1. Razorpay launches first international payment gateway in Malaysia
Tags: International News
Fintech firm Razorpay launched its first international Razorpay gateway in Malaysia in partnership with Curlec.
An Overview of the News
The payment gateway aims to serve over 5,000 businesses in Malaysia and achieve 10 billion RM (Malaysian Ringgit) in annual gross transaction value (GTV) by 2025.
The payment gateway provided by Curlec simplifies payment collection and automates payments for businesses of all sizes.
The move by Razorpay follows the acquisition of a majority stake in Malaysia-based startup Curlec in February 2022.
Digital business in Malaysia currently contributes 22.6% to the country's GDP.
It is projected that the contribution of digital trade to Malaysia's GDP will increase to 25.5% by 2025.
About Razorpay
Establishment - 2013
Founder - Shashank Kumar, Harshil Mathur
CEO - Harshil Mathur
Headquarters - Bangalore, India
2. China launches world's first methane-fuelled space rocket
Tags: Science and Technology International News
China's ZhuQue-2 Y-2 became the world's first methane-fuelled rocket to successfully reach orbit.
An Overview of the News
The methane-powered rocket, known as Metalox, followed the anticipated trajectory and completed its flight as planned.
Methane engines provide improved performance while significantly reducing operating costs, contributing to the advancement of reusable rocket technology.
Metalox rockets use methane as the fuel and liquid oxygen (LOX) as the oxidizer, with specific design considerations compared to conventional rockets.
Methane offers advantages as a rocket propellant, including high energy density, favourable combustion characteristics, and wide availability.
Important Point
Landspace has become the second private Chinese company to successfully launch a liquid-propellant rocket.
Beijing Tianbing Technology successfully launched the kerosene-oxygen rocket.
About China
Capital: Beijing
Official language: Mandarin
CCP General Secretary, President, CMC Chairman - Xi Jinping
Congress President - Zhao Leji
CPPCC Chairman - Wang Huning
3. Union Minister Piyush Goyal launches sale of subsidised chana dal under the brand name 'Bharat Dal'
Tags: National News
Piyush Goyal launches sale of subsidised Chana Dal under the brand name 'Bharat Dal' at affordable prices
An Overview of the News
The objective of subsidised chana dal is to make pulses available to the consumers at affordable prices.
The government's stock of gram is converted into chana dal for distribution.
Availability and Outlets:
Retail outlets of National Agricultural Cooperative Marketing Federation (NAFED) in Delhi-NCR selling the chana dal.
NAFED undertakes milling and packaging of the Chana Dal.
Distribution through retail outlets of NAFED, NCCF, Kendriya Bhandar, and Safal.
State governments can procure chana dal for their welfare schemes, police, jails, and consumer cooperative outlets.
Versatile Usage and Nutritional Benefits of Chana:
Chana is the most abundantly produced pulse in India, consumed in various forms.
Chana whole: Soaked and boiled for salads.
Roasted chana: Served as snacks.
Fried chana dal: Alternative to tur dal in curries and soups.
Chana besan: Major raw material for namkeens and sweets.
Nutritional benefits: Rich in fibre, iron, potassium, vitamin B, selenium, beta carotene, and choline.
Supports various health aspects: Control of anaemia, blood sugar, bone health, and mental health.
4. PM Modi's visit to UAE
Tags: International Relations
Prime Minister Narendra Modi held talks with President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi on July 15, 2023, during his visit to the United Arab Emirates (UAE).
An Overview of the news:
- This is the fifth visit of an Indian Prime Minister to UAE in the last eight years.
- In the year 2015, Prime Minister Modi became the first Prime Minister of India to visit UAE in 34 years.
On July 15, the following activities were agreed upon between the two countries:
- Agreed to trade in Rupee and UAE's currency Dirham;
- Approval for linking of UPI and UAE's instant payment platform;
- Agreement on setting up of IIT Delhi campus in UAE;
- India's support for the UAE's chairmanship of COP-28;
- Agreed to increase bilateral trade to USD 100 billion (currently USD 85 billion).
Trade between the two countries:
- India-UAE trade to grow to US$ 85 billion in 2022, making UAE India's third largest trading partner and India's second largest export destination during 2022-23.
- India is the second largest trading partner of the UAE.
