2nd Aug

Daily Current Affairs
2nd Aug 2024

2nd Aug 2024
BANKING & FINANCE

Retail credit growth moderates to 16.6% in June 2024, shows RBI data
 Overall Decline: Retail loan growth slowed to
16.6% YoY in June 2024 from 21.3% YoY in
June 2023.
 Personal Loans: Growth in unsecured
personal loans dropped to 13.2% YoY from
28.4% YoY.
 Housing Loans: Growth in housing loans
accelerated to 18.2% YoY from 14.8% YoY.
Non-Food Credit
 Overall Growth: Increased by 13.9% YoY in
June 2024, down from 16.3% YoY a year
ago.
Credit to Industry
 Overall: Rose to 7.7% YoY in June 2024
from 7.4% YoY.
 Large Industries: Improved to 6.9% YoY
from 5.4% YoY.
 Sector-Specific Trends:
o Food Processing and Infrastructure:
Increased.
o Basic Metal, Metal Products,
Textiles: Moderated.
Credit to the Service Sector
 Overall: Moderated to 15.1% YoY from 26.8% YoY.
 NBFCs: Growth dropped sharply to 8.5% YoY from 34.7% YoY.
 Trade: Declined to 14.8% YoY from 18.5% YoY.
Credit to Agriculture and Allied Activities
 Growth: Remained robust at 17.4% YoY, although lower
than 19.7% YoY in June 2023.
India Ratings raises India’s GDP growth outlook for FY25 to

7.5%
 India Ratings and Research (Ind-Ra) has recently
revised its GDP growth estimate for the fiscal year 2024-
25 (FY25) to 7.5%, up from the previous estimate of 7.1%.
 This forecast surpasses the Reserve Bank of India’s (RBI)
prediction of 7.2%.
Key Factors Influencing Growth
 Government Capital Expenditure (Capex): Ongoing
growth momentum is supported by government capital
expenditure, deleveraged balance sheets of corporations
and banks, and a nascent private corporate capex cycle.
 Union Government Budget: The budget includes
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2nd Aug 2024
measures to bolster agricultural and rural spending, enhance credit delivery to micro,
small, and medium enterprises (MSMEs), and incentivize employment creation,
which are expected to broaden consumption demand and sustain growth
momentum.
 Private Final Consumption Expenditure (PFCE): PFCE is anticipated to grow by
7.4% YoY in FY25, compared to 4% in FY24, reaching a three-year high. However,
consumption demand is currently skewed toward higher-income households.
 Rural and Lower Income Demand: An above-normal monsoon and budget
measures are expected to improve demand for goods and services among rural and
lower-income households, correcting the current skew.
 Food Inflation and Retail Inflation: Food inflation remains a risk, but average retail
inflation is expected to be lower than FY24, which will support real wage growth. Ind-
Ra forecasts average retail and wholesale inflation to be 4.5% and 3.2%,
respectively, in FY25.
 Private Sector Capex: A potential revival in private sector capex may reduce union
government capex spending, though this is expected to be a gradual process.
Increased capex activity has been noted in the textile sector.
 Trade and Exports: Goods and services exports are projected to grow by 6.6%
YoY, while imports are expected to increase by 8.8% YoY in FY25. This compares
to 2.6% YoY and 10.9% YoY growth rates for exports and imports, respectively, in
FY24.
 Global Trade Risks: Although global trade is showing signs of momentum, risks
include increased global supply concentration, trade fragmentation, and
protectionism, which may impact India’s export performance.
About India Ratings and Research:
 India Ratings and Research (Ind-Ra) is committed to providing India's credit markets
with accurate, timely and prospective credit opinions.
 Ind-Ra currently maintains coverage of corporate issuers, financial institutions
(including banks and insurance companies), finance and leasing companies,
managed funds, urban local bodies, and structured finance and project finance
companies.
 Headquartered in Mumbai, Ind-Ra has seven branch offices located in
Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune.
 Ind-Ra is recognised by the Securities and Exchange Board of India and the
Reserve Bank of India.
 Ind-Ra is a 100% owned subsidiary of the Fitch Group.
SEBI clarifies reports regarding the T+0 settlement cycle

