hindustan Aeronautics Limited’s New CMD Dr DK Sunil
   • Dr. DK Sunil took over as the Chairman and Managing Director (Additional Charge) of Hindustan Aeronautics Limited (HAL) on September 1, 2024.
     Source: ZB
2. IAS Officer Amrit Lal Meena Appointed as Chief Secretary of Bihar
   • In Bihar, senior IAS officer Amrit Lal Meena has been appointed the new Chief Secretary of the state.
     Source: NOA
3. Alia Bhatt Becomes Global Brand Ambassador for L’Oreal
   • L’Oreal Paris has appointed Bollywood actress Alia Bhatt as its new global brand ambassador.
   • Alia Bhatt joins a diverse group of L’Oreal ambassadors, including Viola Davis, Jane Fonda, and Kendall Jenner.
     Source: ET
4. Philips Appoints Bharath Sesha as India Managing Director
   • Dutch multinational conglomerate Philips has appointed Bharath Sesha as the new Managing Director for India, effective September 1.
     Source: BS

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