Current Affairs July 25th 2023| Current Affairs News

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CURRENT AFFAIRS : BANKING & FINANCE

Bank of India plans share sale to meet SEBI’s minimum public holding norms

• State-owned Bank of India (BoI) is exploring the possibility of share sale to investors over the next one year to meet the minimum public holding requirement of 25%.
• Currently, the Government of India (GoI) holds an 81.41% stake in the Mumbai-based bank.
• Public sector banks have time till August 2024 for meeting the Securities and Exchange Board of India (SEBI) requirement.
• Post share-sale, depending on the quantum, the holding of the Government of India would come down below 75%.

Recent News :

• The Bank of India (BoI) inaugurated its IFSC Banking Unit (IBU) in the International Financial Services Centre at GIFT SEZ area in Gandhinagar, Gujarat.

About BoI :

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

India’s outward Foreign Direct Investment down 50% in H1 2023 on grim global growth prospects              

• According to the Reserve Bank of India (RBI) data, India’s outward Foreign Direct Investment (FDI) declined to $11.12 billion in January-June (H1 2023) from $23.57 billion in the same period last year, indicative of the slowdown in the global economy.
• The outward FDI expressed as the total financial commitment, has 3 components, namely equity, loan and
• The sharp contraction in the commitments (outward FDI) was prominent in the April-June 2023 period.

What is FDI?

• A foreign direct investment (FDI) refers to purchase of an asset in another country, such that it gives direct control to the purchaser over the asset (e.g. purchase of land and building).

CURRENT AFFAIRS: NATIONAL NEWS

Union Government introduces National Nursing and Midwifery Commission, Bill

• The Union government introduced the National Nursing and Midwifery Commission Bill, 2023 in the Lok Sabha.
• The Bill seeks to provide for regulation and maintenance of standards of education and services by nursing and midwifery professionals.
• The Bill was introduced by Union Health and Family Welfare Minister Dr Mansukh Mandaviya.
• The Minister also introduced The National Dental Commission Bill, 2023 in the Lok Sabha.
• The Bill is intended to regulate the profession of dentistry in the country.
• It also aimed at providing quality and affordable dental education.
• The two Bills were introduced amid continuous protests by opposition parties over the Manipur violence issue.

PM Narendra Modi to inaugurate ‘Semicon India 2023’ in Gandhinagar

• Prime Minister Shri Narendra Modi will inaugurate ‘Semicon India 2023’ in Gandhinagar.
• Chief Minister Bhupendra Patel will inaugurate a special exhibition for the public.
• The exhibition will inform about the manufacturing process of semiconductors and the progress made in this field.
• The exhibition will remain open till the 30th of July.
• The national-level event will showcase the latest technology related to semiconductors.
• Leading companies involved in the semiconductor sector will participate in Semicon India 2023.
• Students of engineering and other disciplines can learn about semiconductor manufacturing at the exhibition.
• They will get a great opportunity to get specialized knowledge useful for a career in this field.

About Gujarat

• Capital: Gandhinagar
• Chief minister: Bhupendrabhai Patel
• Governor: Acharya Devvrat
• NP: Gir National Park, Marine National Park, Velavadar National Park, Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga Wildlife Sanctuary

Recent News

• The Prime Minister, Shri Narendra Modi launched the National Sickle Cell Anaemia Elimination Mission in Shahdol, Madhya Pradesh and distributed sickle cell genetic status cards to the beneficiaries.
• The Prime Minister, Shri Narendra Modi inaugurated Sai Hira Global Convention Centre in Puttaparthi, Andhra Pradesh via video conferencing
• Prime Minister Shri Narendra Modi chaired the 23rd Summit of the SCO Council of Heads of State

Centre Uses Rs 1,028.81 Crores Fund For Skill Development Of Women From Minority Communities

• The Union Government has implemented various schemes for the welfare and upliftment of every stratum, including minorities, especially the economically weaker and lesser privileged sections of society.
• The Ministry of Minority Affairs launched a Central Sector Scheme (CSS) namely Nai Manzil on 8th August 2015 with 50% funding from the World Bank, to benefit the minority youth who do not have a formal school leaving certificate, i.e., those in the category of school–dropouts or educated in community education institutions like Madrasas.
• The Scheme has been approved with the cost of Rs.650.00 Crore for five years with 50% funding from the World Bank.
• The World Bank has approved the funding of US$50 million.
• This is the first World Bank-supported programme for minority welfare in this Ministry.
• The scheme provided a combination of formal education (Class VIII or X) and skills and enabled the beneficiaries to seek better employment and livelihoods.
• Out of the total target of 1,00,000, the Ministry allocated 99,980 beneficiaries, out of which 98,712 beneficiaries have been trained, involving a total expenditure of Rs. 456.19 crores so far.
• The scheme is being implemented by the Project Implementing Agencies (PIAs) to provide non-residential integrated education and skill training for 9 to 12 months, of which a minimum of 3 months be devoted to skill training compliant with the National Skills Qualifications Framework (NSQF).

