Current Affairs 13th June 2024

Welcome to your one-stop shop for catching up on what happened in the world on June 13th, 2024! Today’s headlines bring a mix of news, from global developments to domestic updates in India. Let’s dive into “Current Affairs 13th June 2024” and explore the key stories that unfolded.

BANKING & FINANCE

1) SBI Launched SME Digital Business Loans for MSME Sector

On 11th June 2024, India’s largest Public Sector Bank (PSB), The State Bank of India (SBI), launched a new product called “SME Digital Business Loans” to meet the credit needs of the Micro, Small, and Medium Enterprise (MSME) sector. This innovative product allows SBI to sanction loan requests from MSMEs within 45 minutes, showcasing the bank’s commitment to digital transformation and efficiency.

SBI has identified the MSME sector as a focal point for the bank’s growth and profitability over the next five years. Additionally, SBI has sanctioned a Rs 2,030 crore co-lending tie-up with NBFCs to expand its reach to unserved and under-served segments in India.

About State Bank of India (SBI):

• Chairman: Dinesh Kumar Khara
• Headquarters: Mumbai, Maharashtra
• Tagline: “The Banker to Every Indian”
• Founded on: 1st July 1955

2) RBI Relaxed Norms for Overseas Investment Ties for Offshore Funds

The Reserve Bank of India (RBI) has introduced new regulations that allow listed Indian companies and resident individuals to invest in offshore funds regulated through their fund managers. These directions were issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (FEMA Act).

RBI has made certain amendments regarding Overseas Portfolio Investments (OPIs), thereby amending the Foreign Exchange Management (Overseas Investment) Directions, 2022. Previously, OPI was only allowed if the “funds” were regulated in their home jurisdiction and the investments were in ‘units’ of the funds. Banks permitted remittance only when the funds were directly regulated. If funds were not directly regulated, new funds had to be established in jurisdictions like the Cayman Islands, Mauritius to ensure investments from Indian LPs were possible.

Key Changes:

The new regulations now permit Limited Partnerships (LPs), Limited Liability Companies (LLCs), Variable Capital Companies (VCCs), companies, or trusts to invest in units issued by overseas funds. It also allows investment in any instrument, irrespective of its form, whether in units or not.

The condition that investment could only be made in funds directly regulated by the host country’s financial regulator has been removed. Investment through Investment Managers (IMs) is now permitted.

Unlisted Indian companies, such as Limited Liability Partnerships (LLPs) and registered partnerships, can now invest in International Financial Services Centre (IFSC) funds under the OPI route. They can invest up to 50% of their last audited net worth into funds registered in the IFSC under the OPI route.

General partners now have the flexibility to establish their funds in commercially favorable jurisdictions, as financial services regulators in places like Singapore and the United States of America (U.S.A.) often regulate the fund manager rather than the fund itself.

About Reserve Bank of India (RBI):

• Governor: Shaktikanta Das (25th Governor of RBI)
• Headquarters: Mumbai, Maharashtra
• Established on: 1 April 1935

ECONOMY & BUSINESS

3) World Bank Revised India’s GDP Growth Projection to 6.6% for FY25

According to the World Bank’s biannual report titled “Global Economic Prospects (GEP) – June 2024,” India’s Gross Domestic Product (GDP) growth projection for FY25 (2024-2025) has been revised from 6.4% (projected in January 2024) to 6.6%. The report also revised India’s GDP growth by 20 basis points (bps) each to 6.7% and 6.8% for FY26 (2025-26) and FY27 (2026-27), respectively.

Note: In June 2024, the Reserve Bank of India (RBI) in its 2nd bi-monthly Monetary Policy of FY25 raised India’s GDP growth forecast from 7% to 7.2% for FY25.

India-Specific:

• The report indicates that India will remain the world’s fastest-growing economy, but its GDP growth is expected to moderate. This moderation is mainly due to a slowdown in investment from a high base.
• The report projects that for the next three fiscal years (FY25, FY26, and FY27), growth is likely to remain stable at an average of 6.7% per year. This moderation (between FY25 and FY27) is mainly driven by a slowdown in investment from a high base.
• It also estimates that investment is expected to remain strong for the next three years, with strong public investment accompanied by the private sector.
• The report projects that India’s fiscal deficit is likely to decrease relative to its GDP, partly due to an increase in revenue.

