Topic: Reports and Indices
1. According to the "AMMO India 2024 Report," the Indian ammunition market is projected to grow to around ₹12,000 crore ($1.4 billion) by 2032.
- KPMG and FICCI are the authors of the "AMMO India 2024 Report."
- More than 5% of the world's ammunition market is accounted for by the Indian market.
- By 2032, the demand for ammunition worldwide is projected to reach ₹1,84,092 crores, or $22.0 billion.
- The estimated worldwide demand for ammunition in 2023 was ₹1,29,260 crores, or $15.5 billion.
- According to the report, India is about to reposition itself in the ammunition market, which is now valued at ₹7057 crore ($844 million).
- According to the report, Defence Public Sector Undertakings (DPSUs) have historically held a dominant position in the Indian ammunition industry.
- These organisations have dealt with problems like obsolete technology, inefficiency, and limitations in the supply chain.
- The report observed that the private sector's involvement has been greatly aided by the deregulation of defence production policies and programs like "Make in India."
Topic: Taxation
2. KAAR has ruled that selling of Chat, Lassi, and Vada-Pav through a separate counter without a brand name inside a shop will attract GST at 5%.
- Kerala Authority for Advance Ruling (KAAR) has ruled has ruled that this type of selling is a ‘restaurant service’ and will attract GST at 5%.
- GST rate will increase to 18% if the separate counter is located in a hotel having the room tariff of Rs 7500 or more.
- AAR and AAAR (Appellate Authority for Advance Ruling) decisions are exclusive to jurisdictional tax officers and applicants.
- They cannot establish precedent, although they may be cited in related cases.
- Their decisions might be applied to comparable cases and they can be contested in the High Court or even the Supreme Court.
- AAR and AAAR decisions have frequently served as the basis for major policy modifications that are then applicable to all.
Topic: Corporates/Companies
3. Thus far in this fiscal year, there has been a nearly 5 percent increase in the number of new company and LLP incorporations.
- Ministry of Corporate Affairs said that 91,578 companies and LLPs have been incorporated during 01.04.2024-08.08.2024.
- It said that the number of incorporations during 01.04.2023-08.08.2023 was 87,379.
- Based on this trend, it is anticipated that the number of companies incorporated in this fiscal year will easily surpass the 1,85,312 companies incorporated in the previous fiscal year.
- Compared to the 1.59 lakh companies established in 2022–2023, there were 15% more new companies incorporated in 2023–2024.
- By the end of March 2024, there were 26,63,016 companies in India, with approximately 64 percent of them were in operation.
- There were 5,164 foreign companies registered in India as of March 31, 2024. Of these, 3,288 companies, or 64%, were operational.
- Additionally, according to MCA data, 10.17 lakh DIR-3 KYC forms have been filed thus far this fiscal year (01.04.2024–08.08.2024).
- Currently, form DIR-3 KYC must be filed by September 30 of the next fiscal year by any director who has been assigned a Director Identification Number (DIN) by the end of the fiscal year or earlier and whose DIN has been approved.
- For all current directors having DIN, yearly DIR-3 KYC filing is also required.
Topic: Miscellaneous
4. Former YouTube CEO Susan Wojcicki died on August 9, 2024 after battle with cancer.
- Susan Wojcicki was the chief executive officer (CEO) of YouTube from 2014 to 2023.
- Neal Mohan is the current chief executive officer of YouTube.
- YouTube is an American online video sharing platform. It is owned by Google.
- It was launched on February 14, 2005, by Steve Chen, Chad Hurley, and Jawed Karim.
- It is headquartered in San Bruno, California, United States.
- It is the world’s second-most visited website, after Google Search.
Topic: Banking/Financial/Govt Schemes
5. Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 scheme has been approved by the Union Cabinet.
- The implementation of the Pradhan Mantri Awaas Yojana-Gramin (PMAY-G) during Financial Year 2024-25 to 2028-29 has also been approved by the Union Cabinet.
- Union Minister Ashwini Vaishnaw said under the Pradhan Mantri Awas Yojana, three crore new houses will be constructed.
- Out of these, two crore houses will be constructed in rural areas and one crore houses will be built in urban areas.
- The budgetary provision on the scheme will be of 3 lakh 6 thousand 137 crore rupees.
- Under PMAY-U 2.0, government would provide financial assistance to one crore urban poor and middle-class families.
- Government will provide assistance through States, Union Territories and Primary Lending Institutions (PLIs).
- The assistance will be to construct, purchase or rent a house at an affordable cost in urban areas in five years.
- Under the scheme, government assistance of 2.30 lakh crore rupees will be provided.
- Under the scheme, there is a provision for working women hostel.
- The scheme has provision of an interest subsidy of 4% to 25 lakh rupees for Home loans in Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG) categories.
- Clean Plant Programme (CPP) proposed by the Ministry of Agriculture and Farmers Welfare has also been approved by the government.
- Modified Pradhan Mantri JI-VAN Yojana for financially supporting Advanced Biofuel Projects that use lignocellulosic biomass and other renewable feedstock has also been approved by the cabinet.
- The cabinet has extended the modified scheme for five more years till 2028-29.
Topic: Infrastructure and Energy
6. Cabinet Committee on Economic Affairs (CCEA) has approved eight projects of the Ministry of Railways.
- The eight projects worth 24 thousand 657 crore rupees have been approved by the Union Cabinet.
- These projects will cover 14 districts in Odisha, Maharashtra, Andhra Pradesh, Jharkhand, Bihar, Telangana and West Bengal.
- Aspirational districts and tribal areas will get a major push of development through these projects.
- These projects include the Gunupur-Therubali New Railway Line route and Junagarh-Nabrangpur line, Malkangiri-Pandurangapuram line and Buramara-Chakulia rail route.
- The bikramshila-Katareah rail route will be developed in Bihar while the Jalna-Jalgaon project in Maharashtra will provide connectivity to Ajanta Caves.
- These routes are important for the transportation of commodities such as agricultural products, fertilizer, coal, iron ore, steel and cement.
Topic: Appointments
7. Tan Su Shan became the first female CEO of DBS Bank.
- Tan Su Shan will take the place of Chief Executive Piyush Gupta upon his retirement in March.
- She will be the first female CEO of Singapore’s biggest bank.
- Tan Su Shan will serve as the deputy CEO until March.
- Tan’s appointment will also make her the first internal candidate to succeed as CEO.
- DBS Bank is a Singaporean multinational banking corporation. It is headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore.
- DBS is the largest bank in Southeast Asia by assets and among the largest banks in Asia.
Topic: Indian Economy/Financial Market
8. FDI inflows in the manufacturing sector increased almost 69% and reached $165.1 billion in last 10 years (2014-24).
- FDI inflows in the manufacturing sector was $97.7 billion in the 2004-14 period.
- FDI inflow of $383.5 billion came during 2019-20 to 2023-24 alone.
- This inflow was mainly driven by production-linked incentive (PLI) schemes.
- According to the latest government data, 755 applications for PLI schemes have been granted in 14 key areas.
- Up till March, investments totalling Rs 1.23 lakh crore were achieved, creating about 8 lakh jobs.
- An outlay of Rs 1.97 lakh crore was announced for the PLI initiatives covering 14 important sectors.
- The PLI programs are designed to draw capital into key sectors.
- The production of mobile phones and certain electronic components, pharmaceuticals and their ingredients, medical services, autos and auto parts, steel, telecommunications, textiles, food, and other items are among the key sectors.
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