Daily Current Affairs September 02 2023 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Savart Launched ‘The Ad Astra Fund’: The World’s First Fully Automated Investment Fund

• Savart, one of India’s largest investment advisors, launched its maiden and flagship Portfolio Management Service (PMS) called, The Ad Astra Fund -World’s First Fully Automated Investment Fund, in Hyderabad, Telangana.
• On the day of its launch, The Ad Astra Fund secured investment commitments worth INR 31 crores, indicating strong initial investor interest.
• The fund has set an ambitious goal of reaching an Asset Under Management (AUM) of INR 350 crores by the end of the fiscal year 2024 (FY24).

About The Ad Astra Fund :

• The Ad Astra Fund is a long-term investment vehicle.
• Savart defines the long term as a minimum of 3 years and an optimum of 7-10 years.
• The Ad Astra Fund is designed to keep portfolio churn as low as possible.
• The Ad Astra Fund shall maintain a concentrated portfolio, primarily stocks.
• The Ad Astra Fund is agnostic across sectors and market capitalization, thus ensuring access to varied investment opportunities.
• This fund features end-to-end research automation, from investment opportunity discovery until exit, i.e The entire research and investment decision-making process is driven by their AI research system APART (Advanced Process Automation & Research Technology), which comprises 3 engines (Quant, Iris,Synapse).

What sets APART a class apart?

• Unlike the popular technical and mathematical analysis-obsessed quant funds, APART also covers thorough fundamental and qualitative analysis at a scale and speed that are beyond the practical scope of a human research team.
• APART also evolves and adapts faster than a human fund manager, in line with the prevailing market conditions and opportunities.

About Savart :

• Established : 2017
• Headquarters : Hyderabad, Telangana
• CEO : Sankarsh Chanda

Shriram Housing Finance Collaborates with IFC to Advance Environmentally Friendly Affordable Housing Finance in India                                  

• Shriram Housing Finance Limited (SHFL), a leading affordable housing finance company, having in over 130 branches in India with 65,000 customers and International Finance Corporation (IFC), a member of the World Bank, announced a partnership to launch an affordable green housing lending product for self-constructed homes in India.

Key Highlights  :

• The project will deploy IFC’s Excellence in Design for Greater Efficiency (EDGE) certification tool for the affordable self-construction segment customers and impact monitoring tool (CAFI) for reporting of green affordable housing.
• It will also provide training 7 capacity building for SHFL teams on the principles & applications of the EDGE software, standards and certification system.
• The EDGE certification will assist SHFL in identifying homes that concentrate on lowering their environmental footprint with at least 20% savings in energy, water, and embodied energy materials.
• This partnership is funded by the European Union (EU) under the program Accelerating Climate-Smart and Inclusive Infrastructure in South Asia (ACSIIS) which supports climate-smart, sustainable infrastructure investments in India.
• Managing Director & CEO, SHFL : Ravi Subramanian.

Recent News :

• In Aug 2023, International Finance Corporation (IFC),a member of the World Bank Group is set to invest up to $100 million in IIFL Home Finance Limited (IIFL HFL), a leading housing finance company, in a move aimed at increasing access to housing finance for economically weaker sections (EWS) and low-income groups (LIG), including women borrowers in India.

About IFC :

• Established : July 20, 1956
• Headquarters : Washington, D.C., United States
• Managing Director : Makhtar Diop
• Membership : 186 countries
• The IFC is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries.

Muthoot Fincorp Limited Launches Muthoot FinCorp ONE

• Muthoot Fincorp Limited (MFL), a kerala based flagship entity of Muthoot Pappachan Group (Muthoot Blue), has introduced “Muthoot FinCorp ONE,” a cutting-edge digital platform to offer an integrated range of financial solutions, including lending, investments, protection, and payments, all accessible through a single app.
• The launch of Muthoot FinCorp ONE signifies Muthoot Fincorp’s commitment to catering to diverse financial requirements across India in a seamless and convenient manner.