Global Scenario:

• The report estimates that global growth will remain stable at 2.6% in FY25. This projection of stable global growth will happen for the first time in three years despite rising geopolitical tensions and high interest rates.
• The global growth is expected to marginally increase to 2.7% in FY26 and remain the same for FY27, amid modest growth in trade and investment.
• The report projects that global inflation will be moderate as central banks in both advanced economies and Emerging Market and Developing Economies (EMDEs) will be cautious in easing policy rates. It also projects that global interest rates will remain high, averaging around 4% for FY26.
• The report estimates that GDP growth for the South Asia region will decrease from 6.6% (in 2023) to 6.2% (in 2024). If India’s GDP growth remains stable, the GDP growth for the South Asia region will remain at 6.2% for FY26.
• The report cautions against potential risks that may hinder growth in the South Asia region, such as an increase in commodity prices due to geopolitical tensions and climate change, higher growth in the United States of America (U.S.A.), and faster moderation in inflation.
• The report estimates that the U.S. economy will grow at 2.5% in 2024, which is 1.6% higher than its previous estimate.

About World Bank:

• President: Ajay Banga
• Headquarters: Washington, DC, The United States of America (USA)
• Established: 1944

4) Adani Defence and Aerospace Signed Agreement with EDGE Group to Set Up R&D Facilities in India and the UAE

Adani Defence and Aerospace, a defence subsidiary of Adani Enterprises Limited (AEL), signed a cooperation agreement with EDGE Group, one of the leading advanced technology and defence groups in the United Arab Emirates (UAE). The agreement aims to establish an international platform leveraging the defence and aerospace capabilities of both companies to combine their expertise in missiles, weapons, unmanned platforms, and other areas to meet the requirements of global and local customers.

Key Points:

The agreement will evaluate core product domains such as missiles and weapons, including airborne, surface, infantry, ammunition, and air defence products, as well as platforms and systems like Unmanned Aerial Systems (UAS), Loitering Munitions (LM), Counter Drone System (CDS), Unmanned Ground Vehicles (UGV), Electronic Warfare (EW), and cyber technologies.

Both companies will explore the option to set up Research & Development (R&D) facilities in India and the UAE. This will include the establishment of development, production, and maintenance facilities for defence and aerospace solutions, targeting markets in India, the UAE, Southeast Asia, and the wider global market.

5) IITH & Japan-Based Renesas Signed 3-Year MoU to Enhance Semiconductor Innovation in India

The Indian Institute of Technology, Hyderabad (IIT-H), Telangana, and Renesas Electronics Corporation, Japan’s leading supplier of advanced semiconductor solutions, signed a 3-year Memorandum of Understanding (MoU) for research and collaboration in Very-Large-Scale-Integration (VLSI) and embedded semiconductor systems. This partnership aims to strengthen India’s semiconductor ecosystem and support the “Make in India” objective.

AWARDS & RECOGNITIONS

6) AITA Honored Nar Singh & Rohini Lokhande with Dilip Bose Lifetime Achievement Award

The All India Tennis Association (AITA) honored Delhi-based tennis coach Nar Singh with the prestigious Dilip Bose Award for Lifetime Achievement in Coaching. He is the 11th recipient of the award. Additionally, AITA introduced a new Lifetime Achievement Award for Women’s Coaches and presented the inaugural award to Rohini Lokhande of Pune, Maharashtra, one of India’s earliest women’s coaches.

The awards were presented during the 11th National coaches workshop held at the Poona Young Cricketers (PYC) Hindu Gymkhana in Pune, Maharashtra, on June 7th-8th, 2024. AITA, established in 1920, is the governing body of tennis in India, affiliated with the International Tennis Federation and Asian Tennis Federation.

About Nar Singh:

• The 65-year-old Nar Singh, one of the senior-most coaches in India, has worked with the Delhi Lawn Tennis Association as Head Coach & Director (coaching) from 1986 to 2018.
• He was appointed as an Administrator of AITA Coaches Education from 2008 to 2021. He has also traveled with Junior Indian teams and players as a traveling Coach for more than three decades.

About Rohini Lokhande:

• Rohini was the first woman tennis coach to qualify from the National Institute of Sports. She has trained thousands of players in different age groups and has helped many to qualify as coaches.
• She was a member of the national team along with Kiran Bedi, Nirupama Mankad, Susan Das, and Udaya Kumar, before she took to coaching at a young age.

