Current Affairs | National | International | SSC | UPSC 16th July 2024

 

National News 

1.IIT Delhi and Prasar Bharati host Robot Competition             ‘DD-Robocon’ India 2024 in Delhi 

• IIT Delhi and Prasar Bharati host the two-day Robot Competition ‘DD-Robocon’ India 2024 at Thyagaraj Stadium in Delhi. 
• More than 750 students from over 45 colleges, institutions, and universities participated in the competition. 
• The winning team from DD-Robocon will represent India at the international Asia-Pacific Broadcasting Union Robocon 2024, which will take place in QuangNinh, Vietnam. 
• DD-Robocon India aims to promote technical skill development, innovation, and teamwork among engineering students by providing visibility and recognition in the field of robotics. 
• The competition is an esteemed platform for showcasing and advancing the students’ engineering and robotics capabilities. 

2. ICAR to release 323 new varieties of 56 crops today 

• The Indian Council T of Agricultural Re- search (ICAR) will launch its "one scientist, one product" programme on Tuesday to improve re- search in the field of agri- culture and animal husbandry. The council will formal- ly announce the release of 323 varieties of 56 crops, including cereals, oilseeds, forage crops, and sugar cane, at a function here on Tuesday as part of its 96th foundation day. 
• These crops include 289 climate-resilient varieties. and 27 bio-fortified varieties. The "one scientist, one product" programme will be inaugurated by Union Agriculture Minister Shiv- raj Singh Chouhan. 
• Five-year plan Explaining the pro- gramme, ICAR Director General Himanshu Pathak told presspersons here on Monday that the ICAR had given a target to all 5,521 scientists under the institution to come up with a pro- duct, technology, model, concept or good publication.
• At the beginning of every year, the scientist or a group of scientists will have to identify the pro- duct, and the ICAR will map the work. "We will monitor it at the institute level every three months and at the headquarters le- vel every six months. This is a long plan," he said. The scheme will work for five years. 
• "This year, we are prior- itising seed hubs for high- yielding oilseeds and puls- es varieties," he said. Dr. Pathak said the ICAR was also working to deve Expanding fruit bowl: A glimpse of the exhibition of the technologies and products developed by ICAR, on the sidelines of its 96th Foundation Day and Technology Day in New Delhi on Monday. 
• ANI lop 100 new seed varieties and 100 farm technologies in 100 days as part of the Centre's 100-day action plan. He said the council would request Prime Mi- nister Narendra Modi's time to launch these pro- grammes by mid-September. 
• Production boost The ICAR said in a release that with the help of breed- er seeds, about 16 million hectares (mha) are under bio-fortified varieties of dif- ferent crops, including wheat (13 mha), rice (0.5mha), pearl millet (1.5 mha), lentil (0.5 mha) and mustard (1 mha) during 2023-24. 
• "Deployment of climate-resilient technolo- gies led to enhanced pro- duction even during the abnormal years," the ICAR said. It said that from 2014-15 to 2023-24, a total of 2,593 high-yielding varieties were released. These include 2,177 climate-resilient (83% of to tal) varieties with biotic and abiotic stress resis- tance, and 150 bio-fortified crop varieties. 

3. Sudarsan Pattnaik wins gold at International Sand Sculpture Championship

 

• Renowned Indian sand artist Sudarsan Pattnaik has won Golden sand master award with a gold medal at international sand sculpture championship held at St. Petersburg, Russia. 
• Patnaik only participant from India has created 12 feet high sand Ratha (chariot) of Mahaprabhu Jagannath with his devotee and poet Balaram Das. 
• Balaram Das who was the author of Dandi Ramayan was a great devotee of Lord Jagannath in fourteenth century A.D. 