Union Home Minister Amit Shah inaugurates Aviation Security Control Centre of CISF in New Delhi:

• Union Home Minister Amit Shah has inaugurated a centralised Aviation Security Control Centre (ASCC) of the Central Industrial Security Force (CISF) in New Delhi to meet the current security challenges.
• It will monitor all threats and social media chatter for the 66 civil airports currently under the CISF’s security cover.
• The ASCC will access “24×7 real-time data monitoring and trend analysis of passengers and air traffic.”
• The ASCC is equipped with cutting-edge technologies such as a data centre, research and development lab and a war room to deal with emergencies.
• The centre will get real-time feed from each of the security operations control centres (SOCCs) operational at these 66 airports that include the “extremely busy and hyper-sensitive” civil aviation facilities in Delhi, Mumbai, Bengaluru, Jammu, Srinagar and Amritsar among others.
• The facility will provide “realistic” inputs about passenger traffic at a given point in time and help in mobilising the resources for “optimum utilisation”.

Recent News

• Union Home Minister and Minister of Cooperation Shri Amit Shah will inaugurate a day-long mega conclave “Strengthening PACS through FPOs” in New Delhi.

Union Government completes 11 solar parks with 8,521 MW capacity

• The Union Government is implementing a Scheme for “Development of Solar Parks and Ultra Mega Power Projects” in the country.
• Under this scheme, the Government have sanctioned 50 Solar Parks with an aggregate capacity of 37,990 MW in 12 States across the country, so far.
• Against this sanction, 11 Solar Parks with an aggregate capacity of 8521 MW have been completed and 7 Solar Parks with an aggregate capacity of 3985 MW have been partially completed.
• In these parks, solar projects of an aggregate capacity of 10,237 MW have been developed.
• The Solar Park Scheme currently has a timeline up to 31st March 2026.
• The scheme was rolled out by the Ministry of New & Renewable Energy in 2014.
• Under this scheme, it was proposed to set up at least 25 Solar Parks and Ultra Mega Solar Power Projects targeting over 20,000 MW of solar power installed capacity within a span of 5 years starting from 2014-15.
• The capacity of the Scheme was enhanced from 20,000 MW to 40,000 MW.
• These parks are proposed to be set up by 2021-22.
• The implementing agency is termed a Solar Power Park Developer (SPPD).

Universal Postal Union opens its first regional office in India

• Minister of State for Communication Shri Devusinh Chauhan and Director General, Universal Postal Union (DG UPU) Mr Masahiko Metoki inaugurated the Regional Office of UPU at New Delhi.
• The Regional Office will undertake UPU’s technical assistance activities in South Asia region by entering into a host country agreement with the Department of Posts, India.
• The Regional Office of UPU in India will serve as a vital platform for exchanging ideas, experiences and expertise, thereby accelerating the modernisation and transformation of the postal sector.
• India also announced a contribution of USD 2,00,000 over a period of four years towards the UPU’s Development and Technical Assistance activities through the Asia Pacific Postal Union.
• This financial contribution aims to support capacity building, infrastructure development, and other essential activities to strengthen the postal sector in the region.

About Universal Postal Union

• It is a United Nations specialized agency and the postal sector’s primary forum for international cooperation.
• It was established by the Treaty of Bern of 1874.
• UPU is the second oldest international organization worldwide.

Shri Piyush Goyal discusses the roadmap to achieve the target of $250 billion in textiles production and exports of $100 billion by 2030

• Union Minister for Textiles, Consumer Affairs, Food and Public Distribution and Commerce and Industry, Shri Piyush Goyal discussed the roadmap to achieve the target of $250 billion in textiles production and $100 billion in exports by 2030.
• The Narendra Modi government is targeting $250 billion in textiles production and exports of $100 billion by 2030.
• This roadmap for achieving this production and export target was discussed by Piyush Goyal, Union Minister for Textiles, Consumer Affairs, Food and Public Distribution and Commerce and Industry, at the Chintan Shivir organized by the Ministry of Textiles.
• The Chintan Shivir was organised by the Ministry of Textiles to brainstorm on various issues relating to the sector.
• India presently ranks behind China as the world’s second-largest manufacturer of textiles and garments.
• The textile and apparel industry represents over 4% of India’s total GDP and more than 14% of the country’s export earnings yearly, making it India’s largest manufacturing sector.
• In FY 2022, India’s annual textile exports stood at $44.4 billion with an increase of 41% compared to the previous year.

