National News

Enhanced Regulations for SIM Card Sales Implemented by the Government

• The Indian government has taken decisive steps to enhance the safety and security of SIM card acquisition in the country.
• The Department of Telecommunications (DoT) has issued two crucial circulars, one targeting individual SIM card users and the other aimed at telecom companies like Airtel and Jio, with the goal of regulating and improving the process.Stores selling SIM cards must conduct thorough background checks on their employees.
• Failure to comply with this regulation can result in fines of up to 10 lakhs for each non-compliant shop. These rules come into effect on October 1, 2023.
• Existing stores have until September 30, 2024, to meet the new requirements.

International News

Kathmandu-Kalinga Literature Festival Concludes In Lalitpur, Nepal

• The three-day long Kathmandu-Kalinga Literary Festival, a vibrant and culturally enriching event concluded in Lalitpur, Nepal.
• The festival, which was inaugurated by Nepal’s Minister for Foreign Affairs, NP Saud, served as a platform for the exchange of culture in South Asia, while promoting literary and cultural activities in the region.
• The festival offered a kaleidoscope of creative expressions, including literature, music, dance, poetry, and various other art forms.
• This diverse range of offerings helped foster a deeper appreciation for the cultural tapestry of South Asia and encouraged artistic collaboration among the participating countries.

Banking News

Resignation of NARCL Chairman Karnam Sekar Amid Merger Proposal

• Karnam Sekar, Chairman of the National Asset Reconstruction Company of India (NARCL) tendered his resignation due to disagreements concerning the institution’s structure and operations.
• This resignation follows a proposal for merging NARCL with India Debt Resolution Company Ltd (IDRCL).Under the current structure, NARCL serves as the ‘principal entity,’ responsible for acquiring and aggregating bad loan accounts from banks.
• In contrast, IDRCL operates as a resolution agent, focusing on the loan resolution process. The merger would potentially reshape this division of responsibilities, leading to concerns and debates about the optimal structure of these entities.

Record Bank Credit Outstanding to Real Estate Sector in July: RBI

• reaching an all-time high of Rs 28 trillion, as per data released by the Reserve Bank of India (RBI).
• This impressive growth was driven by both housing and commercial real estate segments, with annual increases of approximately 37.4% and 38.1%, respectively.
• This surge indicates a robust revival in demand across the real estate sector, despite challenges such as rising interest rates and property prices.
• Housing credit outstanding saw a remarkable 4% annual growth, surpassing Rs 24.28 lakh crore. Credit outstanding for commercial real estate soared by 38.1% to reach Rs 4.07 lakh crore.

Economy News

Morgan Stanley Raises India GDP Forecast After Q1 Data

• Morgan Stanley, the multinational investment bank, has revised its economic growth forecast for India for the fiscal year 2024.
• The bank has raised its projection from an earlier estimate of 6.2 percent to a more optimistic 6.4 percent.
• This upward revision is attributed to the strong performance of the Indian economy, driven primarily by robust domestic demand.Morgan Stanley highlights the sustained momentum in domestic demand as a significant driver of India’s economic growth.
• This momentum has led to GDP numbers exceeding expectations for two consecutive quarters. Factors contributing to this trend include strong Goods and Services Tax (GST) collections, credit growth, and a robust Purchasing Managers’ Index (PMI).

Summits and Conferences News

43rd ASEAN Summit Begins In Jakarta Today

• President Joko Widodo and First Lady Iriana extended a warm welcome to the heads of state and government participating in the 43rd summit of the Association of Southeast Asian Nations (ASEAN) in Jakarta.
• The 43rd ASEAN Summit, hosted by Indonesia and occurring from September 5th to 7th, saw esteemed delegates gathering at the Plenary Hall of the Jakarta Convention Center, the summit’s main venue.
• The 43rd ASEAN Summit commenced on a note of unity and cultural celebration. Delegates gathered to sing the ASEAN Anthem, symbolizing their shared commitment to the region’s prosperity and stability.
• The summit was further enriched by captivating art performances, including those by Aemove Dancer and Gitabumi Voices.This year, Indonesia assumed the chairmanship with the theme “ASEAN Matters: Epicentrum of Growth.”
• This theme underscores Indonesia’s determination to preserve ASEAN’s relevance in the global arena and equip the bloc to face future challenges while promoting regional stability and peace.

Appointments News

Cognizant India MD Rajesh Nambiar Appointed as Nasscom Chairperson

• Indian IT and tech trade body Nasscom announced the appointment of Rajesh Nambiar, Chairman and Managing Director, Cognizant India, as its new Chairperson.
• Nambiar is succeeding Anant Maheshwari, former President, Microsoft India as the new Chairperson of the trade body.
• Nambiar takes on the new role from his previous role as Vice Chairperson succeeding Anant Maheshwari, Former President, of Microsoft India. Nambiar along with President Debjani Ghosh, will continue to work with the Nasscom Executive Council, industry, and the government in strengthening India’s position as a global technology hub while navigating the current volatile macro environment.

