Current Affairs July 07th 2023| Current Affairs News

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CURRENT AFFAIRS : BANKING & FINANCE

Bank of India becomes 1st bank to offer Mahila Samman Savings Certificate Scheme

• The Bank of India (BoI), one of the largest public sector banks (PSBs) in the country, has become the first bank to officially roll out Mahila Samman Savings Certificate (MSSC) scheme.

About Mahila Samman Savings Certificate  (MSSC) Scheme :

• The MSSC is a government-guaranteed limited-period small savings scheme aimed at empowering women and fostering their financial inclusion.
• Under the scheme, individual girls or women can open an account, or a guardian can open one on behalf of a minor girl.
• The scheme was announced by Union Finance Minister Nirmala Sitharaman during her Budget speech FY 2023-24.

Interest Rate :

• The scheme offers an interest rate of 5% per annum, compounded quarterly.
• While the minimum investment is Rs 1,000, any sum in multiples of Rs 100 can be deposited, up to a maximum limit of Rs 2 lakh.
• Individuals can open multiple accounts with a gap of 3 months between each account, subject to the overall investment cap of Rs 2 lakh.

Key Highlights :

• The account will mature after 2 years from the date of opening.
• Accounts under this scheme can be opened until March 31, 2025.
• Account closure can be requested by the customer in case of emergencies or at their discretion, with a penalty of 2% after 6 months from the date of account opening, and the applicable interest rate will be 5.5%.
• Account holders can also make partial withdrawals, up to 40% of the eligible balance, after one year from the date of opening the account
• All earnings under the MSSC will be taxable as per existing income tax provisions.
• However, no tax will be deducted at source (TDS).
• So far, only post offices were authorised to open accounts under the Mahila Samman Savings Certificate.

Recent News :

• In June 2023, Bank of India (BoI) launched a ‘Centralized Pool Buy-Out and Co-Lending Cell’ to boost priority sector lending.

About BoI :

• Founded : 7 September 1906
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Rajneesh Karnatak
• Tagline : Relationship beyond banking

India Post & Canada Post join hands to facilitate e-commerce

• India Post has entered into an agreement with Canada Post to introduce International Tracked Packet Service (ITPS) between the two countries to facilitate e-commerce exports.
• India Post already provides ITPS service with 38 partner countries and Canada will be the 39^th country.
• The service was expanded to 38 countries from 16 nations by adding 22 new partners, including Britain, France, United Arab Emirates (UAE), Egypt, Oman, etc.

About ITPS :

• The International Tracked Packet Service (ITPS) is a competitive service that enables the transmission and delivery of packets and is designed to meet the cross-border shipping requirements of e-commerce exporters, including Micro, Small and Medium Enterprises (MSMEs), small businesses, merchants, etc to promote exports of their products using local post offices.
• The ITPS rates are kept very economical in comparison to International EMS (Speed Post) and other market products.
• The postage for the first 50 gms would be Rs 400 and Rs 35 for every additional 50 gms.
• This will provide an affordable shipping solution up to 2 kg to exporters along with the pick-up and volume-based discount to contractual customers.

Recent News :

• In March 2023, India Post signed a Memorandum of Understanding (MoU) with Shiprocket to boost last-mile e-commerce delivery services across India.
• In Feb 2023, India Posts and Indian Railways formally launched their joint parcel service –Rail Post Gati Shakti Express Cargo Service.

About India Post :

• Established : 1 October 1854
• Headquarters : New Delhi, Delhi, India
• India Post is a government-operated postal system in India, part of the Department of Post under the Ministry of Communications.

About Ministry of Communications :

• Cabinet Minister : Ashwini Vaishnaw
• Minister of State : Devusinh Chauhan

Hong Kong and Shanghai Banking Corporation(HSBC) Limited relaunches private banking in India

• London-based Hong Kong and Shanghai Banking Corporation Limited (HSBC) has relaunched its private banking business in India almost 8 years after it closed the division amid an investigation by India’s tax department against individuals who had unaccounted foreign currency accounts in the bank’s Swiss branch.
• The private banking business serves high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals and families with investable assets of more than $2 million.