5. Israel Parliament Approves Bill Limiting Supreme Court's Power
Tags: International News
Israel's parliament approved a bill in its first reading that aims to limit the Supreme Court's oversight powers.
An Overview of the News
The bill received a majority of 64 to 56 in favor of the proposed limit, with Prime Minister Benjamin Netanyahu's far-right ruling coalition overwhelming the opposition.
The bill is part of a controversial judicial reform initiated by Netanyahu's government, raising concerns about the erosion of checks and balances within the government system.
The bill still needs two more votes to become law. With Netanyahu's ruling coalition holding a 64-seat majority in parliament, the bill is likely to pass. If this happens, there is a possibility of intensifying the protests.
The Bill aims to limit the power of the Supreme Court to invalidate decisions taken by the government, ministries and elected officials as unreasonable.
About Israel
Capital - Jerusalem
Prime Minister - Benjamin Netanyahu
Official language - Hebrew
6. UAE becomes first Arab country to get observer status on Asia-Pacific money laundering
Tags: International News
The United Arab Emirates (UAE) has become the first Arab country to receive observer status in the Asia/Pacific Group (APG) on Money Laundering, a regional body similar to the Financial Action Task Force (FATF).
An Overview of the News
The UAE is participating as an observer at the plenary session of the APG, which is currently taking place in Vancouver, Canada.
Obtaining observer status reflects the UAE's commitment to international cooperation in combating money laundering and the financing of terrorism.
Observer status is awarded to countries that actively and cooperatively combat financial crime, and the UAE has demonstrated this through its participation in organizations such as MENAFATF and other multilateral fora.
The UAE delegation attending the APG plenary session is led by Hamid Al Zaabi, Director-General of the Executive Office for Anti-Money Laundering and Counter-Terrorism Financing (EO AML/CTF).
The delegation includes representatives from the UAE Financial Intelligence Unit (FIU) and other government officials.
About United Arab Emirates (UAE)
Location: It is located in Western Asia.
Geographical Boundaries: It shares borders with Oman and Saudi Arabia.
Maritime Borders: It also has maritime borders with Qatar and Iran in the Persian Gulf.
Religion: Islam is the dominant religion in the UAE, with the majority of the population being Sunni Muslim.
Capital - Abu Dhabi
Official language - Arabic
Government - Federal Islamic parliamentary elective semi-constitutional monarchy
President/Crown Prince - Mohamed bin Zayed Al Nahyan
Prime Minister - Mohammed bin Rashid Al Maktoum
Vice President - Mohammed bin Rashid Al Maktoum and Mansour bin Zayed Al Nahyan
7. PM Narendra Modi's visit to France and United Arab Emirates
Tags: International Relations
Prime Minister Narendra Modi reached France on the first leg of his official visit to France and the United Arab Emirates (UAE) from 13 to 15 July 2023. This is the sixth visit of Prime Minister Modi to France.
An Overview of the news:
- The Prime Minister is on a visit to Paris from 13-14 July 2023 at the invitation of French President Emmanuel Macron.
- The Prime Minister is the Chief Guest at the Bastille Day Parade on 14 July 2023, in which a contingent of the Indian Armed Forces from the three Services is also participating.
- During his visit, he will meet the Prime Minister of France as well as the Presidents of the French Senate and the National Assembly.
25th Anniversary of India-France Strategic Partnership:
- This year also marks the 25th anniversary of the India-France Strategic Partnership and the Prime Minister's visit will provide an opportunity to chart out a roadmap for the future of the partnership in various areas such as strategic, cultural, scientific, educational and economic cooperation.
Travel to United Arab Emirates:
- The Prime Minister will visit Abu Dhabi on 15th July.
- The Prime Minister will hold talks with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi.
- The India-UAE Comprehensive Strategic Partnership continues to grow from strength to strength and the Prime Minister's visit will provide an opportunity to identify means of taking it forward in various sectors such as energy, education, healthcare, food security, fintech, defense and culture.
- The Prime Minister's visit to the UAE will also provide an opportunity to discuss establishing cooperation on global issues.
