Weekly Current Affairs June 2024 Points to Remember (25th to July 1st, 2024)

 

Current Affairs June 2024

Read this post to know about Weekly Current Affairs in short for the Week June 25th to 01st July, 2024. If you’re getting ready for entrance exams in India, it’s really important to know what’s happening around you. Whether you want to study UPSC, SSC, Bank Exams, Defence Exams or something else, keeping up with current events is a must. The exams often have questions about what’s going on in the world – like news about our country, other countries, or new discoveries. Being aware of these things not only helps you do well in the exams but also makes you smarter in general. It’s like having a wider view of the world, which is good for interviews and discussions too. So, it’s not just about passing the exams but also about being informed and ready for whatever comes your way.

In this post, you can see the headlines of current happenings categorised for your convenience. The categories of weekly current affairs of Week 4 of June are given below:

 

• Section A: INDIA
• Section B: INDIA & THE WORLD
• Section C: WORLD
• Section D: SCIENCE & TECHNOLOGY
• Section E: AWARDS
• Section F: BANKING & FINANCE
• Section G: ECONOMY
• Section H: CORPORATE
• Section I: STATES
• Section J: SPORTS

 
Weekly Current Affairs Update

For the Week: June 25 to July 1, 2024

HEADLINES

 

 

Section A: INDIA

• New criminal laws come into effect
• IIRF University Rankings 2024 released
• Largest museum in the world to be built in Delhi
• 3rd quarter (Q3) of 9th edition of Swachh Survekshan 2024 launched
• 3 initiatives launched at आयुष्मान भारत, गुणवत्त स्वास्थ्य event
• MoHUA rolls out Safai Apnao, Bimaari Bhagao initiative under SBM-U 2.0
• STOP Diarrhoea campaign launched
• Govt to make printouts must for breathalyser equipment
• Sangyaan app launched to aid RPF personnel on new laws in railway protection operations
• One in 2 Indian adults unfit, inactive: Lancet
• High Speed Expendable Aerial Target ‘ABHYAS’ completes developmental trials
• Rahul Gandhi to be Leader of Opposition in Lok Sabha
• JP Nadda replaces Piyush Goyal as leader of House in RS
• IB chief gets 1-year extension
• Om Birla re-elected as Speaker of Lok Sabha
• Muchkund Dubey, veteran diplomat & former foreign secretary, dies at 90
• 3 books on former Vice President M. Venkaiah Naidu released

 

Section B: INDIA & THE WORLD

• 70th anniversary of Panchsheel observed
• World Bank approves $1.5bn financing for green H2 projects in India
• 10th Meeting of BRICS Environment Ministers held in Russia
• Vikram Misri appointed next foreign secretary
• External Affairs Minister S. Jaishankar meets with Myanmar’s Foreign Minister
• SAARC Currency Swap framework revised
• Nepal’s PM repeats claims on Indian and in Uttarakhand
• Sri Lankan Navy sailor dies during pursuit of Indian boat; 10 Tamil Nadu fishermen held
• India, Pak. delegations in J&K to inspect power projects under Indus Water Treaty
• India gained via info sharing with 171 countries: OECD
• EAM S. Jaishankar meets Qatar’s PM, reviews bilateral relations
• Centre extends validity of FCRA registration of NGOs till Sept 30
• India contributes 1.16 Million Dollars to the UN for promotion of Hindi
• Paraguay becomes 100th member of International Solar Alliance
• Veteran Sri Lankan Tamil leader R. Sampanthan dead

 

Section C: WORLD

• Iran to hold runoff presidential election
• Parliamentary elections held in Mongolia
• Kenya’s President withdraws planned tax hikes
• Flatulent cows and pigs will face a carbon tax in Denmark, a world first
• In world 1st, Finland to give anti-bird flu vaccine to humans
• Israeli SC orders army to draft ultra-Orthodox men
• UN unveils principles to combat misinformation
• Attack on religious sites in Russia’s Dagestan kills 20
• Hurricane Beryl near Caribbean
• Day of the Seafarer observed on June 25
• International Day for Women in Diplomacy observed on June 24
• International Day against Drug Abuse & Illicit Trafficking observed on June 26
• International Day in Support of Victims of Torture observed on June 26
• Micro-, Small and Medium-sized Enterprises Day observed on June 27
• International Day of the Tropics celebrated on June 29
• International Asteroid Day observed on June 30
• International Day of Parliamentarism observed on June 30
• WikiLeaks founder Julian Assange freed
• Von der Leyen to get 2nd term as European Commission President
• Dutch PM Mark Rutte named new secretary general of NATO
• ICC issues arrest warrant for ex-Russia defence minister
• ‘Pirates of the Caribbean actor’ dies in shark attack

 

Section D: SCIENCE & TECHNOLOGY

• China’s lunar probe returns with world’s 1ˢᵗ samples from far side of the moon
• NASA offers SpaceX $843 million to destroy the International Space Station
• Portals developed by ISRO launched
• DRDO hands over MR-MOCR to Indian Navy
• Quantum Security Research Lab inaugurated in Chennai
• Pilot project for Underground Coal Gasification launched in Jharkhand
• India identified 641 fauna species and 339 taxa of plants in 2023
• MoD inks deal for building miniature satellite for IAF

 

Section E: AWARDS

• Arundhati Roy awarded UK’s PEN Pinter Prize
• Sanjana Thakur wins 2024 Commonwealth Short Story Prize
• Dr Usha Thakur Awarded 12th Vishwa Hindi Samman in Kathmandu

 

Section F: BANKING & FINANCE 

• RBI unveils financial stability report
• Interest rates on small savings plans to stay unchanged for Sept quarter
• Portal for faster bank settlements of farmers’ interest subvention claims launched
• Bank of Baroda unveils study on forex spends by Indians
• Union Bank of India launched “Union Premier” Branches
• National Insurance Awareness Day celebrated on June 28
• Basic demat a/c limit raised to ₹ 10 lakh
• SEBI eases delisting norms, tightens finfluencer rules
• Sensex tops 79k for the 1st time
• Quant Mutual Fund report SEBI investigation
• ICICI Bank gets market capitalisation of $100 billion
• FSIB names next chairman of SBI
• Government names Girija Subramanian as CMD of New India Assurance Company

 

Section G: ECONOMY

• Ministry of Statistics & Programme Implementation launches eSankhyiki portal
• SDGs – National Indicator Framework Progress Report, 2024 released
• Interest equalisation scheme extended for MSME exporters
• Govt panel to finalise new base year for GDP
• Statistics Day celebrated on June 29
• Amended Telecommunication Mobile Number Portability regulation comes into force
• Exchange Rate Automation Module (ERAM) by CBIC to come into effect on July 4
• Udyami Bharat – MSME Day
• Financial Action Task Force places India in ‘regular follow-up’ category
• India, US extend 2% Digital Tax Pact on e-commerce till June 30
• Global debut: Indian govt bonds enter JP Morgan’s index
• Foreign exchange reserves rise to $653.7 billion
• Eight core infrastructure industries grew 6.3% in May
• ESOPs by MNCs to Indian staff won’t attract GST
• Spectrum auction ends in 2 days, fetches ₹11k cr
• Madras HC sets aside sales ban on online pharmacies
• External debt up 6% to $663.8 billion in FY24
• Overseas Indians sent back home $107 billion remittances in FY24
• Govt auctions 21 critical mineral blocks worth ₹83,000 cr
• Mines Ministry annuls auction of 14 of 18 critical mineral blocks
• Current a/c surplus in March quarter
• Wheat stock limits back to curb hoarding
• Ravi Agrawal to be new CBDT chief

 

Section H: CORPORATE

• Tata Group retains India’s most valued brand title
• Dialog Axiata completes Airtel Lanka acquisition
• UltraTech to buy 23% in India Cements
• JSW Infrastructure to buy Navkar Corp from promoter family
• Dr Reddy’s to buy UK co’s nicotine gum business
• Adani, Thales to manufacture 70mm rockets
• Zomato introduces Restaurant Services Hub
• EU charges MS with antitrust violations over Teams bundling
• Apple becomes the first target of EU’s new digital competition rules
• Stanley Lifestyles lists
• JSW Group marks 100 years of India’s Olympic journey
• Prosus writes off 9.6% Byju’s stake, logs $493m Loss
• Zee MD Punit Goenka buys majority stake in Maverick
• MRSI elects Nitin Kamat as new President

 

 

 

 

 

Section I: STATES

• P. Cabinet clears Ordinance to curb exam paper leaks
• SC upholds ruling nixing Haryana order to grant extra marks to state domiciles
• Maharashtra: Mukhya Mantri Teerth Darshan Yojana
• Unanimous Assembly resolution by Tamil Nadu to scrap NEET
• Tamil Nadu Assembly adopts resolution for Centre to take up caste-wise census
• January 25 will be observed as Tamil language martyrs’ day
• N. to allow regulated culling of wild boars in fields close to forest
• AERA approves 50% hike in user fees at Thiruvananthapuram airport
• Haryana govt increases reservation for OBC category from 15% to 27%
• Ladakh: Indian Army opens Khalubar War Memorial to tourists
• 5 soldiers in tank swept away in Ladakh floods
• Srinagar gets tag of ‘World Craft City’, fourth from country
• Chadwick House in Shimla gets makeover as CAG museum
• L-G dissolves Delhi govt. think tank
• Nagaland holds civic polls after 2 decades
• P. Ministers to pay income tax as old rule gets revoked
• Kerala assembly moves to rename state ‘Keralam’
• Maharashtra: Sujata Saunik appointed first woman chief secretary

 

Section J: SPORTS

• ICC Men’s T20 World Cup
• Formula One Austrian Grand Prix
• Dutch MotoGP sprint
• Tennis tournaments
• IOA hikes monetary awards for Paris Olympics medallists
• WTT Contender Lagos
• Co-inventor of DLS, Frank Duckworth passes away at 84

 
 

Section A: INDIA

 

New criminal laws come into effect

Three new criminal laws came into effect on July 1, 2024.

 

The Bharatiya Nyaya Sanhita (BNS), the Bharatiya Nagrik Suraksha Sanhita (BNSS), and the Bharatiya Sakshya Adhiniyam (BSA), passed in Parliament last December, will replace the Indian Penal Code (IPC), 1860, the Criminal Procedure Code (CrPC), 1973, and the Indian Evidence Act, 1872 respectively.

 

The three new laws received Parliament’s nod on December 21, 2023. President Droupadi Murmu gave her assent on December 25, 2023, and was published in the official gazette on the same day.

 

Bharatiya Nyaya Sanhita

Bharatiya Nyaya Sanhita has introduced a new chapter titled ‘Crimes against Women and Children’ to deal with sexual crimes.

 

Regarding the offence of mob lynching, BNS adds murder or grievous hurt by five or more people on specified grounds, as an offence.  These grounds include race, caste, sex, language, or personal belief.  The punishment for such murder is life imprisonment or death.

 

Provisions related to the gang rape of a minor woman will become consistent with the Protection of Children from Sexual Offences Act (POCSO), and a provision has been made for life imprisonment or death penalty in the case of girls below 18 years of age.

 

There is the provision of 20 years imprisonment or life imprisonment in all cases of gang rape and the new crime category of gang rape of a woman under 18 years of age in the Sanhita. The Sanhita provides targeted penalties for persons fraudulently engaging in sexual intercourse or promising to marry without true intention to marry.

 

Terrorism has been defined for the first time in the Bharatiya Nyaya Sanhita, and it has been made a punishable offence. The new provisions include armed rebellion, subversive activities, separatist activities or any act threatening the sovereignty or unity and integrity of India. Small organized crimes have also been criminalized, punishable with imprisonment of up to seven years.

 

Bharatiya Nagrik Suraksha Sanhita

A significant change in the Bharatiya Nagrik Suraksha Sanhita (BNSS) is the expansion of detention in police custody from the 15-day limit in the CrPC to up to 90 days. According to Section 167(2) of the CrPC, an accused had to be sent to judicial custody (prison) after a maximum of 15 days in police custody. This was intended to incentivise the police to complete investigations in a time-bound manner, and curtail the likelihood of custodial torture and forced confessions.

 

The BNSS also removes the provision for statutory bail if an accused has more than one offence against his name. Under the CrPC, an accused could be granted statutory bail if he has served at least half of the maximum sentence prescribed for the offence. This was to ensure that trials do not take forever, and when they do, the accused does not suffer continued incarceration for no fault of his.

 

BNSS mandates forensic investigation for offences punishable with seven years of imprisonment or more.  Forensic experts will visit crime scenes to collect forensic evidence and record the process.

 

Public interface to highlight key features

Coinciding with commencement of the three new criminal laws on July 1, the officer-in-charge of each police station in the country will organise a public interface to highlight the key features of and the intent behind enactment of BNS, BNSS and BSA. The aim is to spread awareness regarding the two key objectives behind replacement of the British-era IPC, CrPC and Indian Evidence Act with the new criminal laws – ‘Citizens First, Dignity First and Justice First’ and replacement of ‘danda’ (baton) with ‘data’ as a policing tool.

 

IIRF University Rankings 2024 released

The Indian Institutional Ranking Framework (IIRF) has released the rankings for top universities in India for 2024.

 

The IIRF has segregated the universities in India into Central Government Universities, State Government Universities, Deemed Universities, and State Private Universities as per UGC.

 

As per the IIRF, the rankings are based on 7 key parameters:

• Placement Performance (PP)
• Teaching Learning Resources & Pedagogy (TLRP)
• Research (Volume, Income, and Reputation) (RS)
• Industry Income and Integration (III)
• Placement Strategies & Support (PSS)
• Future Orientation (FO)
• External Perception & International Outlook (EPIO)

 

Top 10 central universities in India in 2024:

• RANK 1: Jawaharlal Nehru University, Delhi (JNU)
• RANK 2: DU – University of Delhi
• RANK 3: BHU – Banaras Hindu University
• RANK 4: JMI – Jamia Millia Islamia
• RANK 5: AMU – Aligarh Muslim University
• RANK 6: UoH – University of Hyderabad
• RANK 7: Dr Rajendra Prasad Central Agricultural University
• RANK 8: Pondicherry University
• RANK 9: CUP – Central University of Punjab
• RANK 10: CURAJ – Central University of Rajasthan

 

Largest museum in the world to be built in Delhi

Ministry of Culture organised a four-day inter-ministerial stakeholder consultation and capacity building workshop for upcoming Yuga Yugeen Bharat (The timeless and eternal India) Museum, slated to be built in the North and South Block as part of the Central Vista Redevelopment Project in New Delhi. The workshop was held from June 26 to 29, 2024 at Bharat Mandapam in New Delhi. The final day of the deliberation was attended by the Union Minister for Culture and Tourism, Gajendra Singh Shekhawat and Dr. Thierry Mathou, French Ambassador to India.

 

The museum will be spread over 1,54,000 sqm, making it the largest museum in the world. The video walk through for the museum was first unveiled by the Prime Minister Narendra Modi at the inauguration of the first International Museum Expo organized by the GLAM (Galleries, Libraries, Archives and Museums) Division of the Ministry of Culture on 18.05.2023 and was reiterated during the inauguration of the Bharat Mandapam in July 2023.

 

The Museum will be developed through Adaptive Reuse, in collaboration with France owing to their expertise in similar projects such as the Louvre.

