1. Bengaluru's Covrzy Secures IRDAI License
Tags: National News
Covrzy, an Insurtech startup based in Bengaluru, Karnataka, has received a direct broking (general) license from the Insurance Regulatory and Development Authority of India (IRDAI).
An Overview of the News
Founded in 2023 by Ankit Kamra, who previously founded Karbon Cards and Veera Thota, and has experience with PayPal, Razorpay, and Amazon.
Raised $400,000 in May 2023 from Antler and Shastra VC (formerly Veda VC).
Covrzy's platform helps manage the entire insurance cycle, including product discovery, purchase, servicing, and claims.
Growth and Milestones:
Covrzy has onboarded over 500 clients, including Redcliffe Labs, Orange Labs, Karbon Card, and Schbang.
The startup aims to onboard and assist over 10,000 customers within the next 12 to 18 months.
Plans to secure over one million businesses in the coming years.
Insurance Offerings:
Partners with renowned insurers like ICICI Lombard, Bajaj Allianz, and IFFCO Tokio.
Provides a range of insurance products including commercial general liability, fire and theft insurance, product liability, cyber insurance, stock insurance, and asset insurance.
Future Plans:
The new license enables Covrzy to expand its customer base and enhance credibility.
Committed to making business insurance simple, personalized, and accessible to SMEs and MSMEs across India.
2. India Assumes Chairmanship of ADPC for 2024-25
Tags: International News
India has assumed the chairmanship of the Asian Disaster Preparedness Centre (ADPC) for the 2024-25 term.
An Overview of the News
Rajendra Singh, Member and Head of the National Disaster Management Authority (NDMA), has taken over as ADPC Chair from China.
The transition occurred on July 25, 2024, in Bangkok, Thailand.
ADPC is an autonomous international organization focused on disaster risk reduction and climate resilience in Asia and the Pacific region.
India, along with Bangladesh, Cambodia, China, Nepal, Pakistan, Philippines, Sri Lanka, and Thailand, are founding members of ADPC.
India also chaired the 5th Board of Trustees meeting of ADPC on July 25, 2024, in Bangkok.
About Asian Disaster Preparedness Centre (ADPC)
Founded in 1986, ADPC focuses on disaster risk reduction and climate resilience in Asia and the Pacific.
Headquarters: Bangkok, Thailand.
Country offices: Bangladesh, Lao PDR, Myanmar.
3. India’s First Integrated Agri-Export Facility to be Established at Mumbai's JNPA
Tags: National News
Union Minister Sarbananda Sonowal of the Ministry of Ports, Shipping, and Waterways (MoPSW) has approved the Jawaharlal Nehru Port Authority's (JNPA) project for the 'Development of an Export-Import and Domestic Agricultural Commodity-Based Processing and Storage Facility' at JNPA in Mumbai, Maharashtra, to be executed in a Public Private Partnership (PPP) mode.
An Overview of the News
This Rs. 284.19 crore all-in-one agricultural facility is India's first integrated Agri-Export facility, designed to enhance the country's agricultural export and import capabilities.
JNPA will establish a state-of-the-art agricultural facility covering 67,422 square meters.
The facility aims to address logistics inefficiencies, reduce multiple handlings, and extend the shelf life of agricultural products.
It will streamline logistics, reduce wastages, and provide better prices for agricultural products.
The project will empower farmers and boost India’s agricultural sector.
Export Capabilities and Support
The facility will cater to the export of items like non-basmati rice, maize, spices, onion, and wheat.
It will support exporters of meat and marine products, especially from areas away from Mumbai.
Small exporters will benefit from improved logistics, container booking, cold chain logistics, and export operations.
The facility includes a frozen store (1,800 metric tonnes), a cold store (5,800 metric tonnes), and dry warehouses (12,000 metric tonnes).
Alignment with Government Vision
The project aligns with the government’s vision of empowering farmers and fostering rural development.
It sets a precedent for future infrastructure projects to support and enhance India’s agricultural capabilities.
JNPA is a leading container port among the top 100 global ports as per Lloyds List Top 100 Ports Report.
Development of Vadhavan Port
The Ministry of Ports and Shipping is developing Vadhavan Port on the Maharashtra coast with a total investment of about Rs 76,220 crore.
Vadhavan Port will be an all-weather greenfield deep draft major port in Palghar district.
The project will include core infrastructure, terminals, and commercial infrastructure in a public-private partnership mode.
The port will handle 23 million TEUs or 254 million tons annually and accommodate larger container vessels of up to 20,000 TEUs.
The project aims to rank among the world’s top 10 largest ports and serve as a significant green fuel hub.
4. Rashtrapati Bhavan Renames 'Durbar Hall' and 'Ashoka Hall' as Ganatantra Mandap and Ashoka Mandap
Tags: National News
Rashtrapati Bhavan, the office and residence of the President of India, represents national heritage and is dedicated to showcasing Indian cultural values.
An Overview of the News
Efforts are ongoing to enhance the accessibility and cultural reflection of Rashtrapati Bhavan.