Key Highlights :

• According to the UN department of economic and social affairs, India surpassed the United Kingdom (UK) as the world’s fifth largest economy in 2022 and is expected to overtake Japan and Germany by 2027-28.
• The bank quoted a Knight Frank wealth report which stated that the number of ultra-high net-worth individuals in India with more than $30 million to invest will increase 58% by 2027.
• The UK-based lender will offer private banking clients traditional lending and investment products and also give them access to structured products, alternative investments and a direct equity execution platform.
• In 2022 HSBC had completed the acquisition of L&T Mutual Fund for a total consideration of $425 million.
• Before its relaunch in India, the bank had introduced private banking in Thailand in 2021, and in Mexico, UAE, and Chengdu, Hangzhou and Shenzhen in mainland China in 2022.

Recent News :

• In June, 2023 HSBC India launched a new advertising campaign “My Account Starts Today” featuring its new brand influencer cricketer, Virat Kohli.

Indian Overseas Bank unveils RuPay Select Debit card

• The Indian Overseas Bank (IOB) unveiled an all-new RuPay Select Debit card.
• The Rupay Select debit card will provide “luxury, convenience, and security, all in one card.”
• The introduction of the RuPay Select debit card will offer users with gym memberships, free health check-up, complimentary golf lessons, spa services, and lounge access in selected domestic and international airports.

Eligibility Criteria :

• The Eligible One is required to have a savings bank account or a certificate of deposit (CD) with IOB, maintaining an average daily balance of ₹ 1 lakh.
• Cash withdrawal limit is set to ₹50,000.
• Daily limit for usage in merchant establishments (PoS) is set at ₹ 5 lakh.
• An amount of up to ₹3,50,000 is set for daily usage in e-commerce platforms.
• Charges for the issuance of the card and annual maintenance fee is ₹800 along with GST, respectively.

Transactions at IOB ATMs :

• No charges will be levied for the first 5 transactions (financial and non-financial).
• Post, for every financial transaction in cash withdrawal or deposit, ₹10 plus GST will be charged.
• For non-financial transactions such as checking of bank statements, mini statements, and others, ₹5 plus GST will be charged.

Recent News :

• In June 2023, In a first-of-its-kind move in the banking sector, Indian Overseas Bank (IOB) launched a Unique feature named ‘My Account My Name’ for Savings Bank (SB) account customers.

About IOB :

• Established : 10 February 1937
• Headquarters : Chennai, Tamil Nadu, India
• MD & CEO : Ajay Kumar Srivastava
• Tagline : Good people to grow with

CURRENT AFFAIRS: NATIONAL NEWS

The Ministry of Home Affairs announces a “Scheme for Expansion and Modernization of Fire Services in States” with a total investment of Rs.5,000 crores

• The Union Ministry of Home Affairs has launched a “Scheme for Expansion and Modernization of Fire Services in the States” from the earmarked allocation of the Preparedness and Capacity Building Funding Window under the National Disaster Response Fund (NDRF) for strengthening fire services in the States with a total outlay of Rs. 5,000 crores.
• An amount of Rs. 500 crores, out of the total outlay, has been kept for incentivizing the States based on their legal and infrastructure-based reforms.
• Union Home Minister and Minister of Cooperation, Shri Amit Shah announced the scheme while chairing a meeting with Ministers of Disaster Management of the States/Union Territories in New Delhi on 13th June 2023.
• Under the able guidance of Prime Minister Shri Narendra Modi, several key initiatives are being taken to ensure ‘zero death’ and minimum loss of property during disasters by strengthening the disaster risk reduction system in India to make it disaster resilient.
• The Objective of the scheme is to expand and modernize Fire Services in the States with a view that activities for strengthening fire services at the State-level through preparedness and the capacity-building component of the NDRF will be ensured.
• For seeking funds for the projects/proposals under the Scheme, the concerned State Governments shall have to contribute 25% (except for the North-Eastern and Himalayan (NEH) States which shall contribute 10%) of the total cost of such projects/proposals from their budgetary resources.
• The details of the scheme may be downloaded from the website https://ndmindia.mha.gov.in of the Disaster Management Division of the Ministry of Home Affairs, Government of India.