About Muthoot FinCorp ONE :

• Muthoot FinCorp ONE is an all-in-one digital financial platform that makes getting an MSME & a Gold Loan, investing in Digital gold & NCDs, making payments & remittances, buying insurance & exchanging forex, simple and convenient.
• It provides an extensive array of financial services.
• This includes Micro, Small, and Medium Enterprise (MSME) loans and Gold Loans, which can be availed from home or Muthoot FinCorp Ltd. branches.
• Additionally, the platform offers investment options such as Digital Gold and Non-Convertible Debentures (NCDs).
• CEO of MFL : Shaji Varghese

Outward remittances under RBI’s LRS rise 50% to $9.1 billion in Q1

• The Reserve Bank of India’s (RBI) liberalised remittance scheme (LRS) has displayed remarkable growth, with a 50.64% surge in outward remittances, reaching $9.1 billion in the first quarter of fiscal year 2023-24.
• This surge has been influenced by various factors, including alterations in tax regulations and the gradual return to normalcy in international travel patterns.

Key Highlights :

Segment-wise Growth Boost :

• The significant increase in outward remittances can be attributed to robust growth across multiple segments.
• Changes in the timeline of tax collected at source (TCS) under the LRS scheme, coupled with the resurgence of international travel, have been instrumental in driving this upward trend.

Quarterly Momentum :

• Outward remittances experienced a 17% upswing compared to the final quarter of the previous fiscal year, indicating sustained momentum in remittance activities.

Global Inflow Disparities :

• The Netherlands and Japan were the sole countries to witness an increase in inflows, potentially reflecting specific economic dynamics between these countries and India.

Destination Insights :

• According to Department for Promotion of Industry and Internal Trade (DPIIT) data, Maharashtra remained the top destination with equity flows of $4.5 billion in the June quarter, as against $5.2 billion, marking a decline of 13.5%.
• Karnataka saw a 46% fall to just under $1.5 billion during this period.
• Gujarat saw a 77% slump from $3.2 billion to $730 million.
• Despite a 1.9% decline to $1.9 billion, Delhi emerged as the 2nd largest destination for FDI equity flows.

FDI and Equity Repatriation :

• RBI’s data revealed a 28% decrease in gross FDI inflows to $17.6 billion during the initial quarter of the fiscal year.
• The rise in repatriation of equity by multinational companies, reaching $10.4 billion in the June quarter compared to $6.2 billion the previous year, highlights the evolving strategies in response to global economic conditions.

TCS Regulation and Postponement :

• During the FY23 Union Budget, the government proposed raising the TCS on liberalised foreign remittances to 20% from the existing 5%, applicable to amounts exceeding Rs 7 lakh for all purposes except education and medical treatment.
• Initially slated to commence from July 1, 2023, the Ministry of Finance later postponed its implementation to October 1, 2023.

About LRS scheme :

• LSR is a foreign exchange policy initiative introduced by the Reserve Bank of India (RBI) in
• Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both.
• The LRS limit has been revised in stages consistent with prevailing macro and micro economic conditions.
• In case of remitter being a minor, the LRS declaration form must be countersigned by the minor’s natural guardian.
• The Scheme is not available to corporates, partnership firms, HUF (Hindu Undivided Family),Trusts

SEBI Releases Guidelines to Enhance Cybersecurity for MDs and CEOs of Exchanges

• Market Regulator Securities and Exchange Board of India (SEBI) has introduced a set of fresh guidelines aimed at bolstering cyber security and resilience among Market Infrastructure Institutions (MIIs), including stock exchanges, clearing corporations, and
• These guidelines, effective immediately, mandate stricter cyber audit practices and comprehensive processes to ensure the identification and closure of vulnerabilities in MIIs’ IT systems.

Key Highlights of the Guidelines :

Cyber Audit Frequency :

• Market infrastructure institutions are required to conduct a comprehensive cyber audit a minimum of 2 times during each financial year.
• This proactive approach aims to regularly assess and address potential cyber threats.

