Daily Current Affairs and GK | 16 July 2024

Topic: Indian Economy

1. India's exports exceeded USD 200 billion in the first quarter (April–June) of 2024–25.

• The government has said that it is optimistic about reaching its USD 800 billion annual target.
• India's total exports, which include both merchandise and services, reached $65.47 billion in June, up 5.4% from the previous year, according to data from the commerce ministry.
• From $34.32 billion to $35.20 billion, merchandise exports increased.
• From $27.79 billion to $30.27 billion, services exports increased.
• In June, overall imports increased by 6.3% to $73.47 billion compared to the same period last year.
• India recorded record exports of $778 billion in the fiscal year 2023–24, slightly more than the $776.3 billion in the previous year.
• There has been a substantial rise in exports to nations including Singapore, China, Russia, Iraq, and the United Arab Emirates.
• The UK, Australia, Saudi Arabia, the Netherlands, and South Africa are some other important export destinations.
• From $898.0 billion in 2022–2023 to $853.8 billion in 2023–2024, India's overall imports decreased.
• The trade deficit has significantly improved as a result. The trade deficit narrowed from $121.6 billion to $75.6 billion over the same period.

Topic: MoUs/Agreements

2. India signed MoU with Marshall Islands to implement four Community Development Projects.

• The Marshall Islands' foreign minister, Kalani Kaneko, and India's ambassador to Japan, Sibi George, signed the Memorandum of Understanding (MoU) at the Indian embassy in Tokyo.
• The embassy in Tokyo also oversees relations with Marshall Islands.
• The MoU will make it possible to establish community centres in Arno and Wotje Atolls, an airport terminal on Mejit Island, and a community sports centre in Ailuk Atoll.
• The projects are compliant with the promises given by the Indian side during the Forum of India-Pacific Islands Cooperation (FIPIC) third summit.
• External Affairs Minister Dr. S Jaishankar said, "We are also working on the Republic of Marshall Islands' desalination and dialysis machine proposals."
• Marshall Islands is an island country consisting of 29 coral atolls and five islands. Its capital is Majuro.

Topic: Summits/ Conferences/ Meetings

3. World Heritage Young Professionals Forum 2024 has been inaugurated.

• For the first time, India is hosting the UNESCO’s prestigious World Heritage Committee meeting from 21st-31st July, 2024 in New Delhi.
• The Ministry of Culture is hosting the 2024 World Heritage Young Professionals Forum.
• It is being hosted under the theme of “World Heritage in the 21st Century: Building Capacities and Exploring Opportunities for Youth” from 14th to 23rd July 2024.
• 50 Young professionals from across the globe (20 from India and 30 from outside India) will make presentations.
• It would increase the expertise, skills and capacities of young professionals in protecting, preserving, and promoting our natural and cultural World Heritage.
• They will also discuss about the global concepts of World Heritage and Sustainable Development.
• The focus of this year’s sub-themes will be on tackling the issue of climate change alongside maintaining the pace of sustainable development.

(Source: News on AIR)

Topic: Banking System

4. State Bank of India and Bank of Baroda have raised their MCLR by 5-10 bps.

• State Bank of India and Bank of Baroda have increased their marginal cost of funds based lending rates (MCLR).
• State Bank of India (SBI) has increased MCLRs between 5 to 10 basis points (bps) on various tenors. It has become effective from 15th July.
• It has revised its one month MCLR by 5 bps to 8.35 per cent from 8.3 per cent.
• This is the second time that MCLR has been raised in the last two months.
• Bank of Baroda (BoB) increased MCLRs by 5 bps on select tenors.
• It has increased one-year MCLR to 8.9 per cent from 8.85 per cent.
• MCLR is the minimum interest rate below which banks and non-banking finance companies (NBFCs) cannot lend. It was introduced on April 1, 2016.
• Under MCLR, banks fix interest rates for borrowers based on the marginal cost.