The NITI Aayog unveils TCRM Matrix Framework to Revolutionize Technology Assessment and drive Innovation in India

• NITI Aayog has introduced the Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix) framework, an innovative assessment tool aimed at transforming technology evaluation, encouraging innovation, and nurturing entrepreneurship in India.
• TCRM Matrix stands for Techno-Commercial Readiness and Market Maturity Matrix.
• It is an assessment tool designed to revolutionize technology evaluation, foster innovation, and fuel entrepreneurship in India.
• The framework presents an integrated assessment model that offers in-depth insights and actionable intelligence to stakeholders at every stage of the technology development cycle.
• This framework was developed from the study of innovation from an economic perspective and looks at the increase in performance of a technology over time.
• The TCRM Matrix framework builds upon the core principles of existing technology assessment frameworks, including the Technology Readiness Level (TRL), Commercialization Readiness Level (CRL), and Market Readiness Level (MRL) scales.

Recent News

• The principal financial institution for Micro Small & Medium Enterprises (MSMEs) in India, the Small Industries Development Bank of India (SIDBI) has launched mission EVOLVE (Electric Vehicle Operations and Lending for Vibrant Ecosystem) in association with National Institution for Transforming India (NITI) Aayog, World Bank, Korean-World Bank and Korean Economic Development Cooperation Fund (EDCF) to finance MSMEs in the Electric Vehicles (EV) space.
• The Atal Innovation Mission (AIM) and Bayer inaugurated a one-of-a-kind industrial visit project called Atal Tinkering Labs at Bayer’s production site in Vapi, Gujarat.

About NITI Aayog

• Formed: 1 January 2015
• Headquarters: New Delhi
• Chairperson: Narendra Modi

CURRENT AFFAIRS : INTERNATIONAL NEWS

Japan becomes 2nd Quad partner to sign semiconductor pact with India

• Japan has become the second Quad partner after the United States (US) to sign an agreement with India for the joint development of the semiconductor ecosystem.

Aim :

• To bolster the resilience of the global supply chain, particularly in the crucial semiconductor industry.
• The agreement was signed between Union Minister for Electronics and IT Shri Ashwini Vaishnaw and Japan’s Minister of Economy, Trade and Industry Mr Yasutoshi Nishimura in the national capital.

Key Highlights :

• India is to sign agreements with institutions like Georgia Tech University and has already signed one with Caldwell University to build talent for advanced packaging.
• In July 2023, US-based Micron Technologies announced its plans to set up a $2.75-billion chip packaging (assembly, testing, marking, packaging) unit in the country.
• The first made-in-India chip under the project will be rolled out by December 2024, and annual production worth $1 billion is expected once the plant is fully operational.
• Japan has expressed keen interest to invest Yen five trillion, or around Rs 2.95 trillion, in India across various sectors, which includes steel, exploring new technologies and decarbonization pathways.

About Japan’s Semiconductor Expertise :

• With around 100 semiconductor manufacturing plants, Japan is among the top 5 countries to have a semiconductor ecosystem.
• Semiconductor industry will become a USD 1 trillion industry from USD 650 billion at present.

About Japan :

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

Tata Sons to build battery cell gigafactory in the United Kingdom with an investment of £4 billion                    

• Tata Sons announced its plan to establish a global battery cell gigafactory in the United Kingdom (UK) with a capacity to produce 40 Gigawatt (GW) of cells annually, at an investment of over £4 billion.
• The investment will deliver electric mobility and renewable energy storage for the UK and rest of Europe.

Aim :

• To help power the automotive sector’s transition to electric mobility.
• The new gigafactory will be one of the largest in Europe and will create up to 4,000 highly skilled jobs, with further jobs expected to be created in the supply chain.