 Sebi's Clarification: The Securities
and Exchange Board of India (Sebi)
addressed recent media reports
inaccurately claiming that it was
considering making the T+0
settlement cycle mandatory for all transactions.
 Actual Discussion: Sebi's chief, Madhabi Puri Buch, was actually discussing the
2nd Aug 2024
Application Supported by Blocked Amount (ASBA) facility during a recent NSE

event.
Key Points from the NSE Event:
 At the event, Madhabi Puri Buch released a report titled "Indian Capital Markets:
Transformative Shifts Achieved through Technology and Reforms."
 The report highlighted that full adoption of the ASBA facility for the secondary market
could potentially save Rs 2,800 crore annually for retail investors.
 ASBA ensures that investors' funds are only moved when allotments are completed,
providing a safeguard against premature fund transfers.
 Buch mentioned that Sebi might propose to its board the idea of making it mandatory
for Qualified Stock Brokers to offer ASBA as an option to their clients.
 However, she emphasized that the choice to use ASBA would ultimately be up to
the clients.
Media Misinterpretation:
 Incorrect Reporting: Some media outlets incorrectly reported Sebi’s discussion as
an advocacy for a mandatory T+0 settlement cycle for all transactions. Sebi
clarified that this was not the case and stressed that the actual focus was on the
ASBA facility.
 Correct Information: The clarification is essential to ensure that the public and
investors receive accurate information about Sebi's plans and discussions. This
helps prevent confusion and ensures that stakeholders are informed about the
actual regulatory focus and potential benefits.
About SEBI :
 Established : 12 April 1988 as an executive body and was given statutory powers
on 30 January 1992 through the SEBI Act, 1992
 Headquarters : Mumbai, Maharashtra
 Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
 SEBI is the regulatory body for securities and commodity markets in India under the
ownership of the Ministry of Finance (MoF), GoI.
Ransomware attack cripples payment systems at nearly 300 small

Indian banks
 Attack Impact: A ransomware attack on C-Edge Technologies,
a major banking technology provider in India, has led to the
temporary shutdown of payment systems at nearly 300 small
local banks.
 Immediate Response: The National Payment Corporation of
India (NPCI) has temporarily isolated C-Edge Technologies
from accessing the retail payments system to contain the attack.
As a result, customers of affected banks are unable to complete
online transactions, such as RTGS and UPI payments.
Details of the Disruption:
 Affected Banks: The ransomware attack primarily impacts small
cooperative and regional banks, which make up about 0.5% of
the country's payment system volumes.
2nd Aug 2024
 Transaction Issues: Online transactions are disrupted; money may be deducted

from the sender’s account but may not be credited to the receiver’s account.
 Scope: India’s network includes approximately 1,500 cooperative and regional
banks, primarily serving areas outside major cities. These smaller institutions are
most affected by the current attack.
NPCI and Regulatory Actions:
 Audit and Containment: The NPCI is conducting a thorough audit to prevent the
spread of the attack.
 Regulatory Warnings: Both the Reserve Bank of India (RBI) and Indian
cybersecurity authorities had previously issued warnings about potential
cyberattacks.
What is Ransomware?
 Definition: Ransomware is malicious software designed to encrypt a user’s files,
rendering them inaccessible until a ransom is paid.
 Ransom Demand: Cybercriminals demand a ransom (often in cryptocurrency) to
provide the decryption key and restore access to the files.
 How It Spreads: Ransomware often spreads through malicious email attachments,
infected websites, or software vulnerabilities.
 Prevention: Strong passwords, regular software updates, and cautious online
behaviour are essential to mitigate the risk of ransomware attacks.
 Business Impact: Ransomware can severely disrupt business operations, leading
to significant financial losses and operational downtime.
 Data Hostage: It’s akin to a digital hostage situation, where criminals hold data
hostage and demand payment for its release.
World Bank Approves $1.5 Billion for Ethiopia’s Sustainable Growth

World Bank Financing
 Approval: $1.5 billion for Ethiopia's budget
support.
 Components: $1 billion grant + $500 million
low-interest credit line.
 Significance: First direct budgetary support
facility provided to Ethiopia by the World
Bank.
Context and Conditions
 Debt Restructuring: Financing aligns with
Ethiopia’s ongoing debt restructuring efforts.
 Economic Reforms: Support contingent on
implementing key reforms, including foreign
currency market liberalization.
Additional Support
 IMF Program: Ethiopia received a $3.4 billion program from the IMF, following its
decision to float its currency.
 Overall Package: The $1.5 billion from the World Bank is part of a $10.7 billion
financial package involving the IMF, World Bank, and other lenders.
2nd Aug 2024
About the World Bank:

 Headquarters: Washington, D.C., United States
 Founded: July 1944, Bretton Woods, New Hampshire, United States
 President: Ajay Banga
 CFO: Anshula Kant
NATIONAL NEWS
Prime Minister Narendra Modi Receives "Call of the Gir" Book
 Prime Minister Shri Narendra Modi received
the coffee table book "Call of the Gir,"
dedicated to Gir and the Asiatic lions, from
Rajya Sabha Member Parimal Nathwani.
 The book celebrates the majestic landscapes
of Gir, highlighting the urgent need for
conservation.
Details of the Book Presentation:
 Author: Parimal Nathwani
 Book Title: "Call of the Gir"
 Publication: Published by QUIGNOG
 Dedication: Nathwani dedicated the book to PM
Modi, recognising him as the visionary behind
Project Lion and Lion@2047: Vision for Amrit
Kaal.
 Previous Work: Nathwani's first coffee table book, "Gir Lions: Pride of Gujarat," was
published by Times Group Books in 2017.
INTERNATIONAL
India’s Act East Policy: Vietnam’s Strategic Role in the Indo-Pacific
 Vietnamese Prime Minister Pham Minh
Chinh’s visit to India from July 30 to
August 1, 2024, underscores Vietnam’s
growing significance in the Indo-Pacific
region.
 Accompanied by a high-level delegation,
Chinh’s state visit, at the invitation of
Indian Prime Minister Narendra Modi,
aims to bolster bilateral ties, particularly in
defence cooperation and economic
collaboration.
 Additionally, Chinh is scheduled to meet
with President Droupadi Murmu, Vice
President Jagdeep Dhankhar, and
External Affairs Minister S. Jaishankar, reflecting the high-level nature of this
diplomatic engagement.
Strengthening Defence Cooperation
2nd Aug 2024
 In 2023, India demonstrated its commitment to deepening defence ties with Vietnam
by handing over the in-service missile corvette INS Kirpan to the Vietnam People’s
Navy.
 This unprecedented gesture symbolized the growing strategic partnership between
the two nations.
 These efforts align with India’s Act East Policy, which aims to strengthen ties with
Southeast Asian countries, including Vietnam.
Act East Policy and Indo-Pacific Strategy
 Vietnam holds a strategic position within India’s Act East Policy and broader Indo-
Pacific strategy.
 The engagement between India and Vietnam underscores their role in maintaining
regional stability and security.
 India’s Act East Policy focuses on fostering strong ties with Southeast Asian
nations, with defence cooperation as a cornerstone.
Historical and Recent Developments
 The India-Vietnam relationship was elevated to a “strategic partnership” in 2007
and further upgraded to a “comprehensive strategic partnership” during Prime
Minister Narendra Modi’s visit to Vietnam in 2016.
 In June 2022, Indian Defence Minister Rajnath Singh visited Vietnam, consolidating
the partnership by handing over 12 high-speed guard boats built with Indian
assistance.
 Ongoing discussions about Vietnam’s potential acquisition of the BrahMos
supersonic anti-ship cruise missiles from India highlight the increasing defence
collaboration and Vietnam’s interest in advanced Indian weaponry.
About Vietnam:
 Capital: Hanoi
 Currency: Vietnamese dong (VND)
 Prime Minister: Pham Minh Chinh
 President: To Lam
STATE
Wayanad was among Kerala districts that ranked high on ISRO ‘Landslide Atlas’
 Wayanad, Kerala, recently experienced a devastating landslide on July 30,
highlighting the district's vulnerability to such natural disasters.
 The Indian Space Research Organisation (ISRO) had identified Wayanad as a
high-risk area for landslides based on various socio-economic parameters in a 2023
national-level database.
Landslide Atlas of India Rankings
 The Landslide Atlas of India, prepared by the National Remote Sensing Centre
(NRSC) of ISRO in February 2023, ranked Wayanad 13th among 147 districts in
17 States and two Union Territories based on landslide exposure. Other districts in
Kerala also ranked high in this atlas:
2nd Aug 2024
 Thrissur: 3rd
 Palakkad: 5th
 Malappuram: 7th
 Kozhikode: 10th
Forest Fragmentation in Wayanad
 A recent report by the Comptroller and Auditor
General of India (CAG) highlighted significant forest
fragmentation in Wayanad.
 The district's forest land reduced from 1,811.35 sq km
in 1950 to 863.86 sq km in 2021, due to increasing
areas under plantation and cultivation.
 This fragmentation exacerbates the risk of landslides
and other ecological impacts.
ISRO's Landslide Inventory
 The ISRO database includes a comprehensive
landslide inventory covering "seasonal, event-based,
and route-wise" incidents from 1998 to 2022. The
event-based component documented major disasters,
such as the 2021 landslide at Puthumala in Wayanad.
 Other Kerala districts in the ISRO Landslide Atlas
include:
 Ernakulam: 15th
 Idukki: 18th
 Kottayam: 24th
 Kannur: 26th
 Thiruvananthapuram: 28th
 Pathanamthitta: 33rd
 Kasaragod: 44th
 Kollam: 48th
 Alappuzha: 138th
ISRO's Disaster Management Support Initiative
 In the preface to the Landslide Atlas, ISRO chairman S. Somanath emphasised
ISRO's active role in landslide disaster response and mitigation through its Disaster
Management Support (DMS) initiative.
 This initiative aims to provide critical data and support to mitigate the impacts of
landslides and enhance preparedness.
About Kerala
 Capital: Thiruvananthapuram
 Chief Minister: Pinarayi Vijayan
 Governor: Arif Mohammed Khan
 National Parks in Kerala: Anamudi Shola National Park, Eravikulam National Park,
Mathikettan National Park, Pampadum Shola National Park, Periyar National Park,
Silent Valley National Park
BUSINESS NEWS
2nd Aug 2024
Toyota Kirloskar Motor Announces New Manufacturing Plant in Maharashtra