Prime Minister is scheduled to travel to four states to dedicate and formally lay foundations for projects totalling about Rs. 50,000 crores

• Prime Minister Shri Narendra Modi will undertake a visit covering four states on 7-8th July 2023.
• He will visit Chhattisgarh and Uttar Pradesh.
• The prime Minister will visit Telangana and Rajasthan.
• Prime Minister will lay the foundation stone and dedicate to the nation various development projects in a public programme in Raipur.
• Prime Minister will dedicate and lay the foundation stone for five National Highway projects worth around Rs. 6,400 crores.
• The projects that will be dedicated to the nation include the 33 km long 4-lining of Raipur to Kodebod section on the Jabalpur-Jagdalpur National Highway.
• Prime Minister will reach Gorakhpur, Uttar Pradesh, where he will participate in the closing ceremony of the centenary celebrations of Gita Press Gorakhpur, followed by the flagging off of Vande Bharat trains at Gorakhpur Railway Station.
• Prime Minister will also lay the foundation stone of Gorakhpur Railway Station redevelopment.
• The station will be redeveloped at a cost of around Rs. 498 crore and will provide world-class passenger amenities.
• Prime Minister will dedicate Pt. Deendayal Upadhyaya Junction – Son Nagar railway line of Dedicated Freight Corridor.
• Built at a cost of more Rs 6760 crore, the new line will facilitate faster and efficient movement of goods.
• Prime Minister will also dedicate to the nation three railway lines whose electrification or doubling has been completed at a cost of more than 990 crore.
• These include Ghazipur city – Aunrihar rail line, Aunrihar- Jaunpur rail line and Bhatni- Aunrihar rail line.
• These projects have helped in achieving 100 percent electrification of railway lines in Uttar Pradesh.
• Prime Minister will reach Warangal, Telangana and attend a public programme where he will lay the foundation stone of various projects.
• Prime Minister will lay the foundation stone for 176 km long National Highway projects worth over Rs. 5,550 crores.
• The projects include 108 km long Mancherial – Warangal section of Nagpur-Vijayawada Corridor.
• Prime Minister will reach Bikaner, where he will lay the foundation stone and dedicate to the nation multiple development projects in Rajasthan.
• Prime Minister will dedicate and lay the foundation stone of development projects worth over Rs. 24,300 crores in Bikaner to enhance the region’s infrastructure and welfare.

The 67th TAAI Convention will begin in Colombo.

• The highly anticipated 67th Travel Agents Association of India (TAAI) Convention will commence in Colombo.
• The three-day convention’s inaugural ceremony promises to be a star-studded affair with the esteemed presence of Sri Lanka’s President Ranil Wickremasinghe, and High Commissioner of India Gopal Baglay among others.
• The convention presents numerous trade opportunities for Indian and Sri Lankan travel industry stakeholders.
• With 500 participants and 50 Indian media personnel, the event solidifies its position as a premier travel event in the region.
• The convention’s agenda features a range of thought-provoking sessions, including discussions on India’s tourism vision for 2047, the rise of experiential travel, the growing significance of MICE (Meetings, Incentives, Conferences, and Exhibitions), and the ever-expanding digital opportunities in the travel industry.
• As the convention unfolds, industry leaders and travel professionals from both India and Sri Lanka are expected to exchange knowledge, explore new partnerships, and foster mutual growth.
• The convention aims to strengthen ties between India and Sri Lanka and serves as a platform to envision a prosperous future for tourism in the region.
• India has been the largest source market for tourism in Sri Lanka last year.

About Sri Lanka

• Capitals: Colombo, Sri Jayawardenepura Kotte
• Currency: Sri Lankan Rupee
• Prime minister: Dinesh Gunawardena

The Union Cabinet approved the Digital Personal Data Protection (DPDP) Bill:

• The Union Cabinet cleared the Digital Personal Data Protection (DPDP) Bill.
• The clearance paves the way for the Bill to be introduced in Parliament in the upcoming Monsoon Session, scheduled to begin on July 20.
• Along with the data protection law, the Union government may also table the Indian Telecommunications Bill, a draft of which was circulated in a public consultation last year.
• The telecom Bill would overhaul the Telegraph Act, which is the legal framework for telecom firms and internet service providers.
• The Bill essentially allows laypersons to complain to the Data Protection Board of India, consisting of technical experts constituted by the government, if they have reason to believe that their personal data has been used without their consent – for example, cell phone numbers or Aadhaar details.
• Bill has a clause for offering voluntary undertaking in case an entity wants to admit that a breach has occurred and pay a penalty as a mitigation measure to avoid court litigation.
• Penalty of up to ₹250 crores could be levied for each instance of the breach with an upward revision of ₹500 crores.
• Fines for individual offences would begin from ₹10,000.