Topic: Banking System

5. RBI issued revised master directions on fraud risk management for the regulated entities.

• Master Directions on Fraud Risk Management for the Regulated Entities has been issued by the RBI.
• These master directions on Fraud Risk Management will be applicable to Commercial Banks (including Regional Rural Banks) and All India Financial Institutions; Cooperative Banks(Urban Cooperative Banks / State Cooperative Banks / Central Cooperative Banks); and Non-Banking Finance Companies (including Housing Finance Companies).
• Based on the review of the earlier Master Directions, Circular and emerging issues, these Master Directions have been prepared.
• These Master direction are principle-based and will enhance the role of Board in governance.
• These Directions has also emphasized the need for instituting robust internal audit and controls framework in the REs.

Topic: International News

6. France, Germany, Italy, and Poland will jointly develop long-range cruise missiles.

• France, Germany, Italy and Poland launched an initiative to develop long-range cruise missiles.
• These cruise missiles will have a range of more than 500 kilometers.
• The first draft of the missile might come out by the end of 2024.
• The main aim of this project was to meet NATO demands for such a capability.
• The INF treaty signed in 1987 had outlawed nuclear and conventional ground-launched missiles with a range between 500 and 5,500 km.
• In the 1990s, Germany, Hungary, Poland and the Czech Republic also destroyed their missiles.

Topic: Government Schemes and Initiatives

7. 'One Scientist, One Product' scheme launched by ICAR.

• On July 16, the 'One Scientist-One Product' program has been launched by the Indian Council of Agricultural Research (ICAR) to improve research in the field of agriculture and animal husbandry.
• On the occasion of the 96th foundation day of the ICAR, the formal announcement of the release of 323 varieties of 56 crops, including cereals, oilseeds, fodder crops, and sugarcane, also made at a function organized in Delhi on July 16.
• These crops include 289 climate-resistant varieties and 27 bio-enhanced varieties.
• Union Agriculture Minister Shivraj Singh Chouhan inaugurated the ‘one scientist, one product’ program.
• ICAR is also working to develop 100 new seed varieties and 100 agricultural technologies in 100 days under the 100-day action plan of the Centre.
• A total of 2,593 high-yielding varieties were released from 2014-15 to 2023-24.
• These include 2,177 climate-resilient varieties (83% of the total), with biotic and abiotic stress resistance, and 150 bio-fortified crop varieties.

Topic: National News

8. Nirma University Institute of Technology team won the robot competition DD- Robocon India 2024.

• IIT Delhi and Prasar Bharati hosted the two-day robot competition ‘DD-Robocon’ India 2024 on July 13 and 14 at Thyagaraj Stadium, Delhi.
• The first runner up award in this competition was bagged by Pimpri-Chinchwad College of Engineering, Pune, while MIT World Peace University, Pune became the second runner up.
• The winning team will represent India at the international Asia-Pacific Broadcasting Union Robocon 2024 in Quang Ninh, Vietnam.
• ABU Robocon 2024 will be held on August 25 in Quang Ninh, Vietnam.
• More than 750 students from over 45 colleges, institutes and universities across the country participated in the event.
• DD- Robocon India aims to promote technical skill development and innovation among engineering students in the field of robotics.

(Source: News on AIR)

Topic: Summits/Conferences/Meetings

9. On July 18, the 7th apex level meeting of Narco Coordination Centre (NCORD) will be chaired by Union Home Minister Shri Amit Shah in New Delhi.

