DAILY CURRENT AFFAIRS

By admin: June 28, 2024

Naveen Chandra Jha Appointed as MD & CEO of SBI General Insurance

Tags: Person in news

Naveen Chandra Jha has been appointed as the new Managing Director and Chief Executive Officer (MD & CEO) of SBI General Insurance Company Limited.

An Overview of the News

• His nomination came from the parent company, State Bank of India (SBI), replacing Kishore Kumar Poludasu.

• Before his current role, Jha served as the Deputy Managing Director of SBI and has been associated with SBI since 1994.

• He has held various key positions including Chief General Manager (CGM) of Amaravati Circle, Andhra Pradesh (AP).

• Jha's experience spans Branch Management, Credit and Risk Management focusing on Small and Medium Enterprises (SME) Credit, Human Resources (HR) & Administration, and Retail Banking.

• In the fiscal year ending on March 31, 2024, SBI infused additional capital amounting to Rs 489.67 crore into SBI General Insurance Company Ltd.

About SBI

• Founded as Bank of Calcutta in 1806, later renamed Bank of Bengal.

• Merged with Bank of Bombay and Bank of Madras in 1921 to form Imperial Bank of India.

• Renamed State Bank of India on July 1, 1955, after independence.

• Headquarters located in Mumbai.

• Current Chairman: Dinesh Kumar Khara.

SEVENTEEN Appointed UNESCO's First - Ever Goodwill Ambassadors for Youth

Tags: Person in news

On June 26, 2024, Audrey Azoulay, Director-General of UNESCO, appointed K-pop group SEVENTEEN as UNESCO's first-ever Goodwill Ambassador for Youth.

An Overview of the News

• The appointment was made during a ceremony in Paris, France, where SEVENTEEN pledged USD 1 million towards UNESCO's initiatives.

• SEVENTEEN and UNESCO launched a joint program aimed at youth, titled "Going Together For Youth Creativity and Well-Being".

• This program includes an ambitious Global Youth Grant Scheme to support youth-led projects worldwide.

Global Youth Grant Scheme

• The scheme targets youth-led projects addressing challenges in well-being and development through music, arts, and sports.

• It supports project leaders aged 18 to 30 from diverse backgrounds and regions globally.

Role of SEVENTEEN as Goodwill Ambassadors

• SEVENTEEN will actively participate in UNESCO's campaigns and events as Goodwill Ambassadors.

• They will promote UNESCO's values during their performances and engagements worldwide.

Previous Initiatives and Collaborations

• In 2022, SEVENTEEN initiated the '#GoingTogether' campaign with the Korean National Commission for UNESCO.

• This initiative supported educational projects in Timor-Leste and provided educational aid in Malawi.

Engagement with UNESCO Youth Forum

• Through the UNESCO Youth Forum, UNESCO fosters direct communication between young people and leaders of its 194 Member States.

• This forum enhances youth engagement and advocacy within UNESCO's global initiatives.

IMPORTANT POINTS:-

• SEVENTEEN participated in the 13th UNESCO Youth Forum in Paris in November 2023.

• They delivered a speech and performed live for the first time in France during the event.

• Their performance reached over 40 million online viewers.

• Members of SEVENTEEN include: S.Coups, Jeonghan, Joshua, Jun, Hoshi, Wonwoo, Woozi, The8, Mingyu, DK, Seungkwan, Vernon, and Dino.

NOTE:-The United Nations High Commissioner for Refugees (UNHCR), the UN Refugee Agency, has named British actor, producer, and model Theo James as its new Global Goodwill Ambassador.

MoE Launches Nationwide Campaign on Tobacco Free Educational Institutions (ToFEI)

Tags: National News

The Ministry of Education (MoE), Government of India (GoI), under the National Tobacco Control Programme (NTCP), has initiated a nationwide campaign focused on Tobacco Free Educational Institutions (ToFEI).

An Overview of the News

• The Secretary of the Department of School Education & Literacy, MoE, has issued a comprehensive advisory to all States/UTs regarding compliance with the ToFEI Guidelines outlined in the ToFEI Implementation Manual.

• The ToFEI Implementation Manual, launched on World No Tobacco Day (31 May 2024), will play a critical role in guiding the transformation of all educational institutions across India into "Tobacco Free" zones.

Implementing Tobacco-Free Zones: Key Steps for Schools and Surrounding Areas

• Display signage stating "Tobacco Free Area" and "Tobacco Free Education Institution."

• Ensure no presence of tobacco-related evidence such as cigarette/beedi butts, discarded gutka/tobacco pouches, or spitting spots on premises.

• Post awareness materials about tobacco harms within the institution.

• Organize at least one tobacco control activity biannually (every 6 months).

• Nominate 'Tobacco Monitors' and prominently display their names, designations, and contact numbers on signage.

• Include guidelines against tobacco use in the institution's code of conduct.

• Mark a 100-yard (300 feet) area from the outer boundary of the educational institute.

• Prohibit tobacco sales within 100 yards of any educational institution.

• Conduct anti-tobacco pledges as outlined in Annexure-III of the ToFEI Implementation Manual.