Certification of Compliance :

• MIIs must submit a declaration of compliance from their Managing Director (MD) or Chief Executive Officer (CEO).
• This declaration certifies the implementation of robust processes to identify and rectify vulnerabilities in the organization’s IT systems.
• It also covers the establishment of suitable incentive or disincentive structures to drive cyber security measures.

Staffing Security Operations Center (SOC) :

• MIIs are required to demonstrate that they have allocated adequate resources for staffing their Security Operations Center (SOC).
• This centre is a critical component of cyber security infrastructure that monitors, detects, and responds to security incidents.

SEBI Circulars and Advisories Compliance :

• The MIIs need to ensure compliance with all relevant cyber security circulars and advisories issued by SEBI.
• This ensures that they stay up-to-date with evolving cyber threats and mitigation strategies.

Reporting Vulnerabilities to NCIIPC :

• MIIs that are classified as ‘critical information infrastructure’ by the National Critical Information Infrastructure Protection Centre (NCIIPC) are mandated to provide regular updates on vulnerabilities identified in their “protected systems” to the NCIIPC.
• This fosters a collaborative approach to managing cyber risks at a national level.

Communication of Implementation Status :

• MIIs are required to communicate the status of their implementation of these new guidelines to SEBI within 30 days.
• This reporting ensures transparency and accountability in the adoption of enhanced cyber security measures.

Recent News :

• In July 2023, SEBI tightened the disclosure norms for listed companies with strict timelines and introduced criteria for determining the materiality of events.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

CURRENT AFFAIRS: NATIONAL NEWS

Sixth Rashtriya Poshan Maah begins

• The Sixth Rashtriya Poshan Maah begins and the Government is celebrating it throughout September this year.
• The flagship initiative of the Central government, POSHAN Abhiyaan has been instrumental in advancing nutritional outcomes for pregnant women, lactating mothers, adolescent girls, and children under six years of age in a comprehensive manner.

Key Highlights:

• The objective is to comprehensively tackle malnutrition through a life-cycle approach and the focal point of Poshan Maah 2023 is to cultivate widespread awareness concerning critical human life stages: pregnancy, infancy, childhood, and adolescence.
• The aim is to foster nutritional understanding across India through a theme centred on Suposhit Bharat, Sakshar Bharat, and Sashakt Bharat.
• This month-long event will witness concentrated efforts nationwide to enhance ground-level nutritional awareness through campaigns focusing on key themes around Exclusive Breastfeeding and Complementary Feeding.
• Activities like Healthy Child Competition aim to instil a spirit of healthy competition for nutrition and overall well-being.

ASI to launch “Adopt a Heritage 2.0 programme” Indian Heritage app and e-permission portal on 4th September 2023

• The Archeological Survey of India (ASI) has 3696 monuments under protection, which are spread, throughout the country.
• These monuments not only exhibit the rich cultural heritage of India but also play a significant role in fostering economic growth.
• To this end and to further enhance the experience of visitors, ASI will be launching the “Adopt a Heritage 2.0” programme at Samvet Auditorium, IGNCA, New Delhi.
• Under this programme, ASI invites corporate stakeholders to enhance the amenities at the monuments by utilizing their CSR funds.
• The programme is a revamped version of the earlier scheme launched in 2017 and clearly defines the amenities sought for different monuments as per AMASR Act 1958.
• The stakeholders can apply for adopting a monument or specific amenity/ amenities at a monument through a dedicated web portal with the URL indianheritage.gov.in, which contains details of monuments sought for adoption along with gap analysis and financial estimation of amenities.

Key Highlights:

• Further, a user-friendly mobile app, named ‘Indian Heritage’ will be launched on the same day, which will showcase the heritage monuments of India.
• The app will feature state-wise details of monuments along with photographs, list of public amenities available, geo-tagged location and feedback mechanism for citizens.
• The launch will be in a phased manner, with the ticketed monuments launched in Phase I, followed by the remaining monuments.
• An e-permission portal, with URL www.asipermissionportal.gov.in for obtaining permission for photography, filming and developmental projects on monuments will also be launched.
• The portal will fast-track the process for obtaining various permissions and solve operational and logistical bottlenecks involved.

