Current Affairs August 05th 2022| Current Affairs News

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CURRENT AFFAIRS: NATIONAL NEWS

Union Minister launches six national highway projects in Madhya Pradesh:

• Union Minister for Road Transport and Highways Shri Nitin Gadkari lay the foundation stone for six National Highway projects totaling 119 kilometers and costing Rs. 2300 crore in Indore, Madhya Pradesh.
• Shri Gadkari noted at the ceremony that the projects being unveiled will assist growth by boosting connectivity in Indore and the state.
• The villages in the Indore-Harda segment will be better connected to Indore
• The State Government and NHAI signed a memorandum of understanding during this initiative to build ropeways at 14 designated locations in Madhya Pradesh.

Government Withdraws Data Protection Bill,2021:

• To create a “comprehensive legal framework” for policing the online world, the government withdrew the Personal Data Protection Bill from Parliament.
• This framework will include separate laws on data privacy, the internet ecosystem as a whole, cybersecurity, telecom laws, and the use of non-personal data to foster innovation in the nation.
• The administration intends to submit the new legislation during the winter session of Parliament, according to sources in the IT Ministry.
• This comes after the Bill was in development for almost four years, during which time it underwent several revisions, was subjected to a Joint Committee of Parliament (JCP) assessment, and encountered opposition from a variety of parties, including tech corporations and privacy campaigners.

About Data Protection Bill:

• It describes people’s rights regarding their personal information and establishes the guidelines for how personal data should be treated and maintained.
• The purpose of the bill was to create a national data protection authority to safeguard people’s online privacy.
• An expert group led by Justice B.N. Srikrishna originally authored the Bill in 2018. A draught of the Bill was presented by the central government in the Lok Sabha in 2019; it was referred to the Joint Parliamentary Committee in December 2021 and later brought into Parliament after six extensions.
• A Data Protection Authority would be responsible for handling both personal and non-personal data under the most recent iteration of the bill.
• The JCP carefully considered the 2019 Bill and put up 81 modifications and 12 proposals for a thorough legal framework for the digital environment.

The Ministry of Textiles has approved Pashmina Wool Development Scheme:

• The Ministry of Textiles has approved Pashmina Wool Development Scheme under Integrated Wool Development Programme (IWDP) with a budget allocation of Rs.29.25 Cr. for implementation during FY from 2021-22 to 2025-26.
• Provision has been made to provide financial assistance in form of a Revolving Fund for procurement/marketing of pashmina wool in UT of Ladakh and UT of J&K.
• A project to set up a Dehairing plant along with ancillary machines at Leh, UT of Ladakh with the project cost of Rs.19.75 Cr. has been sanctioned and out of it Rs.12.92 Cr. has been released.
• A provision has been made under the HRD component of IWDP regarding awareness and training to wool growers including UT of Jammu & Kashmir as well as pashmina Nomads of UT of Ladakh region

India has achieved an important milestone by recognizing more than 75,000 start-ups:

• India has achieved an important milestone by recognizing more than 75,000 start-ups.
• The last 10000 startups have been recognized in 156 days while the initial ten thousand startups were recognized in 808 days.
• Recognizing more than 75 thousand start-ups is a milestone in the order of 75 years of independence.
• Around 80 Startups getting recognized per day, which is the highest rate in the world.
• India has the 3rd largest ecosystem for startups.
• Around 7.46 lakh jobs have been created by the Indian startup ecosystem and 49% of startups are from Tier II & Tier III cities.
• Out of the total recognized startups, 12% are from IT services, 9% are from Healthcare and Life Sciences, 7% are from education and 5% are from professional and commercial services.
• The Government has supported the startups from funding to tax incentives.
• The government eased public procurement and regulation of taking part in international fests and events.

CURRENT AFFAIRS: INTERNATIONAL NEWS

Bihar college astronomy lab enters on UNESCO heritage list

• The United Nations Educational, Scientific, and Cultural Organization (UNESCO) has added a 106-year-old astronomical observatory at Langat Singh College in Bihar’s Muzaffarpur to its list of important endangered heritage observatories of the world.

