Home Daily Current Affairs Banking Current Affairs Daily Current Affairs – August 02, 2023

Daily Current Affairs – August 02, 2023

Daily Current Affairs - Banking - August 02, 2023

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National News

Parliament New Bills

Parliament passed the Biological Diversity (Amendment) Bill, 2023, which entails provisions for sharing benefits of biodiversity commerce with locals and also decriminalises biodiversity offences.
The bill would also help in simplifying the patent application process.
Parliament also passed Multi-State Cooperative Societies (Amendment) Bill 2023.
This Bill introduces significant amendments to the Multi-State Cooperative Societies (MSCS) Act.
These modifications aim to enhance the transparency and accountability of these cooperatives’ operations in a bid to improve governance.
The MSCS Act has not seen changes since 2002, making these updates noteworthy.
India is home to around 1,500 multi-state cooperative societies and the majority of them are in Maharashtra.
Credit societies constitute a majority of these multi-state cooperatives.
One of the key provisions in the amendments empowers the Centre to suspend a MSCS Board if it fails to meet within a prescribed time frame.
To improve multi-state cooperative societies’ governance, the Bill includes provisions for the creation of a cooperative election authority, cooperative information officer, and a cooperative ombudsman.

Government gets over Rs 3,400 crores dividend from NIIF, ECGC

The government has received over Rs 3,400 crore as dividend tranches from NIIF and ECGC.
The government has already mopped up Rs 5,200 crore as dividend from public sector companies so far in the current fiscal.
Government has respectively received about Rs 3,031 crore and Rs 434 crore from National Investment and Infrastructure Fund Ltd (NIIFL) and ECGC as dividend tranches.

World’s Largest Grain Storage Plan to empower farmers

The ‘World’s Largest Grain Storage Plan in the Cooperative Sector’ will be rolled out as a Pilot Project to revolutionise agricultural infrastructure and empower farmers.
The plan focuses on creating godowns and other agricultural infrastructure at the level of Primary Agricultural Credit Societies (PACS) to strengthen food security, reduce wastage, and empower farmers by enabling them to realise better prices for their crops.
Emphasising the strength of cooperatives, this transformative plan aligns with the vision of “Sahakar-se-Samriddhi” (Cooperation for Prosperity).
Leveraging the potential of over 1,00,000 PACS, the plan seeks to create decentralised storage capacity and essential infrastructure to enhance the economic viability of PACS and boost India’s agricultural sector.
India has over 1,00,000 PACS with a vast membership of over 13 crore farmers.
Given their significant role in the agricultural landscape, the plan seeks to empower PACS by creating decentralised storage capacity and other necessary infrastructure.
This transformation will enhance the economic viability of PACS and contribute to the growth of the Indian agricultural sector.

Govt disbursed over Rs 2,41,000 crore pension to more than 65.74 lakh pensioners including +20.93 lakh family pensioners during 2022-23

On the basis of the information provided by the Central Pension Accounting Office (for Civil Pensioners), Office of Controller General of Defence Accounts (for Defence Pensioners), Department of Telecommunications (for Telecom Pensioners), Railway Board (for Railway Pensioners), and Department of Posts (for Postal Pensioners), the details regarding the pensioners and family pensioners receiving pension and expenditure involved during the year 2022-23 under the Union Government are given as under:

S.No.	Department	No. of Pensioners	No. of Family Pensioners	Expenditure for the year 2022-23 (Rs. in crores)
1.	Civil Pensioner	780509	361476	40,811.28
2.	Defence Pensioner	2331388	835043	1,25,269.42
3.	Telecom Pensioner	317992	120766	12448.00
4.	Railways Pensioner	856058	669710	55,034.00
5.	Post Pensioner	195298	106467	8214.85
Total		4481245	2093462	2,41,777.55

The amount of minimum pension/ family pension under the Central Government is Rupees 9,000 per month.

State News

GI tags for Goan mangoes and bebinca, crafts from Rajasthan and U.P.