Recent News

• The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, approved the introduction of the National Research Foundation (NRF) Bill, 2023 in Parliament.
• The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has given its approval for ratification of the Headquarters Agreement (HQA) between the Government of India (Gol) and Coalition for Disaster Resilient Infrastructure (CDRI) signed on 22nd August, 2022
• The Cabinet Committee on Economic Affairs (CCEA) chaired by the Hon’ble Prime Minister Shri Narendra Modi approved the continuation of the Central Sector Scheme of “Exploration of Coal and Lignite scheme” with an estimated expenditure of Rs. 2980 crore from 2021-22 to 2025-26 co-terminus with the 15th Finance Commission cycle.

The Union government has extended the validity of coastal regulation zone permission for infrastructure projects by three years.

• The Union Government has extended the validity of coastal regulation zone clearance to 10 years as per a 2019 notification at present.
• The validity of coastal regulation zone clearance will be extended to 10 years from seven as per a 2019 notification at present, according to a new notification by the government.
• CRZ clearance – approval for projects that fall in the vicinity of a coastline — was valid for seven years which could be extended for a maximum of three years through an application by the project proponent (any industry/infrastructure project) and with a recommendation for an extension by the State Coastal Zone Management Authority.
• But now CRZ clearances are being harmonised with environmental clearances, which will be granted for 10 years.
• In a notification issued on July 3, the Union environment ministry also made CRZ clearance transferrable to another project proponent and made provisions for the CRZ clearance granted for a specific project to be split amongst two or more project proponents.

Recent News

• The government has extended the waiver to Green Hydrogen and Green Ammonia. This decision has been taken to promote the expansion of Green Hydrogen and Green Ammonia Projects and to encourage the production of renewable energy from Energy Storage System Projects.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India hosted 23rd Summit of Shanghai Cooperation Organization in virtual format

• India virtually hosted the 23rd Summit of the Shanghai Cooperation Organization.
• Prime Minister Shri Narendra Modi chaired the 23rd Summit of the SCO Council of Heads of State.

Participants :

• All SCO member states China, Russia, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, and Uzbekistan were invited to participate in the summit.
• Iran, Belarus and Mongolia were invited as observers.
• As per SCO tradition, Turkmenistan was also invited as the guest chair.
• The heads of two SCO bodies, the Secretariat and the SCO’s Regional Anti-Terrorism Structure – the Rats, also participated in the summit.

Key Highlights :

• The theme of India’s Chairmanship of SCO-SECURE is derived from the acronym given by the Prime Minister at the 2018 SCO Qingdao Summit.
• SECURE stands for Security, Economic development, Connectivity, Unity, Respect for sovereignty and territorial integrity, and Environmental protection.
• India has established new pillars of cooperation under its chairmanship by prioritising startups and innovation, traditional medicine, digital inclusion, youth empowerment, and shared Buddhist heritage.
• India has chaired a total of 134 meetings and events, including 15 ministerial meetings.
• The 22nd Summit of the Shanghai Cooperation Organisation (SCO) took place in Samarkand,Uzbekistan on 15 September 2022.

About SCO :

• Established : 15 June 2001
• Headquarters : Beijing, China
• Secretary General : Zhang Ming (China)
• After 12 years of joining the SCO in 2005, India became a full member of the group at the Astana Summit in 2017.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Aadhav Arjuna from Tamil Nadu selected as the President of the Indian Basketball Federation

• The president of the Tamil Nadu Basketball Association (TNBA), Aadhav Arjuna was elected as president of the Basketball Federation of India (BFI) in the election held at the Nehru Stadium, New Delhi,Delhi.
• Aadhav got 38 of the 39 votes, against the outgoing president K Govindaraj.

Note :

• Aadhav Arjuna becomes the first person from Tamil Nadu (TN) to be selected as the President of BFI.
• A former player and the president of the Madhya Pradesh Basketball Association, Kulvinder Singh Gill was elected secretary general.

The office bearers:

• President: Aadhav Arjuna; Vice presidents: Ajay Ssud, Donald Steven Wahlang, Dr. Lalrinawma Hnamte, Manohara Kumar, Norman Isaac, Fr. Ralin De Souza, Seema Sharma; Secretary General: Kulvinder Singh Gill; Treasurer: T Chengalraya Naidu; Joint secretaries: G Chakravarthi, Munish Sharma, Pradeep Kumar Auddi, Prakash Sandou, Surya Singh.

Executive committee:

• RS Bedi, C Sasidharan, Sentiningsang Longkumer, T Brajbidhu Singh.

About BFI :

• Founded : 1950
• Headquarters : New Delhi, Delhi, India
• First female president of BFI : Poonam Mahajan
• The BFI is the governing and controlling body of basketball in India.
• It is responsible for the development and promotion of the sports authority of India at all levels.
• The First national level tournaments were organised in India in 1934.
• The India national basketball team became a member of FIBA in 1936.

