Current Affairs One - Liner : 16th & 17th June 2024

• National:
• NITI Aayog, on June 10, 2024, launched two initiatives under the Atal Innovation Mission (AIM) to promote innovation and sustainability in India. These initiatives are the AIM-ICDK Water Challenge 4.0, which seeks solutions for water challenges, and the Innovations for You - SDG Entrepreneurs of India (5th Edition) book that showcases sustainable entrepreneurs.

• On June 12, 2024, three Martian craters were named: Lal (65 km wide), Mursan, and Hilsa (each 10 km wide), located in Mars’ Tharsis region. These names honor an Indian physicist and the towns of Mursan, UP, and Hilsa, Bihar.
• ‘Mission Nishchay’ is a comprehensive initiative by Punjab Police to modernize law enforcement through infrastructure upgrades and advanced technologies. It includes a focused anti-drug drive in collaboration with BSF and VDCs, targeting 42 villages along the India-Pakistan border in Fazilka district from June 15 to 21.
• The Union Jal Shakti Ministry introduced an e-flow monitoring system on June 13, 2024. This portal allows for real-time analysis of the Ganga’s water quality. It supports the Aviral Ganga initiative for the river’s ecological rejuvenation.
• Banking:
• The World Bank is collaborating with the Greater Chennai Corporation in India to achieve a zero-waste goal by 2026-2027. This includes ending waste disposal in two major dumpsites, Kodungaiyur and Perungudi, to create a sustainable waste management system.
• NEC Corporation India has been chosen by the Pension Fund Regulatory and Development Authority (PFRDA) as the System Integrator for the PFRDA-TRACE digital platform, marking a significant step in PFRDA’s digital transformation efforts. The company will hold this position for six years, starting from June 14, 2024.
• On June 11, 2024, the Reserve Bank of India (RBI) levied a penalty of ₹1.45 crore on Central Bank of India. The fine was for non-compliance with RBI’s directives on ‘Loans and Advances’ and ‘Customer Protection in Electronic Banking Transactions.
• In FY24, India’s corporate sector saw a significant upturn, with the profit-to-GDP ratio reaching a peak not seen in 15 years. The Nifty-500 companies’ profits surged by 30% year-on-year, far exceeding the nominal GDP growth of 9.6%. This milestone highlights the strong performance of India Inc, particularly led by the BFSI sector.
• India’s domestic equity market has indeed made a significant leap. As of the latest data, the total value of shares listed on Indian exchanges reached $4.33 trillion, surpassing Hong Kong’s $4.29 trillion. This milestone positions India as the world’s fourth-largest equity market.
• On June 15, 2024, the Securities and Exchange Board of India (SEBI) issued an administrative warning to JM Financial Ltd. The warning pertains to discrepancies and deficiencies in due diligence, document recording, and disclosures during certain past public issuances of non-convertible debentures (NCDs), where JM Financial served as a merchant banker.
• The Bank of Maharashtra (BoM) offers NRI Banking solutions with various deposit accounts such as NRE, NRO, FCNR, and RFC accounts. These are designed to cater to different aspects of NRI banking needs, ensuring ease and reliability.
• Economy:
• The Indian government has reduced the windfall tax on petroleum crude to INR 3,250 per metric ton from INR 5,200, effective from June 15. The tax is revised every fortnight and remains at zero for diesel and aviation turbine fuel.
• In May 2024, India’s textile exports saw a 9.59% increase compared to the previous year, despite global economic challenges. The country’s overall exports for the month amounted to USD 68.29 billion. This growth in the textile sector was reported by the Commerce Ministry on June 14, 2024.
• The Confederation of Indian Industry (CII) announced on June 13, 2024, that India’s GDP is projected to grow by 8% in the fiscal year 2024-25, citing strong capital expenditure momentum and robust domestic demand.
• UBS Securities India has projected that India is expected to sustain a potential growth rate of 6.5-7% year-on-year (Y-o-Y) between fiscal years 2025-26 and 2029-30. This forecast is based on the post-pandemic recovery in the capital expenditure cycle, driven by government spending and strong residential real estate demand.
• Summits & Conferences:
• An international peace conference for Ukraine, formally called the Summit on Peace in Ukraine, was held in Bürgenstock Resort, Switzerland on June 15-16, 2024. The conference was hosted by Swiss President Viola Amherd and aimed to develop a roadmap towards a peaceful resolution to the Russo-Ukrainian War.
• Sports:
• Shruti Vora became the first Indian to win a three-star Grand Prix equestrian event, riding Magnanimous at the FEI Dressage World Cup in Lipica, Slovenia, from June 7-9, 2024. She scored 67.761% to secure victory and also placed second in the Grand Prix Special with a score of 66.085.
• Defence:
• The Indian Army received the first batch of indigenous Nagastra-1 drones on June 14, 2024. These loitering munitions feature reusable technology with a parachute recovery system, allowing for precision strikes and multiple uses.
• Sagar Defence Engineering secured a contract from DRDO on June 12, 2024, to develop ULUAVs, marking a significant step in enhancing India’s defense capabilities and technological advancement in underwater military technology.
• Important Days:
• Father's Day, traditionally celebrated on the third Sunday of June (June 16th 2024), is a day to recognize and appreciate the many roles fathers play in our lives. The 2024 theme, "Honoring Fatherhood: Strength, Love, and Sacrifice," emphasizes these essential contributions.
• Appointments:
• Tesam Pongte was unanimously elected as the Speaker of the 8th Arunachal Pradesh Assembly on June 15, 2024. He was the only nominee for the post and previously served as the Deputy Speaker. Pongte represents the Changlang North constituency.
• Awards & Honours:
• On June 15, 2024, Gujarat was honored with the “1st Rank” award for the highest wind power installed capacity in India, reaching 11,823 MW. This accolade was presented by the Ministry of New and Renewable Energy (MNRE) at a ceremony in New Delhi, recognizing Gujarat’s leadership in wind power installations.
• Obituaries:
• Harpal Singh Bedi, a renowned sports journalist, passed away at 72 due to a prolonged illness on June 15, 2024. He is remembered for his extensive coverage of international sporting events and his significant contributions to sports journalism.

Questions:

1 What was the primary aim of the Summit on Peace in Ukraine?

• A) To develop a roadmap towards a peaceful resolution to the Russo-Ukrainian War
• B) To discuss economic sanctions on Russia
• C) To plan military strategies for Ukraine
• D) To address humanitarian aid for refugees

Answer: A) The conference was hosted by Swiss President Viola Amherd and aimed to develop a roadmap towards a peaceful resolution to the Russo-Ukrainian War.

2 Which Indian state received the “1st Rank” award for the highest wind power installed capacity in 2024?

• A) Tamil Nadu
• B) Maharashtra
• C) Karnataka
• D) Gujarat

Answer: D) On June 15, 2024, Gujarat was honored with the “1st Rank” award for the highest wind power installed capacity in India, reaching 11,823 MW.