Seven products from across India, including four from Rajasthan, were given the Geographical Indication (GI) tag by the Geographical Indications Registry in Chennai.
The GI tags were secured by ‘Jalesar Dhatu Shilp’ (a metal craft), ‘Goa Mankurad Mango’, ‘Goan Bebinca’, ‘Udaipur Koftgari Metal Craft’, ‘Bikaner Kashidakari Craft’, ‘Jodhpur Bandhej Craft’, and ‘Bikaner Usta Kala Craft’.
The application for the mankurad mango was filed by the All Goa Mango Growers Association, Panaji.
This variety of mango is also known as malcorada, cardozo mankurad, corado, and Goa mankur.
The Portuguese named the fruit malcorada, which means ‘poor coloured’, and with time, it became mankurad aamo (mango) in Konkani.
The application for the Goan bebinca was filed by the All Goa Bakers and Confectioners Association.
Bebinca, also known as the ‘queen of Goan desserts’, is a traditional Indo-Portuguese pudding.
At Jalesar in Uttar Pradesh’s Etah district, once the capital of Magadha king Jarasandha, over 1,200 small units are engaged in making ‘Jalesar Dhatu Shilp’, including ghungrus (anklets), ghantis (bells) and other decorative metal craft and brassware.
The Thatheras community, which resides in a mohalla (locality) named Hathuras, makes these products.
Among the four different crafts from Rajasthan given GI tags is ‘Udaipur Koftgari Metal Craft’.
According to the documents submitted to the GI Registry, weapons are exquisitely ornamented by a complicated process of etching designs, heating, and then cooling, intertwined with embedding gold and silver wire into the metal, pressing and flattening it to a smooth surface with moonstone, and finally polishing it.
The GI tag has also been secured by the ‘Bikaner Kashidakari Craft’ traditionally created on cotton, silk or velvet with a variety of fine stitches and mirror-work, mainly for objects associated with marriage, especially gift items.
The mirrors are believed to repel the ‘evil eye’ with their reflective surfaces.
The weaving of fabrics by hand used to be done by the Meghwal community in Bikaner and nearby districts.
The ‘Jodhpur Bandhej Craft’ is the Rajasthani art of tying and dyeing.
Bandhej is one of the most famous textile art forms of Rajasthan.
The fabrics used for Bandhej are muslin, silk and voile.
Cotton thread is used for tying the fabric.
The ‘Bikaner Usta Kala Craft’ is also known as gold nakashi or gold manauti work due to the prominence of its long-lasting golden colour.
Untreated raw camel hide is processed and moulded by the Dapgar community of leather craftspeople for the requirements of the Usta.
Rajasthan – Jaipur (Capital) – Ashok Gehlot (CM) – Kalraj Mishra (Governor) – Hindi (Language)

IBC to set up battery manufacturing plant in Karnataka for Rs 8,000 crore

International Battery Company (IBC) has signed an investment pact worth Rs 8,000 crore ($971.89 million) with the Karnataka government to build a battery manufacturing facility.
The facility will be spread across 100 acres in the state.
Taiwanese manufacturer Foxconn will also invest $600 million in Karnataka for two manufacturing projects.
Foxconn will invest $350 million to set up a unit to manufacture casing components for smartphones, including Apple’s iPhones.
This unit is expected to generate 12,000 jobs.
The company already has an assembling plant in Tamil Nadu for iPhones.
The company will invest $250 million in the second plant and produce chip making tools in partnership with Applied Materials, a well-known semiconductor equipment maker.
Karnataka – Bengaluru (Capital) – Basavaraj Bommai (CM) –Thawarchand Gehlot (Governor) – Kannada (Language)

Banking and Finance

UPI transaction value up 4% in July; inches closer to 10 billion in volume

After a marginal dip in last month, transactions under the Unified Payment Interface (UPI) touched a new high of Rs 15.34 trillion in the month of July, up 4 per cent from Rs 14.75 trillion in June 2023.
In terms of volume too, transactions saw a 7 per cent increase from 9.34 billion in June to 9.96 billion in July.
According to a data shared by the National Payments Corporation of India (NPCI), transaction volume increased by 58 per cent and value increased by 44 per cent compared to the same month last year.
In July 2022, NPCI processed 6.3 billion transactions in volume terms with a value of Rs 10.63 trillion.
In July 2023, the Immediate Payment Service (IMPS) transactions were seen at 490 million up 5 per cent from 468.1 million in volume.
In value terms, this was up to Rs 5.12 trillion in July up from Rs 5 trillion in June, up 2.4 per cent.
In the case of Fasttag transactions, the month witnessed a 7 per cent decline in volume terms from 316 million in June to 295 million in July.
This came down by 4 per cent in value from Rs 5,196 crore in June to Rs 4,981 crore in July.
During the month under review, Aadhaar Enabled Payment System (AePS) saw a 14 per cent rise from 96 million in June to 109 million.
In value terms, this was seen up by 11 per cent from Rs 26,526 crore to Rs 29,471 crore.