About astronomical observatory :

• The observatory was built in 1916 in the 123-year-old college, now affiliated with Bhim Rao Ambedkar Bihar University.
• In 1946, the college also installed a planetarium, the first in India, and the college itself.
• The observatory and planetarium functioned satisfactorily up to early 1970 but started declining gradually with time.
• National Commission for History of Science member and Delhi University’s former modern history professor JN Sinha stated that his constant push to draw UNESCO’s attention towards the observatory, the first of its kind in eastern India, finally bore fruit.

About UNESCO :

• Founded: 16 November 1945
• Headquarters: Paris, France
• Director-General: Audrey Azoulay
• Member States: 193
• UNESCO is a specialized agency of the United Nations (UN).

Aim :

• To promote world peace and security through international cooperation in education, arts, sciences, and culture

CURRENT AFFAIRS: BANKING & FINANCE

RBI’s Financial Inclusion Index for March 2022 rises to 56.4

• The Reserve Bank of India’s (RBI) Financial Inclusion Index (FI-Index) in March 2022 increased to 56.4 indicating that growth has been witnessed across all parameters.
• The FI-index in March 2021 was 53.9.

About RBI’s Financial Inclusion Index :

• RBI will release the FI-Index in July month every year. 
• There is no base year for this Index.
• It was conceptualized as a comprehensive index incorporating details of banking, investments, insurance, postal as well as the pension sector in consultation with the government and respective sectoral regulators.
• The value of the FI-Index will range from 0 to 100.
• Where 0 denotes complete financial exclusion while 100 denotes full financial inclusion. 

Parameters of FI-Index: 

• The FI-Index comprises three parameters, namely

1. Access (35%)
2. Usage (45%)
3. Quality (20%) with each of these consists of various dimensions, which are computed based on several indicators.

• In total there are 97 indicators.
• A unique feature of the FI-Index is the quality parameter, which captures the quality aspect of financial inclusion as reflected by financial literacy, consumer protection, and inequalities and deficiencies in services.

About RBI :

• Established: 1 April 1935
• Headquarters: Mumbai, Maharashtra
• Governor : Shaktikanta Das
• Deputy governors: Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra, and T. Rabi Shankar

GST e-invoicing is mandatory for entities with Rs 10 cr turnover from Oct 1, 2022

• The goods and services tax (GST) e-invoicing will be mandatory for firms with a turnover of over Rs 10 crore from October 1, 2022 down from the current threshold of Rs 20 crore to further plug leakages and ensure better compliance.

Aim :

• To digitize a higher volume of transactions, transparency in sales reporting, reduce errors and mismatches, automate data entry work, and improve compliance.
• The government plans to make GST e-invoicing mandatory for companies with a turnover of Rs 10 crore and then Rs 5 crore in the current financial year.
• The GST e-invoice system tracks business-to-business (B2B) transactions on the Invoice Registration Portal (IRP), which facilitates the assessment and computation of input tax credit (ITC).
• The e-invoice provides a standardized format that is machine-readable and can be electronically authenticated on the Goods and Services Tax Network (GSTN) and be further used on the common GST portal.

About E-invoicing :

• E-invoicing (electronic billing) started in October 2020 and was made mandatory for entities with a turnover of Rs 500 crore and above.
• This threshold was brought down to Rs 100 crore and later to Rs 50 crore in 2021 for business-to-business (B2B) transactions.

CURRENT AFFAIRS: BUSINESS NEWS

The GST revenue for July 2022 will be the second highest ever, at Rs 1.49 lakh crore:

• In July, Goods and Services Tax collections increased by 28% to reach the second-highest level ever at Rs 1.49 lakh crore on the back of economic recovery and steps taken to curb tax evasion.
• The GST (Goods and Services Tax) collection for the same month a year earlier was Rs 1,16,393 crore.
• In April 2022, the GST, which was enacted in July 2017, reached a record high of Rs 1.68 lakh crore.
• Since the commencement of the GST, the monthly GST collection has exceeded Rs 1.40 lakh crore six times.
• Since March 2022, this has happened five times in a row.
• As compared to the same month last year, the income from domestic transactions, which includes the import of services, was up 22% in July and the revenue from imported commodities was up 48%.
• A total of Rs 1,48,995 crore in GST was collected in July, of which Rs 25,751 crore came from the central government, Rs 32,807 crore from the states, and Rs 79,518 crore from the integrated government (including Rs 41,420 crore on the import of commodities), and Rs 10,920 crore from cess (including Rs 995 crore collected on import of goods).