 

3rd quarter (Q3) of 9th edition of Swachh Survekshan 2024 launched

Ministry of Housing and Urban Affairs (MoHUA) has launched the 3rd quarter (Q3) of 9th edition of Swachh Survekshan 2024. The 3rd phase of the survey will centre on evaluating the entire value chain of waste management at Bulk Waste Generators (BWGs). The comprehensive Swachh Survekshan comprises of assessment in 4 quarters. The first two include telephonic feedback from citizens on various parameters of city cleanliness, the third quarter focuses on assessment of processing facilities, while the 4th quarter highlights field assessment on all indicators. Spanning four quarters, the quarter 4 of Swachh Survekshan 2024 is expected to roll out around Sept – Oct., 2024.

 

3 initiatives launched at आयुष्मान भारत, गुणवत्त स्वास्थ्य event

Union Ministers of State for Health and Family Welfare, Prataprao Ganpatrao Jadhav and Anupriya Singh Patel unveiled three initiatives at the आयुष्मान भारत, गुणवत्त स्वास्थ्य event in New Delhi on June 28, 2024. These are aimed at improving the quality of healthcare services and promoting the ease of doing business in India.

 

NQAS for IPHL

Launch of National Quality Assurance Standards (NQAS) for Integrated Public Health Laboratories (IPHL) will improve the quality and competence of management and testing systems in IPHLs which will positively impact the reliability of test results and help gain the trust of clinicians, patients and the public regarding lab outputs. IPHL are an important component of the PM-Ayushman Bharat Health Infrastructure Mission (PM-ABHIM). These laboratories ensure accessibility, efficiency, and quality in diagnostic services, which are fundamental to effective healthcare delivery.

 

FoSCoS

The launch of the spot food licence initiative will facilitate the instant issuance of licenses and registrations through the Food Safety and Compliance System (FoSCoS). FoSCoS is a pan-India IT platform designed to address all food safety regulatory needs. This system simplifies the licensing and registration processes.

 

Virtual NQAS assessment for AAMs

The launch of new virtual National Quality Assurance Standards (NQAS) assessment for Ayushman Arogya Mandirs (AAM) represents a significant innovation in the quality assurance framework for public health facilities. Under the Ayushman Bharat scheme, AAMs have been established to provide comprehensive, accessible healthcare services for all citizens.

 

MoHUA rolls out Safai Apnao, Bimaari Bhagao initiative under SBM-U 2.0

Recognizing the critical importance of proactive measures to mitigate health risks associated with monsoon, the Swachh Bharat Mission-Urban 2.0 under the aegis of the Ministry of Housing and Urban Affairs (MoHUA), is conducting the Safai Apnao, Bimaari Bhagao (SABB) initiative from July 1 to August 31, 2024. This initiative seeks to enhance the preparedness of Urban Local Bodies, ensuring they are well-equipped to handle the challenges posed by heavy rainfall and heightened health risks during the months of June to August. The initiative seeks a collaborative effort among various line Ministries and Departments and inter-sectoral convergence to deal with the multifaceted challenges associated with cleanliness and diseases during the monsoon season. The need of the hour is to ensure a comprehensive approach through various initiatives around cleanliness and sanitation in the ULBs.

 

STOP Diarrhoea campaign launched

Union Health Minister JP Nadda launched a two-month STOP Diarrhoea campaign (‘Diarrhoea ki Roktham, Safai aur ORS se rakhen apna dhyaan’), aimed at attaining zero deaths due to childhood diarrhoea, on June 24, 2024. While the existing diarrhoea strategy entailed a two-week campaign with pre-positioning of Oral Rehydration Solution (ORS) to children under the age of five and limited IEC (Information, Education and Communication), the new strategy involves a two-month campaign with pre-positioning of two ORS packets and zinc as a co-packaging to these children.

 

Govt to make printouts must for breathalyser equipment

The govt on June 28, 2024 issued a set of draft rules for improving the accuracy and reliability of breath analyser equipment, a move that will help law enforcement agencies in curbing incidents of drunken driving and also largely address the growing instances of commuters challenging drunk driving challans.

As per the draft notification of the consumer affairs department, instruments need to comply with specifications such as displaying only the final measurement result, including a printer to record results and ensuring the device does not operate without paper, providing additional printed information along with the blood alcohol concentration result, and reporting results in different formats, such as blood alcohol concentration in blood.

 

The new breath analysers will need to be verified and stamped according to the Legal Metrology Act while equipment that are under use will need to be verified and stamped within one year from the date of final notification. “This verification protects individuals from wrongful penalties due to faulty equipment and helps maintain the integrity of legal and workplace policies,” the department said.

 

Sangyaan app launched to aid RPF personnel on new laws in railway protection operations

The Director General of Railway Protection Force (RPF) Manoj Yadava on June 27, 2024 launched the mobile application Sangyaan designed and developed by the Tech Team of RPF to provide in-depth information on three new Criminal Acts: the Bharatiya Nyaya Sanhita (BNS) 2023, the Bharatiya Nagarik Suraksha Sanhita (BNSS) 2023, and the Bharatiya Sakshya Adhiniyam (BSA) 2023. Available in both Android and iOS, Sangyaan app aims to educate and empower RPF personnel by providing comprehensive information to understand the provisions of both new and old criminal laws, while highlighting the relevance of these new acts in the context of RPF operations.

 

One in 2 Indian adults unfit, inactive: Lancet

Nearly 50% of Indian adults are unfit and fail to adhere to World Health Organisation (WHO) recommendations for adequate physical activity, says a study published in medical journal The Lancet Global Health. The research, conducted across 197 countries from 2000 to 2022, also showed a gender skew — 52.6% of women were found to be physically inactive, against 38.4% men. WHO guidelines recommend “150 minutes of moderate-intensity or 75 minutes of vigorous-intensity physical activity, or equivalent, per week”.

 

High Speed Expendable Aerial Target ‘ABHYAS’ completes developmental trials

Defence Research and Development Organisation (DRDO) has successfully completed six consecutive developmental trials of High Speed Expendable Aerial Target (HEAT) ‘ABHYAS’ with improved booster configuration from the Integrated Test Range (ITR), Chandipur, Odisha. With this, ABHYAS has successfully completed 10 developmental trials demonstrating the reliability of the system. This was stated in a press note issued by the Ministry of Defence on June 27, 2024.

 

The trials were carried out with improved Radar Cross Section, Visual and Infrared augmentation systems. During the trials, various mission objectives covering safe release of booster, launcher clearance, and endurance performance were successfully validated. Two launches were conducted back-to-back within a gap of 30 minutes, demonstrating the ease of operation with minimum logistics. Representatives from the Services witnessed the flight trials.

 

ABHYAS has been designed by DRDO’s Aeronautical Development Establishment, Bengaluru, and developed through Production Agencies – Hindustan Aeronautics Limited & Larsen & Toubro.  It offers a realistic threat scenario for weapon systems practice. This indigenous system is designed for autonomous flying with the help of an auto pilot, a laptop-based Ground Control System for aircraft integration, pre-flight checks, and autonomous flight. It also has a feature to record data during flight for post-flight analysis. The booster has been designed by Advanced Systems Laboratory and the navigation system by Research Centre Imarat. With identified production agencies, ABHYAS is now ready for production.

NEWSMAKERS

 

Rahul Gandhi to be Leader of Opposition in Lok Sabha

Rahul Gandhi will be the Leader of the Opposition (LoP) in the Lok Sabha, the Congress announced on June 25, 2024. The announcement was made after a meeting of the floor leaders of the Indian National Developmental, Inclusive Alliance (INDIA) grouping at Congress president Mallikarjun Kharge’s official residence. The decision came on a day when Gandhi took oath as an MP for the fifth consecutive term. This is the first constitutional position that he would be holding in his 20-year-old political career. The LoP, enjoying the rank of a Cabinet Minister, is also on the selection panel for key official appointments such as Election Commissioner, Central Bureau of Investigation (CBI) Director, Central Vigilance Commissioner and National Human Rights Commission chief.

 

JP Nadda replaces Piyush Goyal as leader of House in RS

Union health minister and BJP’s national president J P Nadda has been appointed leader of the House in Rajya Sabha, replacing Union minister Piyush Goyal, who has been elected to Lok Sabha from Mumbai North constituency. Nadda, currently a member of Rajya Sabha from Gujarat, is in charge of ministries of health and family welfare as well as that of chemicals and fertilizers. Besides him, 11 other members of the Upper House of Parliament are in the Union council of ministers. Congress president Mallikarjun Kharge remains the leader of the Opposition in the Rajya Sabha. Nadda was the health minister in the BJP govt from 2014-19.

 

IB chief gets 1-year extension

The Centre on June 24, 2024 announced a one-year extension for Intelligence Bureau director Tapan Kumar Deka until June 30, 2025. This comes close on the heels of national security adviser Ajit Doval’s reappointment as the national security adviser for a period co-terminus with that of the Narendra Modi govt. Deka, a 1988 batch IPS officer belonging to Himachal Pradesh cadre, was appointed its director in June 2022. He has served in different security theatres, including LWE-hit areas, through his career in the premier central intelligence agency. The Centre also gave a year’s extension to secretary general of the National Human Rights Commission (NHRC) Bharat Lal. Arun Kumar Mishra is the Chairperson of NHRC.

 

Om Birla re-elected as Speaker of Lok Sabha

Om Birla was elected as Speaker of Lok Sabha for the second consecutive term through voice vote on June 26, 2024. His name for the post was proposed by the BJP-led National Democratic Alliance (NDA). Birla, a third time MP from Kota (Rakasthan), is the sixth speaker elected for second term and second elected after completing full five years term. He is the first Speaker after Balram Jakhar, who was in the Chair between 1980 and 1989, to get another term after serving a full tenure.

 

Muchkund Dubey, veteran diplomat & former foreign secretary, dies at 90

Veteran diplomat and former foreign secretary Muchkund Dubey, 90, died on June 26, 2024 in New Delhi. Dubey joined Jawaharlal Nehru University as a professor after retirement. Born in Jharkhand’s Deoghar (then in undivided Bihar) in 1933, Dubey studied economics at Patna, Oxford and New York universities. He joined foreign services in 1957, and served as India’s high commissioner to Bangladesh, as permanent representative to UN in Geneva, and as the Indian member on the Unesco executive board.

 

3 books on former Vice President M. Venkaiah Naidu released

Prime Minister Narendra Modi released three books on the life and journey of former Vice President of India, M. Venkaiah Naidu on the eve of his 75th birthday via video conferencing on June 30, 2024. The books released by the Prime Minister include (i)  Biography of the former Vice President titled “Venkaiah Naidu – Life in Service” authored by S. Nagesh Kumar, former Resident Editor of The Hindu, Hyderabad edition; (ii) “Celebrating Bharat – The Mission and Message of M Venkaiah Naidu as 13th Vice–President of India”, a Photo chronicle compiled by Dr I. V. Subba Rao, Former Secretary to Vice-President of India; and (iii) Pictorial biography in Telugu titled “Mahaneta – Life and Journey of M. Venkaiah Naidu” authored by Sanjay Kishore.
 
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Section B: INDIA & THE WORLD

 

70^th anniversary of Panchsheel observed

Chinese President Xi Jinping on June 28, 2024 highlighted the relevance of the Five Principles of Peaceful Coexistence, termed as Panchsheel by India, at a conference in Beijing to mark its 70th anniversary.

 

The Panchsheel pointers were first formally enunciated in the Agreement on Trade and Intercourse between the Tibet region of China and India signed on April 29, 1954, according to the MEA.

 

The five principles formed part of the legacy of the then PM Jawaharlal Nehru and his Chinese counterpart Zhou Enlai in their unsuccessful quest to find a solution to the vexed boundary issue.

 

World Bank approves $1.5bn financing for green H2 projects in India

The World Bank’s Board has approved $1.5 billion loans to help India accelerate the development of low-carbon energy. The operation will seek to promote the development of a vibrant market for green hydrogen, continue to scale up renewable energy, and stimulate finance for low-carbon energy investments, according to the multilateral agency.

 

The programme will support reforms to boost the production of green hydrogen and electrolyzers. It also supports reforms to boost renewable energy penetration, for instance, by incentivising battery energy storage solutions and amending the Indian Electricity Grid Code to improve renewable energy integration into the grid. The financing includes a $1.46 billion loan from International Bank for Reconstruction and Development (IBRD) and a $31.5 million credit from International Development Association (IDA).

“The World Bank is pleased to continue supporting India’s low-carbon development strategy which will help achieve the country’s net-zero target while creating clean energy jobs in the private sector,” said Auguste Tano Kouame, World Bank Country Director for India.

 

10th Meeting of BRICS Environment Ministers held in Russia

The 10th Meeting of BRICS Environment Ministers was held in hybrid format under the Chairship of the Russian Federation on June 18, 2024 and it was participated virtually by Union Minister of Environment, Forest, and Climate Change, Bhupender Yadav. Yadav stressed that the Developing Countries need a level playing field, and asked the Developed Countries to fulfill their obligations for means of implementation, including finances promised at UNFCCC COP and CBD COP. He cautioned that climate finance should not be seen as a means of investment.

 

Vikram Misri appointed next foreign secretary

Govt on June 28, 2024 announced deputy NSA Vikram Misri, an IFS officer of 1989 batch, will take over as foreign secretary from incumbent Vinay Kwatra on July 15. Before joining as deputy NSA, Misri served as ambassador to China from early 2019 to 2021. Misri handled relations with Beijing during one of the most tumultuous periods in the bilateral ties in recent times that saw the eruption of the ongoing military standoff in eastern Ladakh in May 2000 and the subsequent Galwan clash from which the relationship is yet to recover. Misri has worked as private secretary to three PMs — I K Gujral, Manmohan Singh and Narendra Modi.

 

External Affairs Minister S. Jaishankar meets with Myanmar’s Foreign Minister

External Affairs Minister S. Jaishankar met with Myanmar’s Foreign Minister U. Than Shwe as the latter transited through Delhi on his way to Tehran for the 19th Asia Cooperation Dialogue held on June 23-24, 2024. The meeting acquires significance as it materialised in the backdrop of the fast deteriorating security scenario in Myanmar where the military rulers are facing a tough resistance from the Ethnic Armed Organisations (EAOs). Myanmar’s international borders with Thailand, Bangladesh, India and China in recent months have come under the control of EAOs.

 

SAARC Currency Swap framework revised

The RBI has put in place a revised framework on currency-swap arrangements for countries within South Asian Association for Regional Cooperation (SAARC) grouping for 2024-2027. “A separate rupee swap window has been introduced with various concessions for swap support in Indian rupee. The total corpus of the rupee support is ₹250 billion (₹25,000 crore),” the RBI said.

 

Nepal’s PM repeats claims on Indian and in Uttarakhand

Nepal Prime Minister Pushpa Kamal Dahal ‘Prachanda’ on June 25, 2024 said that his government is clear and determined that all territories east of Mahakali River, including Limpiyadhura, Kalapani and Lipu pass, come under Nepalese territories.

 

Prachanda made the remarks while responding to queries raised by lawmakers during the discussion on headings of the Foreign Ministry under the Appropriation Bill, 2081 in the House of Representatives.

 

He recalled that as per the Sugauli Treaty signed between Nepal and East India Company government in 1816, these territories belong to Nepal and a political map incorporating these territories has also been published.

 

Nepal unveiled its new political map with the inclusion of Lipulek, Kalapani and Limpiyadhura areas within its territory in 2020 during the government led by K. P. Sharma Oli. It was later endorsed by Parliament unanimously.

 

After Nepal released the map, India reacted sharply, calling it a “unilateral act” and cautioning Kathmandu that such “artificial enlargement” of territorial claims will not be acceptable to it. India maintains Lipulekh, Kalapani and Limpiyadhura belong to it.