Fintech company CRED launches RuPay credit card-based UPI payments

Prominent fintech firm CRED introduced RuPay credit card-based Unified Payments Interface (UPI) payments for its members, in collaboration with the National Payments Corporation of India (NPCI).
The company now supports RuPay credit cards issued by banks including HDFC Bank, ICICI Bank, Yes Bank, Axis Bank, BOB Financial Solutions, Canara Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, and Union Bank.
The launch of credit-on-UPI will empower CRED’s members to utilise their RuPay credit cards for making payments via UPI.
Accordingly, users can pay businesses or merchants by scanning any UPI QR code, using their RuPay credit card linked to their UPI.

Punjab, Mizoram among states most stressed fiscally

Most of the states in India are deeply in debt and seem far from being able to meet the target of reducing their debt to 20% of state GDP by the next financial year.
An analysis of the latest numbers from the government reveals that only four states and union territories out of the 31 in India have debt levels below 20% of their Gross State Domestic Product the sum of all goods and services purchased in the state.
On the other extreme are states like Punjab, Mizoram, and Nagaland have debt levels hovering near the 50% mark.
Looking at the debt of the state in relation to its GDP is a better way to gauge which states are biting off more than they chew.
The worst offender in this regard is Mizoram, followed by Punjab.
Mizoram’s mounting borrowings have taken its Debt-GDP to an alarming 53.1 per cent as per FY23, whereas Punjab’s debt- GDP stands at 47.6 per cent.
NCT Delhi was a clear outlier with a 2.2 per cent Debt-GSDP ratio.
States like Assam (27.5 %), Telangana (28.2%), Chhattisgarh (27.1%), Madhya Pradesh (28.9%) and Haryana (28.95) were marginally higher than the mandated limit.
Gujarat (19.5%), Odisha (15.75), and Maharashtra (19.0%) managed to maintain their debt below 20 per cent of their GSDPs, mainly due to their strong industrialised economies resulting in strong revenue streams.
According to the FRBM Act amended in 2018, the total government debt in India is supposed to be reduced to 60 per cent of the country’s GDP with 40 percent at the Centre and 20 per cent in States.

Science and Technology

DGT partners with Amazon Web Services to upskill students on new technologies

The Directorate General of Training (DGT) will collaborate with Amazon Web Services (AWS) India to upskill students in cloud computing, data annotation, artificial intelligence (AI) and machine learning.
AWS India, a subsidiary of Amazon that provides scalable and affordable cloud computing solutions, will offer free self-paced online learning programs on emerging technologies.
As part of this collaboration, AWS India will use Amazon Sage Maker Ground Truth, which aids in creating accurate training data sets for machine learning, to help DGT in training individuals in data annotation and labelling.
This initiative aims to enhance students’ skills and make them more employable. The DGT is a government organisation under the Ministry of Skill Development and Entrepreneurship.
The program will benefit students from institutions affiliated with DGT which organises and conducts training and research at 15,000 Industrial Training Institutes and 33 National Skill Training Institutes across India.
The content for this learning program will be available on Bharat Skills platform, which offers National Skills Qualifications Framework (NSQF) curriculum, course material, videos and question banks.
Ministry of Skill Development and Entrepreneurship – Dharmendra Pradhan,Union Minister (Rajya Sabha MP,MP) – Rajeev Chandrasekhar,Minister of State (Rajya Sabha MP,Karnataka)

IIT Guwahati researchers develop 3D printed cost-effective device for rapid diagnosis of UTI

Indian Institute of Technology Guwahati (IIT Guwahati) Research team led by Dr. Partho Sarathi Gooh Pattader have developed a fast, accurate, and reliable device to detect specific bacteria that cause Urinary Tract infection (UTI).
The estimated cost of manufacturing the device is Rs 608 while testing a single sample will cost Rs. 8 only.
The details of the Point-Of-Care testing (POCT) prototype have been published in reputed peer-reviewed journal ACS Applied Bio Materials.
The paper was co-authored by Aniruddha Deb, Dr. Partho Sarathi Gooh Pattader, Prof. Tapas K Mandal from IIT Guwahati and Dr. Swapnil Sinha and Mousumi Gogoi from Altanostic Lab Private Limited, IITG Research Park.

