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Daily Current Affairs 18th July 2024 Daily GK Update
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National News
Jyotiraditya Scindia launches NE-RACE portal, mobile app for farmers in northeast
- Union Minister for the Development of the North East Region Jyotiraditya Scindia launched the North East Region Agri Commodity E-Connect (NERACE) designed to benefit the farmers of the region and help position it as a hub of high-value horticultural products in the international market.
- The NERACE app is intended to support agricultural and horticultural products such as spices, fruits, vegetables, pulses, cereals, and minor forest products.
- Furthermore, the NE-RACE App is designed to promote Northeast as a reliable partner in the international agricultural value chain.
- The Department of Posts will be organizing 5,000 Dak Chaupals across the country in 100 days. “This initiative aims to bring essential government and citizen-centric services directly to rural areas, improving accessibility and convenience. Dak Chaupals will serve as vital links between rural residents and government functions.
- Dak Ghar Niryat Kendra Scheme is set to bolster rural exports by supporting small-scale exporters. This initiative provides essential services including documentation assistance, market information, bar-coded label printing, and paperless customs clearance.
Maharashtra govt launched scheme to boost youth employability
- The Government of Maharashtra has unveiled the Mukhyamantri Yuva Karya Prashikshan Yojana (Chief Minister Youth Work Training Scheme) aiming to provide valuable internship opportunities, equipping young individuals with essential skills and enhancing their employability in a competitive job market.
- The government has made provision of ₹5,500 crore for the scheme.
- Candidates aged between 18 to 35 years and residing in Maharashtra are eligible to apply under the scheme.
- Minimum educational qualifications range from 12th pass to post-graduation, ensuring a broad spectrum of youth can benefit from practical training opportunities.
- Industries and establishments operating within Maharashtra, registered with the Department of Skills, Employment, Entrepreneurship and Innovation, are also encouraged to participate.
- Key features of the scheme include a six-month internship duration and a stipend structure designed to support interns based on their educational qualifications.
- Interns will receive monthly stipends through Direct Benefit Transfer (DBT). For the 12th pass, a stipend of ₹6,000 is allotted, and for ITI/Diploma – ₹8,000 and degree/post-graduation – ₹10,000 will be offered.
- The scheme is expected to not only empower the youth with practical skills but also foster entrepreneurship and innovation across various sectors within Maharashtra.
About Maharashtra
- Capital – Mumbai
- Chief Minister – Eknath Sindhe
- Deputy Chief Minister – Devendra Fadnavis & Ajit Pawar
- Governor – Ramesh Bais
Banking and Financial
NABARD announces ‘Agri SURE’ fund of Rs 750 Cr under NABVENTURES
- The National Bank for Agriculture and Rural Development (NABARD) has announced an Agri fund for Start-Ups & Rural Enterprises (Agri-SURE), with initial corpus of ₹750 crore to be managed by its wholly owned subsidiary Nabventures.
- While NABARD and the Ministry of Agriculture are contributing ₹250 crore each, the rest ₹250 crore is from other institutions.
- The fund is structured to support about 85 agri start-ups with investment sizes of up to ₹25 crore each by the end of its term.
- The fund will provide support through investments in sector-specific, sector-agnostic, and debt alternative investment funds (AIFs), as well as direct equity support to start-ups.
- Agri-SURE’s focus areas include promoting innovative, technology-driven initiatives in agriculture, enhancing the farm produce value chain, creating new rural ecosystem linkages and infrastructure, generating employment, and supporting Farmers Producer Organisations (FPOs).
SBI launches Amrit Vrishti 444-Days Term Deposit With 7.25% Interest Rate
- State Bank of India (SBI) has launched a 444-day term deposit scheme, “Amrit Vrishti”, with an interest rate of 7.25 per cent.
- This scheme is available to domestic and non-resident Indian customers and will be effective July 15, 2024. India’s largest bank will offer an additional 0.50 per cent to senior citizens on the scheme.
- “The “Amrit Vrishti” scheme is available for investment until March 31, 2025, providing ample opportunity for retail investors to take advantage of the higher interest rates.
- New variant of of term deposit scheme is designed to meet the requirements of a diverse range of customers.
Recent Facilities Launched in Banking & Insurance Sector
- Bajaj Finserv AMC launched Savings+ product for retail investors
- SBI introduces online loan facility against MF units via internet banking and YONO Ap
- PNB launches ‘Safety Ring’ to enhance security for internet, mobile banking
- Shriram Life Insurance Company launched a Deferred Annuity Plan aimed at providing a steady retirement income for customers.
- LIC launched ‘Jeevan Samarth’, an initiative aimed at transforming the agency ecosystem.
- Paytm launches ‘Health Saathi’ plan for its merchant partners
ADB approved USD 240.5 million in loans for rooftop solar system in India
- The Asian Development Bank (ADB) has sanctioned a loan of $240.5 million to fund rooftop solar systems in India, bolstering the nation’s renewable energy expansion efforts.
- This financing will support the second and third tranches of the Multitranche Financing Facility (MFF) Solar Rooftop Investment Program, initially approved by ADB in 2016.