4. Eastern India’s 1st University for students with disabilities to be opened in Ranchi 

• The Jharkhand government is working on a plan to open eastern India’s first university for physically challenged students in the state. 
• The proposed university will offer education according to the needs of students with disabilities. 
• There will be arrangements for special courses and educational equipment for students with disabilities. They will be provided education according to their needs. 
• The department also proposed a ‘Navothan Scholarship Scheme’, under which the government will reimburse the full course fee (up to a maximum of Rs 10 lakh per year) of meritorious orphan and physically challenged students of the state. 
• Besides, these students will be given assistance of Rs 48,000 per year for lodging and food arrangements. 

5. India and Marshall Islands sign MoU on development projects 

• India has signed an agreement with the Marshall Islands to provide an annual grant for four community development projects as part of New Delhi’s outreach to Pacific Island states. 
• The MoU was signed at the Indian embassy in Tokyo by India’s ambassador to Japan, Sibi George, and foreign minister Kalani Kaneko of Marshall Islands. 
• The embassy in Tokyo is also responsible for overseeing relations with Marshall Islands. 
• The MoU will enable the implementation of a community sports centre in Ailuk Atoll, an airport terminal on Mejit Island, and community centres at Arno and Wotje Atolls. 

About Marshall Islands 

• Capital- Majuro 
• Currency- United States Dollar 
• Continent- Oceania 
• Official languages- Marshallese, English 

6. India to host 2nd Asia Pacific Ministerial conference on civil aviation 

•  India will host the second Asia Pacific Ministerial Conference on civil aviation on September 11 and 12, 2024. 
• The first conference was organized in February 2018 in Beijing. 
• As many as 39 Member States of U.N. aviation safety body International Civil Aviation Organization fall in the Asia Pacific region and are expected to participate. 
• This region recorded the 33.41% of the global departures, which is the highest among all the regions in the world and it is indeed opportune that the second ministerial conference to consolidate Asia Pacific regional collaboration and co-operation to craft a futuristic vision in the region including a culture of innovation and a culture of safety is being held here. 

International News 

7. Global Conference on Space Research Kicked off in South Korea’s Busan 

• A global conference on space research kicked off in South Korea’s Busan city to foster international scientific research in space. 
• According to the Korea Aero Space Administration (KASA), about 3,000 space scientists and industry officials from 60 nations attended the 45th Scientific Assembly of the Committee on Space Research. 
• It marks the first time that South Korea is hosting the biennial global conference. 

About South Korea 

• Capital – Seoul 
• Currency – South Korean Won 
• Prime Minister – Han Duck-soo 

8. Two stealth frigates being built in Russia set to be delivered soon

 

•  After a series of delays, two stealth frigates under con- struction in Russia for the Indian Navy are set to be delivered from September. Construction and deliver- ies were delayed due to COVID-19, the war in Uk- raine and Western sanctions.
•   "First ship Tushil is rea- dy for acceptance by the Indian Navy and is sche- duled to be delivered by September. The commis- sioning crew reached Rus- sia earlier this month," a defence official in the know said. "The second ship Tamal is expected to be delivered by February 2025." Agreement for frigates In October 2016, India and Russia signed an inter-go- vernmental agreement for the four stealth frigates, two directly imported and two to be manufactured by Goa Shipyard Ltd. (GSL). 
•  A $1-billion deal was subsequently signed for the two frigates under di- rect purchase. In Novem- ber 2018, the GSL signed a $500-million deal with Rosoboronexport of Russia for material, design and specialist assistance to lo- cally manufacture the two frigates, and in January 2019, the contract was signed between the Indian Defence Ministry and the GSL. 
•  All the ships are po- wered by engines from Zo- rya-Mashproekt Ukraine. of Schedule to be followed As per schedule, the GSL is scheduled to deliver the first ship in 2026 and the second one six months later. 
•  "Construction at GSL is progressing and the launch of the first ship would take place in the next couple of months," a defence source said. The basic structures of two frigates in Russia were lying at the Yantar shipyard in Russia which are now being finished. The Indian Navy already operates six of these fri- gates weighing around 4,000 tonnes each. 