France:
- Capital: Paris
- Currency: Euro
- President: Emmanuel Macron
United Arab Emirates (UAE):
- Capital: Abu Dhabi
- Currency: UAE Dirham
- President: Mohamed bin Zayed bin Sultan Al-Nahyan;
8. World's largest International Temple Convention and Expo organized in Varanasi
Tags: National News
The world's largest International Temple Convention and Expo (ITCX) will be organized from 22 to 24 July 2023 at the Rudraksh Convention Center in Varanasi.
An Overview of the news:
- Conceived by Temple Connect (India), it is the world's first event solely dedicated to the management of temples.
- The conference will focus on nurturing and empowering the governance, management and operations of the world and temple ecosystem.
Conference Participation:
- More than 450 temple functionaries from 25 countries are expected to participate in the conference.
- Along with Hindus, office bearers of Math-Temples and Gurudwaras belonging to Sikh, Buddhist and Jainism have also been invited.
Launch of the conference:
- The conference will be inaugurated by RSS chief Mohan Bhagwat on July 22.
- The event will be held at Rudraksh Convention Centre.
- For the first time, the International Temples Convention & Expo is being organized by Temple Connect.
Conference organized under Incredible India:
- The three-day event is being organized as part of the Incredible India campaign in collaboration with the Union Ministry of Tourism.
- In this, development, empowerment of temple management, operation and administration will be discussed.
- According to the founder of Temple Connect, best practices will be created for the teams of the leading places of worship in the world.
Theme of the conference:
- During this conference, the experience of pilgrims visiting temples, monasteries and gurudwaras will be asked, topics like crowd management, solid waste management and what should be improved in basic facilities will also be discussed.
- The conference will serve as a platform to introduce the world to India's rich heritage of places of worship, while learning about the diverse cultures, traditions, arts and crafts of places of worship around the world.
9. Operation Broader Sword: Indo-US joint initiative to stop illegal shipments
Tags: International News
In June 2023, India and the United States jointly launched 'Operation Broader Sword' with the goal of stopping the illegal transportation of pharmaceuticals, equipment and precursor chemicals through the International Mail System (IMS).
An Overview of the News
The operation was aimed at disrupting the flow of illegal substances entering the United States from India.
The operation primarily focused on packages entering the United States from India through the two major International Mail Facilities (IMF) located at New York (JFK International Airport) and Chicago (ORD International Airport).
During the operation, investigators thoroughly examined more than 1,500 shipments originating from India, and took conclusive action on nearly 500 products. These operations primarily targeted illegal drugs intended to treat serious illnesses.
Many of the shipments were found to contain opioids and other controlled substances, highlighting the importance of the operation in combating illegal drug trafficking.
Collaborative Effort:
Operation Broader Sword involved collaboration of multiple agencies from both countries. These include India's Department of Revenue Retail Investigation (DRI) and the United States Food and Drug Administration (FDA), Customs and Border Protection (CBP), Homeland Security Investigations (HSI), Drug Enforcement Administration (DEA), and the United States Postal Inspection Service (USPIS).
10. IIT Delhi will open its international campus in Abu Dhabi (UAE)
Tags: International Relations
On 10 July 2023, Union Education Minister Dharmendra Pradhan informed that IIT Delhi is going to open its international campus in Abu Dhabi (UAE).
An Overview of the news:
- After IIT Madras, now IIT Delhi is also going to open its international campus outside the country in Abu Dhabi (United Arab Emirates).
- Earlier, IIT Madras had announced to set up its campus in Zanzibar-Tanzania. Whose work is likely to start from October this year.
Relations between the two countries will be further strengthened:
- This initiative will further strengthen the relations between the two countries.
- Meanwhile, IIT Delhi has also announced the inclusion of UAE school students in its Summer Boot Camp, in which talented school students from there will be able to work on their research and other innovations in IIT Delhi's lab.
- Currently, IIT Delhi conducts such summer boot camps only for Indian school students.
- During the event, Pradhan also handed over a set of books (magic box) designed for school children up to class three under the new National Education Policy (NEP) to UAE Minister of Education Sarah Musallam.
First campus of IIT Madras in Zanzibar-Tanzania:
- Prior to this announcement, IIT Madras had decided to open its campus in Zanzibar-Tanzania. Which will also start there from October this year.
- Like IIT Madras and Delhi, some other IITs of the country may also decide to open their international campuses soon.