- In 2023, the program was restructured to concentrate on deploying residential solar rooftop systems.
- India aims to achieve about 50 per cent of cumulative electric power installed capacity from non-fossil fuel energy sources by 2030, which is in line with its global commitments to reduce carbon emissions.
Recent Loan approved by ADB
- India and ADB sign $170 million to strengthen pandemic preparedness and response
- India and ADB sign $181 million to improve livability, mobility in Ahmedabad
- India and ADB sign $200 million loan to tackle flood and erosion risk along Brahmaputra River
- India signed an MoU with ADB $250 million for Delhi-Meerut RRTS
- India and ADB sign $250 million loan for Industrial Corridor Development in India
- India, ADB signed $200 million loan agreement for Uttarakhand power system project
LIC Partners with IDFC First Bank to Boost Bancassurance
- In a strategic move to enhance bancassurance and pursue its mission to provide life insurance coverage to all by 2047, the Life Insurance Corporation of India (LIC) has entered into a Corporate Agency Arrangement with IDFC First Bank Ltd., one of the country’s most technologically advanced and promising banks.
- This collaboration will benefit over 1 crore customers of IDFC First Bank, who will now have the convenience of purchasing LIC policies through the bank.
- The initiative to facilitate digital onboarding is already underway. Once the development phase is complete, customers will be able to buy LIC policies online by visiting IDFC First Bank’s website.
- Given that over 95% of the bank’s transactions occur online, this integration promises a seamless and comprehensive solution for customers’ varied life insurance needs.
- This collaboration is a significant step towards achieving the goal of providing life insurance protection to all by 2047.
About Life Insurance Corporation of India (LIC)
- Founded – 1 September 1956
- Headquarters – Mumbai, Maharashtra
- Chairperson – Siddharth Mohanty
ADB maintains India’s GDP growth forecast at 7% for FY25
- Asian Development Bank (ADB) has retained India’s GDP forecast at 7 per cent for fiscal year 2024-25.
- This is at par with International Monetary Fund’s (IMF) projection of 7 per cent, but lowers than the Reserve Bank of India’s estimate of 7.2 per cent.
- ADB has also maintained its growth forecast at 7.2 per cent for fiscal year 2025-26.
- India’s industrial sector is projected to grow robustly, driven by manufacturing and strong demand in construction. Agriculture is expected to rebound amid forecasts for an above-normal monsoon, while investment demand remains strong, led by public investment.
Updated GDP List
- IMF – 7% (FY25), 6.5% (FY26)
- NCAER – 7.5% (FY25)
- S&P – 6.8% (FY25), 6.9% (FY26), 7% (FY27)
- Fitch Rating –7.2% (FY25)
- CII – 8% (FY25)
- World Bank – 6.6% (FY25), 6.7% (FY26), 6.8% (FY27)
- RBI –7.2% (FY25)
- Goldman Sachs – 6.8% (FY25), 6.9% (CY24)
Appointment
Sumant Sinha named Co-Chair of Global CEO Climate Leaders Alliance
- Chairman and CEO of ReNew Energy Global PLC, Sumant Sinha has been appointed as co-chair of the Alliance of CEO Climate Leaders worldwide.
- He has been serving as Co-Chair of the India chapter of the Alliance since 2022.
About Climate Leaders Alliance
- Founded by World Economic Forum (WEF): Launched in 2014, the Alliance of CEO Climate Leaders is the largest CEO-led climate alliance globally.
- Purpose: To create a powerful network of business leaders committed to climate action.
- Comprises 130 CEOs from 12 industries across 26 countries.
- Represents USD 4 trillion in revenues and 5.2 Gigatonnes (GT) of carbon emissions, approximately 10% of global emissions.
Recent Appointment
- DG of Council of Scientific and Industrial Research (CSIR) – Nallathamby Kalaiselvi
- Chairman of as MahaRERA – Manoj Saunik (replace Ajoy Mehta)
- CMD of BSNL – Robert Jerard Ravi (replave PK Purwar)
- COO of Bajaj Electricals Ltd – Vishal Chadha
- President of News Broadcasters & Digital Association (NBDA) – Rajat Sharma (replace Avinash Pandey)
- Principal Advisor to Union Health Ministry – Dr. Soumya Swaminathan
Asian Paralympic Committee appoints Deepa Malik as representative for South Asia
- India’s first woman Paralympic medallist Deepa Malik has been named sub-regional representative for South Asia by the Asian Paralympic Committee (APC).
- This appointment, which was confirmed during the 34th Executive Board meeting of the APC, signifies a significant step forward for gender diversity and athlete-centric leadership in para-sports.
- The former Paralympic Committee of India chief’s appointment brings the number of female representatives on the APC Executive Board to five, making it the highest female representation on the board in the history of the organization.
About Asian Paralympics Committee
- Formation- 30 October 2002
- Headquarters – Dubai, UAE
- Members – 45
- President – Majid Rashad
South Indian Bank names Dolphy Jose as Whole-time Director
- The South Indian Bank Limited has named Dolphy Jose as the Whole-time Director (Executive Director) of the Bank.
- Jose has previously held key positions, most notably as Executive Vice President of Institutional Business (Retail Liabilities) at Kotak Mahindra Bank Ltd. for nearly two decades.