CURRENT AFFAIRS: MOUS AND AGREEMENT

NIESBUD and HUL signed an MoU for developing entrepreneurial skills among the youth:

• To inculcate a culture of innovation, imagination, and proactiveness among youngsters, National Institute for Entrepreneurship and Small Business Development (NIESBUD) and Hindustan Unilever Limited (HUL) signed a memorandum of understanding (MoU) for developing entrepreneurial skills among the youth and identifying other aspects for mutual collaboration.
• The alliance will further enhance employment generation and create sustainable livelihood opportunities, giving a major boost to nano and micro-entrepreneurship advancement in the country.
• HUL is also contributing INR 63,00,000 to NIESBUD to support the Skill Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) Project, which aims at strengthening the entrepreneurship ecosystem, and bringing in better market connectivity and inclusion of marginalized sections of the society.
• The National Institute for Entrepreneurship and Small Business Development is a premier organization of the Ministry of Skill Development and Entrepreneurship.
• Hindustan Unilever Limited is a consumer goods company headquartered in Mumbai, India. It is a subsidiary of Unilever, a British company.
• Sanjiv Mehta, Chairman & Managing Director of Hindustan Unilever Limited.

Indian Oil signed an MoU with NTCA for transcontinental relocation of ‘Cheetah’ in its historical range in India:

• Indian Oil signed an MoU with National Tiger Conservation Authority (NTCA) for the transcontinental relocation of ‘Cheetah’ in its historical range in India.
• This is in continuation with the MoU signed between the Government of India and the Government of the Republic of Namibia on wildlife conservation and sustainable biodiversity utilization, for establishing the cheetah into the historical range in India.
• Indian Oil will be contributing Rs.50.22 crore in 4 years for the project components viz. Cheetah Introduction, its Habitat Management & Protection, Eco Development, Staff Training, and Veterinary Healthcare.
• Indian Oil is the first corporate which has come forward to support “Project Cheetah” under CSR, as the project has not only national importance but is also essential for balancing the ecosystem.
• Cheetah has a very special significance for the national conservation ethic and ethos.
• Understanding this, Indian Oil is aiding the cause of bringing the Cheetah back to India, which would have equally important conservation ramifications.
• It may be noted that Indian Oil adopted Indian Single Horned Rhino as its mascot last year and, since then, has been at the forefront of India’s Rhino conservation endeavors.

Key Points:

• Under this project, a source population of 8-10 Cheetahs will be flown in from Namibia and South Africa and will be introduced at Kuno National Park, Madhya Pradesh.
• It is a national project involving the National Tiger Conservation Authority (NTCA), Govt. of India, and the State Govt. of Madhya Pradesh.
• NTCA is the nodal agency authorized by MoEF&CC for funding, supervision, and hand holding.
• Indian Oil will contribute its CSR funds to NTCA, which shall coordinate with the State Govt. of Madhya Pradesh and other agencies involved in the project.

Arunachal Pradesh signed an MoU with NITI Aayog for school education transformation:

• Arunachal Pradesh government signed a tripartite MoU with NITI Aayog for school education transformation.
• The main aim of MoU is to bring large-scale transformation in school education in Arunachal Pradesh.
• The MoU is a three-year partnership for improving the learning outcome of students across more than 3,000 government schools.
• The school education transformation project will be implemented under the NITI Aayog’s Development Support Services for States (DSSS)

Development Support Services for States (DSSS):

• It aims to build institutional and organizational capacities of State and State-level institutions.
• It establishes the Centre-State partnership model for cooperation.