BharatPe appoints former Razorpay executive Pankaj Goel as new CTO

• Fintech unicorn BharatPe has appointed Pankaj Goel as new chief technology officer (CTO).
• Goel joined 8 months after the resignation of Vijay Aggarwal, who had served as BharatPe’s CTO since March 2020.
• In his new role, Goel will lead the technology team and report to Nalin Negi, Chief Financial Officer (CFO) and interim CEO at BharatPe.

About Pankaj Goel :

• He held leadership positions at companies such as Intuit, Trilogy, and Sun Microsystems.
• Prior to joining BharatPe, Goel was the head of payments engineering at Razorpay.

Recent News :

• In Jan 2023, BharatPe appointed current chief financial officer (CFO) Nalin Negi as the firm’s interim chief executive officer (CEO) until its board found a replacement for Suhail Sameer, who stepped down from the position.

About BharatPe :

• Established : 2018
• Headquarters : New Delhi, Delhi

NATO Extended the tenure of Secretary General Jens Stoltenberg up to October 2024

• The North Atlantic Treaty Organization’s (NATO) members extended the tenure of alliance chief Jens Stoltenberg for another 1 year until 1st October 2024.
• It’s the fourth time Stoltenberg has had his mandate extended.
• He is the second-longest serving NATO secretary-general after former Dutch foreign minister Joseph Luns, who spent almost 13 years at the helm from 1971.
• The decision to extend Stoltenberg’s term comes one week before President Joe Biden and his NATO counterparts will gather in Vilnius, Lithuania, for a critical NATO summit to discuss providing increased security guarantees for Ukraine amid its war against Russia.

About Jens Stoltenberg :

• Stoltenberg was born 16 March 1959 in Oslo, Norway.
• He started his career in government as a state secretary in the Ministry of the Environment in 1990 and was elected to the Storting in 1993.
• He served as the 34th prime minister (PM) of Norway from 2000 to 2001, and again from 2005 until 2013.
• In December 2013, he was appointed by the United Nations as a Special Envoy on Climate Change.

Awards & Honors :

• In Jan 2023, he was awarded the Sønsteby prize for his brave defenders of fundamental democratic values” at a ceremony in Oslo, Norway.

About NATO :

• Established : 4 April 1949
• Headquarters : Brussels, Belgium
• Secretary General : Jens Stoltenberg
• NATO is an intergovernmental military alliance between 31 member states e., 29 European and 2 North American.

Google to appoint Former Apple Executive Sreenivasa Reddy as new India policy head

• Tech giant Google is set to appoint a well-known manufacturing and policy expert Sreenivasa Reddy as the new India policy head.
• He is likely to join Google towards the end of 2023.
• Reddy would be replacing Archana Gulati who exited Google in September 2022 after serving a tenure of 5 months.

About Sreenivasa Reddy :

• Between 2018 and 2021, he was Apple’s head of regulatory affairs in India.
• He served 5 years at Ericsson as the vice president and head of government and industry relations.
• He has also worked with Aircel, Marconi, and Blue Star.
• Currently, Reddy is working as a senior engineering executive at

Recent News :

• In June 2023, Google Cloud is launching an accelerator program for the government-endorsed, Open Network for Digital Commerce (ONDC) aimed at helping India’s digital sellers build and scale their digital commerce operations.

About Google :

• Founded : September 4, 1998
• Headquarters : California, United States
• CEO : Sundar Pichai

Vice Admiral Atul Anand takes over as Additional Secretary, Department of Military Affairs

• Vice Admiral Atul Anand took over as additional secretary of the Department of Military Affairs in the Ministry of Defence (MoD).
• He succeeded Lieutenant general Anil Puri, who superannuated on February 28, 2023.

About Vice Admiral Atul Anand :

• Vice Admiral Atul Anand was commissioned into the executive branch of the Indian Navy on January 01, 1988.
• He is an alumnus of National Defence Academy (71st Course, Delta Squadron); Defence Services Command and Staff College, Mirpur (Bangladesh) and National Defence College, New Delhi.
• He is a recipient of Ati Vishisht Seva Medal (AVSM) and Vishisht Seva Medal (VSM).
• He has held several key appointments in his career, including the command of Torpedo Recovery Vessel INTRV A72; missile boat INS Chatak; corvette INS Khukri and the destroyer INS Mumbai.
• He also served as the Navigating Officer of Indian Naval ships Sharda, Ranvijay & Jyoti and was the Direction Officer of the Sea Harrier squadron INAS 300 and the Executive Officer of the destroyer INS Delhi.