About ASI

• The Archaeological Survey of India is an Indian government agency that is responsible for archaeological research and the conservation and preservation of cultural-historical monuments in the country.
• It was founded in 1861 by Alexander Cunningham who also became its first Director-General.
• Founded: 1861
• Founder: Alexander Cunningham
• Director General: Prof Kishore Kumar Basa
• Headquarters: New Delhi

Union Power and NRE Minister and International Solar Alliance President inaugurates Nine Solar Demonstration Projects in Uganda, Comoros and Mali

• The International Solar Alliance (ISA) hosted its 5th regional meeting in Kigali, Rwanda supported by the Government of Rwanda, with 36 countries and Ministers of 15 countries participating.
• At the meeting, the President, the International Solar Alliance and Union Minister for Power and New & Renewable Energy, Government of India, Shri R. K. Singh, who joined the meeting virtually from New Delhi, inaugurated a total of nine solar power demonstrations projects in the Republic of Uganda, the Union of Comoros and the Republic of Mali.
• Four of these projects are in Uganda, two in Comoros and three in Mali.

Key Highlights

• Through grants given by the International Solar Alliance, solarization of a rural healthcare centre and three primary schools, with a capacity of 8.5 kilo-watt peak and a 17.2 kilo-watt hour battery storage system, has been commissioned in Uganda at a cost of USD 48,835.
• Similarly in Comoros, solarization of two rural healthcare centres in Banguoikouni and Ivembeni, with a capacity of 15 kilo-watt peak and a 33 kilo-watt hour battery storage system, has been completed at a total cost of USD 49,999. Solarization of three rural healthcare centres in Koula, Sinzani, and Doumba, of the Republic of Mali, with a capacity of 13 kilo-watt peak and a 43 kilo-watt hour battery storage, has been done at a total cost of USD 49,995. None of these areas had energy access before.

About ISA:

• The International Solar Alliance is an alliance of more than 120 signatory countries, most being sunshine countries, which lie either completely or partly between the Tropic of Cancer and the Tropic of Capricorn.
• Founded: 30 November 2015
• President: R. K. Singh
• Founders: Narendra Modi, François Hollande
• Headquarters: Gurugram, Haryana, India

About Rwanda:

• Capital: Kigali
• Currency: Rwandan Franc
• Prime minister: Édouard Ngirente

CURRENT AFFAIRS: BUSINESS NEWS

The combined Index of Eight Core Industries increased by 8.0% (provisional) in July 2023 as compared to the Index of July 2022

• The combined Index of Eight Core Industries (ICI) increased by 8.0 per cent (provisional) in July 2023 as compared to the Index of July 2022.
• The production of Coal, Steel, Natural Gas, Cement, Electricity, Refinery Products, Fertilizers and Crude Oil increased in July 2023 over the corresponding month of last year.
• ICI measures combined and individual performance of production of eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity.
• The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
• Final growth rate of Index of Eight Core Industries for April 2023 is revised to 4.6 per cent from its provisional level 3.5 per cent.
• The cumulative growth rate of ICI during April to July, 2023-24 reported 6.4 per cent (provisional) as compared to the corresponding period of last year.