CURRENT AFFAIRS: RANKING AND INDEX

LIC has been included in the most recent Fortune Global 500 list:

• The Life Insurance Corporation (LIC), an Indian statutory insurance and investment corporation has risen to the top 500 in the most recent Fortune Global 500 list.
• With sales of USD 97.26 billion and a profit of USD 553.8 million, the largest life insurer in the country was rated 98th on the most recent Fortune 500 list.
• This is LIC’s first appearance on the list, which lists firms according to sales.

Indian Companies ranking:

• Reliance Industries moved up 51 spots to position 104 on the list for 2022.
• Reliance has been on the list for 19 years, with revenue of USD 93.98 billion and a net profit of USD 8.15 billion in the most recent year.
• Oil and Natural Gas Corporation (ONGC) increased 16 positions to 190, while Indian Oil Corporation (IOC) rose 28 spots to 142.
• Tata Steel was ranked 435th while Tata Motors was ranked 370th on the list.
• The other private Indian business on the list was Rajesh Exports, which came in at position 437.
• Bharat Petroleum Corporation Ltd. rose 19 places to rank 295 and State Bank of India (SBI) advanced 17 spots to number 236.

Global companies:

• There are nine Indian companies on the list, with US retailer Walmart at the top.
• Five of them are state-owned, while the other four are private.
• Amazon, which attained its best position, came in second to Walmart, which maintained the top spot for a ninth consecutive year.
• Sinopec, State Grid, and China National Petroleum are China’s main three energy companies.
• Greater China’s (including Taiwan’s) Global 500 firms’ sales, which made up 31% of the total, surpassed those of the list’s US-based companies for the first time.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Govt appoints Mr. Suresh N Patel as new Central Vigilance Commissioner

• President Ms. Droupadi Murmu has appointed Vigilance Commissioner Mr. Suresh N Patel as the Central Vigilance Commissioner (CVC) of India.
• The post has been lying vacant for the past year.
• The ceremony was also attended by prime minister Shri Narendra Modi and Vice President Shri M Venkaiah Naidu.
• The tenure of a CVC and vigilance commissioner is of four years or till the incumbent attains the age of 65 years.

About Mr. Suresh N Patel :

• A former Managing Director and CEO of Andhra Bank, Patel was appointed a Vigilance Commissioner in April 2020.
• Patel has been working as the acting Central Vigilance Commissioner (CVC) since June 2022 replacing Sanjay Kothari.
• Currently, the two Vigilance Commissioners of India are Shri Praveen Kumar Srivastava and Shri Arvinda Kumar.

About Shri Praveen Kumar Srivastava :

• Srivastava, a 1988 batch (retired) IAS officer of Assam-Meghalaya cadre.
• He retired as secretary (Coordination), Cabinet Secretariat on January 31, 2022.
• He served as chief vigilance officer in RITES Ltd.
• He served as joint secretary and Mission Director of, the Jawaharlal Nehru National Urban Renewal Mission (JNNURM).

About Shri Arvinda Kumar :

• Kumar, a 1984 batch (retired) Indian Police Service officer of the Assam-Meghalaya cadre, served as the 27th director of the Intelligence Bureau from June 30, 2019, to June 30, 2022.
• He has also served as First Secretary in the Embassy of India, Moscow, Russia.
• He was awarded the prestigious Indian Police Medal for meritorious service in 2003 followed by the President’s Police Medal for distinguished service in 2009.