About Dilip Bose Lifetime Achievement Award:

• The AITA instituted the Dilip Bose Lifetime Achievement Award in 2002 in honor of Dilip Bose, a renowned Indian tennis player. The award carries a cash prize of Rs. 50,000.
• Dilip Bose represented India in the Davis Cup (1947) and won the Men’s singles title at the inaugural Asian Championships (tennis) held in 1949 in West Bengal (WB). After his retirement, he worked as an administrator and coach.

APPOINTMENTS & RESIGNATIONS

7) Vijaya Bharathi Sayani Took Charge as Acting Chairperson of NHRC, India; Justice Arun Kumar Mishra Retired

The Ministry of Home Affairs (MoHA) notified the appointment of Vijaya Bharathi Sayani as Acting Chairperson of the National Human Rights Commission (NHRC) of India with effect from 2nd June 2024 until the appointment of a New Chairperson of NHRC. She took over from Justice Arun Kumar Mishra, a Former Supreme Court judge, whose term as Chairperson of NHRC ended on 1st June 2024.

Sayani is currently serving as a Member of NHRC since December 2023. Justice Mishra has been serving as the Chairperson of the NHRC since June 2021. The appointment was authorized by the President of India in exercise of powers conferred under Section 7(1) of the Protection of Human Rights Act, 1993.

About Vijaya Bharathi Sayani:

• Prior to joining NHRC as a Member, Vijayabharathi Sayani practiced as an Advocate in the Telangana High Court.
• She has written over 200 articles regarding women’s issues in various Telugu weeklies and newspapers.

About Justice Arun Kumar Mishra:

During 1998-99, Justice Arun Kumar Mishra was elected as the youngest Chairman of the Bar Council of India (BCI).

In 1999, he was appointed as a Judge of the Madhya Pradesh High Court and also served as the Chairman of the Madhya Pradesh State Legal Services Authority (MPSLSA).

He has served as the Chief Justice (CJ) of the Rajasthan High Court and the Calcutta High Court.

He was elevated as a Judge of the Supreme Court of India in 2014 and held the position until his superannuation in 2020.

About National Human Rights Commission (NHRC) of India:

NHRC was established under the Protection of Human Rights Act (PHRA), 1993, as amended by the Protection of Human Rights (Amendment) Act, 2006.

The NHRC consists of a Chairperson, five full-time Members, and seven deemed Members. The statute lays down qualifications for the appointment of the Chairperson and Members of the Commission.

• Acting Chairperson: Vijaya Bharathi Sayani
• Headquarters: New Delhi, Delhi
• Established on: 12th October 1993

SCIENCE & TECHNOLOGY

8) India Received Indigenous Man Portable Counter Drone System

On 10th June 2024, the Indian Army received an indigenously developed first-of-its-kind Man Portable Counter Drone System (MPCDS). It is designed and manufactured by Bengaluru-based AXISCADES Technologies Limited under an agreement worth Rs 100 crore from the Indian Army.

About MPCDS:

• It is unique in terms of its portability, with the ability to operate on both battery and mains power.
• It covers a wide range of frequency spectrums, including Command & Control and Navigation.
• It is capable of detecting and jamming different types of drones within a range of up to 5 Kilometres (Kms).

Significance:

• The Ministry of Defence (MoD) and Defence Forces aim to improve their Counter-Unmanned Aerial Vehicle (C-UAV) capabilities, including emergency procurements, with an estimated investment of Rs 3000 crore within India over the next five years.
• AXISCADES Technologies Limited will play a pivotal role in this initiative, as the company has expertise in C-UAV offerings with integrated sensors and neutralization options.

Click here to read: Current Affairs 12th June 2024

SPORTS

9) Tennis: French Open 2024: Carlos Alcaraz won Men’s Singles title & Iga Swiatek won Women’s Singles title

Spanish tennis player Carlos Alcaraz, 21 years old, won the Men’s singles title at the French Open 2024 (also known as Roland-Garros) by defeating Alexander Zverev of Germany in the finals held at the Stade Roland Garros in Paris, France.

The 2024 French Open was held from 26th May to 9th June 2024 at the Stade Roland Garros in Paris, France.