9. Indo-Tibetan Border Police seizes 108 kg gold at China border under ‘Operation Jazba’ 

• Recently, the Indo-Tibetan Border Police (ITBP) arrested two persons near the China border in East Ladakh under Operation Jazba for smuggling 108 kg of gold biscuits from China. 
• Though smuggling of smaller items was common, this was the first time that an alleged gold smuggling racket was exposed in the region, which was the biggest ever consignment of smuggled gold by the ITBP. 
• An operation codenamed Jazba was launched on July 7 and 8 from both directions of the SSS, which is a defined border and not unmarked like other areas of East Ladakh along the Line of Actual Control (LAC), where Indian and Chinese troops have been facing off since May 2020. 
• A team led by Deputy Commandant Deepak Bhatt intercepted two persons with mules within one kilometre of the China border at SSS, which includes the general area Chismule, Narbula Top, Zaklay and Zakla.
•  The ITBP has recovered a telescope, Chinese food items like cakes, milk, knives, mobile phones, two ponies besides 108 gold biscuits weighing 1 kg and bearing the name "Gulf Gold Refinery" from the suspects. Indo-Tibetan Border Police Force (ITBPF) 
• It is a Central Armed Police Force functioning under the Ministry of Home Affairs, Government of India. 
• The ITBP was raised on 24 October 1962 during the Indo-China War. 
• At present, the ITBP is deployed in guarding the 3488 km long IndoChina border from the Karakoram Pass in Ladakh to Jachep La in Arunachal Pradesh. The ITBP border posts are located at an altitude of 18,750 feet, where the temperature drops to minus 40 degrees Celsius. 
• President – Yoon Seok-youl 

10. India and Russia have doubled rupee-rouble payments in 2024' 

• India and Russia have doubled their pay ments in national cur rencies (rupee-rouble) since last year despite sanctions by the US. and European Union, says Rus sia's state-controlled and largest bank, Sberbank, that handles a majority of payments for Indian ex ports to Russi. Rupee de posits by Indian corporates have also increased multi fold in 2024. 
• According to figures shared by Sberbank, in Ja nuary-June 2024, the vol ume of payments pro cessed doubled from the January-June 2023 amount, and the number of transactions Sberbank handled increased by 80% in the first half of 2024. 
• While Sberbank has op erated branches in India since 2010, sanctions were imposed by the U.S. in the immediate aftermath of Russia's invasion of Uk raine in February 2022, and then by the European Union in July 2022 The surge may rise further after Prime Minis ter Narendra Modi's visit to Moscow last week, econo- mists and Indian business men working in Russia hope, warning that in the absence of the Indian ru pee, Chinese businesses and the yuan would conti nue to benefit from the "vacuum created by the exit of Western companies.
•  "We are witnessing an increase in trust towards the rupee from our clients. Today, not only have ru pee-denominated current accounts become a reality, but also rupee deposits, which businesses are showing great interest in. Since the beginning of the year, the volume of corpo rate deposits in rupees has increased sixfold, a Sber bank spokesperson told The Hindu in response to queries about potential growth areas, adding that the rupee is now "easily convertible in Russia, and that Sberbank hopes to serve as a "Sherpa" for more businesses given the $100 billion trade target by 2030 set by Mr. Modi and Russian President Vladimir Putin during talks. 
• "Prime Minister Modi's journey to Moscow was ve ry important because it was the first visit at a time when economic coopera tion between the two countries has come to a qualitatively new level," said Lydia Kulik, Head of India Studies at the SKOL KOVO Institute for Emerg ing Market Studies, at Mos cow School of. Management. "Secure pay ment mechanisms, insurance and logistics are among the most important areas to focus on," she ad ded, listing auto and avia tion components, chemi cals, microelectronics, consumer electronics, ma chinery, medical devices and agricultural products as sectors in which Indian companies should consider exporting to Russia. 
• According to a growing number of Indian busi nessmen nes now based in Russia, the government must move quickly as Chi na has taken more advan tage of the sanctions to fill the space vacated by near- ly all Western brands, and already has bilateral trade of $240 billion, which is more evenly balanced. At present, even Indian com panies are being forced to consider payments in the Chinese yuan, they say. I think sanctions have " created new opportuni ties, and China has gained a lot compared to India. 
• Of course, the Indian govern ment has been very posi tive about (trade with Rus sia), but somehow it has not been achieved on the same scale as China," ex plained Sukrit Sharan, a St. Petersburg-based board member of a joint venture between International In stitute for Advanced Aeros pace Technologies (IIΑΑΤ) and Indian firm Millenni um Aerodynamics that produces "hybrid aero boats". 
• "Indian businesses should come and venture into the market, they should fill up the Russian market with Indian pro ducts for which there is a vacuum in the region," he said. 