 Toyota Kirloskar Motor (TKM) will
establish a new greenfield
manufacturing facility in
Maharashtra, with an investment of
approximately Rs 20,000 crore.
 The plant will be located in
Chhatrapati Sambhaji Nagar.
 TKM signed a Memorandum of
Understanding (MoU) with the
Maharashtra government to explore
the establishment of this new facility.
Key Highlights:
o TKM is headquartered in Karnataka and already operates two manufacturing
units in Bidadi, near Bengaluru.
o In Karnataka, TKM and its group companies have invested over Rs 16,000
crore and created approximately 86,000 jobs throughout the value chain.
o TKM's cumulative export contributions are around Rs 32,000 crore,
highlighting the company's strong export focus.
 Expansion and Growth:
o The new facility marks a significant step in TKM's growth strategy, aiming to
enhance mobility solutions both locally and globally.
o The move aligns with TKM's commitment to India's automotive sector and
regional development, particularly in the Marathwada region of Maharashtra.
 Current Production Capacity:
o TKM currently has an installed production capacity of 3.42 lakh vehicles per
year at its existing Bidadi-based units.
India's Core Sector Output Growth Slows to 4% in June 2024

 India's core sector output growth
fell to 4% in June 2024, marking the
slowest growth in 20 months.
 This sector accounts for about 40% of
the country's industrial production.
 The slowdown is attributed to reduced
electricity, steel, and natural gas
activities.
 Output in crude oil and refinery
products contracted during June.
 Comparison with Previous Periods:
o In June 2023, the core sector output grew by 8.4%.
o A month earlier, in May 2024, the growth was 6.4%.
o The June 2024 growth rate is the lowest since October 2022, which saw a
growth of 0.7% as the economy was emerging from the pandemic.
 Sector-wise Performance in June 2024:
2nd Aug 2024
o Coal: Production grew by 14.8%, up from 10.2% in May.

o Fertilizers: Production increased by 2.4%, compared to a 1.7% contraction in
May.
o Cement: Output grew by 1.9%, rebounding from a 0.6% contraction in May.
o Electricity: Output expanded by 7.7%, down from 13.7% growth in May.
o Steel: Growth slowed to 2.7%, from 6.8% in May.
o Natural Gas: Growth decreased to 3.3%, from 7.5% in May.
o Crude Oil: Output contracted by 2.6%, after a 1.1% contraction in May.
o Refinery Products: Output contracted by 1.5%, after a 0.5% growth in May.
 Significance of Refinery Products:
o The output of refinery products, which contracted by 1.5% in June, represents
over 28% of the index for the eight core industries.
APPOINTMENTS & RESIGNATIONS