Agreements News

Government Partners with Meta for 'Education to Entrepreneurship' Program

• The Ministry of Skill Development and Entrepreneurship, the Ministry of Education, and Meta (formerly known as Facebook) have teamed together in a three-year alliance in a significant move intended to strengthen India’s digital capabilities.
• This ground-breaking program, titled “Education to Entrepreneurship: Empowering a Generation of Students, Educators, and Entrepreneurs,” aims to provide aspiring and established business owners with crucial digital marketing knowledge.
• It is aimed at a mind-boggling 5 lakh people.

BEL Inks MoU With Israel Aerospace Industries

• Navratna Defence PSU Bharat Electronics Limited (BEL) and Israel Aerospace Industries (IAI), Israel’s leading aerospace and defense company, have recently signed a Memorandum of Understanding (MoU) aimed at enhancing cooperation in addressing India’s requirements in the domain of Short Range Air Defence Systems.
• The Memorandum of Understanding was officially signed in Bengaluru.
• The MoU between BEL and IAI aligns perfectly with the ‘Atmanirbhar Bharat‘ (Self-Reliant India) and ‘Make in India‘ policies of the Government of India. These policies emphasize the importance of domestic manufacturing and self-sufficiency in defense capabilities.
• By pooling their strengths and expertise, BEL and IAI aim to contribute significantly to these national objectives.

Awards News

National Teachers’ Award Presented on Teachers’ Day

• President Droupadi Murmu presented awards at an event organized by the Department of School Education & Literacy under the Ministry of Education, held at Vigyan Bhawan in New Delhi.
• This year, 75 teachers from all over the country were chosen to receive this prestigious award. The purpose of the award is to recognize and celebrate the exceptional contributions of teachers.
• It aims to honor those educators who, through their unwavering commitment and dedication, have not only enhanced the quality of education but also positively impacted the lives of their students.

Satyajit Majumdar Honored with Dr. V G Patel Memorial Award

• Mumbai Professor Satyajit Majumdar, dean of School of Management and Labour Studies from Tata Institute of Social Sciences (TISS), has received the ‘ V G Patel Memorial Award-2023 for Entrepreneurship Trainer, Educator and Mentor’ for his work in promoting and strengthening entrepreneurship in India.
• Patel is widely acknowledged as the Father of the Entrepreneurship Movement in India.The award will be given to a professional for his/her outstanding performance/contribution in Entrepreneurship Training/Education/Mentoring/Knowledge or Technology Driven Start-Ups. The award consists of a citation and a cash prize of Rs. 100,000.

Sports News

Transgender Woman to Make History in International Cricket

• For the first time in international cricket, a transgender woman player will feature in ICC-related tournaments. Danielle McGahey, 29, is set to become the first transgender woman player to play in international cricket.
• The right-hand batter from Australia, who moved to Canada in 2020, had fulfilled the eligibility criteria for male-to-female (MTF) transition, per ICC.McGahey is named in Canada’s squad for the Women’s T20 Americas Qualifier, the pathway tournament to the T20 World Cup 2024.
• According to BBC Sport, the first to break this news, McGahey socially transitioned from male to female three years ago in 2020 before undergoing a medical transition in 2021.

Science and Technology News

Hyderabad Firm Unveils India’s First AI-Powered Anti-Drone System – Indrajaal

• Hyderabad-based private sector firm Grene Robotics has introduced Indrajaal, the world’s only autonomous wide area, counter-unmanned aircraft system (C-UAS).
• This state-of-the-art system is touted as capable of safeguarding against micro, mini, small, large, and extra-large drones, signaling a significant advancement in Indian defense technology.Indrajaal is built on a foundation of 12 unique layers of technology, a feat powered by artificial intelligence, marking a world-first achievement.
• This cutting-edge system possesses the ability to detect, identify, classify, track, and swiftly neutralize threats in real-time. Its coverage extends to 360 degrees, offering protection over areas spanning up to 4000 square kilometers against all categories and levels of unmanned autonomous threats.

Obituaries News

ISRO Scientist N Valarmathi, Voice Behind Chandrayaan-3 Countdown, Passes Away

• N Valarmathi, an Indian Space Research Organisation (ISRO) scientist, who lent her voice to countdowns for rocket launches in Sriharikota, died after a cardiac arrest.
• She was last heard during the countdown announcement for the launch of Chandrayaan-3 that made a historic landing on the Moon.
• Chandrayaan-3 was launched from the Satish Dhawan Space Centre in Sriharikota on July 14. Chandrayaan 3 was her final countdown announcement.Valarmathi was a scientist at the Indian Space Research Organisation (ISRO) for over 30 years.
• She was the voice behind the countdowns for many ISRO launches. Her calm and reassuring voice was a familiar sound to millions of Indians who tuned in to watch the ISRO launches. She was also known for her work in the development of space applications for the benefit of society.

Miscellaneous News

Kokborok Language Advocates Call for Roman Script Adoption

• A coalition of 56 organizations in Tripura, under the banner of ‘Roman Script For Kokborok Choba,’ has taken to the streets to demand the adoption of the Roman script for the Kokborok language.
• This move comes as a culmination of decades of efforts by the indigenous community in the state to preserve and promote their native language.
• Kokborok is the lingua franca of Tripura’s indigenous community, spoken by nearly one-third of the state’s population
• .Its cultural and emotional significance to the people of Tripura cannot be overstated.
• The demand for a Roman script for Kokborok stems from the need to ensure its survival and accessibility in an increasingly digital and interconnected world.