Key Highlights :

• The battery factory will produce high-quality sustainable battery cells and packs for the mobility and energy sectors.
• The gigafactory intends to maximise its renewable energy mix, targeting 100% clean power.
• The cells will be utilised to supply to group companies Tata Motors and Jaguar Land Rover for their electric vehicles, as well as cater to renewable energy storage solutions for customers in Europe and the UK.
• The Tata Group announced last month it will invest over ₹13,000 crore to set up a 20GW lithium-ion cell manufacturing factory in Sanand, Gujarat.
• The company’s strategic growth plans for its flexible manufacturing capacity will begin with a rapid ramp-up phase and the start of production in 2026.

About Tata Sons :

• Founded : 1917
• Headquarters : Mumbai, Maharashtra, India
• Chairman & MD : Natarajan Chandrasekaran

About the United Kingdom :

• Prime Minister : Rishi Sunak
• Capital : London
• Currency : Pound sterling

India presented candidature to IMO Council for Biennium 2024-25 elections

• India has presented its candidature under Category-B to the International Maritime Organisation (IMO) Council Elections for the Biennium 2024-25 at its Assembly in London.
• The IMO’s Category B consists of the 10 countries with the “greatest interest in international seaborne trade”.
• Its current members are India, Australia, Brazil, Canada, France, Germany, the Netherlands, Spain, Sweden, and the United Arab Emirates (UAE).
• India became a member of the IMO in 1959, which is the global standard-setting authority for the safety, security and environmental performance of shipping and ensures that such standards are fair and effective and are universally adopted and implemented.

About IMO :

• Founded : 1958
• Headquarters : London, United Kingdom
• Membership : 175 Member States and 3 Associate Members.
• The IMO is a specialised agency responsible for the safety and security of shipping and the prevention of marine and atmospheric pollution by ships.

CURRENT AFFAIRS : STATE NEWS

Chhattisgarh CM Bhupesh Baghel Launched New Rural Housing Scheme – Gramin Awas Nyay Yojana

• Chhattisgarh Chief Minister (CM) Shri Bhupesh Baghel launched an ambitious rural housing scheme named Gramin Awas Nyay Yojana.

Aim :

• To provide affordable and quality housing to the marginalised sections of society in Chhattisgarh.

About Gramin Awaas Nyay Yojna :

• Gramin Awas Nyay Yojana will be funded by the state government.
• It will cover poor families based on the new survey conducted by the Department of Panchayat & Rural Development.
• Gramin Awas Nyay Yojana is announced during the monsoon assembly session 2023.
• He stated that there are many families who are not eligible for PM Awas Yojana based on the 2011 Socio-Economic and Caste Census (SECC).
• Many needy families are facing difficulty in getting housing approval so to overcome this problem this scheme has been launched.
• The state government has allocated 100 crore rupees for the Gramin Awas Nyay Yojana 2023.

Beneficiaries under Gramin Awaas Nyay Yojana :

• Only citizens of Chhattisgarh are eligible to avail the benefits of this scheme.
• Only poor families residing in rural areas are eligible for the scheme.
• Those families who are ineligible under the PM Awas Yojna due to non-inclusion of name in SECC 2011 data will be the beneficiary under the Gramin Awaas Nyay Yojna.
• Chhattisgarh CM Bhupesh Baghel announced to raise the DA of around 5 lakh state government employees by 4%.

Recent News :

• In March 2023, Chhattisgarh Chief Minister Shri Bhupesh Baghel, announced that unemployment allowance for the youth from the financial year 2023-24, under the scheme, unemployed youth in the age group of 18 to 35 years who passed class 12, and with an annual family income of less than 2.50 lakh, will be given an allowance of Rs 2,500 per month.

About Chhattisgarh :

• Governor : Biswabhusan Harichandan
• Chief Minister :Bhupesh Baghel
• Capital : Raipur
• National Park : Guru Ghasi Das (Sanjay) National Park, Kanger Valley National Park
• Wildlife Sanctuary : Achanakmar Wildlife Sanctuary, Barnawapara Wildlife Sanctuary

Uttar Pradesh government launched portal for claiming electric vehicle subsidies

• The Uttar Pradesh (UP) government launched the subsidy portal, upevsubsidy.in, paving the way for people to apply online for the subsidy available on purchase of electric vehicles (EVs) in UP.