Boeing's new CEO is aerospace veteran Robert ‘Kelly’ Ortberg
 Boeing has named aerospace veteran Robert
"Kelly" Ortberg as its next CEO.
 Ortberg, who previously led Rockwell Collins's
integration into United Technologies (which
later merged with Raytheon to form RTX), will
officially take over on August 8.
 His appointment comes at a time when Boeing
is grappling with significant operational
problems and financial losses.
Key Points on Robert "Kelly" Ortberg:
 Retirement from RTX: The 64-year-old retired
from RTX in 2021.
 Aerospace Expertise: Ortberg is an
experienced aerospace engineer and an
outsider to Boeing.
 Leadership Role: His appointment is part of
Boeing's efforts to rebound from safety and
quality control issues, which have increased
scrutiny of the company.
 Financial Losses: Boeing reported a $1.4
billion loss in the second quarter, compared to
a $149 million loss in the same period last
year.
 737 MAX Incident: Boeing has been under
intense scrutiny since a January incident where
a 737 MAX operated by Alaska Airlines made
an emergency landing after a fuselage panel
blew out mid-flight.
2nd Aug 2024
 Outgoing CEO: Dave Calhoun, who became CEO in January 2020 after Dennis
Muilenburg's ouster, announced he would step down by the end of this year
following the Alaska Airlines incident.
 Leadership Transition: Calhoun had initially been expected to stay on as CEO until
2028, but the incident hastened his departure.
DEFENCE
India to host first multinational air exercise ‘Tarang Shakti 2024’ in two phases
 Indian Air Force vice chief Air Marshal AP
Singh announced that the air exercise ‘Tarang
Shakti’ will be the largest international air
exercise ever conducted in India, with
invitations extended to 51 countries.
 The exercise will be held in two phases and
aims to boost military cooperation and highlight
India’s defence industry, supporting the
country’s vision of Atmanirbhar Bharat (self-
reliant India).
Participation and Phases
 The Indian Air Force has received confirmation
from ten countries for participation with their
assets and 18 countries as observers for the
exercise.
 Phase One: This phase will be conducted at
Sulur in Tamil Nadu from August 6 to August
14. Countries participating with their assets include France, Germany, Spain, and
the United Kingdom. The Indian Navy will also participate in this phase with MiG-
29K aircraft.
 Phase Two: Held at Jodhpur in Rajasthan from September 1 to 14, this phase will
see participation from Australia, Bangladesh, Greece, Singapore, UAE, and the
USA with their assets.
Showcasing Indigenous Defence
 An important objective of the exercise is to showcase India's booming indigenous
defence ecosystem.
 In the flying part of the exercise, indigenous assets like Tejas, Prachand, Dhruv,
and Rudra will participate actively, demonstrating India's capabilities with
homegrown products.
 The event will also feature a defence industrial expo showcasing top Indian
defence companies and innovative startups.
Conclusion
 Tarang Shakti 2024 represents a significant step in enhancing international military
cooperation and promoting India's self-reliance in defence.
 The participation of various countries and the focus on indigenous assets and
industries underline the strategic importance of this exercise for India's defence
aspirations.
2nd Aug 2024
About the Indian Armed Forces

 Headquarters: New Delhi, India
 Founded: 8 October 1932
 Chief of Defence Staff (CDS): General Anil Chauhan
 Commander-in-Chief: President Draupadi Murmu
SPORTS NEWS
Leon Marchand Secures Second Gold Medal at Paris Olympics, Eyes Historic Same-
Day Double
 Leon Marchand from France
won his second gold medal
at the Paris 2024 Olympics.
 He set an Olympic record in
the 200-metre butterfly
event.
 Marchand is aiming for an
unprecedented same-day
double in the 200-metre
butterfly and breaststroke
events.
Key Highlights:
 Marchand triumphed in the 200-metre butterfly, setting an Olympic record.
 He defeated Hungary's world record holder and reigning champion Kristof Milak.
 Canada's Ilya Kharun secured the bronze medal.
 Marchand is the poster boy for Paris 2024, symbolizing French hopes and athletic
excellence.
 His performance is particularly noteworthy as he is competing on home soil, adding
to the excitement and national pride.
 A same-day double in two swimming disciplines (butterfly and breaststroke) is
unprecedented, showcasing Marchand's versatility and endurance.
63rd Subroto Cup Football Tournament Kicks Off with