The summary of the Index of Eight Core Industries is given below

• Coal – Coal production (weight: 10.33 per cent) increased by 14.9 per cent in July, 2023 over July, 2022. Its cumulative index increased by 10.1 per cent during April to July, 2023-24 over corresponding period of the previous year
• Crude Oil – Crude Oil production (weight: 8.98 per cent) increased by 2.1 per cent in July, 2023 over July, 2022. Its cumulative index declined by 1.0 per cent during April to July, 2023-24 over the corresponding period of previous year.
• Natural Gas – Natural Gas production (weight: 6.88 per cent) increased by 8.9 per cent in July, 2023 over July, 2022. Its cumulative index increased by 2.3 per cent during April to July, 2023-24 over the corresponding period of previous year.
• Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 per cent) increased by 3.6 per cent in July, 2023 over July, 2022. Its cumulative index increased by 2.3 per cent during April to July, 2023-24 over the corresponding period of previous year
• Fertilizers – Fertilizer production (weight: 2.63 per cent) increased by 3.3 per cent in July, 2023 over July, 2022. Its cumulative index increased by 9.1 per cent during April to July, 2023-24 over the corresponding period of previous year.
• Steel – Steel production (weight: 17.92 per cent) increased by 13.5 per cent in July, 2023 over July, 2022. Its cumulative index increased by 15.3 per cent during April to July, 2023-24 over the corresponding period of previous year.
• Cement – Cement production (weight: 5.37 per cent) increased by 7.1 per cent in July, 2023 over July, 2022. Its cumulative index increased by 11.2 per cent during April to July, 2023-24 over the corresponding period of previous year.
• Electricity – Electricity generation (weight: 19.85 per cent) increased by 6.9 per cent in July, 2023 over July, 2022. Its cumulative index increased by 2.7 per cent during April to July, 2023-24 over the corresponding period of previous year.

Recent News

• The Index of Eight Core Industries increased by 3.6% in March 2023 as against the Index of March 2022.

Viacom18 secures BCCI TV and digital rights in ₹5,963-cr deal

• Reliance-backed Viacom18 has bagged BCCI TV and digital rights, in a five-year deal worth ₹5,963 crore.
• This further cements Viacom’s OTT bid, eroding Disney Star’s digital supremacy on the counter.
• The cricket body auctioned the TV and Digital rights for India’s home cricket broadcasting.

Key Highlights:

• Like the IPL media rights auction, BCCI auctioned the TV and Digital rights of the cricket home matches separately.
• Three of India’s biggest broadcasters, Sony, Disney Star, and Viacom18, battled it out to win the rights.
• With its winning bid, Viacom18 has paid nearly ₹7.76 crore more than last cycle’s ₹60 crore per match paid by Disney Star.
• The cricket body had set the base price for the bilateral rights to be ₹45 crore per match.
• Viacom’s bid gives BCCI a 13 per cent premium over their asking price.

Recent News

• In May 2023, Reliance Industries Ltd-controlled Viacom18 has signed a three-year deal with Warner Bros.
• In June, The Board of Control of Cricket (BCCI) appointed Ajit Agarkar as the chairman of the Senior Men’s Selection Committee replacing Chetan Sharma.
• In March 2023,The Board of Control for Cricket in India (BCCI) has roped in German sportswear major Adidas as the kit sponsor for the Indian cricket team.

About BCCI :

• Founded : December 1928
• Headquarters : Mumbai, Maharashtra, India
• President : Roger Binny
• The BCCI is the national governing body of Cricket in

About Viacom18

• Viacom18 Media Private Limited is a Mumbai-based media company; it is a joint venture between Network18 Group—a subsidiary of Reliance Industries, and Paramount Global.
• It was founded in 2007 and owns various channels, as well as content production studios in India.
• CEO: Jyoti S. Deshpande
• Founded: November 2007

Agri and financial sectors buoy GDP growth to 7.8% in April-June quarter

• Good performance of agriculture and financial sectors helped the Indian economy to grow by 7.8 per cent in the April-June quarter of fiscal year 2023-24 (Q1FY24), Statistics office reported.
• Though the government is optimistic about momentum, experts do not agree.
• Economic growth based on GDP (Gross Domestic Product) growth rate was 13.1 per cent during April-June quarter 2022-23 and 1 per cent during January-March quarter of previous fiscal (FY23)

Key Highlights

• India’s agriculture sector recorded growth of 3.5% in three months, up from 2.4% in the April-June quarter last year, according to the data released by the government-run National Statistical Office.
• The rise in financial, real estate and professional services was 12.2%, up from 8.5% in April-June last year.
• However, the manufacturing sector growth decelerated to 4.7% in the first quarter of the current fiscal year, compared to 6.1% a year ago, the data suggests. India’s financial year runs from April to March.
• The output in mining, electricity, gas, water supply and construction also slowed in the April-June quarter.
• However, the World Bank said the persisting headwinds – rising borrowing costs, tightening financial conditions and ongoing inflationary pressures – are expected to weigh on India’s growth this year.