About Ministry of Defence : 

• Defence Minister :  Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

Deepak Parekh quits HDFC after 46 years ahead of its merger with HDFC Bank

• HDFC chairman Deepak Parekh (78) stepped down after serving the mortgage lender for 46 years.
• He left his Chase Manhattan Bank job in 1978 to join HDFC when he was 33 and built it India’s largest private sector housing finance company.

Recent News :

• HDFC Bank, the largest private sector bank in India, and housing finance company HDFC Ltd are set to complete their merger by July 1,2023.

CURRENT AFFAIRS: BUSINESS NEWS

The market capitalization of BSE-listed companies briefly exceeds 300 lakh crores:

• The market capitalisation of BSE-listed firms breached ₹300-lakh crore market during the closing hours, but settled at ₹90-lakh crore at close.
• Though the Sensex ended flat, the market breadth was positive as 1,916 shares advanced against 1,588 that declined, which helped the market-cap climb by ₹32-lakh crore.
• The BSE Sensex dipped 33.01 points or 0.05 per cent to settle at 65,446.04.
• The BSE benchmark had jumped over 2,500 points in the past five sessions.
• The NSE Nifty eked out marginal gains of 9.50 points or 0.05 per cent to end at its fresh record high of 19,398.50.
• Foreign Institutional Investors (FIIs) bought equities worth ₹1,603.15 crore, according to exchanges’ provisional data.
• Among the Sensex stocks, Maruti, IndusInd Bank, Tech Mahindra, Hindustan Unilever, ITC, ICICI Bank, Power Grid and Nestle were the gainers, while HDFC Bank fell over 3 per cent and HDFC declined nearly 3 per cent.
• The BSE Midcap and SmallCap gained 0.68 per cent 0.62 per cent respectively. Among the sectoral indices, FMCG, Auto Oil & Gas, Consumer Discretionary, Energy and BSE Services ended in the green, while BSE Financial Services, Telecommunication and Bankex were down.

About Market capitalization

• Market capitalization, or market cap, is one measurement of a company’s size. It’s the total value of a company’s outstanding shares of stock, which include publicly traded shares plus restricted shares held by company officers and insiders.

Recent News

• Apple’s market capitalization breached the $3 trillion (nearly Rs. 2,46,09,660 crore) mark for the first time since January 2022, as investors bet on the iPhone maker’s ability to grow its revenue even as it explores new markets such as virtual reality.

CURRENT AFFAIRS: RANKING AND REPORTS

India and Asean top Recipients of FDI: UNCTAD Report

• Foreign direct investment (FDI) in developing countries in Asia remained flat year-on-year at $662 billion during 2022, despite clocking about half of global inflows, the United Nations Conference on Trade and Development (UNCTAD) in its World Investment Report 2023. Inflows were highly concentrated.
• Five economies (China, Singapore, Hong Kong (China), India and the United Arab Emirates, in that order) accounted for almost 80% of FDI to the region.
• In East Asia, inflows to China rose by 5% to $189 billion, mainly in manufacturing and high-tech industries and mostly from European multinational enterprises (MNEs). Flows to Hong Kong (China) fell by 16% to $118 billion.
• In South-East Asia, Singapore, the largest recipient, registered another record, up 8% to $141 billion. Flows to Malaysia grew by 39% to $17 billion – a new record for the country.
• FDI to Viet Nam and Indonesia rose by 14% and 4%, to $18 billion and $22 billion, respectively. FDI to the Philippines fell by 23% as a result of several divestments.
• In West Asia, flows to Saudi Arabia fell by 59% to $7.9 billion. FDI to the United Arab Emirates increased by 10% to $23 billion – the highest amount ever recorded. The country attracted the fourth-highest number of greenfield projects in the world. Flows to Türkiye rose by 9% to $13 billion.
• In South Asia, FDI flows to India rose by 10% to $49 billion as the country became the third-largest host country for greenfield project announcements and the second-largest for international project finance deals. FDI in Bangladesh grew by 20% to $3.5 billion.
• In Central Asia, flows to Kazakhstan almost doubled to $6.1 billion, mainly in extractive industries. FDI also rose in Uzbekistan, by 11%, to $3 billion.