Junior Girls Event
 The 63rd Subroto Cup football tournament will
commence with the Junior girls' event.
 The tournament will be held in the National Capital
Region (NCR) from August 5 to 14.
 Four grounds, including the iconic Ambedkar
Stadium, will host the matches.
 The sub-junior boys competition will take place in
Bengaluru from August 19 to 28.
 Key Highlights
 The junior boys event is scheduled to be held in
Delhi NCR from September 2 to 11.
 A record 111 teams will compete this year, featuring
2nd Aug 2024
teams from India and international participants from Sri Lanka, Bangladesh, Bhutan,
and Nepal.
 Outstanding players from the junior boys and girls sections will receive exposure
opportunities at the Indian Football Centre in Austria/Germany.
 The Subroto Cup is one of India's most prestigious youth football tournaments,
known for nurturing young talent and promoting football at the grassroots level.
Sarah Sjostrom Claims Women's 100m Freestyle Gold at Paris Olympics

 Sarah Sjostrom of Sweden won the
women’s 100-metre freestyle gold at the
Paris Olympics.
 The victory came as a surprise, as Sjostrom
only decided to race the 100m freestyle
shortly before the Games.
 Sjostrom clocked 52.16 seconds, winning by
0.13 seconds.
 She made a strong comeback in the final 50
metres to secure the gold medal.
Key Highlights
o At 30 years old, Sjostrom secured
her second Olympic gold medal.
o Her previous Olympic gold was in the 100m butterfly at the Rio 2016 Games.
o Sjostrom’s win adds a 100m freestyle gold to her impressive career and
solidifies her status as one of the greatest swimmers of the modern era.
o Siobhan Haughey secured her fourth Olympic medal and second at Paris,
having previously won bronze in the 200m freestyle.
Podium Finishers:
o Gold: Sarah Sjostrom (Sweden)
o Silver: Torri Huske (USA)
o Bronze: Siobhan Haughey (Hong Kong)
Daniel Wiffen's Historic Win in the 800m Freestyle - Paris 2024 Olympics
 Wiffen became the first athlete from Northern
Ireland to win an Olympic gold medal in 36
years.
 He triumphed in the 800m freestyle final at
7:38.19, setting an Olympic record.
 His stunning finish over the last 50 meters
allowed him to edge out American Bobby Finke
by 0.56 seconds.
 Finke, a formidable competitor, was narrowly
defeated by Wiffen's remarkable final surge.
Key Highlights:
 Daniel Wiffen’s victory marks a significant
achievement for Northern Ireland, as he is the first athlete from the region to win
2nd Aug 2024
Olympic gold since Stephen Martin and Jimmy Kirkwood with GB's hockey team in
1988.
 Additionally, he is the first individual gold medalist from Northern Ireland since Lady
Mary Peters won the pentathlon at the 1972 Games.
 Wiffen is the first Olympian from Northern Ireland to win Olympic gold for
Ireland and the first Irish swimmer to win a gold medal since 1996.
 This gold medal adds to Wiffen’s remarkable year, following his 800m and 1500m
triumphs at the World Championships in Doha.
Cassandre Beaugrand's Triumphant Win in the Women's Triathlon - Paris 2024

Olympics
 Gold: Cassandre Beaugrand (France)
 Beaugrand claimed France's first
individual Olympic medal in triathlon,
delivering an impressive performance.
 She was among the leaders from the start
and surged ahead in the final kilometre of
the 10km run to secure the gold medal.
 Silver: Julie Derron (Switzerland)
 Derron continued Switzerland's strong
tradition in Olympic women's triathlon,
finishing six seconds behind Beaugrand.
 Her silver adds to the country's previous
successes, including gold medals by
Brigitte McMahon in 2000 and Nicola Spirig in 2012.
 Bronze: Beth Potter (Great Britain)
 Potter's bronze medal further solidified Great Britain's status as the most
successful nation in the Olympic triathlon, bringing the country's total medal count to
nine.
Key Highlights:
 Cassandre Beaugrand’s win was a significant and emotional achievement for
France, marking their first individual Olympic medal in triathlon. Her performance
was boosted by the thousands of enthusiastic home fans lining the streets of Paris.
 The race faced early uncertainty due to pollution tests but was given the green light
in the morning. Despite heavy rain and treacherous conditions on the cobblestone
sections of the bike leg, Beaugrand and the leading group managed to avoid major
incidents.
 Defending champion Flora Duffy of Bermuda, competing in her fifth Olympics at
36, led the swim but could not maintain her lead in the run.
 The challenging conditions on the bike leg led to several crashes, but the main
contenders, except Germany’s Laura Lindemann, managed to navigate the route
safely.
 Beth Potter’s bronze medal reinforced Britain’s dominance in the sport, building on
the legacy of previous Olympic successes.
2nd Aug 2024
Alex Yee's Dramatic Victory in Men's Olympic