 

The Nepal government replaced the old map used in all the official documents with the new map despite India’s objection.

 

Nepal shares a border of over 1,850-km with five Indian States – Sikkim, West Bengal, Bihar, Uttar Pradesh and Uttarakhand.

 

Sri Lankan Navy sailor dies during pursuit of Indian boat; 10 Tamil Nadu fishermen held

A sailor from the Sri Lankan Navy was killed in an operation targeting Indian fishermen and their fishing vessel on June 25, 2024, according to Sri Lankan authorities.

 

As many as 10 Indian fishermen — seven from Nagapattinam, one from Cuddalore in Tamil Nadu and two from Andhra Pradesh — were arrested on charges of illegal fishing in Sri Lankan waters, off Kankesanthurai, in the Jaffna peninsula. The bottom trawler they used was seized.

 

Following this, Tamil Nadu Chief Minister M.K. Stalin wrote to Union Minister for External Affairs S. Jaishankar, requesting that he convene the Joint Working Group to secure the release of all the fishermen and their fishing boats from Lankan custody.

 

India, Pak. delegations in J&K to inspect power projects under Indus Water Treaty

A Pakistani delegation arrived in Jammu on June 23, 2024 as part of the Neutral Expert proceedings to inspect two hydroelectric power projects in Jammu and Kashmir under the Indus Water Treaty (IWT). The delegation inspected Kishenganga and Ratle hydroelectric power projects in Chenab valley during their stay in the Union Territory.

 

The Kishanganga Hydroelectric Project is a run-of-the-river hydroelectric scheme in J&K. Its dam diverts water from the Kishanganga River to a power plant in the Jhelum River basin.

 

Ratle Hydoelectric Project (850 MW), is a Run of River Scheme located on River Chenab at village Drabshalla, district Kishtwar, J&K.

 

Indus Water Treaty

The treaty signed between India and Pakistan in 1960 allocates water from Sutlej, Beas and Ravi–all the eastern rivers for India’s unrestricted use. The treaty was signed in Karachi on September 19, 1960 by Prime Minister of India Jawaharlal Nehru and President of Pakistan Ayub Khan.

 

The term “Eastern Rivers” means The Sutlej, The Beas and The Ravi taken together. The term ‘Western Rivers” means The Indus, The Jhelum and The Chenab taken together.

 

The treaty gives India the right to generate hydroelectricity through projects generated on the Western rivers, subjected to specific design and operation criteria. At the same time, it permits Pakistan to object to any Indian design on projects that do not meet the criteria.

 

According to Article IX of the treaty that deals with the “Settlement of Differences and Disputes”, there are three possible steps to decide on objections raised by either side: working within the “Permanent Indus Commission” (PIC) of the Indian and Pakistani delegation of water experts that meet regularly; consulting a World Bank-appointed neutral expert: or setting up a court process to adjudicate the case through the World Bank and the Permanent Court of Arbitrage (PCA).

 

On January 25, 2023, India issued a notice to Pakistan to change the IWT treaty due to its lack of cooperation.

 

Neutral Expert

In 2016, Pakistan initially objected to the designs of the Kishenganga and Ratle hydroelectric power projects. It had sought a settlement through a ‘neutral expert’. In legal terms, a neutral expert refers to someone who has special expertise to pass on an impartial judgment.

 

Pakistan later withdrew the request and sought intervention from a Court of Arbitration. India, on the other hand, wanted a solution through neutral expert proceedings only.

 

In October 2022, the World Bank appointed Michael Lino as the Neutral Expert and Sean Murphy as the chair of the Court of Arbitration. Following the appointment, there were two meetings, along with India’s refusal to join the Court of Arbitration.

 

India gained via info sharing with 171 countries: OECD

In 2023, the exchange of information mechanism spearheaded by the Organisation for Economic Cooperation and Development (OECD), which helps tax authorities detect crossborder tax evasion, enabled the Asian members of the Global Forum (including India), to identify at least 1.8 billion euros of tax revenue.

 

During the period 2009-2023, India and 12 other Asian member countries of the Global Forum, identified 21.8 billion euros in additional revenue (tax, interest and penalties) through the use of ‘exchange of information on request (EOIR)’ and ‘automatic exchange of information (AEOI)’, including voluntary disclosure programmes and offshore tax investigations.

 

The Global Forum’s report on ‘Tax Transparency in Asia (2024)’ released by the OECD on June 24, 2024, points out that most Asian members of the forum (the international body engaged in implementation of information exchange) have a network covering more than 140 countries. India has the widest network with an exchange of information relationship with 171 countries and is a significant gainer of this mechanism. China has a network of 166 countries and Singapore of 155 countries. As country-wise revenue data is confidential, the same was not shared.

 

Implementation of automatic exchange of information, has benefitted countries, including India – which, for instance, under the automatic route gets periodical data of bank account details from Switzerland. The report points out that Asian members who participate in AEOI also receive consequent information on financial assets held abroad by their tax residents. In 2023, these countries reported having received information on more than 51 million financial accounts covering assets of a total value of 3.7 trillion euros.

EAM S. Jaishankar meets Qatar’s PM, reviews bilateral relations

External Affairs Minister S. Jaishankar on June 30, 2024 met Qatar’s Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani in Doha and reviewed bilateral relations, with a focus on political, trade, investment, energy, technology, culture and people-to-people ties.

 

Centre extends validity of FCRA registration of NGOs till Sept 30

The Centre has granted three-month extension to validity of the FCRA registration of non-governmental organisations, renewal applications of which are pending, till September 30, 2024. In a public notice on June 29, 2024, the Ministry of Home Affairs (MHA) said the validity of the registration of those FCRA entities whose validity had been extended till June 30, 2024, and whose renewal application is pending, will stand extended up to September 30, 2024, or till the date of disposal of renewal application, whichever is earlier.

 

India contributes 1.16 Million Dollars to the UN for promotion of Hindi

India has made a contribution of 1.16 million dollars to the United Nations for the promotion of Hindi. R. Ravindra, the charge d’affaires of India’s Permanent Mission, handed over the cheque to Ian Phillips, the director of the News and Media Division of the UN’s Department of Global Communications (DGC) on June 27, 2024 for Hindi @ UN’ project to expand the use of Hindi in  the world organisation. India partnered with the DGC since 2018 when the Hindi @ UN project was launched to enhance the public outreach of the United Nations in the Hindi language, and to spread greater awareness about global issues among millions of Hindi-speaking people around the world. The United Nations produces an audio Hindi news bulletin every week on matters relating to the world organisation.

 

Paraguay becomes 100th member of International Solar Alliance

Paraguay has become the 100th country to join the International Solar Alliance (ISA) as a full member. The South American nation officially handed over its Instrument of Ratification to the ISA in New Delhi on June 26, 2024. The ceremony took place during a meeting between Paraguay’s Ambassador to India, Fleming Raul Duarte, and officials at the Ministry of External Affairs. The ISA, co-founded by India and France during the 2015 United Nations Climate Change Conference (COP21) in Paris, aims to promote solar energy deployment worldwide. It serves as a collaborative platform for member countries to increase energy access, ensure energy security, and drive the transition towards sustainable energy sources.

NEWSMAKERS

 

Veteran Sri Lankan Tamil leader R. Sampanthan dead

Veteran Sri Lankan Tamil leader Rajavarothiam Sampanthan, who dedicated his entire political life to pursuing a just solution to the island nation’s Tamil question, passed away in Colombo on June 30, 2024. He was 91. Sampanthan, a member of the Ilankai Tamil Arasu Katchi (ITAK), was a sitting MP from the eastern Trincomalee district. He led the Tamil National Alliance, the main grouping representing Tamils of the war-hit northern and eastern provinces of Sri Lanka. He was the Leader of the Opposition between 2015 and 2018.
 
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Section C: WORLD

 

NEWS ROUND UP

 

Iran to hold runoff presidential election

Iran will hold a runoff presidential election on July 5 pitting reformist Masoud Pezeshkian against hard-line former nuclear negotiator, Saeed Jalili. Voter turnout was less than 40%. Of the 24.5 million votes cast in the election on June 28, Pezeshkian got 10.4 million while Jalili received 9.4 million. Iranian law requires that a winner gets more than 50% of all votes cast. If not, the race’s top two candidates advance to a runoff a week later.

 

Parliamentary elections held in Mongolia

Parliamentary elections were held in Mongolia on June 28, 2024 to determine the composition of the State Great Khural. According to preliminary results, the ruling Mongolian People’s Party (MPP) of Prime Minister Luvsannamsrain Oyun-Erdene secured 35% of the vote and won 68 of the 126 seats. The vast sparsely populated nation of 3.4 million is sandwiched between China and Russia. The main opposition Democratic Party is likely to win 42 seats. The minor anti-corruption HUN party won eight. Voter turnout was 69.3% nationally.

 

Kenya’s President withdraws planned tax hikes

Kenya’s President William Ruto on June 26, 2024 withdrew planned tax hikes, bowing to pressure from protesters who had stormed parliament, launched demonstrations across the country and threatened more action. Ruto announced he would not sign a finance bill including the tax increases, a day after violent clashes between police and protesters at the assembly and nationwide left at least 23 people dead and scores wounded. The finance bill aimed to raise an additional $2.7 billion in taxes as part of a bid to lighten Kenya’s heavy debt load, with interest payments alone consuming 37% of annual revenue.

 

Flatulent cows and pigs will face a carbon tax in Denmark, a world first

Denmark will tax livestock farmers for the greenhouse gases emitted by their cows, sheep and pigs from 2030, the first country in the world to do so as it targets a major source of methane emissions, one of the most potent gases contributing to global warming. The aim is to reduce Danish greenhouse gas emissions by 70% from 1990 levels by 2030, said taxation minister Jeppe Bruus. Although carbon dioxide typically gets more attention for its role in climate change, methane traps about 87 times more heat on a 20-year timescale, according to the US National Oceanic and Atmospheric Administration. Livestock account for about 32% of human-caused methane emissions, says the UN Environment Program.

 

In world 1^st, Finland to give anti-bird flu vaccine to humans

Finland plans to offer preemptive bird flu vaccination as soon as next week to some workers with exposure to animals, health authorities said on June 25, 2024, making it the first country in the world to do so. The Nordic country has bought vaccines for 10,000 people, each consisting of two injections, from Australian manufacturer CSL Seqirus. The H5N1 strain of bird flu has killed or caused the culling of hundreds of millions of poultry globally in recent years and has increasingly been spreading to mammals and, in some cases, also to humans. Finland has not detected the virus in humans. However, the country is eager to roll out vaccinations given transmission risks posed by its fur farms. Widespread outbreaks of bird flu among mink and foxes at Finland’s mostly open-air fur farms led to the culling last year of some 485,000 animals.

 

Israeli SC orders army to draft ultra-Orthodox men

Israel’s Supreme Court on June 25, 2024 ruled unanimously that the military must begin drafting ultra-Orthodox men for compulsory service, a landmark decision that could affect the stability of PM Netanyahu’s governing coalition as Israel continues to wage war in Gaza. The ruling effectively puts an end to a decades-old system that granted ultra-Orthodox men broad exemptions from military service while maintaining mandatory enlistment for the country’s secular Jewish majority. The arrangement, deemed discriminatory by critics, has created a deep chasm in Israel’s Jewish majority over who should shoulder the burden of protecting the country. Politically powerful ultra-Orthodox parties, key partners in Netanyahu’s governing coalition, oppose any change to the current system.

 

UN unveils principles to combat misinformation

United Nations Secretary-General Antonio Guterres on June 24, 2024 unveiled a set of principles aimed at curbing the spread of online misinformation, disinformation, and hate speech. Titled the ‘United Nations Global Principles for Information Integrity’, these guidelines are designed to address the widespread harm caused by false information on digital platforms, the international body said. The principles are societal trust and resilience; independent, free and pluralistic media; transparency and research; public empowerment; and healthy incentives.

 

Attack on religious sites in Russia’s Dagestan kills 20

An attack by Islamist militants on Christian and Jewish houses of worship in Russia’s southern region of Dagestan killed 20 people, mostly police, on June 23, 2024. Dagestan’s regional capital of Makhachkala and Derbent were attacked. The Washington-based Institute for the Study of War said Islamic State group’s North Caucasus branch, Vilayat Kavkaz, likely was behind the attack, describing it as “complex and coordinated.”

 

Hurricane Beryl near Caribbean

Hurricane Beryl neared Barbados and the Caribbean´s Windward Islands, threatening residents with an “extremely dangerous” storm. Beryl´s winds rapidly intensified to reach 115 miles per hour at 8 a.m. local time from 50 mph a day before, making it a Category 3 storm on the five-step Saffir-Simpson scale, the National Hurricane Center said. It is forecast to spread flooding rains across Barbados on June 30 and become a major Category 4 hurricane by July 1.

 

Day of the Seafarer observed on June 25

The Day of the Seafarer was observed by the International Maritime Organization (IMO) on June 25, 2024. IMO is the United Nations specialized agency with responsibility for the safety and security of shipping and the prevention of marine and atmospheric pollution by ships. For this year’s day, IMO’s campaign is ‘Your top tips for safety at sea’ which will look at seafarers’ contribution to making the maritime sector a safer workplace. To engage seafarers, IMO is asking them to share their best safety tips at sea, whether it’s the gear they wear or the training they receive. As part of the campaign, IMO is asking seafarers to share a picture of them in their working environment, highlighting how they keep their workplace safe.

 

International Day for Women in Diplomacy observed on June 24

The International Day for Women in Diplomacy was observed by the UN on June 24, 2024 with its theme as: ‘Women’s Leadership in Multilateral Diplomacy’. At the UNGA’s 76th Session, the General Assembly by consensus declared the 24th of June each year to be the International Day of Women in Diplomacy. By the resolution (A/RES/76/269) the Assembly invited all Member States, United Nations organizations, non-governmental groups, academic institutions and associations of women diplomats — where they exist — to observe the Day in a manner that each considers most appropriate, including through education and public awareness-raising.

 

International Day against Drug Abuse & Illicit Trafficking observed on June 26

International Day against Drug Abuse & Illicit Trafficking was observed on June 26, 2024. By resolution 42/112 of 7 December 1987, the General Assembly decided to observe 26 June as the International Day against Drug Abuse and Illicit Trafficking as an expression of its determination to strengthen action and cooperation to achieve the goal of an international society free of drug abuse. This year’s theme/campaign: ‘The evidence is clear: invest in prevention’. This year’s World Drug Day campaign recognizes that effective drug policies must be rooted in science, research, full respect for human rights, compassion, and a deep understanding of the social, economic, and health implications of drug use.

 

International Day in Support of Victims of Torture observed on June 26

The International Day in Support of Victims of Torture was observed by the United Nations on June 26, 2024. The UN International Day in Support of Victims of Torture on 26 June marks the moment in 1987 when the UN Convention Against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment, one of the key instruments in fighting torture, came into effect. Today, there are 173 State parties to the Convention.

 

Micro-, Small and Medium-sized Enterprises Day observed on June 27

The Micro-, Small and Medium-sized Enterprises Day was observed on June 27, 2024. The United Nations General Assembly designated 27 June as “Micro-, Small, and Medium-sized Enterprises Day” (A/RES/71/279) to raise awareness of the tremendous contributions of MSMEs to the achievement of the United Nations Sustainable Development Goals (SDGs). 2024 Theme: ‘MSMEs and the SDGs: Leveraging the Power and Resilience of Micro-, Small and Medium-sized Enterprises (MSMEs) to Accelerate Sustainable Development and Eradicate Poverty in Times of Multiple Crises’.

