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Current Affairs Daily Digest – July 01 2024

1. Ravi Agrawal Appointed CBDT Chief, Succeeds Nitin Gupta

Ravi Agrawal, who joined the IRS in 1988, has been named the new head of the Central Board of Direct Taxes (CBDT). Nitin Gupta’s term finished on June 30, 2024, and he takes over as president. Agrawal’s job lasts until June 2025, and he will be reappointed on a contract basis to make sure that CBDT’s policy template stays the same.

Background and Job

Agrawal will be on the board longer to keep an eye on important tax policy choices and handle the Union government budgets coming up in July 2024 and February 2025. He was previously a member (administration) of the board. His re-appointment under special circumstances shows how important it is for CBDT to have a stable administration.

2. National Doctor’s Day 2024 – July 01

National Doctor’s Day is a holiday that is celebrated every year to honor the important work that doctors do for society. As we get closer to 2024, it’s important to think about what this day means to us and how doctors have changed our lives. It is National Doctor’s Day in India every year on July 1.

This important day will be on a Monday in 2024. The day was created to honor the famous doctor and second Chief Minister of West Bengal, Dr. Bidhan Chandra Roy, on his birth and death dates. In 1991, the Indian government made this day a legal holiday.

3. World Bank Approves $1.5 Billion Loan to Support India’s Green Hydrogen Push

A second round of $1.5 billion in loans from the World Bank has been accepted to help India speed up its development of low-carbon energy. The goal of this support is to boost the market for green hydrogen, electrolysers, and more use of renewable energy.

The project is in line with India’s National Green Hydrogen Mission and energy transition goals, such as installing 500 GW of renewable energy capacity by 2030 and hitting net zero energy use by 2070.

Background: The first round of funding came in June 2023.

At first, the World Bank agreed to give the First Low-Carbon Energy Programmatic Development Policy Operation a loan of $1.5 billion. This backed wiping out transportation charges for renewable energy in green hydrogen projects, bidding for 50 GW of renewable energy every year, and setting up a national carbon credit market.

4. CS Setty Gets FSIB Approval To Head SBI As Next Chairman

Challa Sreenivasulu Setty has been chosen by the Financial Services Institution Bureau (FSIB) to be the next head of the State Bank of India (SBI). Vinay Tonse and Ashwini Tiwari were also running for the job. Dinesh Khara is currently the chairman of SBI. Setty will take over when Khara gets 63, which is the upper age limit for the position. In August 2024, his time is set to end.

The FSIB’s choice

The FSIB made its choice after looking at how experienced all of the contenders were. “Taking into account how well they worked with others, their overall experience, and the current parameters, the Bureau recommends Challa Sreenivasulu Setty for the position of Chairman in SBI,” the financial body said. He would become the 27th Chairman of SBI. On the other hand, the SBI said that Alok Kumar Choudhary, Managing Director (Risk, Compliance & SARG), will be leaving the bank on June 30, 2024.

5. Tata Group is India’s Most Valuable Brand: Report

With a value of US$ 28.6 billion, Tata Group is still India’s most valuable name. This is a 9% increase from last year. The number two spot goes to Infosys, and the third spot has been taken by HDFC Group since it merged with HDFC Ltd.

Tata Group is on track to become the first Indian brand to do so. With a name Strength Index (BSI) score of 92.9 out of 100 and a AAA+ rating, Taj is still India’s best-known name. Jio, Airtel, and Vi helped the telecom sector’s brand value grow by 61%. The banking sector’s brand value grew by 26%, making SBI India’s second most valuable bank.

Most Rapidly Growing Brands

Westside is the Indian name whose value has grown the most, by 122%. Motherson is next, at 86%, and Sonata Software is third, at 83%. With a 20% rise in brand value, Hexaware is the IT services company whose name is growing the fastest. Building up infrastructure and making more things led to a 16% rise in the iron, steel, and mining industries.

6. National Chartered Accountant (CA) Day 2024 – July 01

India celebrates National Chartered Accountant Day, also known as CA Day, every year to honor the important part that chartered accountants play in the country’s economy. Let’s learn more about the past, meaning, and effects of this important day as we get ready for the 2024 celebration.

CA Day is held every year on July 1. Today is the 76th anniversary of the founding of the Institute of Chartered Accountants of India (ICAI). In 2024, it will be a Monday.

How CA Day came to be

There was an act of parliament in 1949 that made the ICAI possible, and today we celebrate that. This event set the stage for the professional accounting group that would play a big role in India’s financial sector for many years to come.

7. SEBEX 2, India’s New Explosive Revolutionizing Military Firepower

With the creation of SEBEX 2, a strong new explosive, India has made a big step forward in military science. One of the world’s most powerful non-nuclear explosives, SEBEX 2 is said to be twice as deadly as regular Trinitrotoluene (TNT). It has been approved by the Indian Navy. This new discovery will change the way artillery shells and warheads work by making them more deadly without making them heavier.

Building and Getting Certified

Under the Indian Navy’s Defense Export Promotion Scheme, SEBEX 2 was put through a lot of tests. Economic Explosives Ltd (EEL), a company that is part of Nagpur-based Solar Industries, came up with the recipe. The approval process, which ended last week, shows that the explosive has more firepower and a bigger blast effect than any solid explosive on the market right now.