Topic: Reports and Indices
1. According to RBI study, private capex could grow to Rs 2.45 trillion in FY25.
- According to a study conducted by the RBI, private companies estimated capital expenditure in FY25 could increase from Rs 1.59 trillion in FY24 to Rs 2.45 trillion.
- The RBI reports that the "roads & bridges" and "power" sectors continue to lead the infrastructure sector in attracting the majority of planned capital investment.
- The amount of projects approved by financial institutions and banks in FY24 hit a new high of Rs 3.90 trillion.
- Of this, 54% was supposed to be invested by the end of FY23, 30% was meant for FY25, and the remaining 16% was supposed to be invested in the following years.
- Prolonged geopolitical conflicts, geoeconomic fragmentation, and global financial market instability may impede investment plans.
Topic: MoUs/Agreements
2. MicroSave and the government have collaborated to optimise the Community Investment Support Fund (CIF).
- Rural Development Ministry and private consulting firm MicroSave signed a Memorandum of Understanding (MoU) on July 29.
- In order to improve CIF disbursement and utilisation by CLFs under the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM), MicroSave will assess and offer strategic recommendations.
- Under the DAY-NRLM, the emphasis will be on strengthening the financial frameworks and management systems of Cluster Level Federations (CLFs).
- The consulting firm will immediately begin evaluating CLFs' existing financial status.
- Since its start in June 2011, the Centre has already disbursed ₹22,296 crore under the NRLM.
- The aim is to convert specific CLFs into microcredit institutions that can provide Self-Help Group (SHG) members with efficient financial services.
- MicroSave will make an effort to determine the obstacles SHG members encounter while trying to obtain timely credit.
- It will suggest measures for actions to enhance CLF-level products and processes.
Topic: Miscellaneous
3. All India Initiative on Creative Economy (AIICE) launched at an event in New Delhi on 23 August 2024.
- All India Initiative on Creative Economy (AIICE) is an initiative of Indian Chamber of Commerce (ICC).
- The event was organised by the Indian Chamber of Commerce in its 100th year.
- The Minister of Petroleum and Natural Gas, Hardeep Singh Puri, congratulated the ICC for conceiving of a forum wherein India's creative sectors could come together and cooperate on a range of issues concerning the creative economy.
- He cited "Creative Economy Outlook 2024" report as evidence to highlight how the creative economy supports around 50 million jobs globally and brings in over $2 trillion in revenue annually.
- Creative Economy Outlook 2024 is report of United Nations Conference on Trade and Development (UNCTAD).
- "The creative industry now employs close to 8% of India's working population and is a $30 billion industry," the minister said.
- India is becoming known as the "Content Capital of the World," he said.
- Over 100 million content providers worked in India in 2023.
- Indian Chamber of Commerce (ICC):
- It is a non-governmental trade association and advocacy group.
- It is headquartered in Calcutta. It was founded in 1925.
- Its current president is Ameya Prabhu. The theme of ICC for year 2023-2024 is India 2047.
Topic: Indian Economy/Financial Market
4. July 2024 saw a rise in India's exports of engineering items for the third straight month.
- However, the rate of increase was slower. India's exports of engineering items increased to $9.04 billion in July 2024, at a 3.66 percent year-over-year growth rate.
- India's exports of engineering items increased as a result of increased sourcing from the US, the UAE, Saudi Arabia, and Singapore.
- The amount of shipments to Bangladesh decreased by 11.8% to $153.78 million.
- Additionally, shipments to Russia decreased by 26.8% to $90.39 million, as per an analysis conducted by industry association EEPC India.
- Ten of the top 25 countries to which India exports engineering items saw a rise in exports, according to the EEPC study.
- According to the EEPC study, exports to the remaining fifteen nations decreased.
- The top 25 countries made up 75.5% of total engineering exports to the country.
- In July 2024, engineering products exports to the US reached a value of $1.5 billion, with a growth rate of 4.2%.
- During the month, exports of the goods to the United Arab Emirates increased by 65.5% to $625.78 million.
- The value of exports to Saudi Arabia increased by 9.2% to $412.30 million.
- Engineering exports rose 4.18 percent to $36.97 billion in April–July 2024–25.
- In April 2024, engineering exports totaled $8.54 billion, a 4.49 percent decrease.
- In May 2024, engineering exports reached $9.99 billion, up 7.43% from the previous year.
- In June 2024, engineering exports reached $9.39 billion, up 10.28% from the previous year.
Topic: Regulatory Bodies/Financial Institutions
5. Anil Ambani banned from capital markets for five years by SEBI.
- Market regulator SEBI has barred Anil Dhirubhai Ambani from capital markets for five years and imposed a fine of Rs 25 crore on him for siphoning off funds from Reliance Home Finance.