Key Highlights :

• For buyers purchasing EVs without batteries, the subsidy amount will be 50% of the total subsidy.
• As of now, there is no set time limit for providing the subsidy., upevsubsidy.in.
• Customers who bought electric vehicles after October 14, 2023 will be eligible for claiming EV subsidy by applying for it through the portal.
• Once the application is submitted, the subsidy amount will be transferred to the customer’s bank account after successful completion of a four-level verification process.
• This initiative is part of the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy, 2022, which includes a purchase subsidy incentive scheme.
• The development and maintenance of the portal have been entrusted to UPDESCO (Uttar Pradesh Development Systems Corporation Ltd).
• The scheme is effective from October 14, 2022, and will continue till October 13, 2023.
• To avail the purchase subsidy incentive, eligible applicants are required to apply through the web portal upevsubsidy.in.
• Those who have purchased and registered electric vehicles in Uttar Pradesh after the policy’s notification date will be eligible for the subsidy.

Recent News :

• In July 2023, The Government of Uttar Pradesh (UP) approved the construction of two “Obra D” thermal power projects in Sonbhadra’s Obra, each to be rated at 800 megawatt (MW) and costing Rs 18,000 crore.
• In June 2023, “Didi Cafe” is coming up in Uttar Pradesh (UP), which will provide cheap food and breakfast.

About UP :

• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National Park
• Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary

Government of Himachal Pradesh launched “Sashakt Mahila Rin Yojana for women empowerment  

• The government of Himachal Pradesh (HP) has launched “Sashakt Mahila Rin Yojana”, a collateral-free loan scheme for women that will empower them.

About Sashakt Mahila Rin Yojana :

• It is an initiative of Himachal Pradesh State Cooperative Bank (HPSCB), which will provide loans to women for self-employment and livelihood activities, fulfil their day to day needs, help in becoming financially independent and uplift their socio-economic status.
• Under the scheme, the women applicants need not provide any collateral as security against the loan amount.
• Under the scheme, the bank offers a loan of Rs 21,000, Rs 51,000 and Rs 1,01,000 at a relatively low-interest rate of 8.51%.
• Himachal government has also sought immediate assistance from the centre for the losses in the state that occurred due to flash floods and landslides.

Recent News :

• In June 2023, The Chief Minister (CM) of Himachal Pradesh (HP), Shri Sukhvinder Singh Sukhu, inaugurated the online portal of the Himachal Pradesh Nurses Registration Council (HPNRC).
• In June 2023, The HP government decided to set up a special task force to combat the problem of the drug menace.

About HP :

• Governor : Shiv Pratap Shukla
• Chief Minister : Sukhvinder Singh Sukhu
• Capital : Shimla (Summer), Dharamshala (Winter)
• Wildlife Sanctuary : Daranghati Sanctuary, Kanwar Sanctuary,Rupi Bhawa Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

No coal shortage; domestic production up 8.5% April-June 2023

• The all-India Coal Production in the year 2022-23 stood at 893.19 Million tonnes (MT) in comparison to 565.77 MT in the year 2013-14 with a growth of about 58%.
• As per the current import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choice as per their contractual prices on payment of applicable duty.
• There is no shortage of coal in the country.
• Most of the requirement for coal in the country is met through indigenous production/supply.
• The all-India coal production in the year 2022-2023 was 893.19 MT in comparison to 778.21 MT in the year 2021- 2022 with a growth of about 14.7 %.
• During the current year till June 2023 domestic coal production has increased by over 8.51 % compared to the same period of the last year.
• Details of coal supply and consumption /demand in the country for the last three years are as under:

[Figures in Million Tonnes (MT)]
Year	2020-21	2021-22	2022-23*
Total Domestic Coal Supply (a)	690.88	819.21	877.36
Total Import (b)	215.25	208.62	237.66
Total Consumption / Demand (a+b)	906.13	1027.83	1115.02

CURRENT AFFAIRS: MOUS AND AGREEMENT

The Ministry of Culture and the Indian Navy sign an MoU to revive the “ancient stitched shipbuilding method

• An MoU has been signed by the Ministry of Culture and the Indian Navy.
• This MoU aims to revive the “ancient stitched shipbuilding method (Tankai method)”.
• The MoU signing ceremony was held, graced by the presence of distinguished individuals including Shri Govind Mohan, Secretary, Ministry of Culture; Smt. Uma Nanduri, Joint Secretary, Ministry of Culture; Smt. Priyanka Chandra, Director (AKAM), Ministry of Culture; Rear Admiral Shri K.S. Srinivas; and Commodore Shri Sujeet Bakshi, Commander Shri Sandeep Roy from the Indian Navy.
• Ministry of Culture and the Indian Navy have entered into MoU to revive and preserve the 2000-year-old technique of shipbuilding known as the ‘stitched shipbuilding method’.
• The MoU signing ceremony was held on July 18, 2023.
• The implementation and execution of the entire project will be overseen by the Indian Navy.
• The stitched ships are constructed by stitching wooden planks together rather than using nails.
• They are less susceptible to damage from shoals and sandbars.
• The art of stitching ships has persisted in a few coastal locations of India, particularly for small local fishing boats.