 

International Day of the Tropics celebrated on June 29

International Day of the Tropics was celebrated by the UN on June 29, 2024. The Tropics are a region of the Earth, roughly defined as the area between the tropic of Cancer and the tropic of Capricorn. The tropical region faces several challenges such as climate change, deforestation, logging, urbanisation and demographic changes. The day celebrates the extraordinary diversity of the tropics while highlighting unique challenges and opportunities nations of the Tropics face. It provides an opportunity to take stock of progress across the tropics, to share tropical stories and expertise and to acknowledge the diversity and potential of the region. The International Day of the Tropics was designated to raise awareness to the specific challenges faced by tropical areas, the far-reaching implications of the issues affecting the world’s tropical zone and the need, at all levels, to raise awareness and to underline the important role that countries in the tropics will play in achieving the Sustainable Development Goals.

 

International Asteroid Day observed on June 30

The International Asteroid Day was observed on June 30, 2024. In December 2016 the United Nations General Assembly adopted resolution A/RES/71/90, declaring 30 June International Asteroid Day  in order to “observe each year at the international level the anniversary of the Tunguska impact over Siberia, Russian Federation, on 30 June 1908, and to raise public awareness about the asteroid impact hazard.” International Asteroid Day aims to raise public awareness about the asteroid impact hazard and to inform the public about the crisis communication actions to be taken at the global level in case of a credible near-Earth object threat.

 

International Day of Parliamentarism observed on June 30

The International Day of Parliamentarism was observed on June 30, 2024. It is the date, in 1889, on which the Inter-Parliamentary Union (IPU) — the global organization of parliaments — was established. IPU has its Headquarters at Geneva, Switzerland. This year’s theme: Parliaments for the Planet. Parliaments and those who work in them can take concrete steps to reduce their carbon footprint, both as institutions and individuals. By adopting greener policies and embracing a culture of sustainability, parliaments and parliamentarians can help address the climate crisis and pave the way for stronger climate action.

NEWSMAKERS

 

WikiLeaks founder Julian Assange freed

WikiLeaks founder Julian Assange landed in Canberra, Australia on June 26, 2024 after pleading guilty to violating US espionage law in a deal that sets him free from a 14-year legal battle.

 

Assange’s arrival in Australia ends a saga in which he spent more than five years in a UK high-security jail and seven years in asylum at the Ecuadorean embassy in London battling extradition to Sweden on sexual assault allegations and to the US, where he faced 18 criminal charges. Those charges stemmed from WikiLeaks’ release in 2010 of hundreds of thousands of classified US military documents on Washington’s wars in Afghanistan and Iraq — one of the largest breaches of secret information in US history.

 

In November 2010, Sweden issued a European arrest warrant for Assange for allegations of sexual assault.[8] After losing his appeal against the warrant, he breached his bail and took refuge in the Embassy of Ecuador in London in June 2012. He was granted asylum by Ecuador in August 2012 on the grounds of political persecution and fears he might be extradited to the United States. Swedish prosecutors dropped their investigation in 2019.

 

On 11 April 2019, Assange’s asylum was withdrawn following a series of disputes with Ecuadorian authorities. The police were invited into the embassy and he was arrested. He was found guilty of breaching the United Kingdom Bail Act

 

Assange was in jail in London from April 2019 to June 2024, as the United States government’s extradition effort was contested in the British courts.

 

During a hearing held earlier in the US territory of Saipan, Assange pleaded guilty to one criminal count of conspiring to obtain and disclose classified national defence documents. He defended his actions, describing himself as a journalist seeking information from sources, a task he said he saw as legal and constitutionally protected.

 

Von der Leyen to get 2^nd term as European Commission President

European Union leaders agreed to nominate Ursula von der Leyen for a second five-year term as president of the European Commission, the EU’s executive body. At a summit in Brussels on June 28, 2024, the bloc’s 27 national leaders also picked former Portuguese premier Antonio Costa as the future chair of their European Council meetings and selected Estonian Prime Minister Kaja Kallas as the next EU foreign policy chief. Charles Michel is the current Chairperson of European Council. Von der Leyen’s nomination still needs approval from the European Parliament in a secret ballot.

 

Dutch PM Mark Rutte named new secretary general of NATO

Mark Rutte, the long-serving Dutch PM, was formally named the new secretary general of NATO on June 26, 2024. Rutte, 57, will take over from Jens Stoltenberg of Norway on Oct 1. The decision was announced by NATO ambassadors during a meeting at the 32-nation alliance’s headquarters in Brussels. Rutte served as the Dutch PM four times, for nearly 14 years, building complicated coalitions through debate and compromise. Rutte is currently serving as a caretaker PM before a new Dutch government is sworn in. Under Rutte, the Netherlands has increased military spending to over 2% of GDP demanded of NATO’s members, and it has provided F-16s, artillery, drones and ammunition to Kyiv while investing more in its own military.

 

ICC issues arrest warrant for ex-Russia defence minister

The International Criminal Court (ICC) said on June 25, 2024 it has issued arrest warrants for Russia’s former defence minister and its military chief of staff for attacks on civilian targets in Ukraine, the third time the global court has issued warrants for senior Russian leaders. The court is accusing former Defense Minister Sergei Shoigu and chief of staff Gen Valery Gerasimov of war crimes and the crime against humanity of inhumane acts. Judges who approved the prosecutors request for arrest warrants said the suspects “intentionally caused great suffering or serious injury to body or to mental or physical health” of civilians in Ukraine.

 

‘Pirates of the Caribbean actor’ dies in shark attack

Professional surfer, lifeguard and actor Tamayo Perry, 49, was killed by shark while surfing near the north shore of the Hawaiian island of Oahu on June 23, 2024. He achieved fame appearing in the surfing film ‘Blue Crush’ in 2002, ‘Pirates of the Caribbean: On Stranger Tides’ in 2011 and the TV series ‘Hawaii Five-0’ in 2011.
 
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Section D: SCIENCE & TECHNOLOGY

 

China’s lunar probe returns with world’s 1ˢᵗ samples from far side of the moon

China’s Chang’e 6 probe has returned on Earth with rock and soil samples from the little-explored far side of the moon in a global first. The probe landed in the Inner Mongolian region of China on June 25, 2024.

 

Chang’e 6 left earth on May 3, and its journey lasted 53 days. The probe drilled into the core and scooped rocks from the surface.

 

“The Chang’e 6 Lunar Exploration Mission achieved complete success,” declared the China National Space Administration (CNSA) after the landing.

 

Scientists anticipate the returned samples will include 2.5 million-year-old volcanic rock and other material that scientists hope will answer questions about geographic differences on the moon’s two sides.

 

The near side is what is seen from Earth, and the far side faces outer space. The far side is also known to have mountains and impact craters, contrasting with the relatively flat expanses visible on the near side. While past US and Soviet missions have collected samples from the moon’s near side, the Chinese mission was the first that has collected samples from the far side.

 

NASA offers SpaceX $843 million to destroy the International Space Station

NASA is preparing to destroy the International Space Station (ISS), awarding SpaceX an up to $843 million contract to push the station safely out of orbit and back to Earth.

 

According to the space agency’s plans, SpaceX’s specially designed deorbit vehicle will drag the football field-size ISS back to Earth sometime after the end of its operational life in 2030. The ISS will smash into our planet’s atmosphere at a speed of more than 17,000 mph (27,500 km/h) before landing in a crashdown spot in the ocean.

 

The floating laboratory’s first parts were launched in 1998, and it has been occupied by astronauts from the U.S., Japan, Russia, Canada and Europe since 2000, who have completed more than 3,300 scientific experiments in a close orbit above Earth.

 

But the space station is showing its age: technical faults and leaks continue to cause issues for crews, and the contracts between the five participating national space agencies — which marked an era of global cooperation in space following the end of the Cold War — will end by 2030.

 

The ISS also faces risks from the growing problem of space junk — orbital debris made of other defunct satellites, whipping around Earth at high speeds. On June 27, 2024, nine astronauts aboard the ISS were forced to take shelter in the docked Boeing Starliner crew capsule after hundreds of pieces of debris from a shattered Russian satellite threatened the space station’s safety. The crew were allowed to return to the ISS after about an hour, and operations continued as normal.

 

Portals developed by ISRO launched

Union Minister Dr. Jitendra Singh on June 28, 2024 launched two Geoportals namely ‘Bhuvan Panchayat (Ver. 4.0)” portal for rural land record and “National Database for Emergency Management (NDEM Ver. 5.0)” developed by Indian Space research Organization (ISRO), at Prithvi Bhavan in New Delhi.

 

These geospatial tools are meant for visualisation and planning to provide high resolution satellite imagery of 1:10K scale for different locations across the entire country.

 

‘Bhuvan Panchayat Portal’ will support “Space based Information Support for Decentralized Planning (SISDP)” and reduce the need to depend on local administration for land records. It will improve land record management by digitalization and land revenue management. The tools will provide real time data at the tips of citizens and reduce corruption at the grass roots level.

 

National Database for Emergency Management (NDEM Ver. 5.0) will provide space-based inputs on natural disasters and aid in disaster risk reduction In India as well as neighboring countries. To prevent the citizens from vagaries of nature and put in place an effective early warning system so that administration can proactively prevent the disasters and inform us regarding the Land Use/Land Cover (LULC).

 

Land Use / Land Cover (LULC) generally refers to the categorization or classification of human activities and natural elements on the landscape within a specific time frame based on established scientific and statistical methods of analysis of appropriate source materials.

 

DRDO hands over MR-MOCR to Indian Navy

Defence Research and Development Organisation (DRDO) handed over the Medium Range-Microwave Obscurant Chaff Rocket (MR-MOCR) to the Indian Navy at a ceremony held in New Delhi on June 26, 2024. Microwave Obscurant Chaff (MOC), a niche technology developed by DRDO’s Defence Laboratory, Jodhpur, obscures radar signals and creates a microwave shield around platforms and assets, thus reducing radar detection. Special types of fibres, with diameter of few microns and unique microwave obscuration properties, have been assembled in the medium range chaff rocket. The rocket, when fired, forms microwave obscurant cloud in space spreading over a sufficient area, with adequate persistence time, thus creating an effective shield against hostile threats having Radio Frequency seekers.

 

Quantum Security Research Lab inaugurated in Chennai

Professor Ajay Kumar Sood, Principal Scientific Adviser to the Government of India and Dr. Parvinder Maini, Scientific Secretary, on June 25, 2024 attended the 23rd Foundation Day of the Society for Electronic Transactions and Security (SETS) in Chennai. Prof. Sood also inaugurated the Quantum Security Research Lab on the occasion. Conceived by Dr. A.P.J. Abdul Kalam in 2002, SETS, an initiative of the Office of Principal Scientific Adviser to the Government of India, is a cybersecurity R&D organization pursuing research in the core areas of cyber security, cryptology, hardware security and quantum security.

 

Pilot project for Underground Coal Gasification launched in Jharkhand

Ministry of Coal’s Eastern Coalfields Limited (ECL) has embarked on an innovative pilot project for Underground Coal Gasification (UCG) at the Kasta coal block in Jamtara District, Jharkhand. This first ever groundbreaking initiative aims to revolutionize the coal industry by using in-situ coal gasification to convert it into valuable gases such as methane, hydrogen, carbon monoxide, and carbon dioxide. These gases can be utilized to produce synthetic natural gas, chemical feedstocks for fuels, fertilizers, explosives, and other industrial applications. The Ministry of Coal is fully committed to promoting coal gasification projects, recognizing their potential to transform coal into various high-value chemical products.

 

India identified 641 fauna species and 339 taxa of plants in 2023

A new species of turmeric in Manipur and a new kind of bat in Karnataka are among the plant and animal species which were discovered in India in 2023, show data released by Union Environment Minister Bhupendra Yadav on June 30, 2024. A total of 641 species — 442 entirely new to science and 199 newly recorded in the country — were added to Indian fauna in 2023. India added 339 taxa — 326 species and 13 infraspecific taxa — to its plant database. Of these, 171 taxa are new to science and 168 new to distributional records from India. Taxa can refer to sub-species or varieties of a plant species.

 

Plants

West Bengal recorded the highest number of new plant discoveries, with 52 new taxa, followed by Kerala and Uttarakhand. New discoveries include wild relatives of many potential horticultural, agricultural, medicinal, and ornamental plants. such as begonias, impatiens or balsams, legumes, zingibers, and orchids, according to Plant Discoveries 2023, an annual publication by the Botanical Survey of India, a premier institution which has been working on plant taxonomy for about 120 years.

 

Animals

Kerala topped the list new animal discoveries, with 101 additions — 74 completely new species, 27 new records — followed by West Bengal with 72 new species, and Tamil Nadu with 64.

 

Significant animal discoveries include Capra himalayensis, which proves that the Himalayan Ibex, distributed in the trans-Himalayan ranges of Jammu and Kashmir, Ladakh and Himachal Pradesh, is a distinct species from the Siberian Ibex.

 

Miniopterus srinii, a new species of bent-winged bat, was found in Kodagu district of Karnataka.

 

The vast majority of these new discoveries among fauna have been recorded in the invertebrate category, which saw 564 new species in 2023; only 77 vertebrate species, of which the majority were fish species, were discovered in 2023.

 

The Environment Minister also rolled out the ‘Fauna of India Checklist Portal’, a first of its kind. It comprises 121 checklists of all known taxa, covering 36 phyla, and providing information on all the 1,04,561 animal species distributed across India. Endemic, threatened, and scheduled species have also been included in the list.

 

MoD inks deal for building miniature satellite for IAF

The defence ministry on June 25, 2024 inked a deal for the design and development of a miniature observation and imaging satellite for the IAF under its flagship iDEX (innovations for defence excellence) initiative. The contract was inked with SpacePixxel Technologies Pvt Ltd for the miniaturised satellite capable of carrying electro-optical, infrared, synthetic aperture radar, and hyperspectral payloads up to 150 kg.
 
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Section E: AWARDS

 

Arundhati Roy awarded UK’s PEN Pinter Prize

Arundhati Roy has been announced as the winner of UK’s PEN Pinter Prize 2024 for her “unflinching” writings. The Prize was founded by English PEN in 2009 in tribute to the late playwright Harold Pinter, and is annually awarded to writers of “outstanding literary merit” who cast their “unflinching” gaze on the world. Roy became the first Indian writer to win the Booker Prize in 1997 for her novel ‘The God of Small Things’. She will receive the PEN Pinter award during an Oct. 10 ceremony at the British Library in London.

 

Sanjana Thakur wins 2024 Commonwealth Short Story Prize

Sanjana Thakur, a 26-year-old writer from Mumbai won the 2024 Commonwealth Short Story Prize for her story “Aishwarya Rai”. She will receive a cash prize of £5,000. The Commonwealth Short Story Prize is awarded annually for the best piece of unpublished short fiction (2,000 to 5,000 words). The prize is open to citizens of member states of the Commonwealth of Nations aged 18 and over. The award is given by the Commonwealth Foundation, which is an intergovernmental organisation mandated by its Member States to advance the interests of Commonwealth civil society.

 

Dr Usha Thakur Awarded 12th Vishwa Hindi Samman in Kathmandu

Dr Usha Thakur was awarded 12th Vishwa Hindi Samman in an Hindi Samvad event organised by Embassy of India in Nepal recognising her contribution in development of Hindi literature. She has translated more than 40 literatures in Hindi and Nepali and strengthened Hindi language. This award is given by the Ministry of External Affairs, Government of India. 12th World Hindi Conference was held in Fiji in 2023. As Dr Thakur could not attend the event in Fiji, she was given the award in an event organised in Tribhuvan University in Kathmandu.
 