President Droupadi Murmu has approved the renaming of two significant halls in Rashtrapati Bhavan:
Durbar Hall is now renamed as Ganatantra Mandap.
Ashok Hall is now renamed as Ashok Mandap.
Reasons for Renaming:
Ganatantra Mandap:
Durbar Hall was used for ceremonies and national awards.
The term "Durbar" refers to the courts of Indian rulers and British colonial assemblies.
"Ganatantra" means republic, reflecting India's democratic ethos, making it a fitting name.
Ashok Mandap:
Ashok Hall was originally a ballroom.
The term "Ashok" symbolizes freedom from suffering and unity, associated with Emperor Ashok and the National Emblem of India.
The name "Ashok Mandap" aligns with Indian cultural and religious significance and removes traces of anglicisation.
5. Tata and Airbus to Establish India's First Private H125 Helicopter Assembly Line
Tags: National News
On July 23, 2024, Tata Advanced Systems Limited (TASL) and Airbus Helicopters (based in Marignane, France) signed an agreement at the Farnborough International Airshow (FIA) 2024 in Farnborough, England.
An Overview of the News
The agreement establishes a Final Assembly Line (FAL) in India for single-engine H125 choppers.
The announcement for this agreement was made on January 26, 2024, by Airbus CEO Guillaume Faury and Tata Sons Chairman N Chandrasekaran.
Details and Key Points:
This FAL marks the first private sector helicopter assembly facility in India, producing H125 choppers for India and neighboring countries.
Deliveries of the first 'Made in India' H125s are expected to start in 2026.
The FAL will handle the integration of major component assemblies, avionics, mission systems, electrical harnesses, hydraulic circuits, flight controls, dynamic components, fuel system, and the engine.
The facility will also conduct testing and qualification of the helicopters.
H125:
The H125 is the world's best-selling single-engine helicopter and the only helicopter to have landed on Mount Everest.
It is part of Airbus' Ecureuil family and has accumulated over 40 million flight hours worldwide.
It can operate in high-and-hot and extreme environments and can be reconfigured for various missions, including aerial work, firefighting, law enforcement, rescue, air ambulance, and passenger transport.
6. Zimbabwe Joins UN Water Conventions
Tags: International News
Zimbabwe, a Southern African country, has joined the Convention on the Protection and Use of Transboundary Watercourses and International Lakes (UN Water Convention).
An Overview of the News
This accession showcases Zimbabwe's political will for cross-border water cooperation.
Zimbabwe became the 54th Party to the UN Water Convention and the 11th African nation to join the treaty.
Details and Additional Information
The Convention provides a global legal and intergovernmental framework for sustainable transboundary water management, supported by the UN Economic Commission for Europe (UNECE).
Along with Zimbabwe, Namibia (which became the first Party in the Southern African region in 2023), Zambia, Botswana, and Tanzania are in the accession process.
Zimbabwe's accession will be celebrated at the 10th session of the Meeting of the Parties (MOP) to the Water Convention in Ljubljana, Slovenia, from October 23-25, 2024, further promoting global water cooperation.
The UN Water Convention was adopted in Helsinki, Finland, in 1992 and came into force in 1996.
About Zimbabwe:
President - Emmerson Mnangagwa
Capital - Harare
Currency - Zimbabwe Gold (ZiG)
7. South Africa Enacts First Climate Change Act
Tags: International News
South Africa has enacted its first Climate Change Act, marking a significant step in its climate response strategy.
An Overview of the News
The law is aimed at limiting greenhouse gas emissions and requires towns and cities to create adaptation plans to meet carbon reduction commitments under the Paris Agreement.
Key Provisions
National Climate Response: Establishes a comprehensive national approach for both mitigation and adaptation to climate change.
Sector-Specific Emissions Targets: Sets emissions targets for high-emitting sectors such as transportation, agriculture, and industry.
Carbon Budget: Requires the environment minister to define carbon budgets for large companies and set emission caps for specific periods.
Implementation
Local Assessments: Provinces and municipalities must assess climate risks and develop response plans.
Carbon Tax: Companies exceeding their carbon budget will likely face higher carbon taxes.
Objectives
Mitigation and Adaptation: Addresses climate change impacts on water resources, agriculture, health, energy, and other sectors.
Economic and Social Impact: Aims to reduce job losses, promote green economy opportunities, and ensure a just transition for vulnerable communities.
Call to Action
Public Engagement: Encourages citizens, businesses, and civil society to actively engage with the law and advocate for urgent climate action.
Principles of Equity: Emphasizes the need to prioritize the needs of vulnerable communities in climate responses.
8. Union Minister G. Kishan Reddy Launches Vriksharopan Abhiyan
Tags: National News
Union Minister of Coal and Mines, G. Kishan Reddy, has launched the Vriksharopan Abhiyan 2024 in Dhanbad.
An Overview of the News
This initiative is part of the 'Ek Ped Maa Ke Naam' campaign by Prime Minister Narendra Modi.