About Central Vigilance Commission :

• The CVC is headed by a central vigilance commissioner and it can have two vigilance commissioners.
• CVC is an apex Indian governmental body to address governmental corruption.
• It was set up by the Government of India Resolution on 11 February 1964, on the recommendations of the Committee on Prevention of Corruption, headed by Santhanam.
• First Chief Vigilance Commissioner of India: Nittoor Srinivasa

Noise appoints Vaani Kapoor as the brand ambassador of the Upcoming Noise X-Fit 2 Smartwatch

• Nexxbase-owned Noise has appointed actress Vaani Kapoor as the brand ambassador of its upcoming smartwatch, the X-Fit 2 series.
• The X-Fit series by Noise was announced in partnership with HRX by Hrithik Roshan and Exceed Entertainment in 2021.
• To commemorate Kapoor as the brand ambassador, Noise rolled out a campaign titled #KeepGoing, featuring her across its digital assets.
• To initiate conversation around how fitness has become a part of our everyday lifestyle and we must pursue it in style and with comfort.
• According to research firm International Data Corporation India, India’s wearables market saw double-digit growth in Q1 2022 with products crossing 13.9 million units.

Note : 

• Co-founder and CEO at HRX: Mr. Afsar Zaidi
• Co-founder of Noise: Amit Khatri

CURRENT AFFAIRS: ACQUISITIONS & MERGERS

CCI approves the acquisition of 50.1% of the equity share capital of SCIPL by RSBVL

• The Competition Commission of India (CCI) approves the acquisition of 50.1% of the equity share capital of Sanmina-SCI India Private Limited (SCIPL) by Reliance Strategic Business Ventures Limited (RSBVL).
• RIL is a subsidiary of Reliance Industries Limited (RIL).
• Sanmina Corporation and RSBVL have inked an agreement to create a joint venture through investment in Sanmina’s existing Indian entity (Sanmina SCI India).
• RSBVL is set to invest ₹1,670 crores in the JV and hold the majority stake.
• The JV will prioritize high technology infrastructure hardware, for growth markets, and across industries such as communications networking (5G, cloud infrastructure, hyper-scale data centers), medical and healthcare systems, industrial and cleantech, and defense and aerospace.
• Also, the JV is expected to create a state-of-the-art ‘Manufacturing Technology Center of Excellence.

About SCIPL :

• SCIPL is an indirect subsidiary of Sanmina Corporation, a Fortune 500 company headquartered in San Jose, California, USA.
• Sanmina is a global provider of integrated manufacturing solutions, components, products and repair, logistics, and after-market services.

About CCI :

• Established: 14 October 2003
• Headquarters: New Delhi, Delhi, India
• Chairman: Ashok Kumar Gupta
• Secretary : P K Singh
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs.

Bank of Baroda to divest up to 12.5% stake in insurance arm IndiaFirst

• Bank of Baroda (BoB) will divest up to a 12.5% stake in the insurance arm IndiaFirst Life Insurance Company (IFLIC) through an offer for sale in the initial public offer (IPO) of the insurer or any other mode.
• However, BoB’s shareholding in the life insurance subsidiary will not fall below 51 percent.
• BoB acquired a 21 percent stake in the insurance company following a ‘right of the first offer (ROFO) by Union Bank of India.
• BoB’s holding in the company now stands at 65 percent from 44 percent earlier

About Bob :

• Founded: 20 July 1908
• Headquarters: Vadodara, Gujarat, India
• MD & CEO: Sanjiv Chadha
• It is the fourth largest nationalized bank in India.

About IFLIC :

• Founded: 16 November 2009
• Headquarters: Mumbai, Maharashtra
• MD & CEO : Ms.R.M.Vishakh
• IFLIC is a joint venture of India’s public sector banks (Bank of Baroda (65%) and Union Bank of India (9%), and the UK’s financial and investment company, Legal & General (26%).

CCI approves Composite Scheme of Arrangement and Amalgamation between Shriram Group Companies

• The Competition Commission of India (CCI) approves the Composite Scheme of Arrangement and Amalgamation between Shriram Group Companies under Section 31(1) of the Competition Act, 2002.
• The proposed combination involves a composite scheme of arrangement and amalgamation (Scheme) between Shrilekha Business Consultancy Private Limited (SBCPL), Shriram Financial Ventures (Chennai) Pvt. Ltd (SFVPL), Shriram Capital Limited (SCL), Shriram Transport Finance Company Limited (STFC), Shriram City Union Finance Limited (SCUF), Shriram LI Holdings Pvt Ltd (SLIH), Shriram GI Holdings Pvt. Ltd (SGIH) and Shriram Investment Holdings Ltd (SIHL).