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Section F: BANKING & FINANCE

 

RBI unveils financial stability report

The Reserve Bank on June 27, 2024 released the 29th issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on the resilience of the Indian financial system and risks to financial stability.

 

Highlights:

The global economy is facing heightened risks from prolonged geopolitical tensions, elevated public debt, and the slow progress in the last mile of disinflation. Despite these challenges, the global financial system has remained resilient, and financial conditions stable.

 

The Indian economy and the financial system remain robust and resilient, anchored by macroeconomic and financial stability. With improved balance sheets, banks and financial institutions are supporting economic activity through sustained credit expansion.

The capital to risk-weighted assets ratio (CRAR) and the common equity tier 1 (CET1) ratio of scheduled commercial banks (SCBs) stood at 16.8 per cent and 13.9 per cent, respectively, at end-March 2024.

 

SCBs’ gross non-performing assets (GNPA) ratio fell to a multi-year low of 2.8 per cent and the net non-performing assets (NNPA) ratio to 0.6 per cent at end-March 2024.

 

Macro stress tests for credit risk reveal that SCBs would be able to comply with minimum capital requirements, with the system-level CRAR in March 2025 projected at 16.1 per cent, 14.4 per cent and 13.0 per cent, respectively, under baseline, medium and severe stress scenarios. These scenarios are stringent conservative assessments under hypothetical shocks and the results should not be interpreted as forecasts.

 

Non-banking financial companies (NBFCs) remain healthy, with CRAR at 26.6 per cent, GNPA ratio at 4.0 per cent and return on assets (RoA) at 3.3 per cent, respectively, at end-March 2024.

 

Interest rates on small savings plans to stay unchanged for Sept quarter

Interest rates will remain unchanged for small savings schemes–including the PPF and the Sukanya Samriddhi accounts–for the September quarter, the finance ministry said on June 28, 2024.

 

The government had retained the interest rates in the June quarter as well. The quarterly rate changes are usually based on the expected yield movements of government securities for comparable tenures. The government usually uses the collections under the small savings schemes to part-finance its fiscal deficit.

 

According to a notification, the rates for deposits under the tax-saving PPF and Sukanya Samriddhi accounts have been retained at 7.1% and 8.2%, respectively, for the September quarter. The rates have also been kept unchanged for the Senior Citizen Savings Scheme (8.2%), National Savings Certificate (7.7%), Kisan Vikas Patra (7.5% for maturity in 115 months), savings deposit (4%), one-year deposit (6.9%), two-year deposit (7%), three-year deposit (7.1%), five-year deposit (7.5%), five-year recurring deposit (6.7%), and monthly income account scheme (7.4%).

 

Portal for faster bank settlements of farmers’ interest subvention claims launched

Union Minister for Agriculture and Farmers’ Welfare and Rural Development Minister Shivraj Singh Chouhan on June 28, 2024 launched a web portal developed jointly by the Department of Agriculture and Farmers’ Welfare (DA&FW) and NABARD to automate and speed up the process of settlement of interest subvention claims of banks submitted under the Agriculture Infrastructure Fund (AIF).

The Minister also launched Krishi Katha, a blogsite meant to serve as a digital platform to showcase the voice of the Indian farmers, dedicated to amplifying the experiences, insights and success stories of farmers across the country. The objectives behind this initiative will be helpful in raising awareness, facilitating exchange of knowledge, fostering collaboration and empowering farmers.

 

About AIF

The Agriculture Infrastructure Fund scheme was launched in 2020 to provide loans for building post-harvest management infrastructure. This includes Cold stores, Warehousing, Silos, packing units, Assaying/ Grading, Logistic facilities, Primary processing centers, packing units, ripening chambers /waxing plants, etc. The scheme provides for 3% interest subvention to beneficiaries of the scheme for the loans given by banks upto ₹ 2 crore for a maximum period of 7 years, besides  reimbursement of credit guarantee fee paid by banks.

 

Bank of Baroda unveils study on forex spends by Indians

The increase in forex spends by Indians has far outpaced the growth in remittance of foreign exchange workers into India over the decade.

 

Money spent abroad has gone up nearly 29 times — from $1.1 billion in FY14 to $31.7 billion in FY24 — largely due to travel.

 

The amount sent home by foreign workers has gone up 71% from $70 billion to $120 billion over the same period. India continues to be the highest recipient of foreign remittances.

 

According to a study by the Bank of Baroda, money flowing into India has increased at a CAGR of 5.5% over the last decade — higher than the global growth rate of 4%. Only Mexico, at 10%, has grown its inward remittances at a faster decadal CAGR than India, which has helped it overtake China to claim the second place.

 

Union Bank of India launched “Union Premier” Branches

Union Bank of India has launched “Union Premier” branches tailored for high-value customers in rural and semi-urban (RUSU) markets. These branches are designed to offer personalized banking services and a comprehensive range of products under one roof.

 

National Insurance Awareness Day celebrated on June 28

The National Insurance Awareness Day was celebrated on June 28, 2024.

 

Basic demat a/c limit raised to ₹ 10 lakh

The Securities and Exchange Board of India (Sebi) on June 28, 2024 hiked the holding limit for the basic services demat account (BSDA) from ₹ 2 lakh to ₹ 10 lakh. For holdings higher than ₹ 4 lakh, an annual maintenance charge of ₹ 100 would be levied. BSDA, aimed at smaller investors, offers limited services at a reduced cost. Such investors usually have low holdings in stocks, exchange-traded funds, or mutual funds. In the revised frame work, Sebi said that there could only be one BSDA in one individual’s name across depositories and they will have to be the sole or first holders.

 

SEBI eases delisting norms, tightens finfluencer rules

Markets regulator SEBI on June 27, 2024 made it easier for companies to delist and raise debt capital, while tightening the screws on influencers by barring partnerships with regulated entities.

 

Under the reforms aimed at easing delisting procedures, Sebi introduced a fixed-price process as an alternative to reverse book building. The change mandates a minimum 15% premium over the floor price for delisting offers. Moreover, the threshold of counteroffer has been reduced to 75% from 90%, provided half of the public shareholders tender their shares. “The delisting process will succeed only if finally the acquirer reaches 90%. So the final vote still lies in the hands of the investor, whether they want this new acquirer to reach that threshold or not,” Sebi chairman Madhabi Puri Buch said. Sebi also introduced ‘adjusted book value’ as a new factor to determine the minimum price for stocks. While this was only used for illiquid stocks earlier, now it applies to liquid ones as well.

 

The markets regulator has tightened the eligibility criteria for stocks in the F&O (futures & options) market to reduce risk, requiring stocks to be in the top 500 based on average daily market value and traded value over the last six months. Additionally, the stock must have a median order size of at least Rs 75 lakh and a market-wide position limit of at least Rs 1,500 crore, along with an average daily delivery value in the cash market of over Rs 35 crore.

 

Sebi barred registered advisors from entering agreements with unregistered influencers — commonly known as finfluencers — who make claims about investment returns. Sebi has barred regulated entities from partnering with anyone “who, directly or indirectly, provides advice or recommendation or makes any implicit or explicit claim of return or performance, in respect of or related to security or securities unless permitted by the Board”. This crackdown aims to safeguard investors from misleading information and ensure that regulated entities maintain a clear distinction from unregulated entities.

 

Sensex tops 79k for the 1^st time

The 30-share BSE Sensex and 50-share NSE Nifty logged a record high for the third successive session on June 27, 2024. Sensex closed above the 79,000 mark for the first time while Nifty closed above 24,000 for the first time. While Nifty rose 0.7% to close at 24,044 points, the Sensex ended 569 points higher at 79,243. On June 25, Sensex closed above 78,000 for the first time when it ended at 78,053, with a gain of 712 points.

 

Quant Mutual Fund report SEBI investigation

Quant Mutual Fund recently admitted that the Securities and Exchange Board of India (Sebi) is investigating front-running charges against its staff. The scourge of front-running continues to plague the over Rs 50-trillion industry. Bigger fund houses like HDFC Mutual Fund, Axis Mutual Fund, and, more recently, Life Insurance Corporation of India faced similar crises in the past. Front-running happens when a company insider or broker makes a trade in advance based on information that a big client, a fund house in this case, is planning a big buy in a particular company. The market regulator, on its part, has been prompt in taking action and imposed strict guidelines for fund houses; it even went for surprise audits, but something seems to be still amiss.

 

ICICI Bank gets market capitalisation of $100 billion

ICICI Bank on June 24, 2024 became the sixth Indian company to achieve a market capitalisation of $100 billion after the stock rose by 2.48% to close at a record high of ₹1,199.05. The private lender is the second-largest bank in India by market capitalisation, after HDFC Bank. It is also the fifth-largest entity by market value. The other five companies that have reached the $100 billion market capitalisation milestone are Reliance Industries, Tata Consultancy Services, HDFC Bank, Bharti Airtel, and Infosys. Currently, Reliance Industries is leading the list with a market capitalisation of $236 billion.

NEWSMAKERS

 

FSIB names next chairman of SBI

The Financial Services Institution Bureau (FSIB) has recommended Challa Sreenivasulu Setty, MD, State Bank of India, as the next chairman of the bank. The board conducted interviews to select a successor for the incumbent Dinesh Khara, whose extended term ends in Aug 2024. According to a statement from FSIB, the board interviewed three candidates on June 29 for the position of chairman at SBI. FSIB is an autonomous body in India responsible for recommending appointments and evaluating the performance of top management in public sector banks, insurance companies, and financial institutions.

 

Government names Girija Subramanian as CMD of New India Assurance Company

The government has appointed Girija Subramanian as chairman and managing director (CMD) of the largest general insurer, New India Assurance, effective from June 19, 2024, until she attains the age of superannuation or until further orders. Subramanian holds a bachelor’s degree in statistics. She is a fellow member of the Insurance Institute of India and also an associate member of the Chartered Insurance Institute, London. She started her career as a direct recruit officer in GIC Re in 1988. In a career spanning over 34 years, she worked in reinsurance departments across various lines of business, including aviation, life, health, and property classes. Subramanian was the CMD of AIC of India (from September 2022) before assuming charge as CMD, New India Assurance.
 
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Section G: ECONOMY

 

Ministry of Statistics & Programme Implementation launches eSankhyiki portal

The Ministry of Statistics and Programme Implementation (MoSPI) has developed an eSankhyiki portal (https://esankhyiki.mospi.gov.in) to provide real-time inputs for planners, policy-makers, researchers and the public at large. The objective of this portal is to establish a comprehensive data management and sharing system for ease of dissemination of official statistics in the country.

 

The eSankhyiki portal (https://esankhyiki.mospi.gov.in) was officially launched on the Statistics Day by Dr. Arvind Panagariya, Chairman of the 16th Finance Commission of India, on June 29, 2024. The initiative is in sync with the theme of the Statistics Day- ‘Use of data for Decision making’ as ease of access of data is the prerequisite for evidence based decision making. It is a user centric data portal which facilitates use and reuse of information for creating impact through value addition and analysis by the users. The portal can also be accessed through the website of MoSPI (https://mospi.gov.in/).

 

The eSankhyiki Portal has two modules namely:

 

Data Catalogue Module: This module catalogues the major data assets of the Ministry at one place for ease of access. This module allows users to search within datasets, including within tables, and download data of interest to increase its value and re-usability. The module has seven data products, namely National Accounts Statistics, Consumer Price Index, Index of Industrial Production, Annual Survey of Industries, Periodic Labour Force Survey, Household Consumption Expenditure Survey and Multiple Indicator Survey. The Data Catalogue section already includes over 2291 datasets along with specific metadata and visualization for each dataset for user convenience.

 

Macro Indicators Module: This module offers time series data of key macro indicators with features for filtering and visualizing data enabling ease of access for the users. The module also allows users to download custom datasets, visualizations and sharing them through APIs, thereby increasing the re-usability of data. The first phase of the module includes four major products of MoSPI: National Accounts Statistics, Consumer Price Index, Index of Industrial Production, and Annual Survey of Industries, encompassing the data of last ten years. The portal currently hosts more than 1.7 million records.

 

SDGs – National Indicator Framework Progress Report, 2024 released

On the occasion of 18th Statistics Day, on January 29, 2024, the Ministry of Statistics and Programme Implementation (MoSPI) released the Sustainable Development Goals – National Indicator Framework Progress Report (SDGs-NIIF), 2024.

 

The SDGs-NIF serves as the backbone for monitoring SDGs at the national level, offering valuable guidance to policymakers and the implementing agencies of various schemes and programs. The major data sources for these SDG national indicators are administrative data, surveys and censuses. Primarily secondary data from concerned line Ministries is used for the compilation of the indicators.

 

Based on the updated SDGs-NIF, every year on Statistics Day (i.e., on 29th June) MoSPI releases the Progress Report on SDGs with time series data along with two more SDG publications which are derived from the progress report. These are: Data Snapshot on Sustainable Development Goals – National Indicator Framework, Progress Report, 2024 and Sustainable Development Goals – National Indicator Framework, 2024.

 

Highlights of 2024SDGs­-NIF Report:

• The Number of Self-Help Groups (SHGs) provided bank credit linkage has increased from 18.32 lakh in 2015-16 to 44.15 lakh in 2023-24
• Gross Value Added in agriculture per worker (in ₹) has increased from 61,427 in 2015-16 to 87,609 in 2023-24
• Gross Enrolment Ratio in higher secondary education has increased from 48.32 in 2015-16 to 57.60 in 2021-22
• Exclusive women SHGs in Bank linked SHGs has increased from 88.92% in 2015-16 to 97.53% in 2023-24
• Percentage of population using an improved drinking water source in rural areas has increased from 94.57% in 2015-16 to 99.29% in 2023-24
• The installed renewable energy generating capacity in the country has shown a steady increase in value from 63.25 watts per capita in 2014-15 to 136.56 watts per capita in 2023-24
• The number of patents issued (granted) has increased from 6,326 in 2015-16 to 1,03,057 in 2023-24
• Percentage of budget allocated for welfare of SCs and STs has increased from 2.86% in 2015-16 to 6.19% in 2023-24
• Percentage of wards with 100% door to door waste collection has increased from 43% in 2016 to 97% in 2024
• Number of Government services provided online to citizens has increased from 968 in 2015-16 to 4,671 in 2021-22
• The Maternal Mortality Ratio has declined from 130 per 1,00,000 live births in 2014-16 to 97 per 1,00,000 live births in 2018-20
• The Under-five mortality rate has declined from 43 per 1000 live births in 2015 to 32 per 1000 live births in 2020
• The number of waste recycling plants installed has increased from 829 in 2020 to 2447 in 2024

 

Interest equalisation scheme extended for MSME exporters

The Department of Commerce has extended the Interest Equalisation Scheme for pre- and post-shipment rupee export credit for Micro, Small and Medium-scale (MSME) exporters till August 31. According to a Department trade notice, the outlay for the extended period is ₹750 crore. The extension is not applicable for non-MSME exporters beyond June 30. The scheme’s terms will remain the same.

 

Govt panel to finalise new base year for GDP

The ministry of statistics and programme implementation (MoSPI) ministry has notified the setting up of a 26-member panel to oversee the revision of the base year for national accounts. The base year now used is 2011-12.

 

The panel headed by Biswantah Goldar, former professor of Institute of Economic Growth, has been tasked to review the existing databases and advise on inclusion of new data sources for improving the estimates of national accounts.