11. Sri Lanka to host the ICC Annual Conference from July 19     to 22 

•  Sri Lanka Cricket will host the Annual Conference of the International Cricket Council (ICC) in Sri Lanka from July 19th to 22nd, 2024. 
• The mega cricket conference will bring together over 220 delegates from 108 ICC member countries from across the world, covering regions such as Africa, the Americas, Asia, East Asia Pacific, and Europe. 
• This year’s conference, themed “Capitalizing on the Olympic Opportunity,’ will discuss topics such as ‘Diversity and Inclusion,’ ‘environmental sustainability and the sport,’ and ‘Cricket’s triumphant return at LA28.
•  The annual conference will consist of a series of key meetings, workshops, and networking sessions, and key decisions will be taken for the benefit of the future of the game. 

About International Cricket Council (ICC) 

• The International Cricket Council is the global governing body of cricket. 
• It was founded as the Imperial Cricket Conference in 1909 by representatives from Australia, England and South Africa. 
• It was renamed as the International Cricket Conference in 1965, and took up its current name in 1987. 
• Formation – 15 June 1909 
• Headquarters – Dubai, UAE 
• Chairman – Greg Barclay (New Zealand) 
• Deputy Chairman – Imran Khwaja (Singapore) 
• CEO – Geoff Allardice (Australia) 
• General Manager – Wasim Khan 
• Membership – 108 members 

12. Indian and USA Navies conduct joint maritime exercise ‘MPX’ in Arabian Sea 

• Indian Naval ships INS Aditya and INS Visakhapatnam conducted ‘Maritime Partnership Exercise’ (MPX) with US Navy Carrier Strike Group consisting of US Navy ships USS Theodore Roosevelt and USS Daniel Inouye in the Arabian Sea on July 12, 2024.
• The Indian Navy said, “The ships conducted air defence exercises including replenishment at sea, crossdeck flight operations and maritime manoeuvres, demonstrating seamless interoperability between the Indian Navy-US Navy and enhancing the ability to undertake complex joint maritime operations. 
• The US Embassy said in its statement, “The Theodore Roosevelt Carrier Strike Group (TRCSG) operated with forces from the US Air Force, Indian Navy and Indian Air Force in the Indian Ocean on July 12, 2024.”
•  According to the US Embassy, “This joint maritime activity promoted interoperability between the two major defense partners and underscored their shared commitment to maintaining a free and open Indo-Pacific. 
• The US and Indian military forces focused on improving shared maritime domain awareness and information sharing, enhancing replenishment and logistics interoperability, and improving joint air-to-air capabilities. 
• The Indian Navy is also operating in a leadership role with the US Navy and other allies and partners in the ongoing Rim of the Pacific (RIMPAC) 2024 exercise in Hawaii. India and the US participate in the following joint exercises apart from Yudh Abhyas: 
• Cope-India (Air Force), Vajra Prahar (Special Forces). Some of the multilateral exercises are Malabar, Red Flag and RIMPAC. 

