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By admin: Sept. 1, 2024

International Day for People of African Descent - 31st August 2024

Tags: Important Days

The International Day for People of African Descent is observed globally every 31st August.

An Overview of the News

• The day honors the significant contributions of the African diaspora worldwide.

• It aims to eradicate all forms of discrimination against people of African descent.

• 31st August 2024 will mark the 4th observance of this day.

Background:

• Resolution Adoption: On 16th December 2020, the UN General Assembly adopted resolution A/RES/75/170, establishing 31 August as the International Day for People of African Descent.

• First Observance: The inaugural observance took place on 31 August 2021.

• Initiative: The creation of the International Day for People of African Descent was driven by Costa Rica.

Subhasri Sriram Appointed as MD & CEO of Shriram Capital

Tags: Person in news

Subhasri Sriram has been appointed as the Managing Director and Chief Executive Officer (MD & CEO) of Shriram Capital Private Limited (SCPL), effective September 1, 2024.

An Overview of the News

• He was previously served as Joint MD at Shriram Capital Private Limited.

Career at Shriram Group:

• Joined the Shriram Group in 1991.

• Played a significant role in the company's growth and expansion.

• Held key positions including Executive Director (ED) and Chief Financial Officer (CFO) at Shriram City Union Finance (now Shriram Finance).

Professional Qualifications:

• Fellow of the Institute of Company Secretaries of India (ICSI).

• Fellow of the Institute of Cost and Works Accountants of India (now Institute of Cost Accountants of India - ICAI).

Company Information:

• Shriram Capital Private Limited, formerly known as Shriram Financial Ventures (Chennai) Private Limited, is the holding company of the Shriram Group.

• Headquartered in Chennai, Tamil Nadu (TN).

IndiaFirst Life Insurance Launches First IFSC Insurance Office in GIFT City

Tags: National News

IndiaFirst Life Insurance Company Limited has launched its International Financial Services Centre (IFSC) Insurance Office (IIO) at GIFT City, Gandhinagar, Gujarat.

An Overview of the News

• This makes IndiaFirst Life the first Indian life insurer to operate in GIFT City.

Product Offering:

• IndiaFirst Life introduces the 'IndiaFirst Life Wealth Wise Plan,' a Unit Linked Insurance Plan (ULIP) specifically designed for global Indians.

• The plan is denominated in US dollars and aims to cater to international consumers seeking long-term wealth and legacy creation.

Expansion Strategy:

• The initiative focuses on reaching international customers through partner banks and selected broker partners.

• Current shareholders of IndiaFirst Life include Bank of Baroda (BoB), Union Bank of India (UBI), and Carmel Point Investments India Private Limited (CPIIPL).

IndiaFirst Life Insurance Company Limited

• Established- 2009

• Headquarters- Mumbai, Maharashtra

• MD & CEO- Rushabh Gandhi

Rubina Francis Secures Bronze in Women’s 10m Air Pistol SH1 at Paralympic Games

Tags: Sports

Indian shooter Rubina Francis won the bronze medal in the women’s 10-meter air pistol SH1 final at the 17th Summer Paralympic Games.

An Overview of the News

• Rubina secured a total score of 211.1 in the final, earning her a third-place finish.

Stage 1 Performance

• Rubina had a strong start in Stage 1, scoring 97.6 points and holding the second position.

Stage 2 and Final Elimination Round

• Despite a shaky start in Stage 2, Rubina managed to stay in the medal race.

• In the final elimination round, Rubina outperformed Turkey’s Ayşegül Pehlivanlar with crucial shots, including a 9.5 and a 9.8, securing her bronze medal.

India’s Shooting Medals at the Paralympics

• India has won four medals in shooting at the ongoing Paralympic Games:

  • Gold: Avani Lekhara in women’s 10m air rifle SH1.

  • Bronze: Mona Agarwal in women’s 10m air rifle SH1.

  • Silver: Manish Narwal in men’s 10-meter air pistol SH1 with a score of 234.9.

  • Bronze: Rubina Francis in women’s 10-meter air pistol SH1.

Paris 2024: Summer Paralympics

• The 2024 Summer Paralympics, also known as the Paris 2024 Paralympic Games, is the 17th edition of the Summer Paralympic Games.

• These games are governed by the International Paralympic Committee.

• The event is being held in Paris, France, from 28 August to 8 September 2024.

• This is the first time Paris is hosting the Summer Paralympics.

• It is the second time France is hosting the Paralympic Games, with the first being the 1992 Winter Paralympics in Tignes and Albertville.

Aarti Wins India's First Medal at World U20 Athletics Championships 2024

Tags: Sports

Aarti secured India's first medal at the World U20 Athletics Championships 2024 in Lima, Peru, by winning a bronze in the women's 10,000m race walk event.

An Overview of the News

• She completed the race in 44 minutes and 39.39 seconds, breaking her own U20 national record of 47:21.04, set earlier this year in Lucknow.

International Competition and Achievements

• The gold and silver medals in the event were claimed by Zhuoma Baima (43:26.60) and Meiling Chen (44:30.67) from the People’s Republic of China.

• Aarti qualified for the World U20 Championships through the Asian U20 Athletics Championships 2024 in Dubai, UAE, where she won a bronze medal with a time of 47:45.33.

India's Legacy in U20 Athletics

• Two years ago, at the World Athletics U20 Championships in Cali, Colombia, India won three medals: two silvers (Selva Thirumaran in men’s triple jump and the mixed 4x400m relay) and a bronze (Rupal Chaudhary in the women’s 400m).