 

The tenure of this committee will be five years or till the completion of next base year revision of national accounts, whichever is later. For operational feasibility, the committee may constitute sub committees on different aspects with maximum tenure of two years, according to the notification.

 

The other prominent members of the panel include G C Manna, former director-general CSO, Chetan Ghate, director of Institute of Economic Growth, Partha Ray, Director NIBM, Pune, Subrata Guha, professor Centre of Economic Studies and Planning Jawaharlal Nehru University, Mausumi Das, Professor Delhi School of Economics, Shalabh, professor of Statistics & Dean of Academic Affairs Department of Mathematic & Statistics Indian Institute of Technology, Kanpur, Ranjan Kumar Sahoo, professor, Department of Statistics Central University of Haryana, CEO, GSTN, DG’s of Mospi and NSS and others.

 

Statistics Day celebrated on June 29

18th “Statistics Day” was celebrated on June 29, 2024 by the Ministry of Statistics & Programme Implementation with the theme “Use of Data for Decision-Making”.

 

In recognition of the notable contributions made by Professor (late) Prasanta Chandra Mahalanobis in the fields of statistics and economic planning, Government of India has designated June 29 every year, coinciding with his birth anniversary, as “Statistics Day” in the category of Special Days to be celebrated at the national level. The main objective of celebrating Statistics Day is creation of public awareness, especially among the younger generation, on the role and importance of statistics in socio-economic planning and policy formulation for development of the country.

 

The main event of Statistics Day, 2024 was organized at Manekshaw Centre, Delhi Cantt, New Delhi. It was attended by Dr. Arvind Panagariya, Chairman, 16th Finance Commission, Prof. Rajeeva Laxman Karandikar, Chairman, National Statistical Commission and Dr. Saurabh Garg, Secretary, MoSPI.

Amended Telecommunication Mobile Number Portability regulation comes into force

Telecom Regulatory Authority of India (TRAI), on 14th March, 2024, issued the Telecommunication Mobile Number Portability (Ninth amendment) Regulations, 2024, which will come into force on 1st July 2024. These amendment regulations are aimed at curbing the porting of mobile numbers by way of fraudulent SIM swap/replacement by unscrupulous elements. Through these amendment regulations, an additional criterion for the rejection of the request for allocation of a Unique Porting Code (UPC) has been introduced. Specifically, a UPC shall not be allocated if the request for the UPC has been made before the expiry of seven days from the date of SIM swap/replacement.

 

Exchange Rate Automation Module (ERAM) by CBIC to come into effect on July 4

The Central Board of Indirect Taxes and Customs (CBIC) has issued a Circular for the launch of Exchange Rate Automation Module (ERAM). The automated system of ascertaining and publishing the exchange rate will replace the existing manual process, and shall come into effect from July 4, 2024. ERAM is a significant step towards trade facilitation as the exchange rates of 22 currencies would now be published online in advance for ease of consumption by all importers and exporters.

 

Udyami Bharat – MSME Day

The Union Minister for Micro, Small, and Medium Enterprise, Jitan Ram Manjhi will preside over ‘Udyami Bharat – MSME Day event. The Ministry of Micro, Small, and Medium Enterprises (MoMSME) will celebrate ‘Udyami Bharat – MSME Day’ on June 27, 2024. This event offers an opportunity to key stakeholders, including policymakers, large companies, financial institutions, and the international community, to discuss and exchange ideas on the legal reforms needed in the MSMED Act for the growth and sustainability of MSMEs. The event will feature four sessions, Reducing the Cost of Litigation for MSMEs., Presentation on the IIAC (Conduct of Micro and Small Enterprises Arbitration), Presentation on the use of Bhashini’s AI Software for MSE Arbitration, Plenary Session – Legal Reforms in the MSMED Act, 2006.

 

Financial Action Task Force places India in ‘regular follow-up’ category

India joined the UK, France, Italy and other G20 group of countries which have been accorded ‘regular follow-up’ category by Financial Action Task Force (FATF), Finance Ministry said on June 28, 2024. This was announced after the forum adopted ‘Mutual Evaluation Report’ of India.

 

‘Regular follow up’ means India needs to submit progress report on recommended actions only in October 2027. ‘Enhanced follow up’ means country will have to submit follow up report every year.

 

FATF is an inter-governmental organisation established in 1989 as the international watchdog to combat money laundering, terrorist financing, and other related threats to the integrity of the international financial system. India became a member of FATF in 2010.

 

Placing in ‘regular follow-up’ category “marks a significant milestone in the nation’s efforts to combat money laundering (ML) and terrorist financing (TF),” the Ministry said in a statement.

 

High-Risk Jurisdictions subject to a Call for Action (black list): North Korea, Iran & Myanmar

 

Jurisdictions under Increased Monitoring (grey list): Bulgaria, Burkina Faso, Cameroon, Croatia, Democratic Republic of Congo, Haiti, Kenya, Mali, Monaco, Mozambique, Namibia, Nigeria, Philippines, Senegal, South Africa, South Sudan, Syria, Tanzania, Venezuela, Vietnam and Yemen.

 

India, US extend 2% Digital Tax Pact on e-commerce till June 30

India and the United States on June 28, 2024 announced extension of a 2% equalisation levy for digital tax on e-commerce supplies until June 30, the finance ministry said in a statement.

 

The move brings clarity to American digital companies operating in India, who will now be required to furnish tax for this period.

 

Both the countries had reached a deal in November, 2021 that allowed New Delhi to impose the 2% levy until March 31, 2024, or till the implementation of Pillar 1 of the OECD agreement on taxing multinationals and cross-border digital transactions.

 

New Delhi and the US along with 134 other members of the OECD/G20 Inclusive Framework (including Austria, France, Italy, Spain, and the UK) had inked an agreement in October, 2021, on the statement on a two-pillar solution.

 

On December 18, 2023, a statement called for a finalisation of the text of the Pillar 1 multilateral convention by the end of March 2024 with a view to holding a signing ceremony by the end of June 2024. But consensus is yet to be reached on the agreement.

 

India levied equalisation levy or what has been popularly termed as Google tax at the rate of 6% in 2016, The government introduced a 2% equalisation levy on all overseas e-commerce transactions originating in India from April 1, 2020.

 

“In light of above developments, India and the United States have decided to extend the validity of the agreement reflected in November 24 Statements until June 30, 2024. All other terms of the transitional approach remain the same,” the finance ministry said in a statement.

 

Global debut: Indian govt bonds enter JP Morgan’s index

Indian govt bonds made their entry into the JP Morgan emerging market bond index on June 28, 2024, a development that can reduce the cost of long-term borrowings for businesses, add stability to the rupee and improve the country’s balance of payments position. The inclusion, announced in 2023, will lead to index tracking funds purchasing Indian bonds to align their portfolios with the index, creating immediate demand. It also enhances the visibility of Indian bonds and their credibility, attracting investment from a wider range of foreign investors. Indian bonds will have a 10% weightage in the index.

 

Foreign exchange reserves rise to $653.7 billion

The Reserve Bank of India’s foreign exchange reserves increased by $816 million to $653.7 billion during the week ended June 21, according the central bank data. Gold reserves saw a rise of $988 million to $56.9 billion. Foreign currency assets declined $106 million to $574 billion.

 

Eight core infrastructure industries grew 6.3% in May

Eight core infrastructure industries grew 6.3% in May from a year earlier, slower than the revised rate of 6.7% for April but maintaining a 6%-plus expansion for the fourth straight month, according to government data released on June 28, 2024. An impressive 12.8% year-on-year jump in power generation and 10.2% rise in coal output in May amid the heat waves remained unmatched by other infrastructure industries. These industries had grown 10.2% and 7.5%, respectively, in April. Crude oil, fertiliser and cement production in May contracted from a year before by 1.1%, 1.7% and 0.8%, respectively. The output of steel grew 7.6% against 8.9% in the previous month and that of refinery products rose 0.5%, against 3.9%. Natural gas output expanded 7.5% in May, compared with 8.6% in the previous month.

 

ESOPs by MNCs to Indian staff won’t attract GST

Multinational companies offering Employee Stock Option plans to their employees in the country or loans to Indian subsidiaries will not be required to cough up goods and services tax.

 

The Central Board of Indirect Taxes and Customs on June 27, 2024 issued 16 circulars, bringing into effect decisions taken by the GST Council on June 22, aimed at giving relief to companies across multiple sectors, including airlines, shipping, banking, e-commerce, Fast Moving Consumer Goods (FMCG) and insurance.

 

Employee Stock Purchase Plan (ESPP), Employee Stock Option Plan (ESOP) or Restricted Stock Unit (RSU) offered without any additional charges will not attract GST. Loans provided by foreign companies to their Indian subsidiaries will not attract any GST, if there is no processing or administrative fee involved.

 

The apex indirect taxes body said services provided by foreign companies to their Indian subsidiaries will be considered at open market value if the Indian subsidiary receives full Input Tax Credit and said that the year for calculating the time limit to avail of ITC will be the year of issuance of invoices under the Reverse Charge Mechanism (RCM).

 

The board also said that while the GST council has put a monetary limit for the revenue to file court cases, the limits do not apply when a GST act or provision has been held unconstitutional, in cases of valuation and classification of goods or services, refunds and when adverse comments or costs have been imposed against the government or its officers.

 

Spectrum auction ends in 2 days, fetches ₹11k cr

The latest spectrum auction to sell airwaves to mobile companies was conducted on June 25-26, 2024, with Sunil Bharti Mittal’s Bharti Airtel buying nearly 60% of the Rs 11,341 crore that was sold.

 

After seven rounds of bidding, just over a quarter or 141 Mhz spectrum of the 533 Mhz that was on offer could be sold with Bharti acquiring 97 Mhz across three bands, followed by Vodafone (30 Mhz) and Reliance Jio (14.4 Mhz)

 

Govt had offered a total of 10 GHz of spectrum, ranging between 800 MHz to 26 GHz, which was worth Rs 96,238 crore at the base or auction start price. There were no takers for at least three of the frequencies on offer, generating 12% of the base price.

 

Bharti Airtel and Vodafone Idea have successfully renewed their expired spectrum in 900 MHz and 1,800 MHz bands, and further an additional quantum of 87.2 MHz worth Rs 6,165 crore has been acquired by telcos to augment their services, DoT said in a statement.

 

“Spectrum auction 2024 was part of a continuous allocation process that is transparent, robust and progressive. Telecom service providers (TSPs) have taken spectrum not only for continuity of service but for expanding their services but the volume is limited because already a large part of the spectrum required was auctioned only last year,” communications minister Jyotiraditya Scindia said.

 

Madras HC sets aside sales ban on online pharmacies

A division bench of the Madras High Court has set aside an earlier order by a single-judge bench asking online pharmacies such as Tata 1mg, PharmEasy, Reliance-owned Netmeds and Practo to not engage in digital trade of medicines.

 

In December 2018, a single-judge bench of the Madras High Court, in a petition filed by the Tamil Nadu Chemists and Druggists Association, ruled that e-pharmacies were “bound not to proceed with their online business in drugs and cosmetics” till the central government framed rules on the digital sale of medicines.

 

Online pharmacies appealed the order, and the matter was taken up by a division bench of Justices SM Subramaniam and C Kumarappan. The bench disposed of the case on June 25, 2024.

 

A similar case is ongoing in the Delhi High Court, where the South Chemists and Distributors Association — a trade body representing chemists in Delhi — has sought a ban on the sale of medicines online.

 

External debt up 6% to $663.8 billion in FY24

India’s external debt increased by about 6 per cent year-on-year (or by $ 39.7 billion) to $663.8 billion as at March-end 2024 against $624.1 billion as at March-end 2023.

As a ratio to GDP, it declined to 18.7 per cent at end-March 2024 from 19 per cent at end-March 2023.

 

The country’s external debt comprises loans, currency and deposits, trade credit and advances and debt securities.

 

Valuation effect due to the appreciation of the US dollar vis-à-vis the Indian rupee and other major currencies such as yen, the euro and SDR (special drawing rights) amounted to $8.7 billion. Excluding the valuation effect, external debt would have increased by $48.4 billion instead of $39.7 billion at end-March 2024 over end-March 2023.

 

Debt service (that is principal repayments and interest payments) increased to 6.7 per cent of current receipts at end-March 2024 from 5.3 per cent at end-March 2023, reflecting higher debt service.

 

At end-March 2024, long-term debt (with original maturity of above one year) increased by about 8 per cent y-o-y (or by $ 45.6 billion) to $541.2 billion over end-March 2023 level.

 

Components

Short-term debt on residual maturity basis (that is debt obligations that include long-term debt by original maturity falling due over the next twelve months and short-term debt by original maturity) constituted 42.9 per cent of total external debt at end-March 2024 (44.0 per cent at end-March 2023).

 

Short-term debt stood at 44.1 per cent of foreign exchange reserves (47.4 per cent at end-March 2023).

 

US dollar-denominated debt remained the largest component of India’s external debt, with a share of 53.8 per cent at end-March 2024 (54.6 per cent as at March-end 2023). This was followed by debt denominated in the Indian rupee (31.5 per cent vs 29.8 per cent as at March-end 2023), yen (5.8 per cent vs 5.7 per cent), SDR (5.4 per cent vs 6.1 per cent) and euro (2.8 per cent vs 3.2 per cent).

 

Loans remained the largest component of external debt, with a share of 33.4 per cent (32.5 per cent as at March-end 2023), followed by currency and deposits (23.3 per cent vs 22.6 per cent as at March-end 2023), trade credit and advances (17.9 per cent vs 19.9 per cent) and debt securities (17.3 per cent vs 16.7 per cent).

 

Overseas Indians sent back home $107 billion remittances in FY24

Overseas Indians sent back home a record $107 billion remittances to their relatives back home in FY24, crossing the $100-billion mark for the second financial year in a row.

 

Remittances by the Indian diaspora, as reflected in private transfers in the balance of payments, touched a gross level of $119 billion in FY24. After factoring in repatriation of income by private foreign residents and other remittances, net private transfers come to $107 billion.

 

The bulk of these remittances are reckoned to be going toward family needs, while a portion is also invested in other assets such as deposits, an RBI survey on remittances showed. India continued to be the largest recipient of the remittances from its diaspora according to the “Migration and Development Brief” released by the World Bank in December. India has been the top recipient of remittances by its diaspora for over 20 years, mostly driven by the surge in IT professionals going to North America and Europe from the nineties.

 

Govt auctions 21 critical mineral blocks worth ₹83,000 cr

The government put on auction 21 critical mineral blocks across nine States valued at ₹83,000 crore while a Kolkata-registered mine development operator, Maiki South, won the country’s first ever lithium block at Kathgora in Chhattisgarh.

 

Of the 21 mineral blocks put on auction on June 24, 2024, 11-odd are new ones and 10 of them are “second attempts” that is blocks from previous tranches which did not get any or less than the mandatory three bidders.

India has been auctioning critical mineral blocks since November as part of efforts towards a clean energy transition.

 

Fresh blocks

The fresh mineral blocks span six States — Arunachal Pradesh, Chhattisgarh, Jharkhand, Karnataka, Rajasthan and Uttar Pradesh – and include minerals such as graphite, glauconite, phosphorite, potash, nickel, platinum group of elements, phosphate and rare earth elements (REE). The “second attempt” blocks — in Andhra, Arunachal, Chhattisgarh, Karnataka, Maharashtra and Tamil Nadu — cover minerals such as tungsten, vanadium, graphite, glauconite, cobalt and nickel.