Mazagon Dock Shipbuilders Elevated to 'Navratna' Status by Government

Tags: National News

Mazagon Dock Shipbuilders Limited (MDSL), a Central Public Sector Undertaking (CPSU) under the Ministry of Defence (MoD), has been granted 'Navratna' status by the Department of Public Enterprises (DPE), under the Ministry of Finance (MoF).

An Overview of the News

• Central Electronics Limited (CEL), a PSU under the Ministry of Science and Technology (MoST), Department of Scientific and Industrial Research (DSIR), has received 'Mini RATNA (Category-1)' status from the Department of Public Enterprises.

• During the Golden Jubilee celebration of CEL at its Ghaziabad campus in Uttar Pradesh (UP), Dr. Jitendra Singh, Union Minister of State (MoS) Independent Charge (IC), MoST, announced the grant of Mini Ratna status for CEL.

About Navratna CPSE

• It is a select group of public sector enterprises in India that have been granted greater autonomy in decision making and financial management by the government.

• The term "Navratna" means "Nine Gems" in Hindi and refers to the original nine CPSEs that were granted this status in 1997.

• Navratna CPSEs are also subject to certain obligations, such as achieving certain performance targets and maintaining minimum levels of public shareholding

• Some examples of Navratna CPSEs include Bharat Electronics Limited, Hindustan Petroleum Corporation Limited and Power Grid Corporation of India Limited.

Criteria for Navratna Status:

• Must be a Miniratna-I or Schedule 'A' company.

• Should have received an 'excellent' or 'very good' rating in at least three of the last five years under the Memorandum of Understanding (MoU) system.

• Must achieve a composite score of 60 or above in six specified performance indicators.

• Should report a net profit of over Rs 5,000 crore for three consecutive years.

• Must maintain an average annual turnover of Rs 25,000 crore for three years, or an average net worth of over Rs 15,000 crore for three years.

Benefits of Navratna Status:

• Financial Autonomy: Can make investments up to ₹1,000 crore without seeking government approval.

• Investment Flexibility: Allowed to invest up to 15% of their net worth in a single project or 30% of their net worth in a fiscal year, capped at ₹1,000 crore.

• Capital Expenditure: Can spend on new items or replacements without a monetary ceiling.

• Strategic Initiatives: Permitted to enter into technology joint ventures or strategic alliances.

List of Navratna companies:

1. Bharat Electronics Limited (BEL)

2. Container Corporation of India Limited (CONCOR)

3. Engineers India Limited (EIL)

4. Hindustan Aeronautics Limited (HAL)

5. Mahanagar Telephone Nigam Limited (MTNL)

6. National Aluminium Company Limited (NALCO)

7. National Buildings Construction Corporation Limited (NBCC)

8. Neyveli Lignite Corporation Limited (NLC India)

9. National Mineral Development Corporation Limited (NMDC)

10. Rashtriya Ispat Nigam Limited (RINL)

11. Shipping Corporation of India Limited (SCI)

12. Rail Vikas Nigam Limited (RVNL)

13. ONGC Videsh Ltd (OVL)

14. Rashtriya Chemicals & Fertilizers Limited (RCF)

15. IRCON International Limited

16. RITES Limited

17. Indian Renewable Energy Development Agency Limited (IREDA)

18. National Fertilizers Limited

19. Central Warehousing Corporation

20. Housing & Urban Development Corporation Limited

21. Mazagon Dock Shipbuilders Limited (MDSL)

MoD Contracts SpacePixxel for Advanced Miniaturised Satellite under iDEX Initiative

Tags: Science and Technology

The Ministry of Defence (MoD) signed a contract on June 25, 2024, with Bengaluru-based SpacePixxel Technologies Pvt. Ltd.

An Overview of the News

• The contract is for designing and developing a Miniaturised Satellite capable of carrying multiple advanced payloads up to 150 kgs for the Indian Air Force (IAF).

iDEX Initiative Significance:

• This marks the 350th contract under the Innovations for Defence Excellence (iDEX) initiative, part of MoD's flagship program.

• It is the first-ever iDEX Prime (Space) Satellite Grant under the Mission DefSpace: Open Challenge.

Signing and Key Personnel:

• Signatories included Awais Ahmed Nadeem Alduri, CEO of SpacePixxel, and Anurag Bajpai, Additional Secretary (Defence Production) & CEO of IDEX-DIO.

• The signing took place in New Delhi, Delhi, in the presence of Defence Secretary Giridhar Aramane and other MoD officials.

Technological Advancements:

• The contract aims to foster innovation in space electronics, facilitating faster deployment, economical manufacturing, scalability, adaptability, and reduced environmental impact.

• Integration of Electro-Optical, Infrared, Synthetic Aperture Radar (SAR), and Hyperspectral payloads into a single, compact satellite is expected to enhance earth observation and defence capabilities significantly.

Impact of iDEX Initiative:

• The iDEX initiative continues to play a crucial role in transforming India's defence sector by nurturing startups and Micro, Small & Medium Enterprises (MSMEs) to develop cutting-edge technologies.