State News 

13. Second regional event of 'Hamara Samvidhan Hamara Samman' to be held in Prayagraj, Uttar Pradesh 

• The second regional event of 'Hamara Samvidhan Hamara Samman' campaign under the aegis of Designing Innovative Solutions for Holistic Access to Justice (Disha) will be held on 16 July 2024 at Prayagraj, Uttar Pradesh. The DISHA initiative is a Central Sector Scheme implemented by the Department of Justice, Ministry of Law and Justice, Government of India. 
• The first regional event was inaugurated by the Hon’ble Chief Justice of India, Justice D.Y. Chandrachud on 9th March 2024 at Bikaner, Rajasthan. The ‘Hamara Samvaad Hamara Samman’ campaign was inaugurated by the Hon’ble Vice President of India on 24th January 2024 at Dr. B.R. Ambedkar International Centre in New Delhi. 
• The event is being celebrated to commemorate the 75th anniversary of the adoption of the Indian Constitution and India becoming a Republic. The campaign aims to raise awareness about the Constitution and spread awareness about legal rights. 
• The event will also see the launch of the ‘Hamara Samvaad Hamara Samman’ portal, which will provide citizens easy access to information to raise awareness about the Constitution and legal rights. 
• Additionally, sub-campaigns ‘Sabko Nyay Har Ghar Nyay’, ‘Nav Bharat Nav Sankalp’ and ‘Vidhi Jagrukta Abhiyan’ will also be organised. The event will see prizes distributed to winners of online competitions held on the MyGov platform from January 24 to April 23, 2024. The competitions include Constitution Quiz, Panch Prana Rangotsav (poster-making) and Panch Prana Anubhav (reel-making). 

14. Priests in Uttarakhand miffed over construction of Kedarnath temple in Delhi

 

• The Bharatiya Janata Party (BJP) government in Utta- rakhand is caught in the eye of a political storm as the priest community in the State, which is also known as 'Devbhoomi (land of the gods), is up in arms against the construc- tion of a temple in Delhi symbolically in the name of the Kedarnath temple, the foundation stone of which was laid by Chief Mi nister Pushkar Singh Dha mi last week. 
• At a time when the State is gearing for an Assembly byelection in Kedarnath, the ire of the priests, who are at the heart of the State's religious tourism economy, may prove costly for the BJP. Devotees during pilgrimage to the Kedarnath temple. Brijesh Sati, the spokes person of the Uttarakhand Char Dham Teerth Purohit Maha Panchayat, told The Hindu that the priest com- munity is angry that the name of Kedarnath is being misused for monetary gains. 
• "We don't have a problem in making Shiva temples. But they cannot replicate Kedarnath. If this is allowed, it will create confusion among devo- tees," Mr. Sati said, adding that priests across the four temples in the State were protesting, and they would take their agitation to the State capital if the temple project in Delhi was not shelved. 
• "Jyotirling ka sthaan ek hee hai... mandir anek sthaano par bane hai (a Jyotirlinga cannot be repli- cated temples can be built at other place)," Mr. Dhami said in a statement on Monday. Ajayendra Ajay, presi- dent of the Badri-Kedar Temple Committee, said that legal advice was being sought. 
• He also said that action would be taken against those who "mis- used" the name or photo of the Badrinath and Kedarnath temples. 

Appointment News 

15. Vikram Misri takes over as India's 35th Foreign Secretary 

• Vikram Misri, a 1989-batch officer of the Indian Fo- reign Service, took charge as the 35th Foreign Secre- tary on Monday. Mr. Misri, who served as a Deputy National Security Adviser before the current assignment, served in China during the 2020 Galwan conflict and is also known to have extensive contacts in conflict-torn Myanmar where he served as India's Ambassador from 2016 to 2018. 
• He has taken over from Vinay Mohan Kwatra. The 1964-born diplomat has served in multiple In- dian missions in locations such as Brussels, Tunis, Is- lamabad, Washington DC, Munich and the Sri Lankan capital Colombo where he was Deputy High Commis sioner of India. He served as Indian envoy to Spain in 2014. 
• In the current circum- stances, Mr. Misri will be expected to provide policy directives to the Govern- ment of India in dealing with the dynamics generat- ed by the Israel-Palestine crisis, the continuing war in Ukraine and the upcom- ing U.S. election.
•  "Congratulate Foreign Secretary Vikram Misri as he assumes his new res ponsibility today. Wish him a productive and suc- cessful tenure," External Affairs Minister S. Jaishan- kar said in a social media post. 