- SEBI has banned key officials of Reliance Home Finance and 27 other entities from the capital markets.
- Anil Ambani will not be able to hold any position such as directorship or key managerial role in any listed company or any intermediary registered with SEBI for a period of five years.
- The market regulator imposed a total fine of Rs 6 lakh on Reliance Home Finance and also barred it from the securities market for six months.
- SEBI has asked the entities to pay the fine within 45 days of receiving the order.
- Noticee No. 1 (RHFL) is prohibited from accessing the securities market and from buying, selling, or dealing in securities, directly or indirectly, for 6 months from the date this order takes effect.
- Additionally, RHFL is barred from any association with the securities market in any manner during this period.
- RHFL offers home loans, loan against property, construction finance etc. as a part of its business.
Topic: Infrastructure and Energy
6. RGIA Hyderabad won the Best Airport Award for the third consecutive year.
- Hyderabad's Rajiv Gandhi International Airport (RGIA) has once again won the coveted title of Best Airport at the India Travel Awards, its third consecutive win.
- This award is a testament to the airport’s excellence, and recognises our commitment to creative social media engagement and exceptional airline support.
- In 2023, RGIA was also awarded the Skytrax 'Best Airport Staff in India & South Asia 2024' award in Frankfurt, Germany.
- Rajiv Gandhi International Airport:
- It is an international airport serving Hyderabad, the capital of the Indian state of Telangana.
- It is the largest airport in India in terms of area, having been constructed across 5,500 acres (2,200 ha).
- In December 2015, it became the first airport in India to introduce domestic e-boarding facilities and international e-boarding facilities in October 2020.
Topic: Miscellaneous
7. World Bank issued the world's first carbon removal bond to raise funds for Amazon reforestation.
- The goal of the new kind of bond is try to save the Amazon rainforest by linking investors’ financial returns to the amount of carbon removed from the atmosphere.
- The World Bank sold a nine-year, $225 million note that will help fund reforestation in the Amazon.
- Unlike previous bonds, buyers' returns will be linked to the climate impact of new trees, rather than avoided emissions through curbing deforestation.
- Investors will receive a fixed guaranteed coupon rate of around 1.745% per annum, which is lower than World Bank ordinary bonds of similar maturity.
- According to the World Bank, Mombak will use these funds to acquire or partner with landowners in the Amazon to replant native tree species on the land.
- Carbon credits produced by the projects, calculated based on the amount of carbon removed by the trees planted, will be sold to Microsoft Corp., which has a purchase agreement with Mombak (a carbon removal startup).
Topic: Indian Economy/Financial Market
8. In July, India surpassed China to become the world's largest importer of Russian oil.
- July saw a record import of 2.07 million barrels per day (bpd) of Russian crude. This accounted for 44% of India's total imports.
- This is a 4.2% increase from June and a 12% increase from the same month last year.
- That was more than China's 1.76 million barrels per day of oil imports from Russia through pipelines and shipments in July.
- Since Russia started its war against Ukraine in February 2022, India's trade with Russia has grown, mainly as a result of imports of oil and fertiliser.
- Last month, Iraq remained India's second-largest oil supplier, followed by Saudi Arabia and UAE.
Topic: Reports and Indices
9. Karnataka has the highest number of public electric vehicle charging stations (PEVCS) in India.
- As per a recent report by the Bureau of Energy Efficiency (BEE), Karnataka has the highest number of public electric vehicle charging stations (PEVCS) in India.
- There are 5,765 PEVCS in Karnataka, of which 4,462 are in Bengaluru Urban.
- Karnataka was the first state to introduce EV policy in 2017.
- The charging stations have been funded through the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme and other sources.
Topic: Awards and Prizes
10. President Droupadi Murmu presented the first-ever Vigyan Ratna Puraskar to Govindrajan Padmanabhan.
- Govindrajan Padmanabhan is a noted biochemist and former director of the Bangalore-based Indian Institute of Science.
- Vigyan Ratna Puraskar is India’s top science award.
- The Vigyan Ratna Award is presented to scientists who have made lifetime contributions in any field of Science and Technology.
- President also conferred 13 Vigyan Shri Puraskar, 18 Vigyan Yuva-Shanti Swarup Bhatnagar Prizes and one Vigyan Team award.
- The Vigyan Team Award has been presented to a team of three or more scientists for making groundbreaking research contributions.
- It has been presented to the Chandrayaan-3 team for the successful landing of the Chandrayaan-3 lander on the south pole of the moon.
Comments