 

Chhattisgarh block

Licence for India’s first-ever lithium block (in Chhattisgarh) was awarded to Maiki South Mining which quoted an auction premium of 76.05 per cent. The company obtained a composite licence; will start exploration activities to determine the quantity of reserves and other details before it starts commercial mining.

 

First tranche winners

Preferred bidders for five other critical mineral blocks – put up for auction in the first tranche – were also declared. These include four graphite and manganese ore blocks and one for phosporite.

 

Sagar Stone Industries, which won the Uttar Pradesh phosphorite block having a reserve of 19.09 million tonnes (mt), quoted an auction premium of 400 per cent.

 

Agrasen Sponge Private Ltd won two graphite and manganese ore blocks – both in Odisha – quoting premium of 70 per cent and 80 per cent-odd respectively. Reserves identified are at 0.91 mt and 3.66 mt, respectively.

 

In case of the graphite block in Tamil Nadu, Dalmia Bharat Refractories won the bid quoting around 45 per cent premium. Reserves are yet to be determined here.

 

Mines Ministry annuls auction of 14 of 18 critical mineral blocks

The Mines Ministry has annulled auctions for 14 critical mineral blocks that were put up in the second tranche for want of requisite number of bidders. Nearly 78 per cent of the blocks put up for auction in the second tranche stand annulled. The blocks annulled cover minerals such as graphite, tungsten, cobalt & manganese (including poly metallic nodules) and potash. A total of 18 blocks has been put on auction in round two that was announced earlier in February 2024. Of the 14 blocks cancelled, five did not receive any bidders and nine received less than the mandatory three minimum bidders. The auction was a part of the government’s push towards self-reliance in critical mineral supplies.

 

Current a/c surplus in March quarter

The country’s current account balance showed a surplus for the first time in 10 quarters in Q4FY24. The surplus was a result of higher inflows from service exports and individuals.

 

In Q4, the surplus was $5.7 billion compared to a deficit of $8.7 billion in the previous quarter. The current account position was a 0.6% surplus as a percentage of GDP, compared to a 1% deficit in Q3FY24.

 

For the full year, the current account deficit narrowed down to $23 billion or 0.7% of the GDP from $67 billion or 2% of GDP in FY23. The current account had turned into a surplus for the first time in 17 years in FY21 when it was around 0.9% of the GDP.

 

On a quarterly basis, the last surplus was in Q3FY21 when imports had decreased during the pandemic. Service exports in Q4FY24 increased by 4.1% year-over-year, driven by more exports of software, travel, and business services. Net service receipts were $42.7 billion, up from $39.1 billion a year ago, contributing to the current account surplus in Q4 2023-24.

 

Receipts from private transfers, primarily remittances sent by Indians working abroad, totalled $32.0 billion, marking an 11.9% increase compared to the previous year.

 

In Q4 2023-24, net inflows from external commercial borrowings to India were $2.6 billion, up from $1.7 billion a year ago. Non-resident deposits saw a higher net inflow of $5.4 billion compared to $3.6 billion in Q4 2022-23. Foreign exchange reserves increased by $30.8 billion during Q4 2023-24, excluding valuation effects, compared to an increase of $5.6 billion a year ago.

 

Wheat stock limits back to curb hoarding

Govt re-imposed stock limit on wheat on June 24, 2024, barely after a gap of two-and-a-half months, to check hoarding and price rise of the commodity. This will remain in force till March 2025. As per the new norms, wholesalers can keep 3,000 tonne of wheat stock and stock with retailers has been capped at 10 tonne. Big chain retailers can keep 10 tonne for each outlet and 3,000 tonne at all depots at any given point of time. They have to disclose the stock every week as well.

NEWSMAKERS

 

Ravi Agrawal to be new CBDT chief

The government on June 29, 2024 appointed Ravi Agrawal as the new chairman of the Central Board of Direct Taxes (CBDT). He replaces Nitin Gupta whose extension ends on June 30. An official statement said Agarwal’s tenure will start from July 1 and he would be in office till the date of his superannuation on Sept 30 this year. After that he would be re-appointed on a contract basis up to June 30 next year on terms and conditions applicable to re-employed central govt officers, as per the statement from the secretariat of Appointments Committee of Cabinet. Agrawal is a 1988 IRS officer and was appointed as member of CBDT, which oversees direct tax issues.
 
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Section H: CORPORATE

 

Tata Group retains India’s most valued brand title

The Tata Group has retained its title as India’s most valuable brand in the latest rankings released by Brand Finance.

 

The Group’s brand value was pegged at $28.6 billion, up 9 per cent on the back of a refreshed business strategy focusing on digitalisation, e-commerce, EV and electronics. The report pointed out that Tata Group’s brand value highlights the first time an Indian brand is close to the $30-billion brand value mark and this reflected “the prevailing optimism in the Indian economy”.

 

Infosys with a brand value of $14.2 billion was ranked second, followed by HDFC Group, which jumped to the third spot ($10.4 billion), propelled by its merger with HDFC Ltd, the report noted.

 

LIC Group, Reliance Industries, SBI Group, Airtel, HCL Tech, Larsen & Toubro and Mahindra were ranked among the top ten most valuable Indian brands, according to the Brand Finance India 100 2024 Report.

 

Dialog Axiata completes Airtel Lanka acquisition

Sri Lanka’s telecom market leader Dialog Axiata has completed the acquisition of Bharti Airtel’s subsidiary in the island nation through an all-stock deal. “Bharti Airtel, Dialog Axiata PLC and Axiata Group, Berhad have successfully completed on June 26, 2024, the share swap transaction of Bharti Airtel Lanka Pvt Ltd (Airtel Lanka) with Dialog”, a statement said.

 

Upon completion of the transaction, Dialog holds 100% shareholding of Airtel Lanka and Bharti Airtel holds 10.355% shareholding of Dialog,” Sunil Mittal-led Bharti Airtel said in a regulatory filing on June 27, 2024.

 

Under a definitive pact signed between Dialog Axiata, Axiata Group Berhad and Bharti Airtel, Dialog had agreed to buy all of Airtel’s Sri Lankan operations. In exchange, Dialog Axiata will issue new shares totalling 10.355% of all its existing shares to Airtel as part of a share swap. The deal has now concluded.

 

Dialog is Sri Lanka’s largest telco with over 17 million users. Airtel Lanka has about 5 million subscribers.

 

UltraTech to buy 23% in India Cements

Aditya Birla Group’s UltraTech Cements acquired 23 per cent in South India-based India Cements, for ₹1,885 crore. UltraTech’s non-controlling financial investment was made at ₹267 per share and approved by the company’s board on June 27, 2024. As of March, India Cements promoters (N Srinivasan and family) held 28 per cent stake and resident individuals 39.33 per cent. Of the latter, Radhakishan Shivkishan Damani and Gopikishan Shivkishan Damani together held 22.78 per cent, per the company’s shareholding data. UltraTech has a consolidated capacity of 152.7 million tonnes per annum of grey cement. India Cements has a total capacity of 15.5 million tonnes per annum. The Adani group has been expanding its footprint in the cement sector. Gujarat Ambuja, with its subsidiaries ACC Ltd. and Sanghi Industries Ltd, has taken the Adani Group’s cement capacity to 78.9 MTPA

 

JSW Infrastructure to buy Navkar Corp from promoter family

JSW Infrastructure has agreed to acquire Navkar Corp by purchasing the entire stake held by the promoters of the Mumbai-based provider of container handling services for about ₹1,013 crore in cash, the companies announced in stock exchange filings.

 

Dr Reddy’s to buy UK co’s nicotine gum business

In its biggest acquisition so far, Indian pharma major Dr Reddy’s Laboratories is set to buy British consumer healthcare giant Haleon’s nicotine replacement therapy (NRT) portfolio, excluding the US business, for 500 million pounds (about Rs 5,275 crore). The portfolio being acquired by the Hyderabad-based company includes Nicotinell, touted as the second biggest brand in the NRT space globally with a footprint in 31 countries across Europe, Latin America and Asia. Nicotinell is branded as Nicabate in Australia, Thrive in Canada and Habitrol in New Zealand and Canada. Haleon, which owns brands such as Sensodyne and Panadol, was spun off from GSK in July 2022.

 

Adani, Thales to manufacture 70mm rockets

Adani Defence and Aerospace on June 28, 2024 signed an agreement with France-based Thales group to manufacture 70mm rockets for Rudra light combat helicopter (LCH) and Prachand advanced light helicopter (ALH), assets of the Indian Air Force.

 

Zomato introduces Restaurant Services Hub

Food delivery firm Zomato has introduced Restaurant Services Hub, a platform offering services such as staff hiring and regulatory services like Goods and Services Tax (GST) registration and Food Safety and Standards Authority (FSSAI) compliance to restaurant partners through a range of vendors.

 

EU charges MS with antitrust violations over Teams bundling

European Union regulators on June 25, 2024 charged Microsoft with breaking antitrust rules by bundling its Teams video conferencing and collaboration software with a suite of other productivity tools, giving it an unfair advantage over rivals. Regulators said Microsoft’s packaging of Teams with other well-established software tools in Office 365 and Microsoft 365, which includes programs like Word, Excel, PowerPoint and Outlook, amounted to an illegal abuse of market dominance that rival companies like Zoom and Slack could not match. Regulators said businesses essentially had little choice but to take Teams if they wanted other software made by Microsoft.

 

Apple becomes the first target of EU’s new digital competition rules

European Union regulators on June 24, 2024 levelled their first charges under the bloc’s new digital competition rulebook, accusing Apple of preventing app makers from pointing users to cheaper options outside its App Store. The commission opened an initial round of investigations after it took effect in March, including a separate ongoing probe into whether Apple is doing enough to allow iPhone users to easily change web browsers. Apple now has a chance to respond to the findings. The commission will make a final decision on Apple’s compliance by March 2025. The company could face fines worth up to 10% of its global revenue, which could amount to billions of euros.

 

Stanley Lifestyles lists

Shares of Bengaluru-based Stanley Lifestyles on June 28, 2024 were listed on the bourses. Against the IPO price of ₹369, the stock was listed at ₹499 on the BSE, a premium of 35.23 per cent, and at ₹494.95 on the NSE, a premium of 34.13 per cent. The stock closed at ₹474 on the BSE, a gain of 28.46 over the IPO price. On the NSE, the shares closed at₹479, up 29.8 per cent.

 

JSW Group marks 100 years of India’s Olympic journey

The JSW Group marked Olympic Day in Paris with the inauguration of the exhibition, celebrating the legacy of Pierre de Coubertin, the founder of the Olympic Movement, along with the commemoration of 100 years of India’s presence in the Games, in Paris, on June 23, 2024. The exhibition will be open to public till the end of the Paralympics on September 10.

 

Prosus writes off 9.6% Byju’s stake, logs $493m Loss

Dutch-listed technology investment firm Prosus has written off its 9.6% stake in cash-strapped Byju’s, underscoring the continuing financial struggles in the Indian edtech firm. Prosus said, in its annual report for FY24, that it wrote off the fair value of its stake because of “significant decrease in value for equity investors”.

 

Zee MD Punit Goenka buys majority stake in Maverick

Zee MD Punit Goenka has acquired a majority stake in Maverick Media, a company that builds and refurbishes single screen theatres, for an undisclosed amount. Goenka, who is also the promoter of Zee, has made this stake-purchase in his personal capacity.

NEWSMAKERS

 

MRSI elects Nitin Kamat as new President

Market Research Society of India (MRSI), an industry body, elected  Nitin Kamat, Chief Growth & Partnerships Officer, TAM Media Research Pvt. Ltd. was elected as the new President for the tenure of 2024-2027. He has taken over from Paru Minocha, Managing Director, South Asia, Insights Division, Kantar. Puneet Avasthi and Shuvadip Banerjee were elected as Vice-Presidents, Anila Vinayak as the Secretary, and Parijat Chakraborty as the Treasurer for MRSI. MRSI’s Managing Committee is represented by companies across Research Agencies, Research Users and Service Providers in the market research industry.
 
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Section I: STATES

 

U.P. Cabinet clears Ordinance to curb exam paper leaks

The Uttar Pradesh Cabinet on June 25, 2024 cleared an Ordinance to prevent question paper leaks and use of unauthorised means in exams, awarding jail term of two years to life imprisonment and fines up to ₹1 crore.

 

The move comes following recent incidents of question paper leak in the State Police Constable Recruitment exam and State Public Service Commission (SPSC) test for review officers and assistant review officers.

 

The Ordinance was given a go-ahead at a Cabinet meeting presided over by Chief Minister Yogi Adityanath, Finance Minister Suresh Khanna said.

 

The Ordinance includes exams of SPSC, Subordinate Service Selection Board, Uttar Pradesh Board, universities and institutions nominated by them. It will also be applicable on any kind of recruitment exams, regularisation or promotion exams, entrance exams for degree-diploma certificates or educational certificates, he added.

 

Under this Ordinance, distributing fake question papers and making fake employment websites have also been marked as punishable offences.

 

In case the exam is affected, the financial burden will be recovered from the ‘paper solving gang’ and the institution. The service providers who commit irregularities in the exam will be blacklisted.

 

Since the Assembly is not in session at present, an Ordinance has been proposed in place of a Bill.

 

SC upholds ruling nixing Haryana order to grant extra marks to state domiciles

Supreme Court on June 24, 2024 upheld the HC order for quashing of the Haryana govt’s decision to grant 5% additional marks to state domiciles in recruitment to certain posts based on “socio-economic” criteria, calling it a populist measure. It also directed that fresh examinations, which were conducted in 2023, be conducted for jobs to Group C and D employees.

 

The court rejected a plea of the Haryana Staff Selection Commission (SSC) challenging the Punjab and Haryana HC verdict quashing a state notification granting extra marks to domiciles of Haryana in the recruitment process during the CET of 2023 (CET 2023). It also directed that fresh tests be conducted.

 

Appearing for Haryana Staff Selection Commission , AG R Venkataramani pleaded Supreme Court that there was no need to hold fresh examinations and results could be declared after doing away with additional marks granted to state residents. But the bench said that HC had given reasons to hold re-test and there was no error in the verdict.

 

Under this “socio-economic” criteria, additional weightage was granted by the Haryana govt to domiciles of Haryana on fulfilment of certain conditions, including that none of the applicant’s family members was a regular govt employee and the gross annual income of the family from all sources was less than Rs 1.8 lakh.

 

Maharashtra: Mukhya Mantri Teerth Darshan Yojana

Maharashtra Chief Minister Eknath Shinde on June 29, 2024 announced the Mukhya Mantri Teerth Darshan Yojana, a new pilgrimage scheme designed for senior citizens of all religions.

 

In his budget presentation, State’s Finance Minister Ajit Pawar on June 28, 2024 announced Mukhya Mantri Majhi Ladki Bahin Yojana that will provide Rs 1,500 subsidy for eligible women aged 21 to 60 each month and is patterned on Madhya Pradesh govt’s Ladli Behna Yojana.

 

Under the ‘Mukhya Mantri Baliraja Vij Savlat Yojana’, the government will bear the burden of electricity bills of the farmers and to provide free electricity to agriculture pumps up to 7.5 horsepower capacity.

 

The government also announced Mukhya Mantri Annapurna Yojana, which will provide three free gas cylinders annually.

 

Additionally, Pawar announced the “Punyashlok Ahilyadevi Holkar Mahila Start-Up Yojana” to support small women entrepreneurs, scheduled to launch this fiscal, along with an all-India start-up convention in the State.