Awards News 

16. Indian Captain Avilash Rawat nominated for IMO 'Exceptional Bravery' award for Red Sea rescue operation

 

• Captain Avilash Rawat and the crew of his oil tanker have been named among the winners of the International Maritime Organisation (IMO) 2024 Award for Exceptional Bravery at Sea for their exceptional courage shown in the Red Sea rescue mission. 
• Rawat and his crew were declared winners by the IMO as they demonstrated “determination and endurance” while coordinating firefighting and damage control efforts to tackle the fire that broke out after an anti-ship missile allegedly fired by Iran-backed Houthi rebels hit their ship 'Marlin Luanda' earlier this year. 
• Captain Brijesh Nambiar and the crew of Indian Naval Ship INS Visakhapatnam have been awarded a letter of commendation for their support to the oil tanker during the time of distress. 
• On 26 January 2024, Marlin Luanda carrying 84,147 tonnes of naphtha was en route from Suez to Incheon when it was attacked by an antiship ballistic missile. 
• Despite the damage, Captain Avilash Rawat swiftly organised firefighting efforts, ensuring the safety of the crew and maintaining the navigability of the ship amid the chaos. 

Sports 

17. Spain defeats England 2-1 to clinch record 4th European Soccer Championship Title 

• In Football, Spain won its record fourth European soccer championship after defeating England 2-1 in the finals of Euro 2024 in Berlin. 
• Nico Williams provided the first goal for Spain, scoring less than two minutes into the second half after a scoreless opening. 
• This is England’s second consecutive runner-up finish, having lost to Italy in the final of Euro 2020. The country has never won a European championship and its last major international tournament win was the 1966 World Cup. 

18. India Champions defeated Pakistan Champions to win the title of 'World Championship of Legends, 2024' 

• India Champions defeated Pakistan Champions by five wickets in the final of the 2024 World Championship of Legends in Birmingham, UK. India achieved the target of 157 runs in 19.1 overs under the leadership of Yuvraj Singh. 
• Ambati Rayudu's half-century and Yusuf Pathan's contributions were crucial. Batting first, Pakistan scored 156 runs for 6 wickets. Led by Anureet Singh, Indian bowlers restricted Pakistan's run flow. 
• Openers Robin Uthappa and Ambati Rayudu gave India a great start with a 34-run partnership. However, pacer Aamir Yamin turned the momentum back in Pakistan's favour by dismissing Uthappa and Suresh Raina in the same over, taking India to 38/2. 
• For India, apart from Anureet Singh's 3 for 43, Irfan Pathan (1 for 12), Pawan Negi (1 for 24) and Vinay Kumar (1 for 36) provided the necessary support to the team by taking crucial wickets. 
• The major teams of the World Championship of Legends are Australia Champion, England Champion, India Champion, Pakistan Champion, South Africa Champion and West Indies Champion. The competition was held from 3 July to 13 July 2024. The top run scorer was Shoaib Malik with 245 and the highest wicket taker was Nathan CoulterNile of Australia. 

Important day 

19. 16 July – World Snake Day 

• World Snake Day is celebrated every year on 16 July. 
• It is dedicated to raising awareness about the diverse and often misunderstood reptiles. The day aims to educate the public about the role snakes play in ecosystems, dispel myths, and promote conservation efforts. 
• India is home to around 300 snake species, and World Snake Day is a great time to promote the importance of snake conservation and dispels misconceptions. 