Recent News

• In July 2023, According to the RBI’s annual report 2022-23, India’s Gross Domestic Product (GDP) growth for 2023-24 is projected at5% for FY24 amid softer global commodity and food prices, and good rabi crop prospects, among others.
• In April 2023, The National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), released the Provisional Estimates (PE) of National Income for the fiscal year 2022-23, along with the Quarterly Estimates of Gross Domestic Product (GDP) for the period of January to March 2022-23 (Q4 2022-23).
• In June 2023, The global credit ratings major Moody projected that the Indian economy is expected to clock a 6-6.3% growth in the June quarter, and flagged risks of fiscal slippage arising from weaker-than-expected government revenues in the current fiscal.

CURRENT AFFAIRS: AWARDS AND HONORS

Assam-based oncologist among winners of 2023 Ramon Magsaysay Award

• Oncologist Ravi Kannan, a recipient of India’s fourth-highest civilian award Padma Shri and the director of Assam’s Cachar Cancer Hospital and Research Centre (CCHRC), has been named one of the four winners of the 2023 Ramon Magsaysay Award, Asia’s equivalent of the Nobel prize.

Key Highlights

• Dr. Kannan hails from Chennai, where he earlier worked at the Cancer Institute, Adyar, before moving to Silchar in 2007.
• He became the Director of the CCHRC in that year.
• According to the citation on the website of the Ramon Magsaysay Award Foundation, under Dr. Kannan’s leadership, the CCHRC became a full-fledged comprehensive cancer hospital and research centre.
• From having limited facilities when he came on board, the hospital now has 28 departments covering oncology, pathology, radiology, microbiology, epidemiology, tumour registry, and palliative care.
• From 23 personnel, the hospital now employs 451 persons.
• The CCHRC now provides free or subsidised cancer care treatment to an average of 5,000 new patients annually, catering to approximately 20,000 poor patients for treatments and follow-ups, the citation read.

Recent news

• In June 2023, The Guwahati Railway Station in Assam under North East Frontier Railway was awarded ‘Eat Right Station’ certification by FSSAI in recognition of providing high-quality, nutritious food to passengers.

 About Assam :

• Governor : Gulab Chand Kataria
• Chief Minister : Himanta Biswa Sarma
• Capital: Dispur
• National Park: Kaziranga National Park, Nameri National Park, Manas National Park
• Wildlife Sanctuary: Chakrashila Wildlife Sanctuary, Bornadi Wildlife Sanctuary

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Former Chief Justice of India NV Ramana Appointed as a Member of Singapore’s International Mediator Panel

•    Justice Ramana took part in the ‘Singapore Convention Week’, the annual convention organised by Singapore’s Ministry of Law, the United Nations Commission on International Trade Law (UNCITRAL) and over 20 partner organisations.

About N. V. Ramana :

• V. Ramana is a former Indian judge and journalist who served as the 48th Chief Justice of India.
• He was a judge on the Supreme Court of India, chief justice of Delhi High Court and the acting chief justice of Andhra Pradesh High Court.
• He has also been the president of the Andhra Pradesh Judicial Academy.

About SIMC :

• Established : 2014
• Chairman : George Lim
• CEO : Wee Meng Chuan
• SIMC is an independent not-for-profit organisation in Singapore providing mediation services, through its panel of international mediators, to parties wishing to resolve their cross-border commercial disputes amicably.

