Daily Current Affairs – June 07, 2024
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Daily Current Affairs - Banking - June 07, 2024
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International News
Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial meeting was held in Singapore
- The Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial and the Investor Forum were held in
- The IPEF Ministerial and the Investor Forum were attended by the representatives from the United States, Australia, Brunei, Fiji, India, Indonesia, Malaysia, New Zealand, the Philippines, the Republic of Korea, Singapore, Thailand, Vietnam, aside from Japan.
- Indian delegation led by Department of Commerce, Secretary Sunil Barthwal participated in the meeting.
- The Investor Forum was held to promote business matching among private companies and institutional investors in order to attract investments in sustainable infrastructure and climate change-related technologies.
- IPEF was launched on 23 May 2022 at Tokyo, Japan, comprising of 14 countries – Australia, Brunei, Fiji, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and USA.
- The IPEF seeks to strengthen economic engagement and cooperation among partner countries with the goal of advancing growth, economic stability and prosperity in the region.
- The framework is structured around four pillars relating to Trade (Pillar I); Supply Chain Resilience (Pillar II); Clean Economy (Pillar III); and Fair Economy (Pillar IV).
- India had joined Pillars II to IV of IPEF while it has maintained an observer status in Pillar-I.
- Together, they account for 40 per cent of the world’s economic output, and 28 per cent of trade.
- India offers huge investment opportunities worth over $500 billion, particularly in clean energy value chain including renewables, green hydrogen, and EV, by
India and Qatar hold first meeting of Joint Task Force on Investment in New Delhi
- The first meeting of the Joint Task Force on Investment (JTFI) between India and Qatar was convened in New Delhi with the objective of strengthening investment cooperation.
- The Joint Task Force was co-chaired by Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance, and E Mohamed bin Hassen Al-Malki, Undersecretary of Ministry of Commerce and Industry, Qatar.
- In the spirit of fostering mutual growth and prosperity, the Joint Task Force on investment has reaffirmed the commitment of both the Nations to strengthen bilateral relations and to leverage the collective potential for accelerated growth, investment opportunities and synergistic collaboration across diverse sectors ranging from infrastructure and energy to technology and innovation.
- The JTFI has underscored the significance of the robust economic relationship between India and Qatar, rooted in shared values, common objectives, and a shared vision for inclusive development.
- Qatar – Doha (Capital) – Qatari riyal (Currency) – Tamim bin Hamad (Emir) – Mohammed bin Abdulrahman bin Jassim Al Thani (Prime Minister) – Arabic (Official Language)
India, US, Japan, South Korea & EU Launch Biopharmaceutical Alliance
- India, South Korea, Japan, the US, and the European Union launched an alliance to put joint efforts to build a resilient supply chain in the biopharmaceutical sector.
- The announcement was made at the inaugural meeting of the Biopharmaceutical Alliance, held in San Diego, California, during the Bio International Convention 2024, the world’s largest biopharmaceutical exhibition.
- The participants emphasised the importance of a reliable and sustainable supply chain and agreed to coordinate the respective countries’ bio policies, regulations, and research and development support measures.
- They recognised the production of essential raw materials and ingredients is concentrated in a few countries and agreed to work together to build a detailed pharmaceutical supply chain map.
- The alliance was launched in response to the drug supply shortages experienced during the Covid-19 pandemic.
State News
India's first astro tourism campaign ‘Nakshatra Sabha’ organised in Mussoorie
- India’s first astro tourism campaign “Nakshatra Sabha” was inaugurated at the George Everest peak in Mussoorie, Uttarakhand.
- The venue of the event, George Everest Peak is a major tourist attraction in Mussoorie which offers spectacular views of the snow-clad Himalayan peaks and the Doon Valley.
- Uttarakhand Tourism Development Board in association with Starscapes – India’s leading Astro tourism company, jointly organising the event.
Banking and Finance
Key highlights from 2nd RBI’s bi-monthly policy statement of FY25
- Following are the highlights of the 2nd bi-monthly monetary policy of FY25 announced by the Reserve Bank of India.
- Interest rate (repo) remains unchanged at 6.5 percent and was last changed in February 2023.
- Growth projection for FY25 raised to 7.2 percent from 7 percent.
- Inflation forecast for FY25 retained at 4.5 percent.
- Food inflation still remains a concern.
- The current account deficit for FY25 expected to remain well within the sustainable level.
- Foreign exchange reserves touched a fresh high of $651.5 billion as on May 31, 2024.
- Bulk deposit threshold raised to ₹3 crores from ₹2 crores.
- Export and import regulations under the Foreign Exchange Management Act (FEMA) to be rationalised.
- RBI to set up Digital Payments Intelligence Platform to harness advanced technologies to mitigate payment fraud risks.
- Auto replenishment of balance Fastag, NCMC, and UPI-Lite wallets brought under the e-mandate framework.
Business and Economy
Adani Capital and Adani Housing Finance rebrands as Tyger Capital and Tyger Home Finance
- Adani Capital and Adani Housing Finance announced that they have rebranded themselves as Tyger Capital and Tyger Home Finance, respectively.