Most Poisonous Snakes In Worldwide 

• Black Mamba, Boomslang, Fer-de-Lance, Russell’s Viper, Eastern Tiger Snake, Saw-scaled viper, Banded Krait, King Cobra, Coastal Taipan, Inland Taipan.

 Most Poisonous Snakes In India

•  King Cobra, Indian Krait, Russell’s Viper, Saw-Scaled Viper, Indian Cobra (Naja naja), Malabar Pit Viper, Banded Krait, Bamboo Pit Viper, Hump-Nosed Pit Viper, Andaman Pit Viper. 

20. 16 July – National Cherry Day 

• National Cherry Day is celebrated every year on 16 July. 
• This day not only honors the fruit itself but also highlights its significance in culinary traditions and its numerous health benefits. 
• The origins of National Cherry Day can be traced back to the cherry-growing regions where farmers and communities would come together to harvest and enjoy the fresh cherries of the season.
•  Over time, it has grown into a popular observance that promotes cherries both for their taste and their health benefits. 

Ranks and Reports News 

21. According to the United Nations report, India's population will be 1.7 billion in the 2060s 

• According to the United Nations' World Population Prospects 2024 report, India's population is projected to reach 1.7 billion in the early 2060s, after which it will decline by 12%. Despite the decline, India will remain the world's most populous country in the 21st century. 
• India, the world's most populous country, will remain the most populous country with 150 crores by the end of the current century (2100). At present, India's population is estimated to be around 145 crores. 
• The report estimates that due to its large size and decline in fertility, China is likely to have the biggest population decline (78.6 crores) by the end of the century. China, currently the world's second most populous country, will see a major decline in population between 2024 and 2054 (20.4 crores). 
• At the same time, by 2100, China's population will be less than half of its current population, i.e. around 63 crores. At present, China's population is around 140 crores. 
• According to the report, with a population of 38.9 crores in 2054, Pakistan will overtake America to become the world's third largest country in terms of population. 
• Currently, America is the third largest country in the world with a population of 345 million and in 2054 it will be the fourth largest country with 384 million people. 
• According to experts, due to the decrease in population in many countries of Europe apart from China, Japan, Germany, there will be a shortage of workers. In such a situation, employment opportunities will be created for Indians in these countries. 
• The World Population Prospects 2024 report states that the world's population is expected to continue to grow in the coming 50-60 years, reaching a peak of about 10.3 billion people in the mid-2080s, up from 8.2 billion in 2024. 

Banking and finance News 

22. Jio Financial Services to become a core investment company after RBI approval 

• Jio Financial Services has received approval from the Reserve Bank of India (RBI) to convert from a nonbanking financial company (NBFC) to a core investment company (CIC). Following this announcement, the company's shares saw a rise of over 2% on the NSE. 
• Jio Financial Services had applied to the RBI to change its status to a CIC in November 2023. The approval allows the company to organize its business verticals, such as lending, asset management, and insurance, into separate subsidiaries under the CIC structure. 
• The stock opened at a high of ₹354.5 per share on the NSE, and touched a high of ₹356.04 during the day, and later traded at ₹351 per share, registering a rise of 0.99%. 
• A core investment company, as defined by the RBI, engages in the acquisition of shares and securities. It must have an asset size of more than Rs 100 crore and invest at least 90% of its net assets in equity shares, preference shares, bonds, debentures or loans in group companies.
• Additionally, as per RBI guidelines, its investment in equity shares of group companies should not be less than 60% of its net assets. CICs with assets of more than Rs 100 crore are regulated by central bank laws. 
• The transformation into a CIC allows Jio Financial Services to efficiently allocate capital across its subsidiaries, improve value discovery for investors, and better align with regulatory frameworks. 
• This structure provides greater operational flexibility, enabling the company to focus on core investment activities and adapt as per changing market conditions.