IndianOil Appoints Chef Sanjeev Kapoor as Brand Ambassador for Indane XTRATEJ LPG

• Indian Oil Corporation Limited (IndianOil – IOCL) is strategically expanding its presence in the commercial and industrial LPG segment and for that IndianOil has chosen celebrity chef Sanjeev Kapoor as the brand ambassador for its Indane XTRATEJ LPG brand.
• The announcement regarding this collaboration took place during the ‘Indane XtraTej Hotelier Harmony Meet’ held in Bengaluru, Karnataka.
• V Satish Kumar, the Director (Marketing) of IndianOil, played a key role in unveiling the brand-new video commercial for the Indane XTRATEJ LPG brand.
• IndianOil plans to introduce a new regulator and LPG hose, which is crucial for meeting the specific requirements of segments such as hotels and hospitality.

About IOCL :

• Founded : 30 June 1959
• Headquarters : New Delhi, Delhi
• Chairman : Shrikant Madhav Vaidya
• The IOCL is an Indian multinational oil and gas company under the ownership of the Ministry of Petroleum and Natural Gas, Government of India.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Amazon Partners with India Post to Adopt Digital Assistant for MSME Exporters

• Amazon has signed an agreement with India Post to simplify cross-border logistics for MSME exporters.
• Minister of State for Science and Technology Jitendra Singh unveiled a postal stamp to commemorate a decade of partnership between India Post and Amazon at the e-commerce company’s Sambhav Summit 2023.
• At Amazon’s E-commerce SMBHAV Summit 2023, the Minister of State for Science and Technology Jitendra Singh unveiled a post stamp to commemorate the decade long partnership between India Post and Amazon.
• Amazon introduced Sah-AI, a generative AI-based personal digital assistant that leverages Amazon’s experience of working with millions of sellers in India and globally to provide personalized assistance to new and existing sellers on its marketplace.
• Amazon also announced its engagement with Indian Railways’ Dedicated Freight Corridor Corporation of India (DFC), which makes Amazon the first e-commerce company in the country to leverage DFC for shipping customer packages through freight railway routes in India.
• Amazon has pledged to digitize 10 million MSMEs, generate USD 20 billion in cumulative e-commerce exports and create 2 million jobs in India by 2025.

Recent News

• In May 2023, Amazon Web Services (AWS) has announced to invest 12.7 billion dollars in cloud infrastructure in India by 2030.
• In April 2023, Tata Power Company has emerged as India’s most ‘attractive employer brand’, followed by Amazon and Tata Steel, reveals the findings of Randstad Employer Brand Research (REBR) 2023
• In June 2023, Indian Council of Agricultural Research (ICAR), New Delhi signed a MoU with Amazon Kisan to combine strengths and create synergy between the two organizations for guiding the farmers on scientific cultivation of different crops for optimum yield and income
• India Post signed an MoU with the Confederation of All India Traders (CAIT) and Tripta Technologies for logistic service in May 2023.

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.

CURRENT AFFAIRS: SPORTS NEWS

Neeraj Chopra finishes second in men’s javelin event in Zurich Diamond League:

• Newly-crowned world champion Neeraj Chopra finished second with a final round throw of 85.71 m in the men’s javelin event of the Diamond League Meeting at Zurich.
• The 25-year-old Chopra, also the reigning Olympic champion, produced three legal throws of 80.79m, 85.22m and 85.71m.
• He finished behind Jakub Vadlejch of the Czech Republic, who had won a bronze in the World Championships.
• The Indian superstar, who was unbeaten this season, qualified for the Diamond League finals to be held on the 17th of September in Eugene, USA, with 23 points from three meets.
• He had won the Diamond League trophy last year.

Recent News

• In July 2023, Star Indian javelin thrower Neeraj Chopra clinched the Lausanne Diamond League 2023 title with the best throw of 87.66 meters.

About Germany :

• President : Frank-Walter Steinmeier
• Capital: Berlin
• Currency- Euro.