Winners of French Open 2024:

• World No. 1 Iga Swiatek of Poland won the Women’s singles title at the 2024 French Open by defeating Jasmine Paolini of Italy. This marks her 4th French Open title and 5th Grand Slam title.
• El Salvador’s Marcelo Arevalo and Croatia’s Mate Pavic secured the Men’s Doubles title after defeating the Italian pair Simone Bolelli and Andrea Vavassori. This is the first Grand Slam title for the pair.
• Coco Gauff (The United States of America-USA) and Katerina Siniakova (Czech Republic) won the French Open’s women’s doubles title by defeating the Italian pair Jasmine Paolini and Sara Errani.
• Germany’s Laura Siegemund and France’s Edouard Roger-Vasselin won the mixed doubles title after defeating the two-time Wimbledon Champions Desirae Krawczyk (USA) and Neal Skupski (Britain).

10) ISSF World Cup 2024: Sarabjot Singh and Sift Kaur Samra Secure Medals for India

India concluded the International Shooting Sport Federation (ISSF) World Cup 2024 with two medals, securing a third-place finish on the medal tally. The event, held from 31st May to 8th June 2024 in Munich, Germany, saw Indian shooters Sarabjot Singh and Sift Kaur Samra shine on the international stage.

Sarabjot Singh clinched the gold medal in the men’s 10m air pistol category, while Sift Kaur Samra bagged a bronze medal in the women’s 50m rifle 3 positions event. China topped the medal count with 11 medals, followed by Norway with 3 medals.

The ISSF World Cup, first introduced in 1986, serves as a platform for qualification to the Olympic shooting competitions.

About Sift Kaur Samra:

• This was Sift Kaur Samra’s third ISSF World Cup bronze medal, having previously won in 2023 (Bhopal, India) and 2022 (Changwon, South Korea).
• She also secured a gold medal in the women’s 50-metre rifle 3-positions category at the 2023 Asian Games in Hangzhou, China.
• Sift Kaur Samra secured a Paris 2024 Olympics quota for India by finishing 5th in the women’s 50m rifle 3 positions at the ISSF World Championship 2023 in Baku, Azerbaijan. This was India’s sixth quota in shooting.

About Sarabjot Singh:

• This victory marked Sarabjot Singh’s second individual gold at the ISSF World Cup, having previously won in 2023 (Bhopal, India) under the men’s 10m air pistol category.
• He also secured a gold in the mixed team event at the 2023 World Cup in Baku, Azerbaijan.
• Sarabjot partnered with Arjun Singh Cheema and Shiva Narwal to win the gold medal in the men’s 10m air pistol team event at the Asian Games in Hangzhou, China in 2023.
• He secured a Paris 2024 Olympics quota for India with a bronze medal at the Asian Shooting Championship in Changwon, Republic of Korea in 2023.

About the International Shooting Sport Federation (ISSF):

• The ISSF is the governing body for Olympic shooting events in rifle, pistol, and shotgun (clay target) disciplines, as well as several non-Olympic shooting sports events.
• President: Luciano Rossi
• Headquarters: Munich, Germany

OBITUARY

11) Renowned Indian Biologist & Wildlife Conservation Activist AJT Johnsingh Passed Away

On June 7, 2024, Asir Jawahar Thomas Johnsingh, also known as A J T Johnsingh, a renowned Indian biologist and wildlife conservation activist, passed away at the age of 78 in Bengaluru, Karnataka. He was born in Nanguneri, Tirunelveli district of Tamil Nadu.

About AJT Johnsingh:

• AJT Johnsingh was deeply influenced by Colonel Edward James ‘Jim’ Corbett’s tales, which were based on Indian wildlife.
• He joined the Wildlife Institute of India (WII) in Dehradun, Uttarakhand, as a faculty member and retired as the Dean.
• After retirement, he remained active in wildlife conservation efforts and was associated with various conservation organizations such as the Nature Conservation Foundation (NCF), the World Wide Fund for Nature (WWF) India, and The Corbett Foundation (TCF).
• He played a vital role in the establishment of the Kalakkad-Mundanthurai Tiger Reserves in Tamil Nadu, located in the Western Ghats.
• He was among the first to expose the death of all the tigers in the Sariska Tiger Sanctuary in Rajasthan.
• AJT Johnsingh authored over 70 scientific papers and more than 80 popular articles on wildlife conservation.
• His research primarily focused on species such as the Asian elephant, Asiatic lion, Goral, Himalayan ibex, Nilgiri tahr, Sloth bear, Grizzled giant squirrel, and Nilgiri langur.