About iDEX:

• Launched by Prime Minister Narendra Modi in April 2018, iDEX operates under the Department of Defence Production (DDP), Ministry of Defence (MoD).

• It has organized 11 editions of the Defence India Start-up Challenge (DISC) and introduced the Acing Development of Innovative Technologies with iDEX(ADITI) scheme to foster innovations in critical and strategic defence technologies.

• Currently collaborating with over 400 start-ups and MSMEs, iDEX has facilitated the procurement of 35 items valued at over Rs 2,000 crore.

South Korea, US, Japan Launch First Trilateral Exercise

Tags: International News

South Korea, the US and Japan on June 27 began their first trilateral multi-domain exercise, codenamed Freedom Edge.

An Overview of the News    

• The exercise is taking place over three days on Jeju Island in South Korea.

• It aims to enhance security cooperation against threats posed by North Korea and its deepening relationship with Russia.

• Areas of focus include ballistic missile defense, air defense, antisubmarine warfare, search and rescue operations, maritime interdiction, and defensive cyber training.

• Previously, North Korean leader Kim Jong-un and Russian President Vladimir Putin held a summit in Pyongyang, resulting in a comprehensive strategic partnership treaty. This treaty includes provisions for military assistance in case of an attack on either party.

Jeju Island

• It is the largest island in South Korea, with an area of 1,833.2 km².

• It constitutes 1.83% of the total land area of South Korea.

• Jeju Island, along with its outlying islands, forms Jeju Province.

• Situated in the Korea Strait, it lies south of the Korean Peninsula and South Jeolla Province.

South Korea

• It is located in East Asia on the southern portion of the Korean Peninsula.

• It shares one of the world's most heavily militarized borders with North Korea.

  • Capital - Seoul

  • Currency - South Korean won

  • President - Yoon Suk Yeol

  • Prime Minister - Han Duck-soo

Japan

• Capital: Tokyo

• King: Prince Naruhito (The reign of the 126th king will be known as 'Riwa'.)

• Prime Minister: Fumio Kishida

• Currency: Japanese Yen

United States

• Capital - Washington, D.C.

• President - Joe Biden

• Vice President - Kamala Harris

Union Minister Jitan Ram Manjhi Launches Two New Schemes on World MSME Day in New Delhi

Tags: Government Schemes

Union Minister for Micro, Small and Medium Enterprises (MSME), Jitan Ram Manjhi, launched two new schemes on World MSME Day in New Delhi on June 27.

An Overview of the News    

• Majhi launched two new schemes MSME Team and Yashaswini Abhiyan.

• MSME Team:

  • Launched MSME Team initiative to facilitate inclusion of micro and small enterprises on Open Network for Digital Commerce (ONDC), with focus on women-owned enterprises.

  • It aims to help five lakh micro and small enterprises join the Open Network for Digital Commerce.

• Yashaswini Abhiyan:

  • Launched Yashaswini Abhiyan to formalise and empower women-owned micro enterprises through training, guidance and awareness campaigns.

  • Focuses on raising mass awareness to formalise informal micro enterprises owned by women and provide necessary support.

• During the Udyami Bharat event, Mr. Manjhi emphasized the importance of MSMEs adopting digital and technological solutions in a rapidly changing industrial landscape.

International MSME Day

• International Micro, Small and Medium Enterprises (MSME) Day or World MSME Day is observed across the world on 27 June every year.

• This year, the theme for MSME Day 2024 is “Leveraging Power and Resilience of Micro-, Small and Medium-sized Enterprises (MSMEs) to Accelerate Sustainable Development and Eradicate Poverty in Times of Multiple Crises.”

• The United Nations (UN) designated June 27 as Micro, Small and Medium-Sized Enterprises Day and this was done through a resolution passed in the United Nations General Assembly in April 2017.

Dr. Usha Thakur Awarded 12th Vishwa Hindi Samman

Tags: Awards

Dr. Usha Thakur was awarded the 12th Vishwa Hindi Samman (World Hindi Conference) at a Hindi Samvad event organized by the Embassy of India in Nepal.

An Overview of the News    

• The award recognized her contributions to the development of Hindi literature.

• Dr. Thakur has translated over 40 works into Hindi and Nepali, strengthening the Hindi language.

• The award is given by the Ministry of External Affairs, Government of India.

• The 12th World Hindi Conference was held in Fiji in 2023.

• Dr. Thakur could not attend the conference in Fiji, so she received the award at an event held at Tribhuvan University in Kathmandu.

Vishwa Hindi Samman

• The World Hindi Conference is a global event.

• It celebrates the Modern Standard Hindi register of the Hindustani language.

• The conference gathers Hindi scholars, writers, and laureates from various parts of the world.

• Participants contribute to the promotion and development of the Hindi language.

• Inauguration - January 10, 1975

About Nepal

• The kingdom of Nepal was established by the Shah dynasty.

• It is a landlocked country in South Asia.

• Prime Minister - Pushpa Kamal Dahal

• President - Ram Chandra Paudel

• Capital - Kathmandu

• Currency - Nepalese Rupee