 The salient features of the Scheme are as under:-

• The amalgamation of SBCPL with SCL
• The demerger of the undertaking from SCL, carrying on the business of Financial Services, and the transfer and vesting thereof into SIHL
• The demerger of undertakings from SCL carrying on the businesses of a) Life Insurance and b) General Insurance, and the transfer and vesting of the same into a) SLIH), and b) SGIH respectively
• The amalgamation of SCL (with its remaining undertaking and investments) with STFC
• The amalgamation of SCUF with STFC.

CCI clears Rs 4,500 crore deal between Bandhan Fin Holdings-led consortium & IDFC

• The Competition Commission of India (CCI) approved the proposed Rs 4,500 crore deal wherein the Bandhan Financial Holdings-led consortium will buy stakes in IDFC Asset Management and IDFC AMC Trustee.
• The consortium includes private equity firm Chrys Capital and Singapore’s sovereign fund GIC.
• The transaction includes the acquisition of a 99.96% stake in IDFC Asset Management Company Limited (IDFC AMC) and a 100% stake in IDFC AMC Trustee Company Limited (IDFC Trustee) by Bandhan Financial Holdings Limited (BFHL), Lathe Investment Pte. Ltd. (Lathe), Tangerine Investments Limited (CC Entity 1) and Infinity Partners (CC Entity 2).
• The stakes would be acquired by Bandhan Financial Holdings Ltd, Lathe Investment Pte. Ltd, Tangerine Investments Ltd, and Infinity Partners.
• IDFC AMC is the asset management company of IDFC Mutual Fund which operates a portfolio management business and IDFC Trustee is a trustee company of IDMF.
• Bandhan Financial Holdings Ltd is a wholly-owned subsidiary of Bandhan Financial Services Ltd and the promoter of private sector lender Bandhan Bank Ltd.
• The lathe is wholly owned by Singapore-based GIC Ventures Pvt Ltd and Tangerine Investments is a subsidiary of Chrys Capital Group while Infinity Partners is a partnership firm.

CURRENT AFFAIRS: DEFENCE NEWS

India Set To participate in 17-nation drill “Pitch Black 2022” in Australia 

• India will be part of the mega air combat exercise “Pitch Black 2022” among 17 nations, to be held in the Northern Territory of Australia.
• The exercise will be held for three-week-long and is scheduled to take place from August 19 to September 6, 2022.
• Almost 2,500 personnel from over 17 countries and 100 aircraft will engage in both Offensive Counter Air (OCA) and Defensive Counter Air (DCA) combat drills.
• The first time India participated in Pitch Black was in 2018 along with other countries like Germany, Indonesia, Netherlands, New Zealand, Singapore, Thailand, Malaysia, Australia, Canada, France (New Caledonia), and the United States.

Participating countries :

• US, India, Australia, Japan, Canada, France, Germany, Indonesia, Malaysia, New Zealand, the Philippines, the Netherlands, South Korea, Singapore, Thailand, the UAE, and the UK.

About Pitch Black 2022 :

• Pitch Black military exercise is a biennial multinational large force employment warfare exercise.
• The exercises will be conducted by the Royal Australian Air Force (RAAF)
• Pitch Black, which occurs once every two years.

Aim :

• To foster a closer relationship between the participating forces and promote interoperability through the exchange of knowledge and experience.
• This will enhance interoperability and strengthen relationships.
• The RAAF considers “Pitch Black” as its “capstone” international engagement activity with the air forces of strategic partners and allies.

About Australia :

• Prime minister: Anthony Albanese
• Capital: Canberra
• Currency: Australian dollar

Indian & French Navies Conducts Maritime Partnership Exercise In North Atlantic Ocean

• The guided-missile frigate Indian Naval Ship (INS) Tarkash of the Indian Navy & the French Fleet Tanker French Navy Ship (FNS) Somme participated in a Maritime Partnership Exercise (MPX) in the North Atlantic Ocean.
• INS Tarkash is on a long-range overseas deployment.
• INS Tarkash carried out various drills with French fleet tanker FS Somme, followed by joint air operations with maritime surveillance aircraft Falcon 50.
• The successful conduct of these surface and aerial exercises symbolize the high degree of professionalism and interoperability that exists between the two navies.

