National News
21.71% Of Country’s Area Under Forest Cover: MoS Kirti Vardhan Singh
Forest Survey of India (FSI), Dehradun, an organization under the Ministry carries out the assessment of forest cover biennially. As per the latest India State of Forest Report (ISFR) published in 2021, the total forest cover of the country is 7,13,789 square kilometer which is 21.71% of the geographical area of the country. The State/UTs wise details of forest cover as per ISFR, since 2019 are given in Annexure.
International News
Azerbaijan’s COP29 Climate Finance Action Fund
Azerbaijan, hosting COP29 from November 11 to 22 this year, has announced the creation of a Climate Finance Action Fund (CFAF). This fund will be raised from fossil fuel producers to support green projects in developing countries and help member nations meet the 1.5°C temperature target. The CFAF aims to mobilize both public and private sectors, with Azerbaijan as the founding contributor. It plans to attract $1 billion and secure at least 10 contributing countries.
World’s Most Powerful Passports 2024: Singapore Leads; India at 82nd
Singapore has reclaimed its title as the world’s most powerful passport, offering visa-free access to a record 195 global destinations according to the Henley Passport Index. India ranks 82nd, allowing visa-free entry to 58 countries.
Appointments News
KV Subramanian Appointed As Federal Bank MD & CEO
The Reserve Bank of India (RBI) has approved the appointment of Krishnan Venkat Subramanian as Managing Director & Chief Executive Officer of Federal Bank, the bank said in an exchange filing on July 22. Subramanian’s three-year term will commence from September 23, 2024, immediately following the conclusion of the current MD & CEO, Shyam Srinivasan’s tenure on September 22, 2024.
Bibhuti Bhusan Nayak Elected New President of ICMAI
CMA Bibhuti Bhusan Nayak, a Fellow Member of the Institute of Cost Accountants of India (ICMAI) and a member of the Bhubaneswar Chapter, has been unanimously elected as the 67th President of ICMAI for the 2024-2025 term. Nayak brings over 30 years of professional experience in finance and cost accountancy to the position. He is Odisha’s third Cost Accountant to hold this esteemed role.
Banking News
IndusInd Bank Launches ‘Wrestle for Glory’ CSR Initiative
IndusInd Bank has introduced the ‘Wrestle for Glory’ program, a significant CSR initiative developed in partnership with the Inspire Institute of Sport (IIS). This initiative aims to support 50 promising female wrestling athletes from across India by providing them with fully-funded scholarships for coaching at IIS’s premier facility in Vijayanagar, Bellary.
Economy News
Railway Budget 2024-25: Record Allocation and Key Highlights
The Indian Railways has been allocated a record capital expenditure (Capex) of Rs 2,62,200 crore for the fiscal year 2024-25, maintaining the same level as announced in the Interim Budget 2024. This allocation is part of the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman, with Gross Budgetary Support of Rs 2,52,200 crore for Railways, up from Rs 2,40,200 crore in 2023-24 and significantly higher than Rs 28,174 crore in 2013-14.
Business News
NTPC Vidyut Vyapar Nigam Ltd. To Set Up Green Charcoal Plant In Haryana
Municipal Corporations of Gurugram and Faridabad are all set to establish two waste-to-charcoal plants, also known as green coal plants, in the two districts at a cost of ₹500 crore each. They added that these plants would convert 1,500 tonne of waste daily into charcoal using indigenous technology.
Sports News
Sania Mirza, Mary Kom And Rannvijay Singha Join Play Sports As Brand Ambassadors
Six-time Grand Slam winner and former World No. 1 in women’s doubles Sania Mirza, six-time World Champion and Olympic bronze medallist MC Mary Kom and actor Rannvijay Singha have joined ‘Play Sports’ as brand ambassadors. Play Sport’s objective is to create a sustainable sports eco system in India by working with schools, developing sports, managing sports infrastructure, running academies and scouting talent from grassroots.
Important Days
National Income Tax Day 2024: A Journey of Transformation
National Income Tax Day marks a significant milestone in India’s fiscal history. The day is marked on July 24. Income tax is a crucial government levy on the income earned by individuals and businesses during a financial year. The concept of “income” is broadly defined under Section 2(24) of the Income Tax Act, encompassing various sources of earnings.
Obituaries News
C.T. Kurien, a distinguished economist, Passes Away
On July 23, 2024, the world of economics lost a brilliant mind and compassionate soul. C.T. Kurien, a distinguished economist and former professor of Madras Christian College, passed away at the age of 93 due to age-related ailments. His death marks the end of an era in Indian economics, but his legacy continues to inspire generations of economists and social thinkers.
Miscellaneous News
Mumbai’s Aqua Line: A New Era in Underground Metro Transportation
Mumbai, India’s bustling financial capital, is set to witness a significant transformation in its urban transit system with the inauguration of its first underground metro, the Aqua Line. Scheduled to begin operations on July 24, 2024, this long-awaited infrastructure project promises to revolutionize travel across Mumbai’s congested streets, offering a faster, more efficient alternative to surface transportation.