CURRENT AFFAIRS: IMPORTANT DAYS

World Coconut Day: September 2

• World Coconut Day is celebrated on September 2 every year.
• World Coconut Day 2023 is celebrated to highlight and raise awareness about the importance and benefits of coconut.
• Coconuts are food that humans have found sustenance in for at least 2,000 years. Probably native to Indonesia, the name coconut translates to walnut from India”.
• In 1998, the Asian and Pacific Coconut Community declared World Coconut Day to bring awareness to the powerful nutrients and versatility of this superfood.
• It is likely that coconuts were introduced to Europeans through the Maritime Silk Road, which connected the East with the West.
• Marco Polo may have been one of the many travellers and explorers who would have brought coconuts back with them.
• World Coconut Day is observed around the World to understand the benefits of the fruit and to raise awareness about how it can be grown and preserved.

Daily CA One – Liner: September 2

• Savart, one of India’s largest investment advisors, launched its maiden and flagship Portfolio Management Service (PMS) called, The Ad Astra Fund -World’s First Fully Automated Investment Fund, in Hyderabad, Telangana.
• Shriram Housing Finance Limited (SHFL), a leading affordable housing finance company, having in over 130 branches in India with 65,000 customers and International Finance Corporation (IFC), a member of the World Bank, announced a partnership to launch an affordable green housing lending product for self-constructed homes in India.
• Muthoot Fincorp Limited (MFL), a kerala based flagship entity of Muthoot Pappachan Group (Muthoot Blue), has introduced “Muthoot FinCorp ONE,” a cutting-edge digital platform to offer an integrated range of financial solutions, including lending, investments, protection, and payments, all accessible through a single app.
• The Reserve Bank of India’s (RBI) liberalised remittance scheme (LRS) has displayed remarkable growth, with a 50. 64% surge in outward remittances, reaching $9.1 billion in the first quarter of fiscal year 2023-24.
• Market Regulator Securities and Exchange Board of India (SEBI) has introduced a set of fresh guidelines aimed at bolstering cyber security and resilience among Market Infrastructure Institutions (MIIs), including stock exchanges, clearing corporations, and
• The sixth Rashtriya Poshan Maah begins and the Government is celebrating it throughout September this year.
• The Archeological Survey of India (ASI) has 3696 monuments under protection, which are spread, throughout the country.
• The International Solar Alliance (ISA) hosted its 5th regional meeting in Kigali, Rwanda supported by the Government of Rwanda, with 36 countries and Ministers of 15 countries participating.
• The combined Index of Eight Core Industries (ICI) increased by 8.0 per cent (provisional) in July 2023 as compared to the Index of July 2022.
• Reliance-backed Viacom18 has bagged BCCI TV and digital rights, in a five-year deal worth ₹5,963 crore.
• Good performance of agriculture and financial sectors helped the Indian economy to grow by 7.8 per cent in the April-June quarter of fiscal year 2023-24 (Q1FY24), Statistics office reported.
• Oncologist Ravi Kannan, a recipient of India’s fourth-highest civilian award Padma Shri and the director of Assam’s Cachar Cancer Hospital and Research Centre (CCHRC), has been named one of the four winners of the 2023 Ramon Magsaysay Award, Asia’s equivalent of the Nobel prize.
• Amazon has signed an agreement with India Post to simplify cross-border logistics for MSME exporters
• Newly-crowned world champion Neeraj Chopra finished second with a final round throw of 85.71 m in the men’s javelin event of the Diamond League Meeting at Zurich.
• Justice Ramana took part in the ‘Singapore Convention Week’, the annual convention organised by Singapore’s Ministry of Law, United Nations Commission on International Trade Law (UNCITRAL) and over 20 partner organisations.
• Indian Oil Corporation Limited (IndianOil – IOCL) is strategically expanding its presence in the commercial and industrial LPG segment and for that IndianOil has chosen celebrity chef Sanjeev Kapoor as the brand ambassador for its Indane XTRATEJ LPG brand.
• World Coconut Day is celebrated on September 2 every year.