Agreements and MoUs signed
CSC signs MoU to convert 10,000 FPOs into CSCs
- CSC SPV signed MoU with Ministry of Agriculture & Farmer’s Welfare to convert FPOs registered under ‘Formation & Promotion of 10,000 FPOs scheme’ into CSCs and help them to deliver citizen-centric services.
- As per MoU, 10,000 FPOs will be converted into CSCs.
- CSC SPV will enable them to provide the services that are available on the Digital Seva Portal.
- Training and Capacity Building of FPOs will be done by CSCs.
- The MoU was signed by Sanjay Rakesh, MD & CEO, CSC SPV and Faiz Ahmed Kidwai, Additional Secretary, Ministry of Agriculture.
Appointments
PNB MetLife names Sameer Bansal new MD and CEO
- Life insurer PNB MetLife India Insurance has appointed Sameer Bansal as its managing director and chief executive, effective July 1.
- He succeeds Ashish Srivastava, who has been appointed managing director for New York-based MetLife Inc’s global shared services team in India.
Kamal Kishore Soan takes over the charge of Director General, ESIC
- Kamal Kishore Soan, a senior IAS officer from Jharkhand Cadre currently serving as an Additional Secretary and Director General, Labour Welfare in the Ministry of Labour & Employment, took over the additional charge of Director General of Employees’ State Insurance Corporation (ESIC) under Ministry of Labour & Employment, on May 31 2024.
Arun Neelakantan appointed Executive Director of customer development at HUL
- Hindustan Unilever Limited (HUL), announced the appointment of Arun Neelakantan, as the Executive Director of Customer Development at the company and will take charge from July 1.
- He is presently the chief digital officer and he will replace Kedar Lele, who will now be pursuing an external opportunity.
Sports News
India’s Sarabjot Singh wins gold in 10m air pistol at ISSF World Cup 2024 Munich, Germany
- Indian shooter Sarabjot Singh won the gold medal in the men’s 10m air pistol event at the International Shooting Sport Federation (ISSF) World Cup 2024 held in Munich, Germany.
- This was the second individual ISSF World Cup gold medal for Sarabjot Singh.
- The 22-year-old Indian shooter had won the same shooting event at the ISSF World Cup in Bhopal in
- He also won the air pistol mixed team gold medal in Baku in 2023.
- India are currently tied in third place with Serbia in the standings.
- Both countries have a gold medal each.
- China lead the table with nine medals, including four golds.
- France are in second place with a gold and a bronze apiece.
Wrestler Aman Sehrawat wins silver at Budapest Ranking Series
- Indian wrestler Aman Sehrawat won the silver medal in the 57kg freestyle category at the Budapest Ranking Series after losing to Rei Higuchi of Japan in the final.
- He is the only Indian male wrestler to qualify for the upcoming 2024 Paris Olympics.
Important Days
World Pest Day 2024 is observed on June 6
- World Pest Day is annually observed on June 6.
- This day is dedicated to spread awareness about pest management and its benefits and also aims to educate people to keep the crops, trees and plants free from pests.
- The day is also known as World Pest Awareness Day, was first celebrated in Beijing on 6 June 2017.
- Theme – “Global Solutions, Local Impact: Mapping Success in Pest Management.”
World Food Safety Day 2024 is observed on June 7
- World Food Safety Day is annually observed on June 7.
- The day to raise awareness about the importance of food safety and promote actions to prevent, detect, and manage foodborne risks.
- Food Security Day was celebrated collaboratively in 2016 by World Health Organization (WHO) and Food and Agriculture Organization (FAO).
- The idea was supported by the FAO at its 40th session in July 2017.
- In 2018, it was decided to mark World Food Security Day on June 7.
- To recognize the significance of food security, the World Health Assembly passed Resolution WHA 73.5 on August 3 2020.
- Theme – Food safety: prepare for the unexpected
Daily Current Affairs - June 07, 2024 - Consolidated
- Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial meeting was held in Singapore
- India and Qatar hold first meeting of Joint Task Force on Investment in New Delhi
- India, US, Japan, South Korea & EU Launch Biopharmaceutical Alliance
- India’s first astro tourism campaign ‘Nakshatra Sabha’ organised in Mussoorie
- Key highlights from 2nd RBI’s bi-monthly policy statement of FY25
- Adani Capital and Adani Housing Finance rebrands as Tyger Capital and Tyger Home Finance
- CSC signs MoU to convert 10,000 FPOs into CSCs
- PNB MetLife names Sameer Bansal new MD and CEO
- Kamal Kishore Soan takes over the charge of Director General, ESIC
- Arun Neelakantan appointed Executive Director of customer development at HUL
- India’s Sarabjot Singh wins gold in 10m air pistol at ISSF World Cup 2024 Munich, Germany
- Wrestler Aman Sehrawat wins silver at Budapest Ranking Series
- World Pest Day 2024 is observed on June 6
- World Food Safety Day 2024 is observed on June 7
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