Paris Olympics 2024 Medal Tally, India Medal Tally in Olympics

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Paris Olympics 2024 Medal Tally, India Medal Tally in Olympics

Paris Olympics 2024 Medal Tally

China’s Liu Yukun won a gold medal, helping China stay at the top of the medal table. France is in second place, and Japan is in third. This is the 33rd Summer Olympics. It started on Friday and will end on August 11. The Paris Olympics has 32 sports. These include 28 main sports, plus some newer ones like breakdancing, skateboarding, surfing, and sports climbing. India won its third medal in the Paris 2024 Olympics. Swapnil Kusale got a bronze medal in the men’s 50m rifle 3 positions event. This happened in Chateauroux on Thursday.

Paris Olympics 2024 Medal Tally (Full List)

China leads with the most gold medals (11), but the United States has the highest total medal count (31). The top 5 countries by gold medals are China, France, Japan, Australia, and the United States.

Rank	Country	Gold	Silver	Bronze	Total
1	China	11	7	3	21
2	France	8	10	8	26
3	Japan	8	3	4	15
4	Australia	7	6	4	17
5	United States of America	6	13	12	31
6	Great Britain	6	7	7	20
7	South Korea	6	3	3	12
8	Italy	3	6	4	13
9	Canada	2	2	3	7
10	Germany	2	2	2	6
11	Netherlands	2	2	1	5
11	New Zealand	2	2	1	5
13	Romania	2	1	1	4
14	Hong Kong	2	0	2	4
15	Sweden	1	1	2	4
16	Georgia	1	1	0	2
17	Belgium	1	0	2	3
17	Ireland	1	0	2	3
17	Kazakhstan	1	0	2	3
17	South Africa	1	0	2	3
21	Croatia	1	0	1	2
21	Guatemala	1	0	1	2
23	Argentina	1	0	0	1
23	Azerbaijan	1	0	0	1
23	Ecuador	1	0	0	1
23	Serbia	1	0	0	1
23	Slovenia	1	0	0	1
23	Uzbekistan	1	0	0	1
29	Brazil	0	2	3	5
30	Hungary	0	2	1	3
31	North Korea	0	2	0	2
32	Poland	0	1	2	3
32	Spain	0	1	2	3
34	Kosovo	0	1	1	2
34	Mexico	0	1	1	2
34	Switzerland	0	1	1	2
34	Turkey	0	1	1	2
34	Ukraine	0	1	1	2
39	Fiji	0	1	0	1
39	Mongolia	0	1	0	1
39	Tunisia	0	1	0	1
42	India	0	0	3	3
43	Moldova	0	0	2	2
44	Austria	0	0	1	1
44	Egypt	0	0	1	1
44	Greece	0	0	1	1
44	Slovakia	0	0	1	1
44	Tajikistan	0	0	1	1

Updated 01-08-2024

Army Chief Presents President’s Colours to Four Mechanised Infantry Battalions

On Wednesday, Army Chief General Upendra Dwivedi presented the prestigious President’s Colours to four battalions of the Mechanised Infantry at a grand ceremony held at the Mechanised Infantry Centre and School (MICS) in Ahilyanagar (formerly known as Ahmednagar).

The 26th and 27th Battalions of the Mechanised Infantry Regiment and the 20th and 22nd Battalions of the Brigade of The Guards received the Colours. This marks a significant achievement for these units, representing the youngest battalions of the arm. The ceremony was graced by numerous veterans, military officials, and civil dignitaries, celebrating a proud moment for the Indian Army.

Key Highlights of the Ceremony

President’s Colours Awarded: The prestigious Colours were presented to the 26th and 27th Battalions of the Mechanised Infantry Regiment and the 20th and 22nd Battalions of the Brigade of The Guards.

Historical Significance: This recognition serves as a testament to the battalions’ valor and contribution to the Indian Army’s mechanised warfare capabilities.