• The National Narcotics Helpline ‘MANAS’ (Madak padarth Nisedh Asuchna Kendra) and Narcotics Control Bureau (NCB) Zonal Office at Srinagar will be launched by Home Minister.
• Along with this, Shri Amit Shah will release the 'Annual Report 2023' of NCB and Compendium on 'Drug Free India'.
• The objective of this meeting is to coordinate and synergize the efforts of various Central and State Government agencies involved in combating drug trafficking and abuse in India.
• Under the leadership of PM Narendra Modi, the Government of India has adopted 'Zero Tolerance Policy' against drug trafficking to reduce the threat of drugs.
• Ministry of Home Affairs will achieve Modiji's goal of Drug Free India by 2047 by following a 3 pronged strategy of strengthening the institutional structure, coordination among all Narco agencies and massive public awareness campaign.
• In 2016, the NCORD mechanism was established for better coordination between the states and the Ministry of Home Affairs.
• In 2019, it was further strengthened through a four-tier system.
• The apex level NCORD committee is chaired by the Union Home Secretary, and the executive level NCORD committee is chaired by the Special Secretary of the Home Ministry.
• Whereas, the State Level NCORD Committees are headed by the Chief Secretary of the States and the District Level NCORD Committees are headed by the District Magistrate.

Topic: Environment and Ecology

10. Indore created a world record by planting 11 lakh saplings in a day.

• By planting over 1.1 million saplings in just 24 hours, Indore achieved a new Guinness World Record in the category of "the most trees planted by a team in 24 hours" on July 14.
• The state government organized this program.
• Earlier in the day, Union Home Minister Amit Shah participated in the 'Ek Ped Maa Ke Naam' campaign and planted a sapling.
• On the occasion of World Environment Day on June 5, Prime Minister Narendra Modi had launched the "Ek Ped Maa Ke Naam" campaign.
• 51 lakh saplings will be planted during this campaign in Indore.
• The tree plantation drive was carried out in the Revati range of the BSF Academy, which was divided into nine zones and 100 sub-zones.
• In this plantation drive, apart from 2000 BSF jawans, more than 100 NRIs, NCC cadets from 50 schools, a large number of citizens and members of various social organisations participated.
• According to the Guinness World Records website, the previous record for the most number of saplings planted in 24 hours was 9,21,730.
• The record was achieved by the Forest Department of the Government of Assam (India) at Udalguri on September 13 and 14, 2023.

Topic: National Appointment

11. Robert J Ravi appointed CMD of BSNL by the Government.

• Robert Gerard Ravi has been appointed as the new Chairman and Managing Director of Bharat Sanchar Nigam Limited (BSNL) by the government from July 15.
• Whereas, extension of service has been denied to outgoing PK Purwar, who was serving as CMD of BSNL and MTNL since July 2019.
• This will be Ravi's second stint at BSNL.
• Prior to this, he had served as additional general manager at the state-run firm for nearly six years.
• Presently, he is working as Deputy Director General in the Department of Telecommunications.
• Earlier, he was working as Advisor (Consumer Affairs and Quality of Services) in the Telecom Regulatory Authority of India (TRAI).

Topic: State News/Maharashtra

12. Maharashtra government tabled a bill to curb ‘naxalism in urban areas’.

• The 'Maharashtra Special Public Security Bill, 2024, has been tabled in the assembly to curb Naxalism in urban areas.
• Maharashtra’s Deputy Chief Minister, Devendra Fadnavis, tabled the bill in the state assembly.
• This bill gives power to the government and the police machinery to combat unlawful activities.
• This bill also proposes a jail term of three to seven years and a fine of Rs 3 to Rs 5 lakh.
• As per the government, the existing laws are "ineffective" and are "inadequate" to curb Naxalism.
• The opposition in Maharashtra has opposed the bill.
• Chhattisgarh, Telangana, Andhra Pradesh and Odisha have also enacted similar laws to prevent any such unlawful activities.

Topic: Art and Culture

13. Kharchi Puja was celebrated in Tripura.

• Kharchi Puja is also referred to as the Festival of the 14 Gods.
• It is observed annually on the Shukla Ashtami day, which falls on the eighth day of the lunar month of Ashadha.
• During this week-long festival, the people of Tripura pay homage to their ancestral deity, Chaturdasa Devata.
• This year, Kharchi Puja began on July 14.
• On this occasion, royal priests carry idols of the fourteen gods from the ancient Ujjayanta Palace in Agartala and dip them in the holy water of the Saidra River.
• The hymns and mantras are recited to invoke the blessings of the deities.