About FDI:

• Foreign direct investment (FDI) is a category of cross-border investment in which an investor resident in one economy establishes a lasting interest in and a significant degree of influence over an enterprise resident in another economy.

About UNCTAD

• The United Nations Conference on Trade and Development is an intergovernmental organization within the United Nations Secretariat that promotes the interests of developing countries in world trade.
• Founded: 30 December 1964
• Headquarters: Geneva, Switzerland
• Founder: United Nations General Assembly
• Secretary-General: Rebeca Grynspan

Recent News

• Foreign direct investment (FDI) into India declined by 22 per cent to USD 46 billion in 2022-23, dragged by lower inflows in computer hardware and software, and automobile industry, according to the Department for Promotion of Industry and Internal Trade (DPIIT) data.

CURRENT AFFAIRS: MOUS AND AGREEMENT

First-ever IIT campus to be established outside of India- MoU for setting up IIT Madras campus in Zanzibar-Tanzania, has been inked

• The Memorandum of Understanding (MoU) for setting up of campus of IIT Madras in Zanzibar- Tanzania was signed between the Ministry of Education (MoE), Govt. of India, IIT Madras and Ministry of Education and Vocational Training (MoEVT) Zanzibar- Tanzania, in the presence of Dr S. Jaishankar, External Affairs Minister of India and Dr Hussein Ali Mwinyi, President of Zanzibar.
• This is the first ever IIT campus to be set up outside India.
• It is reflective of the longstanding friendship between India and Tanzania and a reminder of the focus India places on building people-to-people ties across Africa and the Global South.
• Union Minister for Education and Skill Development & Entrepreneurship Shri Dharmendra Pradhan said that MoU signing for setting up the IIT Madras- Zanzibar campus marks a historic beginning towards internationalization of higher education.
• Binaya Srikanta Pradhan, High Commissioner of India, Tanzania, Prof. Raghunathan Rengaswamy, Dean (Global Engagement), IIT Madras and Mr. Khalid Masoud Wazir, Acting Principal Secretary, MoEVT Zanzibar, signed the MoU on behalf of MoE, Govt. of India, IIT Madras and MoEVT Zanzibar- Tanzania, respectively.
• National Education Policy (NEP) 2020 focuses on Internationalization and recommends that “High-performing Indian universities will be encouraged to set up campuses in other countries”.

About Tanzania

• Capital: Dodoma
• Currency: Shilling
• Prime minister: Kassim Majaliwa
• President: Samia Suluhu Hassan

Recent News

• The Indian Institute of Technology (IIT), Madras continued to bag the top spot in the National Institute Ranking Framework, 2023 for the fifth consecutive year, while the Indian Institute of Science (IISc), Bengaluru has been ranked as the best university, according to the Ministry of Education.
• Union Minister for Communications, Electronics and Information Technology and Union Education Minister Dharmendra Pradhan on Tuesday tested ‘BharOS’, an indigenous operating system developed by the Indian Institute of Technology, Madras (IIT).

CURRENT AFFAIRS: SPORTS NEWS

Bangladesh’s captain Tamim Iqbal has announced his retirement from international cricket

• One Day International (ODI) captain of Bangladesh, Tamim Iqbal announced his retirement from international cricket.
• In a surprise move, Tamim declared in Chattogram that the match he played against Afghanistan was the final match of his career.
• He is one of the most decorated batters and is considered as the best opener ever produced by Bangladesh. He broke down in tears during a hastily arranged press conference in his hometown.
• In his 16 years career, he scored the highest runs in ODIs, second highest in test matches, and the third highest in T20s for Bangladesh.
• The batter was not having the best of times with the bat and was facing fitness issues due to a back injury that had apparently put him at odds with the team management.
• It is believed, Bangladesh Cricket Board president Nazmul Hassan’s outburst regarding Tamim’s fitness issue and the subsequent loss of Bangladesh in first ODI against Afghanistan by 17 runs, prompted him for this decision.

About Bangladesh

• Capital: Dhaka
• Currency: Bangladeshi Taka
• Prime minister: Sheikh Hasina

Recent News

• Former Australian captain Aaron Finch ended his international career. Having retired from ODIs and not played much red-ball cricket, Finch retired from T20.
• Joginder Sharma is a former T20 World Cup winner like Aaron Finch. Sharma played the last match of his career in the T20 World Cup 2007 Final, but he retired in February 2023.
• Murali Vijay lost his place in the Indian Test team and remained unsold in the IPL. He participated in TNPL 2022 but announced retirement in February 2023.
• Australian all-rounder Daniel Christian ended his career from all formats of the game after Big Bash League 2023. He played his last match for Sydney Sixers against Brisbane Heat.
• Former South African opener Hashim Amla was active in county cricket in 2022. He announced retirement in 2023 and joined MI Cape Town as a batting coach.
• Former South African all-rounder Dwaine Pretorius was the first player to retire from international cricket in 2023. Pretorius retired to focus on T20 leagues.