- He also worked for The Karur Vysya Bank as CGM, Group head.
Recent Appointment in Banking & Insurance Sector
- MD & CEO of Paytm Payments Bank – Arun Kumar Bansal
- CFO of Quant Mutual Fund – Shashi Kataria (replace Harshal Patel)
- ED of Oriental Insurance Company Ltd – Rashmi Bajpai & Amit Mishra
- ED of GIC Re – Hitesh Ramesh Chandra Joshi & Radhika C.S
- ED in National Insurance Company Ltd – Prasad C.G & T. Babu Paul
ESAF SFB gets RBI nod for re-appointment of K Paul Thomas as MD & CEO
- ESAF Small Finance Bank has received Reserve Bank of India’s (RBI’s) nod for re-appointment of K Paul Thomas as its Managing Director & CEO for another three years.
- This approval was communicated via the RBI’s letter dated May 16, 2024, granted under the Banking Regulation Act, 1949.
- Additionally, Paul Thomas is the Chairman of the Board of Sa-Dhan, the association of microfinance and impact finance institutions.
About ESAF Small Finance Bank
- Founded- 10 March 2017
- Founders- Paul Thomas, Mereena Paul, Jacob Samuel
- Headquarters– Thrissur, Kerala
- MD & CEO – Paul Thomas
- Chairperson – P R Ravi Mohan
Books and Author
PM signs copy of Dr R Balasubramaniam’s book ‘Power Within: The Leadership Legacy of Narendra Modi’
- The Prime Minister, Narendra Modi met Dr R Balasubramaniam and signed a copy of his book ‘Power Within: The Leadership Legacy of Narendra Modi’.
- The book captures Prime Minister Narendra Modi’s leadership journey and interprets it through Western and Indic lenses, amalgamating them to provide a roadmap for those who aspire to a life of public service.
- “Power Within” is not just another political biography. It presents a unique analytical framework, examining Prime Minister Modi’s leadership through a dual lens.
Recent Book
- I have the Streets – R Ashwin & Sidharth Monga
- Gateways to the Sea – launched by Governor of Maharashtra Ramesh Bais
- The Adventures of Ed-a-Mamma: Ed Finds A Home – launched by Alia Bhatt
- India’s Trade Policy; The 1990’s and beyond – Arvind Panagariya
- An Anchored Vision – Karumuttu T Kanan
- India and The Indian Ocean World Trade and Politics – Ashin Das Gupta
Sports
Shaurya Bawa won bronze at World Junior squash
- India’s Shaurya Bawa signed off with a bronze medal after going down 0-3 to Egyptian top seed Mohamed Zakaria in the boys’ singles semifinal of the World Junior Squash Championships in Houston.
- Bawa lost 5-11 5-11 9-11 to last year’s runner-up Zakaria in a thrilling 41-minute semifinal contest.
- Bawa is only the second Indian male after Kush Kumar (in 2014) to reach the World Junior semifinals.
India Shines at 35th International Biology Olympiad 2024 in Kazakhstan
- The Indian team, which participated at the 35th International Biology Olympiad (IBO) 2024 achieved remarkable success, with one student winning a GOLD medal and three students securing SILVER medals.
- Vedant Sakre from Mumbai, Maharashtra won a gold medal.
- While Ishan Pednekar from Ratnagiri, Maharashtra, Shrijith Sivakumar from Chennai, Tamil Nadu and Yashashwi Kumar from Bareilly, Uttar Pradesh bagged a silver medal each.
- The 35th IBO was held at Astana, Kazakhstan. The team was led by two distinguished leaders, Prof. Sasikumar Menon from TDM Lab, Mumbai, and Dr. Mayuri Rege from Homi Bhabha Centre for Science Education (HBCSE), TIFR and two Scientific Observers, Dr. Rajesh Patkar from IIT Bombay, and Dr. Devesh Suthar from M. S. University, Baroda.
Important day
18 July – Nelson Mandela International Day
- Nelson Mandela International Day is observed on July 18 every year to celebrate the life and legacy of Nelson Mandela, the first black president of South Africa.
- Mandela was elected South Africa’s first democratically elected President on May 10, 1994. He is referred to as the ‘Father of the Nation’ in South Africa.
- Theme 2024 – Combatting poverty and inequality is in our hands.
- Nelson Mandela International Day was officially declared by the United Nations in 2009.
- The United Nations General Assembly adopted resolution A/RES/64/13, which marked July 18 as Nelson Mandela International Day to recognise his contribution to peace and culture. The first Mandela Day was held on July 18, 2010.
18 July – World Listening Day
- World Listening Day is observed on every year on 18 July.
- The purpose of celebrating World Hearing Day is to feel connected to the environment around us, society and culture through listening.
- Theme 2024 – Listening to the Weave of Sound
- This day also marks the birthday of Canadian composer and environmentalist Raymond Murray Schafer, who was also the founder of acoustic ecology.
- Raymond Murray Schafer was born on 18 July 1933. He developed his World Soundscape Project, which laid out the fundamental ideas and practices of acoustic ecology in the 1970s.
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