• India sent a strong contingent of 43 athletes to the World U20 Athletics Championships 2024, including seven Asian U20 champions.

NMCG Approves ₹265 Crore for Ganga’s Pollution Control

Tags: Economy/Finance Government Schemes

The National Mission for Clean Ganga (NMCG) has approved nine projects totaling ₹265 crore in its 56th Executive Committee meeting, chaired by Director General Rajeev Kumar Mital.

An Overview of the News

• NMCG Approves Nine Projects: Faecal Sludge Treatment, Sewerage Works, Arth Ganga Centre, Stream Restoration, Canal Penstock Gates, Udhwa Lake Management, Crematorium Renovations, Munger Sewerage Network, Smart Laboratory for Rivers

Key Project Approvals

• Faecal Sludge Management Project

  • Location: Dalmau Raebareli, Uttar Pradesh

  • Objective: Reduce pollution in River Ganga

  • Components: 8 KLD Faecal Sludge Treatment Plant, 15 KW Solar Power Plant, Solar Inverter

  • Cost: Rs. 4.40 crores (includes 5 years of O&M)

• Sewerage Project in Gulaothi Town

  • Location: Bulandshahr district, Uttar Pradesh

  • Objective: Prevent pollution in East Kali River

  • Components: I&D of drains, 10 MLD Sewage Treatment Plant

  • Cost: Rs. 50.98 crores (includes 15 years of O&M)

• Arth Ganga Centre and Branding Project

  • Location: Prayagraj

  • Objective: Create awareness and employment opportunities during Maha Kumbh Mela 2025

  • Cost: Rs. 1.80 crores

• Restoration of Streams and Tributaries

  • Location: Upper Gomti River Basin

  • Objective: Rejuvenate lower-order streams through nature-based solutions

  • Cost: Rs. 81.09 lakh

• Penstock Gates Installation and Renovation

  • Location: Beliaghata Circular Canal, Kolkata, West Bengal

  • Objective: Improve canal management

  • Cost: Rs. 7.11 crores (O&M by Kolkata Municipal Corporation)

• Integrated Management Plan for Udhwa Lake Bird Sanctuary

  • Location: Sahibganj, Jharkhand

  • Objective: Conservation and sustainable management

  • Cost: Rs. 25.89 crores (includes 5 years of management)

• Renovation of Electric Crematoriums

  • Locations: Santipur, Garulia, Chakdha municipalities, West Bengal

  • Objective: Modernize crematorium facilities

  • Cost: Rs. 2.89 crores (includes 5 years of O&M)

• Munger Sewerage Network and STP Project

  • Location: Munger

  • Objective: Develop 30 MLD STP and 175 km sewerage network

  • Cost: Rs. 522.85 crores (O&M to state government after 15 years)

• Establishment of Secretariat for Smart Laboratory on Clean Rivers

  • Location: Varanasi

  • Executing Agency: IIT (BHU)

  • Objective: Deploy global expertise to rejuvenate small rivers across the country

  • Focus: Balance between environment, economy, and society

NSO Reports 6.7% GDP Growth for April-June 2024 Quarter

Tags: Reports

The Indian economy achieved a 6.7% real GDP growth for the April-June 2024 quarter.

An Overview of the News

• The Ministry of Statistics' data highlights this as a significant economic performance.

Sectoral Performance

• The manufacturing sector grew by 7%, contributing positively to job creation.

• The construction and electricity sectors experienced double-digit growth.

• Private Final Consumption Expenditure increased by 7.4%, and Gross Fixed Capital Formation grew by 7.5%.

Economic Outlook

• Aggregate demand is gaining momentum with improved rural consumption and rising incomes.

• This uptick in demand is expected to boost private sector investment and overall growth.

• Despite this positive outlook, global economic concerns persist, including geopolitical tensions, recession fears in major economies, and financial market volatility, although inflation has moderated in many countries.

Dr. T.V. Somanathan Appointed as New Cabinet Secretary of India

Tags: Person in news

Dr. T.V. Somanathan has assumed the role of the new Cabinet Secretary in the Government of India.

An Overview of the News

• Somanathan takes over following the retirement of Shri Rajiv Gauba.

• Dr. Somanathan is an IAS officer from the Tamil Nadu cadre, belonging to the 1987 batch.

Education and Qualifications

• Ph.D. in Economics: From Calcutta University.

• Executive Development Program: Completed at Harvard Business School.

• Professional Qualifications: Chartered Accountant, Cost Accountant, and Company Secretary.

Key Positions and Experience

• Central Government:
  

  • Former Finance Secretary and Secretary, Department of Expenditure.

  • Served as Joint Secretary and Additional Secretary in the Prime Minister’s Office.

  • Joint Secretary in the Ministry of Corporate Affairs.

• State Government (Tamil Nadu):

  • Managing Director of Chennai Metro Rail Corporation Ltd.

  • Secretary to the Chief Minister.

  • Additional Chief Secretary & Commissioner of Commercial Taxes during GST rollout.

  • Commissioner, Disciplinary Proceedings.

• World Bank:

  • Financial Economist, East Asia & Pacific Regional Vice Presidency.

  • Manager of the Budget Policy Group.

  • Director, Corporate Affairs (2011-2015).

Publications and Contributions

• Academic Contributions: Over 80 papers and articles on economics, finance, and public policy.

• Authorship: Authored three books published by McGraw Hill and Cambridge/Oxford University Press.