About Ministry of Defence : 

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

Recent News

• A Memorandum of Understanding (MoU) was signed between Indian Coast Guard & Indian Navy with Indian Port Rail & Ropeway Corporation Ltd., in Gandhinagar for the planning, development, construction, and commissioning of a gallery on the theme “Evolution of Indian Navy & Indian Coast Guard” at the National Maritime Heritage Complex (NMHC) which is being constructed at the historic Indus Valley civilization region of Lothal (Gujarat).

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Former Intel India Head Nivruti Rai Appointed As MD And CEO Of Invest India

• Nivruti Rai, the former Intel India head, joined Invest India as the Managing Director (MD) and Chief Executive Officer (CEO) of Invest India.
• She has taken over the charge from Manmeet K Nanda, Joint Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), who had been serving as the interim MD and CEO since March 2023.

About Nivruti Rai :

• Nivruti Rai joins Invest India after an illustrious 29 years at Intel as a global business and technology leader.
• She led Intel India as Country Head for the past 7 years driving growth and investment of Intel in India.
• During her tenure at Intel India, she contributed significantly towards indigenous technology development, start-up ecosystem, electronics manufacturing ecosystem and policy formulation especially in the areas of critical and emerging technologies.

Awards & Honors :

• Rai is the recipient of the prestigious Nari Shakti Puraskar for her remarkable contributions in the field of technology.

About Invest India :

• Invest India is the National Investment Promotion and Facilitation Agency of India, set up as a non-profit venture under the aegis of Department of Industrial Policy & Promotion, Ministry of Commerce and Industry, Government of India.
• It has been playing a key role in executing the government’s flagship initiatives including Make in India, Startup India, National Single Window System, Project Monitoring Group, and Prime Minister’s Science, Technology and Innovation Advisory Council.
• The Board of Invest India is chaired by Shri Rajesh Kumar Singh, Secretary, DPIIT.
• Other members of the board include P K Tripathi, Secretary (Coordination), Cabinet Secretariat; Arti Bhatnagar, Additional Secretary and Financial Advisor, DPIIT; Md. Noor Rahman Sheikh, Joint Secretary, Ministry of External Affairs; Anand Mahindra, Chairperson, Mahindra Group; Pankaj R Patel, Chairperson, Cadilla Healthcare; Harshvardhan Neotia, Chairperson, Ambuja Neotia Group; Rekha M Menon, Chairperson and Senior MD, Accenture; and Debjani Ghosh, President, NASSCOM.

About Ministry of Commerce and Industry :

• Cabinet Minister : Piyush Goyal
• Minister of State : Anupriya Patel, Som Parkash

Jaguar Land Rover appoints Adrian Mardell as its CEO for 3-year term 

• Jaguar Land Rover (JLR), a unit of Indian automaker Tata Motors, has appointed interim boss Adrian Mardell as chief executive officer (CEO) for a three-year term.
• The appointment was made by Tata Motors, which owns JLR.
• JLR also appointed Richard Molyneux as Chief Financial Officer (CFO).
• Previously, Molyneux was the Acting CFO from December 12, 2022.
• Prior to this, Molyneux held the position of Finance Director of Operations at Jaguar Land Rover for 6 years.

About Adrian Mardell :

• Adrian Mardell’s journey with Jaguar Land Rover began in 1990, and he held various financial positions within the company until 2008.
• Mardell, who has been with JLR for 33 years and became chief financial officer in 2019, transitioned to the interim CEO role in November, 2022 when Thierry Bollore resigned due to personal reasons.

About Jaguar Land Rover :

• Founded : 18 January 2008
• Headquarters : Whitley, Coventry, United Kingdom
• Jaguar Land Rover is a subsidiary of Tata Motors.
• Jaguar Land Rover Automotive PLC is the holding company of Jaguar Land Rover Limited, also known as JLR, and is a British multinational automobile manufacturer which produces luxury vehicles and sport utility vehicles.

