Current Affairs One - Liner : 6th July 2024

• National:
• Admiral Dinesh K Tripathi, Chief of the Naval Staff (CNS) of the Indian Navy, visited Bangladesh for a four-day official visit from July 1 to 4, 2024. The purpose of the visit was to consolidate bilateral defense relations between India and Bangladesh and explore new avenues for naval cooperation.

• On July 4, 2024, Shri Arjun Ram Meghwal, Union Minister of State (Independent Charge) for Ministry of Law & Justice and Minister of State for Parliamentary Affairs, presented the President’s Police Medal (PPM) for Distinguished Service and the Indian Police Medal (IPM) for Meritorious Service to 39 CBI officers and officials.
• Bajaj unveiled the world's first CNG-powered motorcycle on July 5, 2024. It's named the Bajaj Freedom 125 and it can even switch between CNG and petrol with the press of a button. This is a major innovation in the two-wheeler industry and could potentially lead to significant cost savings and reduced emissions for riders.
• In brief, Union Minister Piyush Goyal announced an 80% concession in licensing fees for women entrepreneurs and a 50% fee reduction for MSMEs during a Stakeholder Consultation in New Delhi. The announcement was made on July 4, 2024. This move aims to boost involvement from these crucial segments of the economy.
• International:
• Keir Starmer became the UK’s Prime Minister on July 5, 2024 after winning the general election. His tenure began when he accepted an invitation from King Charles III to form a government, succeeding Rishi Sunak of the Conservative Party. Quite a remarkable rise for Starmer, who had become Labour leader in January 2020.
• Banking:
• Indiabulls Housing Finance rebranded and changed its name to Sammaan Capital Limited in May 2023. The renaming reflects the company's shift towards a board-driven, diversified financial institution with a focus on customer-centricity. They aim to maintain their retail focus on home loans and loans for small and medium businesses.
• The Reserve Bank of India (RBI) imposed a monetary penalty of ₹1.31 crore on Punjab National Bank (PNB) for non-compliance with specific RBI directives. This penalty was based on regulatory compliance deficiencies related to violations of guidelines on ‘Loans and Advances – Statutory and Other Restrictions’ and the ‘Reserve Bank of India (Know Your Customer (KYC) Direction, 2016.’
• The Asian Development Bank (ADB) and the ENGIE group have recently signed a long-term loan agreement to construct and operate a 400-megawatt solar photovoltaic power plant in Surendranagar district, Gujarat, India. ADB acted as the mandated lead arranger for the entire loan, totaling 14.6 billion Indian rupees (approximately $175.9 million).
• LIC (Life Insurance Corporation) has recently launched an agency transformation initiative called ‘Jeevan Samarth’. LIC partnered with a global consulting firm to undertake this transformation project. The initiative aims to revamp the agency ecosystem by reviewing and enhancing operations at all levels. The focus is on aligning with industry changes and providing insurance solutions.
• ICICI Lombard's new health plan, Elevate, uses AI for faster claims and personalized solutions. It offers 15 built-in covers and lets you customize further with add-ons. This plan is designed to address rising medical costs in India.
• Economy:
• In the fiscal year 2023-24, India’s defence production surged to ₹1.27 lakh crore, marking a remarkable 16.7% increase from the previous year. This achievement underscores the success of the ‘Make in India’ program and the country’s commitment to self-reliance. Defence exports also reached a record high of ₹21,083 crore, growing by 32.5% compared to the previous fiscal year.
• Mous:
• On July 5th, 2024, the Indian Register of Shipping (IRS), also known as IRA Mumbai, signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology Bombay (IIT Bombay) in Mumbai, to focus on advancing maritime safety. The MoU specifically aims to develop a ship trajectory prediction tool.
• Science & Technology:
• Researchers believe a cave painting found in Indonesia is the world's oldest artwork, dating back at least 51,200 years. The painting depicts a scene with several human-like figures interacting with a wild pig.
• Index & Ranking:
• According to Mercer’s Cost of Living City Ranking 2024, Hong Kong, Singapore, and Zurich retain their positions as the world’s costliest cities for expatriates. Meanwhile, Mumbai claims the top spot in India, ranking 136th globally, which is an improvement of 11 places from last year. These rankings consider factors such as housing, transport, food, clothing, and entertainment.
• Obituaries:
• Smriti Biswas, a veteran actor known for her work in Hindi, Marathi, and Bengali films, has passed away at the age of 100. She celebrated her 100th birthday on February 17, 2024.

Questions:

1 Based on Mercer's 2024 ranking, which cities are the most expensive for expatriates?

• A) Tokyo and London
• B) Hong Kong, Singapore, and Zurich
• C) Dubai and Abu Dhabi
• D) New York and Los Angeles

Answer: B) According to Mercer’s Cost of Living City Ranking 2024, Hong Kong, Singapore, and Zurich retain their positions as the world’s costliest cities for expatriates. Meanwhile, Mumbai claims the top spot in India, ranking 136th globally.

2 What was the value of India’s defence production in the fiscal year 2023-24?

• A) 1.08 lakh crore
• B) 1.68 lakh crore
• C) 1.27 lakh crore
• D) 2.15 lakh crore

Answer: C) In the fiscal year 2023-24, India’s defence production surged to ₹1.27 lakh crore, marking a remarkable 16.7% increase from the previous year.