Triathlon - Paris 2024
 Gold: Alex Yee (Great Britain)
o Yee ran a perfectly paced
10km, overtaking New
Zealand’s Hayden Wilde in the
final 300 meters.
o Known for his exceptional
running ability, Yee clinched the
gold in brutal 30°C conditions,
adding another triumph to his
illustrious career.
 Silver: Hayden Wilde (New Zealand)
o Wilde, the bronze medalist from
Tokyo, took an early lead in the
run but could not maintain his
pace under the harsh conditions, ultimately
finishing second.
 Bronze: Leo Bergere (France)
o Bergere secured the bronze, contributing to a successful day for the host
nation, following Cassandre Beaugrand’s victory in the women's race.
Key Highlights:
 The race, originally scheduled for July 31st, was postponed due to poor water quality
in the Seine River.
 After the swim and bike legs, a large group of 32 athletes entered the run together,
but Yee and Wilde quickly pulled ahead.
 Wilde’s early move in the run initially gave him the lead, but the intense heat took its
toll. Yee, utilizing his expertise in the 10,000 meters, patiently waited and then
surged past Wilde in the final stretch.
 Both athletes, exhausted, collapsed at the finish line, with Wilde showing
sportsmanship by putting his arm around Yee.
 Alex Yee's victory marked Great Britain's 10th medal in Olympic individual triathlon,
solidifying the country’s dominance in the sport.
 Norway’s Kristian Blummenfelt, the Tokyo gold medalist, finished 12th.
 Britain’s Sam Dickinson played a crucial supportive role during the bike stage,
ensuring Yee was in a favourable position for the run. Dickinson’s efforts now shift
towards the mixed-team relay, where France will be a strong contender.
OBITUARY
Legendary cricketer Anshuman Gaekwad dies at 71 after battling cancer
Early Career and Playing Achievements
 Former Indian cricketer Anshuman Gaekwad passed away at the age of 71 after a
prolonged battle with blood cancer.
 In a career that spanned 12 years, Gaekwad played 40 Tests and 15 ODIs, scoring
a total of 2254 runs.
2nd Aug 2024
 He achieved two centuries, with his highest score being 201 against Pakistan in
Jalandhar in 1983.
Solidarity from Cricket Legends
 Notably, 1983 World Cup-winning captain Kapil Dev also rallied for monetary
support for Gaekwad.
 Dev, alongside former cricket legends such as Mohinder Amarnath, Sunil
Gavaskar, Sandeep Patil, Dilip Vengsarkar, Madan Lal, Ravi Shastri, and Kirti
Azad, worked towards raising funds to support their ailing colleague.
 In a compassionate gesture, BCCI Secretary Jay Shah pledged INR 1 crore to aid
Gaekwad and directly contacted Gaekwad’s family to extend heartfelt support during
this challenging period.
Coaching and Administrative Roles
 Gaekwad also served as the head coach of the Indian team in two stints, between
1997 and 1999 and in 2000.
 Under his coaching, India finished as the runners-up in the 2000 Champions
Trophy.
 During his tenure, Anil Kumble set the record for becoming the first Indian bowler
to pick up 10 wickets in a Test innings at the Arun Jaitley Stadium in New Delhi.
 Additionally, Gaekwad served as a national selector in the 1990s and held the
position of president of the Indian Cricketers' Association, demonstrating his
continued involvement and influence in the cricketing community.
IMPORTANT DAYS
World Breastfeeding Week 2024: August 1-7
 World Breastfeeding Week is an
annual global healthcare event
celebrated from August 1st to 7th.
 This observance unites international
and local organizations to emphasize
the importance of breastfeeding for
both newborns and mothers.
 The campaign advocates for women’s
rights to breastfeed anytime and anywhere, highlighting the benefits of
breastfeeding.
The theme for 2024:
 "Closing the Gap: Breastfeeding Support for All"
 This year's theme focuses on celebrating the diversity of breastfeeding mothers and
their journeys. The campaign aims to demonstrate how families, societies,
communities, and health workers can support every breastfeeding mother,
regardless of their circumstances.
Historical Context:
 World Breastfeeding Week has been celebrated since 1990, following the
Innocenti Declaration.
 Since 2016, the event has aligned with the United Nations’ Sustainable
Development Goals (SDGs).
2nd Aug 2024
 In 2018, a World Health Assembly resolution endorsed World Breastfeeding Week

as a vital strategy for promoting breastfeeding globally.
Daily CA One- Liner: August 2nd