About Tata Motors Limited :

• Establishment : 1945
• Headquarters : Mumbai, Maharashtra
• Chairman : Natarajan Chandrasekaran

CURRENT AFFAIRS : DEFENCE NEWS

India hands over missile corvette Indian Naval Ship Kirpan to Vietnam

• On completing 32 years of illustrious service to the nation, Indian Naval Ship (INS) Kirpan has been decommissioned from the Indian Navy and Handed Over to Vietnam People’s Navy (VPN) at Cam Ranh, Vietnam.
• The Decommissioning and Handing Over Ceremony of INS Kirpan to VPN was presided over by Adm R. Hari Kumar, Chief of Naval Staff, Indian Navy and Rear Adm Pham Manh Hung, Deputy Commander-in-Chief and Chief of Staff, VPN.

About INS Kirpan :

• INS Kirpan is an indigenously-built in-service missile Corvette.
• It is a Khukri class missile corvette commissioned into the Navy on January 12, 1991.

Features of INS Kirpan :

• It has a displacing capacity of close to 1,400 tonnes.
• It is capable of a speed of more than 25 knots.
• The Khukri class is equipped with Diesel Engines assembled in India.
• It performs a wide variety of roles, including coastal and offshore patrol, coastal security, surface warfare, anti-piracy, and Humanitarian Assistance and Disaster Relief (HADR) operation.

About Cam ranh bay :

• Cam Ranh Bay is a deep-water bay located in Khánh Hòa Province, Vietnam, on the South China Sea.

About Ministry of Defence : 

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

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

SoftBank Sells Another 2% Stake In Fintech Giant Paytm

• SoftBank has sold an additional 2% stake in One 97 Communications, the parent of fintech major Paytm, generating proceeds of $250 million to $300 million.
• This is the first time that the Japanese investor managed to sell shares of Paytm at a profit since the fintech company got listed in November 2021.
• This will take the Japanese investment major’s stake in the firm below 10% and is now valued at 9.15 %.
• In May,2023 SoftBank had sold a 2.07% stake in Paytm through a series of open market transactions that began in February, 2023.
• Prior to the latest transaction, SoftBank held around 11% in the Noida-headquartered fintech company.

Recent News :

• In Feb 2023, China’s Alibaba Group sold 3.3% stake in Paytm parent One97 Communications through the open market on Friday and mopped Rs 1,378 crore.

About SoftBank Group Corp :

• Founded : 3 September 1981
• Headquarters : Tokyo, Japan
• Chairman & CEO : Masayoshi Son

CURRENT AFFAIRS : PERSON IN NEWS

18-Year-Old Anshuman Jhingran from Navi Mumbai Becomes Youngest Person to Cross North Channel

• An 18-year-old open water swimmer from Navi Mumbai, Anshuman Jhingran, became the youngest person to cross the North Channel.
• He accomplished this incredible feat in just 125 days, earning him a place in the prestigious Guinness World Records.

Note :

• Elvis Ali Hazarika was the first Indian to successfully cross the North Channel, adding to India’s legacy in the world of open water swimming.

About Anshuman Jhingran :

• Anshuman Jhingran is an open sea swimmer.
• He is the 114th person to cross the North Channel since 1947.
• He has been trained under the Chhatrapati award coach Gokul Kamath.

About North Channel :

• The North Channel is located between Scotland and Northern Ireland.
• It is considered the toughest of the Ocean Seven Swims.
• The Ocean Seven Challenge was devised in 2008 and has since become one of the ultimate tests for open water swimmers looking to push their physical and mental limits.

List of Ocean Seven Swims :

1. North Channel
2. Cook Strait
3. Kaiwi Channel
4. English Channel
5. Catalina Channel
6. Tsugaru Strait
7. Strait of Gibraltar

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

European satellite being made to crash intentionally on Earth

• The European Space Agency’s (ESA) Aeolus wind satellite, after exceeding its planned life in orbit, is making its way back to Earth.
• The satellite, which has been orbiting our planet for nearly 5 years, is currently falling at a rate of around 1 km per day, with its descent accelerating.

Key Highlights :

• Aeolus was initially designed as a research mission to demonstrate novel technology.
• However, it proved so successful that it provided data to Europe’s leading meteorology centres for most of its life in orbit, significantly improving global weather forecasts.
• Now, gravity, Earth’s atmosphere, and solar activity are dragging Aeolus down from its operational altitude of 320 km.
• In a first-of-its-kind operation, ESA’s spacecraft operators will soon intervene and attempt an assisted reentry.
• Mission control at ESA’s Space Operations Centre in Germany will use the remaining fuel to steer Aeolus during its return to Earth.
• Most of the satellite will begin to burn up when it reaches an altitude of around 80 km.
• However, models show that several pieces of debris might reach Earth’s surface.