About INS Tarkash :

• INS Tarkash (F50) is the second Talwar-class frigate constructed for the Indian Navy.
• It was built at the Yantar shipyard in Kaliningrad, Russia.
• Earlier it was commissioned to Navy service on 9 November 2012 at Kaliningrad and joined the Western Naval Command on 27 December 2012

Recent News :

• In March 2022, the Indian and French navies carried out a 5-day mega wargame in the Arabian Sea, involving frontline ships, submarines, maritime patrol aircraft, fighter aircraft, and helicopters.

South Korea, the US & Japan holds Multilateral Pacific Dragon missile defense exercise 

• The biennial Pacific Dragon ballistic missile defense exercise between the military of South Korea, the United States, and Japan is being held from August 01 to August 14, 2022, to detect and track ballistic missiles in the waters off Hawaii.
• In addition to the three countries, Australia and Canada will join the exercise in 2022’s edition.
• The Pacific Dragon ballistic missile defense drill was led by the US Pacific Fleet.

About Pacific Dragon Exercise :

• Pacific Dragon is a trilateral ballistic missile defense (BMD) tracking event between the U.S. Navy, Japan Maritime Self-Defense Force, and the Republic of Korea Navy.

Aim:

• To improve interoperability and tactical and technical coordination among participants in detecting, tracking, reporting, and assessing ballistic targets.
• To enhance the readiness against escalating threats from North Korea.
• 8 surface vessels and 2 aircraft will reportedly participate in the drill, with South Korea sending its 7600-ton Aegis destroyer King Sejong the Great.

About South Korea :

• President: Yoon Suk-yeol
• Prime minister: Han Duck-soo
• Capital: Seoul
• Currency: South Korean won

About the US :

• President: Joe Biden
• Capital: Washington, D.C.
• Currency: United States Dollar

About Japan :

• Prime minister: Fumio Kishida
• Capital: Tokyo
• Currency: Japanese yen

CURRENT AFFAIRS: SPORTS NEWS

Tejaswin Shankar wins India’s first High Jump Medal:

• At the Commonwealth Games 2022, Tejaswin Shankar of India won the nation’s first athletics medal by taking home a historic bronze in the men’s high jump final.
• Tejaswin, who was competing for India for the first time in four years, landed a 2.22-meter landing to place third.
• In the first two jumps, he had little issue clearing 2.5 meters and 2.10 meters. then fairly comfortably on the first try 2.19m and 2.22m.
• Despite not clearing 2.25, he won the bronze medal by jumping 2.22 meters higher than the fourth-placed competitor.
• On his final jump, he tried 2.28 meters but failed.

About Tejaswin Shankar:

• Tejaswin Shankar, an Indian athlete who participates in the high jump event, was born on December 21, 1998.
• He established the 2.29-meter national high jump record in April 2018.
• Shankar established a new Games record of 2.14 meters to win the gold medal at the 2015 Commonwealth Youth Games in Apia.
• With a leap of 2.17 meters, he captured silver in the 2016 South Asian Games in Guwahati.

Tulika Maan wins silver in women’s 78kg judo event:

• At the Commonwealth Games 2022, Indian judoka Tulika Maan win a silver medal in the women’s 78kg division.
• As a result of her Ippon loss against Scotland’s Sarah Adlington in the Women’s +78kg final, Tulika Maan earns India’s second silver medal in judo and third overall in the sport.
• Maan earlier did win a gold medal at the 2019 South Asian Games in Kathmandu.
• She competed at the Madrid European Open 2022 before the CWG, where she earned a position on the fifth-place team.
• Maan will compete in the Asian Senior Championships in Nur-Sultan, Kazakhstan, in 2022 as a result of her impressive second-place performance at the Games.