The event was held concurrently at around 300 locations across 47 districts in 11 coal/lignite-bearing states.
Environmental Goals and Achievements:
The Vriksharopan Abhiyan 2024 aims to plant trees on 15,350 hectares of land in the next five years.
Over the past five years, Coal/Lignite PSUs have successfully planted 24 million saplings on 10,942 hectares.
Current Targets and Innovative Techniques:
The target for the current fiscal year is to cover 2,600 hectares.
Innovative reforestation techniques being employed include the Miyawaki method, seed balls, and drone technology to improve planting efficiency.
Additional Information
Assam Unveils Amrit Brikshya Andolan 2.0 App to Boost 3 Crore Tree Planting Campaign
The Yogi Adityanath government announced the launch of 'Mitra Van' under the Tree Plantation Jan Abhiyan-2024.
9. Charaideo Maidam Becomes Northeast India’s First Cultural UNESCO World Heritage Site
Tags: State News National News
The Charaideo Maidam, a 700-year-old mound-burial system of the Ahom dynasty in eastern Assam, has been included in the UNESCO World Heritage Site list under the 'cultural property' category.
An Overview of the News
The decision was made during the 46th session of the World Heritage Committee (WHC) held in New Delhi.
Charaideo Maidam was India’s nomination for UNESCO’s World Heritage Site status in the cultural category for 2023-2024.
Out of 52 sites, Assam’s Charaideo Maidam was selected by the Government of India.
Announcement and Celebrations
Union Minister for Culture and Tourism Gajendra Singh Shekhawat announced the inclusion, sparking celebrations in various parts of Assam.
Prime Minister Narendra Modi announced on July 21 that Charaideo Maidam would be India’s 43rd UNESCO World Heritage Site and the first in the northeast region in the cultural property category.
Significance of Charaideo Maidam
It is the first time a site from the northeast has been included in the UNESCO World Heritage list under the cultural category.
It is Assam’s third World Heritage Site after Kaziranga and Manas National Parks.
The Charaideo Maidams are highly venerated, embodying the unique burial architecture and tradition of the Tai Ahoms.
Nomination Process
On January 16, the Assam government submitted the World Heritage Nomination Dossier for the Maidams to the Archaeological Survey of India (ASI) for UNESCO's evaluation in the 2023 cycle.
Historical Context
Out of 386 Maidams explored, 90 royal burials at Charaideo are the best preserved, representative, and most complete examples of this tradition.
The Maidams enshrine the mortal remains of Ahom royalty.
Initially, deceased Ahoms were buried with their paraphernalia, but after the 18th century, the Ahom rulers adopted the Hindu method of cremation, later entombing the cremated bones and ashes in a Maidam at Charaideo.
400th Birth Anniversary of Lachit Borphukan
During the nation’s celebration of the 400th birth anniversary of Lachit Borphukan, Prime Minister Modi viewed an exhibition showcasing a model of a Maidam, highlighting the unique burial architecture and tradition of the Tai Ahoms.
About UNESCO
The United Nations Educational, Scientific and Cultural Organization (UNESCO) is a specialised agency of the United Nations (UN).
It is also a member of the United Nations Sustainable Development Group (UN SDG), a coalition of United Nations agencies and organisations that aims to meet the Sustainable Development Goals (SDGs).
Headquarters:- Paris, France
Director General: Audrey Azoulay
Founded: 16 November 1945in London, United Kingdom
The organisation has -193 members and 11 associate members.
About Assam:
Formation (as a state) - 26 January 1950
Language: Assamese
Capital - Dispur
Chief Minister - Himanta Biswa Sarma
Governor - Gulab Chand Kataria
Rajya Sabha - 7seats
Lok Sabha - 14 seats
Official Dance - Bihu Dance
Official river - Brahmaputra
10. PM Modi Launches Construction of World's Highest Tunnel in Ladakh
Tags: State News National News
Prime Minister Narendra Modi virtually initiated the first blast for the Shinkun La Tunnel project in Kargil, Ladakh.
An Overview of the News
The event was held on the occasion of the 25th Kargil Vijay Diwas, where Modi also paid tribute to the soldiers who sacrificed their lives during the 1999 Kargil War by laying a wreath at the Kargil War Memorial in Drass.
Project Details:
The Shinkun La Tunnel is set to provide all-weather connectivity to Leh and is being constructed on the Nimu-Padum-Darcha Road.
The tunnel will be a 4.1 km long Twin-Tube tunnel, constructed at an altitude of around 15,800 feet, making it the highest tunnel in the world.
The construction will include cross-passages every 500 metres and is expected to take at least two years to complete.
Significance and Budget:
The Shinkun La Tunnel will enhance the movement of armed forces and equipment and promote economic and social development in Ladakh.
The project, with a budget of Rs 1,681 crore, was approved by the PM-led cabinet committee on security in February of the previous year.
About Ladakh
Union Territory Since: October 31, 2019
Capitals: Leh and Kargil
Districts: 2
Lieutenant Governor: B. D. Mishra