Power

Tata Power signs 350 MW solar PPAs with MSEDCL

Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, has inked two significant Power Purchase Agreements (PPAs) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the commissioning of two solar power projects.
The projects, one of 200 MW under phase 9 tender and another of 150 MW under phase 7 tender, will be instrumental in meeting the state’s renewable energy targets.
These solar installations, set to be operational by mid-2025, are projected to generate approximately 536 million units of clean energy annually from the 200 MW project and 389 million units from the 150 MW project.
Remarkably, this will reduce carbon dioxide (CO2) emissions by 4,28,800 tons and 3,11,200 tons per year, respectively, contributing significantly to combat climate change.
As part of the agreement, TPREL is committed to supplying clean and sustainable electricity to MSEDCL, playing a crucial role in supporting the State’s renewable energy goals.
The company has already tied up 930 MW with MSEDCL, with 334 MW currently being supplied and the remaining 596 MW set to be commissioned within the next 12-18 months.
With a total renewables capacity of 7,783 MW, TPREL’s installed capacity stands at an impressive 4,118 MW, consisting of 3,136 MW of solar and 982 MW of wind power.
Additionally, 3,665 MW is currently under various stages of implementation, including the present 350 MW projects.
Tata Power Company Limited – 18/10/1919 (Founded) – Mumbai (HQ) – Praveer Sinha (MD & CEO)

Appointments

Maj Gen Amita Rani assumes the charge of Addl DG, MNS

Maj Gen Amita Rani assumed the appointment of Addl Director General, Military Nursing Service (MNS).
Prior to assuming the present appointment, she held the post of Principal Matron of Army Hospital (Research & Referral).
The General Officer was commissioned into the Military Nursing Service in the year 1983.
She has completed short-term courses on Quality Control, Infection Control and Prevention Management, Six Sigma Green Belt in Health care, among others and a Post Graduate Certificate course in Hospital and Quality Management from the National Health Care Academy headquartered at Singapore.
As an able administrator, she has held key appointments such as DPM CH(EC) Kolkata, Principal Matron at 154 GH, MH Jalandhar, MH Allahabad and Command Hospital Air Force, Bangalore.

Vice Adm Rajesh Pendharkar assumed charge as the Flag Officer Commanding-in-Chief, ENC

Vice Admiral Rajesh Pendharkar, AVSM, VSM assumed charge as the Flag Officer Commanding-in-Chief (FOC-in-C), Eastern Naval Command(ENC) at an impressive Ceremonial Parade held at the Naval Base.
Commissioned into the Indian Navy in Jan 1987.
An Anti-Submarine Warfare specialist, the Vice Admiral has held various Operational, Staff and Command Appointments in the course of his distinguished career spanning over 36 years.
He has commanded three frontline ships including the Missile Corvette INS Kora, Stealth Frigate INS Shivalik and the Aircraft Carrier INS Viraat.
His important staff appointments include as the Joint Directors in the Directorate of Staff Requirements and Directorate of Personnel, Principal Directors in the Directorate of Net-Centric Operations and the Directorate of Personnel.
On promotion to the rank of Rear Admiral, he was appointed as the Assistant Chief of Integrated Defence Staff at HQ IDS, New Delhi, and as the Chief Staff Officer (Operations) in Headquarters, Western Naval Command.
Subsequently he held the appointment as the Flag Officer Commanding Maharashtra Naval Area followed by Flag Officer Sea Training.
Prior assuming the command of ENC, the Flag officer was carrying out the duties of Director General Naval Operations at IHQMoD(Navy) and Deputy Chief of Integrated Defence Staff(Operations) at New Delhi.
The Flag Officer is a recipient of the Ati Vishisht Seva Medal and Vishisht Seva Medal for distinguished service.
Indian Navy – 26/01/1950 (Founded) – New Delhi (HQ) – Navy Day (December 4) – Admiral R. Hari Kumar (Chief of Naval Staff) – ‘May the Lord of Water be auspicious unto us’ (Motto)

Daily Current Affairs - August 02, 2023 - Consolidated

Parliament New Bills
Government gets over Rs 3,400 crores dividend from NIIF, ECGC
World’s Largest Grain Storage Plan to empower farmers
Govt disbursed over Rs 2,41,000 crore pension to more than 65.74 lakh pensioners including +20.93 lakh family pensioners during 2022-23
GI tags for Goan mangoes and bebinca, crafts from Rajasthan and U.P.
IBC to set up battery manufacturing plant in Karnataka for Rs 8,000 crore
UPI transaction value up 4% in July; inches closer to 10 billion in volume
Fintech company CRED launches RuPay credit card-based UPI payments
Punjab, Mizoram among states most stressed fiscally
DGT partners with Amazon Web Services to upskill students on new technologies
IIT Guwahati researchers develop 3D printed cost-effective device for rapid diagnosis of UTI
Tata Power signs 350 MW solar PPAs with MSEDCL
Maj Gen Amita Rani assumes the charge of Addl DG, MNS
Vice Adm Rajesh Pendharkar assumed charge as the Flag Officer Commanding-in-Chief, ENC

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