Daily CA on August 5:

• Union Minister for Road Transport and Highways Shri Nitin Gadkari lay the foundation stone for six National Highway projects totaling 119 kilometers and costing Rs. 2300 crore in Indore, Madhya Pradesh.
• To create a “comprehensive legal framework” for policing the online world, the government withdrew the Personal Data Protection Bill from Parliament.
• The Ministry of Textiles has approved Pashmina Wool Development Scheme under Integrated Wool Development Programme (IWDP) with a budget allocation of Rs.29.25 Cr. for implementation during FY from 2021-22 to 2025-26.
• India has achieved an important milestone by recognizing more than 75,000 start-ups.
• In July, Goods and Services Tax collections increased by 28% to reach the second-highest level ever at Rs 1.49 lakh crore on the back of economic recovery and steps taken to curb tax evasion.
• National Institute for Entrepreneurship and Small Business Development (NIESBUD) and Hindustan Unilever Limited (HUL) signed a memorandum of understanding (MoU) for developing entrepreneurial skills among the youth and identifying other aspects for mutual collaboration.
• Indian Oil signed an MoU with National Tiger Conservation Authority (NTCA) for the transcontinental relocation of ‘Cheetah’ in its historical range in India.
• Arunachal Pradesh government signed a tripartite MoU with NITI Aayog for school education transformation.
• The Life Insurance Corporation (LIC), an Indian statutory insurance and investment corporation has risen to the top 500 in the most recent Fortune Global 500 list.
• At the Commonwealth Games 2022, Tejaswin Shankar of India won the nation’s first athletics medal by taking home a historic bronze in the men’s high jump final.
• At the Commonwealth Games 2022, Indian judoka Tulika Maan win a silver medal in the women’s 78kg division.

• The United Nations Educational, Scientific, and Cultural Organization (UNESCO) has added a 106-year-old astronomical observatory at Langat Singh College in Bihar’s Muzaffarpur to its list of important endangered heritage observatories of the world.
• The Reserve Bank of India’s (RBI) Financial Inclusion Index (FI-Index) in March 2022 increased to 56.4 indicating that growth has been witnessed across all parameters.
• The goods and services tax (GST) e-invoicing will be mandatory for firms with a turnover of over Rs 10 crore from October 1, 2022 down from the current threshold of Rs 20 crore to further plug leakages and ensure better compliance.
• President Ms. Droupadi Murmu has appointed Vigilance Commissioner Mr. Suresh N Patel as the Central Vigilance Commissioner (CVC) of India.
• Nexxbase-owned Noise has appointed actress Vaani Kapoor as the brand ambassador of its upcoming smartwatch, the X-Fit 2 series.
• The Competition Commission of India (CCI) approves the acquisition of 50.1% of the equity share capital of Sanmina-SCI India Private Limited (SCIPL) by Reliance Strategic Business Ventures Limited (RSBVL).
• Bank of Baroda (BoB) will divest up to a 12.5% stake in the insurance arm IndiaFirst Life Insurance Company (IFLIC) through an offer for sale in the initial public offer (IPO) of the insurer or any other mode.
• The Competition Commission of India (CCI) approves the Composite Scheme of Arrangement and Amalgamation between Shriram Group Companies under Section 31(1) of the Competition Act, 2002.
• The Competition Commission of India (CCI) approved the proposed Rs 4,500 crore deal wherein the Bandhan Financial Holdings-led consortium will buy stakes in IDFC Asset Management and IDFC AMC Trustee.
• India will be part of the mega air combat exercise “Pitch Black 2022” among 17 nations, to be held in the Northern Territory of Australia.
• The guided-missile frigate Indian Naval Ship (INS) Tarkash of the Indian Navy & the French Fleet Tanker French Navy Ship (FNS) Somme participated in a Maritime Partnership Exercise (MPX) in the North Atlantic Ocean.
• The biennial Pacific Dragon ballistic missile defense exercise between the military of South Korea, the United States, and Japan is being held from August 01 to August 14, 2022, to detect and track ballistic missiles in the waters off Hawaii.