CURRENT AFFAIRS : PERSON IN NEWS

18-year-old Sakshi Kochhar Becomes Youngest Indian To get Commercial Pilot Licence

• Sakshi Kochhar has become the youngest commercial pilot in India at the age of 18.
• She achieved this milestone by surpassing Maitri Patel, who previously held the record by obtaining her licence at the age of 19.

About Sakshi Kochhar :

• Sakshi, born on May 30, 2005, in a small town Parwanoo, the Gateway of Himachal Pradesh (HP).
• She confesses to initially wanting to be a choreographer.
• Her first solo flight was on December 21, 2022, and this year, she received her commercial pilot licence from the United States (US) on May 30, which is also her birthday.

Daily CA One- Liner: July 7

• The Bank of India (BoI), one of the largest public sector banks (PSBs) in the country, has become the first bank to officially roll out Mahila Samman Savings Certificate (MSSC) scheme.
• India Post has entered into an agreement with Canada Post to introduce International Tracked Packet Service (ITPS) between two countries to facilitate e-commerce exports.
• London-based Hong Kong and Shanghai Banking Corporation Limited (HSBC) has relaunched its private banking business in India almost 8 years after it closed the division amid an investigation by India’s tax department against individuals who had unaccounted foreign currency accounts in the bank’s Swiss branch.
• The Indian Overseas Bank (IOB) unveiled an all new RuPay Select Debit card.
• The Union Ministry of Home Affairs has launched a “Scheme for Expansion and Modernization of Fire Services in the States” from the earmarked allocation of the Preparedness and Capacity Building Funding Window under the National Disaster Response Fund (NDRF) for strengthening fire services in the States with a total outlay of Rs. 5,000 crores.
• Prime Minister Shri Narendra Modi will undertake a visit covering four states on 7-8th July 2023.
• The highly anticipated 67th Travel Agents Association of India (TAAI) Convention will commence in Colombo.
• The Union Cabinet cleared the Digital Personal Data Protection (DPDP) Bill.
• The Government has extended the validity of coastal regulation zone clearance to 10 years as per a 2019 notification at present.
• The market capitalisation of BSE-listed firms breached ₹300-lakh crore market during the closing hours, but settled at ₹90-lakh crore at close.
• Foreign direct investment (FDI) in developing countries in Asia remained flat year-on-year at $662 billion during 2022, despite clocking about half of global inflows, the United Nations Conference on Trade and Development (UNCTAD) in its World Investment Report 2023.
• India virtually hosted the 23rd Summit of the Shanghai Cooperation Organization.
• The president of the Tamil Nadu Basketball Association (TNBA), Aadhav Arjuna was elected as president of the Basketball Federation of India (BFI) in the election held at the Nehru Stadium, New Delhi,Delhi.
• Fintech unicorn BharatPe has appointed Pankaj Goel as new chief technology officer (CTO).
• The North Atlantic Treaty Organization’s (NATO) members extended the tenure of alliance chief Jens Stoltenberg for another 1 year until 1st October 2024.
• Tech giant Google is set to appoint a well-known manufacturing and policy expert Sreenivasa Reddy as the new India policy head.
• Vice Admiral Atul Anand took over as additional secretary of the Department of Military Affairs in the Ministry of Defence (MoD) & he succeeded Lieutenant general Anil Puri, who superannuated on February 28, 2023.
• HDFC chairman Deepak Parekh (78) stepped down after serving the mortgage lender for 46 years.
• The Memorandum of Understanding (MoU) for setting up of campus of IIT Madras in Zanzibar- Tanzania was signed between the Ministry of Education (MoE), Govt. of India, IIT Madras and Ministry of Education and Vocational Training (MoEVT) Zanzibar- Tanzania, in the presence of Dr S. Jaishankar, External Affairs Minister of India and Dr Hussein Ali Mwinyi, President of Zanzibar
• One Day International (ODI) captain of Bangladesh, Tamim Iqbal announced his retirement from international cricket.
• Sakshi Kochhar has become the youngest commercial pilot in India at the age of 18.