 Prime Minister Shri Narendra Modi received the coffee table book "Call of the
Gir," dedicated to Gir and the Asiatic lions, from Rajya Sabha Member Parimal
Nathwani
 Toyota Kirloskar Motor (TKM) will establish a new greenfield manufacturing
facility in Maharashtra, with an investment of approximately Rs 20,000 crore
 India's core sector output growth fell to 4% in June 2024, marking the slowest
growth in 20 months.
 Leon Marchand won his second gold medal at the Paris 2024 Olympics.
 The 63rd Subroto Cup football tournament will commence with the Junior girls
event.
 Sarah Sjostrom of Sweden won the women’s 100-metre freestyle gold at the
Paris Olympics.
 Wiffen became the first athlete from Northern Ireland to win an Olympic gold
medal in 36 years.
 Beaugrand claimed France's first individual Olympic medal in triathlon,
delivering an impressive performance
 Yee ran a perfectly paced 10km, overtaking New Zealand’s Hayden Wilde in the
final 300 meters.
 Bank credit growth slows to 13.9% in June on higher base effect and focus on
managing CD ratio
 India Ratings and Research (Ind-Ra) has recently revised its GDP growth estimate
for fiscal year 2024-25 (FY25) to 7.5%, up from the previous estimate of 7.1%.
 The Securities and Exchange Board of India (Sebi) addressed recent media reports
inaccurately claiming that it was considering making the T+0 settlement cycle
mandatory for all transactions.
 A ransomware attack on C-Edge Technologies, a major banking technology
provider in India, has led to the temporary shutdown of payment systems at nearly
300 small local banks.
 The World Bank’s Board of Executive Directors approved $1.5 Billion for
Ethiopia's First Sustainable and Inclusive Growth Development Policy
Operation.
 Vietnamese Prime Minister Pham Minh Chinh’s upcoming visit to India from July
30 to August 1, 2024, underscores Vietnam’s growing significance in the Indo-
Pacific region.
 The Indian Space Research Organisation (ISRO) had identified Wayanad as a
high-risk area for landslides based on various socio-economic parameters in a 2023
national-level database.
 Boeing has named aerospace veteran Robert "Kelly" Ortberg as its next CEO.
 Indian Air Force vice chief Air Marshal AP Singh announced that the air exercise
‘Tarang Shakti’ will be the largest international air exercise ever conducted in
India, with invitations extended to 51 countries.
2nd Aug 2024
 Former Indian cricketer Anshuman Gaekwad passed away at the age of 71 after a
prolonged battle with blood cancer.
 World Breastfeeding Week is an annual global healthcare event celebrated from
August 1st to 7th.

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Daily Current Affairs

2nd Aug 2024

BANKING & FINANCE

India Ratings raises India’s GDP growth outlook for FY25 to

SEBI clarifies reports regarding the T+0 settlement cycle

Application Supported by Blocked Amount (ASBA) facility during a recent NSE

Ransomware attack cripples payment systems at nearly 300 small

 Transaction Issues: Online transactions are disrupted; money may be deducted

World Bank Approves $1.5 Billion for Ethiopia’s Sustainable Growth

About the World Bank:

Toyota Kirloskar Motor Announces New Manufacturing Plant in Maharashtra

India's Core Sector Output Growth Slows to 4% in June 2024

o Coal: Production grew by 14.8%, up from 10.2% in May.

APPOINTMENTS & RESIGNATIONS

About the Indian Armed Forces

63rd Subroto Cup Football Tournament Kicks Off with

Sarah Sjostrom Claims Women's 100m Freestyle Gold at Paris Olympics

Cassandre Beaugrand's Triumphant Win in the Women's Triathlon - Paris 2024

Alex Yee's Dramatic Victory in Men's Olympic

 In 2018, a World Health Assembly resolution endorsed World Breastfeeding Week

Daily CA One- Liner: August 2nd

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