About Aeolus Wind Satellite :

• Aeolus is a satellite mission launched by the European Space Agency (ESA) to study Earth’s winds and their influence on the planet’s climate and weather patterns.
• The mission is named after Aeolus, the ruler of the winds in Greek mythology.
• Aeolus was launched on August 22, 2018, from the Guiana Space Centre in French Guiana.
• It is a 1,360-kilogram satellite.

About European Space Agency :

• Established : 30 May 1975
• Headquarters : Paris, France
• Director General : Josef Aschbacher

Daily CA One-Liner: July 25

• State-owned Bank of India (BoI) is exploring the possibility of share sale to investors over the next one year to meet the minimum public holding requirement of 25%.
• According to the Reserve Bank of India (RBI) data, India’s outward Foreign Direct Investment (FDI) declined to $11.12 billion in January-June (H1 2023) from $23.57 billion in the same period last year, indicative of the slowdown in the global economy.
• The Union government introduced the National Nursing and Midwifery Commission Bill, 2023 in the Lok Sabha.
• Prime Minister Shri Narendra Modi will inaugurate ‘Semicon India 2023’ in
• The Union Government has implemented various schemes for the welfare and upliftment of every stratum, including minorities, especially the economically weaker and lesser privileged sections of society.
• Union Home Minister Amit Shah has inaugurated a centralised Aviation Security Control Centre (ASCC) of the Central Industrial Security Force (CISF) in New Delhi to meet the current security challenges.
• The Union Government is implementing a Scheme for “Development of Solar Parks and Ultra Mega Power Projects” in the country.
• Minister of State for Communication Shri Devusinh Chauhan and Director General, Universal Postal Union (DG UPU) Mr Masahiko Metoki inaugurated the Regional Office of UPU at New Delhi.
• Union Minister for Textiles, Consumer Affairs, Food and Public Distribution and Commerce and Industry, Shri Piyush Goyal discussed the roadmap to achieve the target of $250 billion in textiles production and $100 billion in exports by 2030.
• NITI Aayog has introduced the Techno-Commercial Readiness and Market Maturity Matrix (TCRM Matrix) framework, an innovative assessment tool aimed at transforming technology evaluation, encouraging innovation, and nurturing entrepreneurship in India.
• The all-India Coal Production in the year 2022-23 stood at 893.19 Million tonnes (MT) in comparison to 565.77 MT in the year 2013-14 with a growth of about 58%.
• An MoU has been signed by the Ministry of Culture and the Indian Navy.
• Japan has become the second Quad partner after the United States (US) to sign an agreement with India for the joint development of the semiconductor ecosystem.
• Tata Sons announced its plan to establish a global battery cell gigafactory in the United Kingdom (UK) with a capacity to produce 40 Gigawatt (GW) of cells annually, at an investment of over £4 billion.
• India has presented its candidature under Category-B to the International Maritime Organisation (IMO) Council Elections for the Biennium 2024-25 at its Assembly in London.
• Chhattisgarh Chief Minister (CM) Shri Bhupesh Baghel launched an ambitious rural housing scheme named Gramin Awas Nyay Yojana.
• The Uttar Pradesh (UP) government launched the subsidy portal, upevsubsidy.in, paving the way for people to apply online for the subsidy available on purchase of electric vehicles (EVs) in UP.
• The government of Himachal Pradesh (HP) has launched “Sashakt Mahila Rin Yojana”, a collateral-free loan scheme for women that will empower them.
• Nivruti Rai, the former Intel India head, joined Invest India as the Managing Director (MD) and Chief Executive Officer (CEO) of Invest India.
• Jaguar Land Rover (JLR), a unit of Indian automaker Tata Motors, has appointed interim boss Adrian Mardell as chief executive officer (CEO) for a three-year term.
• On completing 32 years of illustrious service to the nation, Indian Naval Ship (INS) Kirpan has been decommissioned from the Indian Navy and Handed Over to Vietnam People’s Navy (VPN) at Cam Ranh, Vietnam.
• SoftBank has sold an additional 2% stake in One 97 Communications, the parent of fintech major Paytm, generating proceeds of $250 million to $300 million.
• An 18-year-old open water swimmer from Navi Mumbai, Anshuman Jhingran, became the youngest person to cross the North Channel.
• The European Space Agency’s (ESA) Aeolus wind satellite, after exceeding its planned life in orbit, is making its way back to Earth.