 

Unanimous Assembly resolution by Tamil Nadu to scrap NEET

The Tamil Nadu assembly on June 28, 2024 unanimously passed a resolution against the National Eligibility-cum-Entrance Test and urged the Union government to scrap the test. The resolution called for state governments to be allowed to undertake medical admissions based on class 12 marks, as was done before NEET was introduced.

 

The resolution was introduced by chief minister MK Stalin. The resolution was passed with support from legislators from the ruling alliance parties, including MMK, DMDK, TVK and the CPI(M), as well as PMK, amid a boycott by BJP. The resolution also nudged the Union government to approve a bill passed by the House in 2022 seeking exemption from NEET for students from the state.

 

Abolition of NEET has also been one of MK Stalin’s and the DMK’s election promises.

 

The state assembly passed two bills seeking exemption from NEET for Tamil Nadu in 2017 and 2021, with the Union government rejecting the former which was piloted by the then AIADMK government. The 2021 bill was based on a recommendation from a panel headed by Justice (retired) AK Rajan but was returned to the assembly in 2022 by governor RN Ravi.

 

Tamil Nadu Assembly adopts resolution for Centre to take up caste-wise census

The Tamil Nadu assembly on June 26, 2024 passed a unanimous resolution urging the Centre to take up a caste-based census soon, along with the population census which has been pending since 2021.

 

The resolution introduced by chief minister MK Stalin said the central government should immediately commence the census work along with caste-based population census this time.

 

“This House considers that caste-based population census is essential to formulate policies in order to ensure equal rights and equal opportunities in education, economy and employment to every citizen of India,” the resolution stated. The legislators belonging to various political parties, including the BJP supported the resolution which was adopted by the House in the absence of the principal Opposition AIADMK members who were suspended from the Assembly for disrupting the proceedings. They had raised slogans against the DMK government over the Kallakurichi hooch tragedy and demanded the resignation of chief minister MK Stalin.

 

January 25 will be observed as Tamil language martyrs’ day

Minister for Tamil Development, Information and Publicity, M.P. Saminathan, on June 24, 2024 announced in the Tamil Nadu Assembly that January 25 would be observed as ‘Tamil Mozhi Thiyagigal Naal’ (Tamil language martyrs’ day) from 2025. Similarly, June 3, which is the birth anniversary of former Chief Minister and DMK president, M. Karunanidhi, would be celebrated as ‘Semmozhi Naal Vizha’, he said during the debate on demand for grants to his departments.

 

The Minister said a statue would be erected for Kavignar Mudiyarasan in Sivaganga district at a cost of ₹50 lakh. Besides, the ‘Muthamizh Arignar Kalaignar’ award (in memory of Karunanidhi) would be instituted and given to those who contribute and work towards the development of Tamil language along with a cash prize of ₹10 lakh and a gold medal weighing one sovereign.

The Tamil Mandram building in Chandigarh would be expanded and Tamil Sangam’s auditorium in New Delhi would be refurbished at a cost of ₹50 lakh each, he said.

 

T.N. to allow regulated culling of wild boars in fields close to forest

The Tamil Nadu government has decided to allow culling of wild boars that cause distress to farmers in farmland close to forest areas.

 

Minister for Forests M. Mathiventhan said in the Assembly on June 28, 2024 that the decision was taken based on a report by the Farmers’ Conflict Resolution Committee, which was constituted to study the impact of raids by elephants and wild pigs on agricultural crops. The committee comprises representatives from the Departments of Forest, Revenue, Agriculture, and Horticulture, scientific experts, and wildlife enthusiasts.

 

During the debate on the demand for grants for his department, the Minister said that the areas adjacent to reserve forests would be divided into three zones — Zone A (within one kilometre from forest limits); Zone B (one to five kilometres); and Zone C (beyond five kilometres). Shooting of wild pigs will not be allowed within five kilometres from the reserve forest, he added.

 

While farmers have been requesting the State government to allow culling of wild boars, experts have expressed concerns about indiscriminate killing.

 

AERA approves 50% hike in user fees at Thiruvananthapuram airport

The Airport Economic Regulatory Authority (AERA) has approved an over 50 per cent increase in user development fees at the Thiruvananthapuram airport.

 

According to the tariff order released in June 2024, domestic and international passengers must now shell out ₹770 and ₹1,540 (excluding taxes) in user development fees (UDF) till March 2025. The levy will increase in FY26 and FY27.

 

Similarly, UDF is being introduced for arriving passengers, and those coming from domestic and international destinations will pay ₹330 and ₹660, respectively in the current fiscal.

 

Aircraft landing charges on domestic airlines, too, have been hiked by up to three times. Parking charges have been revised, and a fuel infrastructure levy has been introduced as a hydrant system is being proposed at the airport for dispensing fuel to aircraft.

 

While revising the charges, AERA has also advised the airport operator to minimise related party transactions and ensure fairness and transparency in such intra-group deals.

 

Haryana govt increases reservation for OBC category from 15% to 27%

Haryana Chief Minister Nayab Singh Saini on June 23, 2024 announced an increase in annual income limit for OBC’s creamy layer from Rs 6 lakh to Rs 8 lakh, which is similar to the Centre. Saini also announced that the reservation for the backward classes in Group-A and Group-B posts, currently at 15 per cent, will be increased to 27 per cent, “in line with the Central government’s policy”. Saini was addressing a gathering at ‘OBC Morcha Sarv Samaj Samrasta Sammelan’ held in Gurugram.

 

Ladakh: Indian Army opens Khalubar War Memorial to tourists

In Ladakh, as a tribute to the heroes of the Kargil War, the Indian Army has opened the Khalubar War Memorial to tourists. This opening ceremony was part of the ‘Forever in Operations’ Division’s Pre-Kargil Vijay Diwas celebrations as this year, the country will celebrate the 25th anniversary of Kargil Vijay Diwas on 26 July. Located in the Aryan Valley this memorial commemorates the bravery and sacrifices of soldiers who fought to reclaim the valley during the war.

 

5 soldiers in tank swept away in Ladakh floods

Five Army soldiers drowned when their tank got stuck after a flash flood in Shyok river in the Daulat Beg Oldie (DBO) region of eastern Ladakh, which is near the Line of Actual Control with China, on June 29, 2024. The Russian-origin T-72 main-battle tank, which had a crew of one junior commissioned officer (JCO) and four jawans, was ‘de-inducting’ from a military exercise when the mishap occurred while fording the river near Saser Brangsa due to “a sudden increase in the water level” around midnight. “Rescue teams, including combat engineers in boats, rushed to the location. But the soldiers could not be saved due to the strong current in the river. All bodies were later recovered. The 52 Armoured Regiment soldiers who died were identified as MRK Reddy (JCO), Subhan Khan, Bhupendra Negi, Ekeidaung Teibam & Sadarbonia Nagaraju.

 

Srinagar gets tag of ‘World Craft City’, fourth from country

Srinagar has become the fourth Indian city to be recognised as a ‘World Craft City’ by the World Craft Council (WCC). Jaipur, Malappuram and Mysore are the other Indian cities that have previously been recognised as World Craft Cities. The J&K administration had applied for the recognition of Srinagar as World Craft City in 2021 together with recognition as UNESCO Creative Cities Network. As of now, at least 10 different forms of craftsmanship survive in Srinagar and its suburbs, including papier-mâché, walnut wood carving, carpets, Sozni embroidery and Pashmina and Kani shawls.

 

Chadwick House in Shimla gets makeover as CAG museum

Comptroller and Auditor General (CAG) has converted Chadwick House — the Shimla residence of former maharaja of Kapurthala where Mahatma Gandhi stayed when he came to attend the Cabinet Mission meeting in 1946 for transfer of power from the British — as its first museum with a collection of rare artefacts, including a 1907 table and chair used by C V Raman, the only Indian to get a Nobel in Physics. Raman had a brief stint as an assistant accountant general at CAG’s Kolkata office. Inaugurated in June 2024 by CAG G C Murmu, Chadwick House is the first museum dedicated to CAG in 164 years of its history.

 

L-G dissolves Delhi govt. think tank

Lieutenant-Governor V.K. Saxena on June 27, 2024 approved the temporary dissolution of the Delhi Dialogue and Development Commission (DDCD) until a mechanism is reached for the screening and selection of its members and vice-chairman. The DDCD acts as a think tank for the Delhi government and helps the government in various projects across departments. In a note to the Chief Secretary, Mr. Saxena called the DDC a “clear case of nepotism and favouritism in utter disregard of all rules”, and said it allowed the Delhi government to “extend financial benefits and extend patronage to certain favoured political persons of partisan inclinations”. He also noted that screening for positions was not conducted transparently. “Huge salaries were also paid from the public exchequer, which were incommensurate to the duties assigned,” he added.

 

Nagaland holds civic polls after 2 decades

A majority of more than 2.23 lakh voters in Nagaland exercised their franchise in the elections to the urban local bodies (ULBs) held on June 26, 2024 after a 20-year gap. The highlight of the electoral exercise was the reservation of 33% of the seats or wards for women, a touchy issue that had stalled the civic polls for two decades.

 

M.P. Ministers to pay income tax as old rule gets revoked

The Madhya Pradesh Cabinet on June 25, 2024 decided that the Ministers will now pay their income tax instead of the State government bearing the burden. Chief Minister Mohan Yadav, in a statement, said the Cabinet has taken a decision to strike off the 1972 rule under which the State government was paying the income tax on the salaries and perks of Ministers. Urban Administration Minister Kailash Vijayvargiya said the Chief Minister suggested that the Ministers themselves pay their income tax. The suggestion was accepted and hence the decision was taken in this regard, he said.

 

Kerala assembly moves to rename state ‘Keralam’

The Kerala assembly unanimously adopted on June 24, 2024 a resolution urging the Centre to officially change the state’s name to “Keralam”. The House was passing the resolution the second time as the Union home ministry, which had reviewed the first resolution, had suggested some technical changes. In the First Schedule of the Constitution, the state is listed as Kerala. CM Pinarayi Vijayan moved the resolution and it was accepted by both LDF and UDF members.

NEWSMAKERS

 

Maharashtra: Sujata Saunik appointed first woman chief secretary

State’s seniormost IAS officer, Sujata Saunik, has taken over as Maharashtra’s first woman chief secretary. Now, women head the state’s bureaucracy as well as the police force, with Rashmi Shukla as DGP. Sujata Saunik succeeded Nitin Kareer, who retired on June 30, 2024. She is set to retire on June 30 next year.
 
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Section J: SPORTS

 

ICC Men’s T20 World Cup

India (176/7 in 20 overs) defeated South Africa (169/8 in 20 overs) by 7 runs in the final at Kensington Oval, Bridgetown to win the ninth ICC Men’s T20 World Cup co-hosted by the West Indies and the United States from June 1 to 29, 2024.

 

Rahmanullah Gurbaz (Afghanistan) made most runs in the tournament. He scored 281 runs in 8 innings.

 

Fazalhaq Farooqi (Afghanistan)  and Arshdeep Singh (India) were the joint top wicket-takers with 17 wickets in 8 innings.

 

India’s Jasprit Bumrah took 15 wickets in 8 innings at an economy rate of 4.17 runs/over and was named Player of the tournament.

 

Venues in the West Indies:

• Antigua & Barbuda: Sir Vivian Richards Stadium, North Sound
• Barbados: Kensington Oval, Bridgetown
• Guyana: Providence Stadium, Georgetown
• Vincent & the Grenadines: Arnos Vale Stadium, Kingstown
• Saint Lucia: Daren Sammy Cricket Ground, Gros Islet
• Trinidad & Tobago: Brian Lara Cricket Academy, San Fernando

 

Venues in US:

• Florida: Central Broward Park, Lauderhill
• Texas: Grand Prairie Stadium, Dallas
• New York: Nassau County Stadium

 

2024 T20WC: Team of the tournament

• Rohit Sharma (India): Batsman/Captain
• Rahmanullah Gurbaz (Afghanistan): Batsman/Wicket-keeper
• Nicholas Pooran (West Indies): Batsman
• Suryakumar Yadav (India): Batsman
• Marcus Stoinis (Australia): All-rounder
• Hardik Pandya (India): All-rounder
• Axar Patel (India): All-rounder
• Rashid Khan (Afghanistan): Bowler
• Jasprit Bumrah (India): Bowler
• Arshdeep Singh (India): Bowler
• Fazalhaq Farooqi (Afghanistan): Bowler
• Anrich Nortje (South Africa): Bowler/12th man

 

Formula One Austrian Grand Prix

George Russell won the Formula One Austrian Grand Prix for Mercedes at Spielberg on June 30, 2024. McLaren’s Oscar Piastri finished second with Ferrari’s Carlos Sainz third. It was 11^th of the 24 races in 2024 Season.

 

Dutch MotoGP sprint

Two-time defending world champion Francesco Bagnaia (Ducati Lenovo Team) won the Dutch MotoGP sprint at Assen on June 29, 2024. Pramac Ducati’s Jorge Martin finished second while Enea Bastianini, Bagnaia’s teammate at Ducati Lenovo, finished third. It was 8^th of the 20 races in 2024 Season.

 

Tennis tournaments

Alejandro Tabilo of Chile won men’s singles title at the Mallorca Championships tennis grasscourt tournament on June 29, 2024. He defeated Sebastian Ofner of Austria 6-3, 6-4 in the final. Russia’s Daria Kasatkina and Taylor Fritz of USA won the women’s and men’s singles titles respectively at the Eastbourne International tennis grasscourt tournament in UK on June 29, 2024. Kasatkina defeated Leylah Fernandez 6-3, 6-4 in the final. Fritz defeated Australia’s Max Purcell in the final 6–4, 6–3.

 

IOA hikes monetary awards for Paris Olympics medallists

The Indian Olympic Association (IOA) will give away a cash award of Rs 1 crore to individual gold medal winners at the Paris Games. The silver medallists will get Rs 75 lakh and bronze medallists Rs 50 lakh. The Games will run from July 26 to August 11. These awards will be given over and above what the govt offers to the Olympic medallists in individual categories. According to the govt’s scheme for medal winners, an Olympic champion gets Rs 75 lakh, the silver winner Rs 50 lakh and bronze medallist Rs 30 lakh. IOA has also decided to separately award the country’s men’s hockey team with a cash prize since the sport falls in the ‘teams’ category. In case the hockey team wins gold, it will be given cash prize of Rs 2 crore. For a runners-up position, the team will get Rs 1 crore and for bronze Rs 75 lakh.

 

WTT Contender Lagos

Sreeja Akula on June 23, 2024 became the first Indian table tennis player to win a WTT Contender singles title when she defeated Ding Yijie of China 4-1 (10-12, 11-9, 11-6, 11-8, 11-6) in the final at Lagos, Nigeria. Sreeja also returned with a second gold as she partnered with Archana Kamath to get the better of compatriots Diya Chitale and Yashaswini Ghorpade 3-0 (11-9, 11-6, 12-10) in the women’s doubles as India ended its campaign with three gold and a silver. India also bagged the men’s doubles gold when the duo of Harmeet Desai and Manav Thakkar blanked Azeez Solanke and Olajide Omotayo 3-0 (11-8, 11-9, 11-8).

 

Co-inventor of DLS, Frank Duckworth passes away at 84

Frank Duckworth, one of the inventors of Duckworth-Lewis system which later became known as Duckworth-Lewis-Stern, passed away at the age of 84 on June 21. DLS is a method that is used to determine results in rain-affected cricket matches. The original method was made by English statisticians Duckworth and Tony Lewis. It was used for the first time in international cricket in 1997. The method was officially used by ICC as the standard for setting revised targets in 2001.

 
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