Awards & Honours:

• He was awarded India’s fourth highest civilian award, the Padma Shri.
• He received the 2004 Distinguished Service Award for Government from the Society for Conservation Biology (SCB).
• He was honored with the ABN AMRO Sanctuary Lifetime Wildlife Service Award in 2005.
• He also received the Carl Zeiss Wildlife Conservation Award in 2004 for his lifetime service to Indian wildlife.

BOOKS & AUTHORS

12) Bill Gates’ Memoir “Source Code: My Beginnings” Set to be Published in February 2025

“Source Code: My Beginnings,” a memoir by Bill Gates, the co-founder of Microsoft, is scheduled to be published by Allen Lane, an imprint of Penguin Random House, on February 4, 2025.

This memoir will delve into Gates’ early life, tracing his journey from childhood to the founding of Microsoft with Paul Allen in 1975. It is expected to provide insights into the life of one of the most influential and transformative business leaders and philanthropists of the modern age.

All proceeds from the book sales will be donated to the nonprofit United Way Worldwide.

IMPORTANT DAYS

13) First-Ever UN International Day of Play – 11 June 2024

The first-ever United Nations (UN) International Day of Play was observed on June 11, 2024, to celebrate the power of play. The day aims to highlight the essential role of play in human development and well-being, particularly for children.

The UN General Assembly adopted resolution A/RES/78/268 on March 25, 2024, proclaiming June 11 as the International Day of Play.

According to new estimates released by the United Nations Children’s Fund (UNICEF) on the first International Day of Play, nearly 400 million children under 5 (6 in 10 children) regularly experience psychological or physical punishment at home globally, with about 330 million facing physical punishment.

14) World Day Against Child Labour 2024 – June 12

The United Nations (UN) World Day Against Child Labour is observed annually on June 12 to raise awareness about the global extent of child labor and the efforts needed to eliminate it.

The 2024 theme for World Day Against Child Labour is “Let’s act on our commitments: End Child Labour!”

The World Day Against Child Labour was launched in 2002 by the International Labour Organization (ILO), a tripartite UN agency dedicated to promoting social justice and internationally recognized human and labor rights. The first observance was held on June 12, 2002.

About the International Labour Organization (ILO):

• Director-General: Gilbert Fossoun Houngbo
• Headquarters: Geneva, Switzerland
• Founded: 1919

15) UN Declares 2025 International Year Of Quantum Science And Technology

The United Nations (UN) has officially declared 2025 as the International Year of Quantum Science and Technology (IYQ) to enhance global public awareness of the importance of quantum science and its applications. This initiative unites national scientific societies in celebrating 100 years of modern quantum mechanics.

The IYQ is a global effort aimed at strengthening national capacities in basic sciences and science education. It will highlight the contributions of quantum science and technology and their critical roles in developing sustainable solutions in energy, education, communications, and human health.

Background:

• On June 7, 2024, the UN General Assembly (UNGA) adopted resolution A/78/L.70 by consensus, proclaiming 2025 as the International Year of Quantum Science and Technology.
• In May 2024, Ghana formally submitted a draft resolution to the UNGA for the official proclamation of the International Year. It garnered co-sponsorship from six countries (Finland, Ghana, India, Peru, South Africa, and Turkmenistan) before its approval.
• This UN-declared IYQ commemorates the centenary of German physicist Werner Heisenberg’s landmark paper.

Global Endorsements:

The proclamation has received support from prominent scientific unions, including the International Union of Pure and Applied Physics (IUPAP), the International Union of Pure and Applied Chemistry (IUPAC), the International Union of Crystallography (IUCr), and the International Union of History and Philosophy of Science and Technology (IUHPST).

Future Initiatives:

• The proclamation encourages individuals, organizations, and governments worldwide to use 2025 as an opportunity to raise awareness about quantum science and technology.
• The IYQ Steering Committee is planning educational and celebratory events worldwide.

What is Quantum Science and Technology?

• Quantum science and technology is a pivotal discipline of the 21st century, underpinning various fields such as physics, chemistry, material science, biology, and information science.
• It helps us understand the physical world, from the tiniest particles to the universe’s structure.
• Quantum science is also crucial for addressing the UN’s 2030 Sustainable Development Goals (SDGs).

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