Veterans and Dignitaries in Attendance: The event was attended by veterans, senior military personnel, and dignitaries, marking the importance of the occasion.

The Importance of President’s Colours

The award of President’s Colours is a symbol of pride and honour, granted to units that have shown exceptional courage, discipline, and dedication. It reflects the battalions’ commitment to upholding the highest standards of the Indian Army, connecting the past and present traditions of military excellence.

Summery of the news

Category	Key Points
Why in News	General Upendra Dwivedi, Chief of Army Staff, presented President’s Colours to four Mechanised Infantry battalions at a ceremony in Ahilyanagar. The battalions awarded were 26th & 27th Battalions of Mechanised Infantry Regiment and 20th & 22nd Battalions of Brigade of The Guards.
Army Chief	General Upendra Dwivedi
Event Location	Mechanised Infantry Centre and School (MICS), Ahilyanagar (formerly Ahmednagar)
Date of Ceremony	Recent, Wednesday
Battalions Awarded	26th & 27th Battalions of Mechanised Infantry Regiment, 20th & 22nd Battalions of Brigade of The Guards
Award	President’s Colours
Attendees	Veterans, military personnel, civil dignitaries

SBI Raises ₹50,000 Crore via Bonds in FY25, Strengthens Rural Credit Access

State Bank of India (SBI), the country’s largest lender, has raised ₹50,000 crore in FY25 through a series of domestic bond issuances, marking a significant milestone. This achievement highlights SBI’s strong financial position and its ongoing efforts to support economic growth and financial inclusion, particularly in underserved rural areas. The raised funds are earmarked for long-term development, infrastructure projects, and strategic partnerships that empower rural entrepreneurs, including women and small businesses.

Key Details of SBI’s Bond Issuances

SBI raised ₹50,000 crore in FY25 through three primary types of bonds:

AT1 Bonds: ₹5,000 crore, perpetual with a call option after 10 years.
Tier 2 Bonds: ₹15,000 crore, with a 15-year tenure and a call option after 10 years.
Long-Term Bonds: ₹30,000 crore, with a 15-year tenure.

The bond issues were oversubscribed more than two times, showcasing strong interest from institutional investors, including provident funds, pension funds, and mutual funds. The bonds received high ratings: AAA for Tier 2 and Long-Term Bonds, and AA+ for AT1 Bonds, underscoring SBI’s robust financial stability.

Empowering Rural Entrepreneurs

SBI’s Collaboration with Muthoot Microfin

In addition to raising funds, SBI has partnered with Muthoot Microfin to disburse ₹500 crore in affordable loans to rural entrepreneurs, especially targeting women and small businesses. This initiative supports financial inclusion, offering loans ranging from ₹50,000 to ₹3 lakh to Joint Liability Groups (JLGs) and agricultural ventures.

Loan Disbursement: The partnership focuses on making loans accessible in tranches of ₹100 crore.

Empowering Women: The initiative prioritizes empowering women entrepreneurs, contributing to socio-economic growth in rural India.

Summery of the news

Why in News	Key Points
SBI Raises ₹50,000 Crore via Bonds in FY25	Amount Raised: ₹50,000 crore through domestic bonds in FY25. Types of Bonds Issued: AT1 bonds (₹5,000 crore), Tier 2 bonds (₹15,000 crore), Long-term bonds (₹30,000 crore). Investor Interest: Oversubscribed 2x, key investors include provident funds, pension funds, insurance companies, mutual funds, and banks. Tenure of Bonds: 15 years for Tier 2 and Long-term bonds, perpetual for AT1 bonds. Ratings: Tier 2 and Long-term bonds rated AAA, AT1 bonds rated AA+. SBI’s Role: Largest lender in India, pivotal in raising funds for infrastructure and long-term growth.
Collaboration with Muthoot Microfin	Loan Amount: ₹500 crore co-lending initiative. Target Beneficiaries: Rural entrepreneurs, women, Joint Liability Groups (JLGs). Loan Range: ₹50,000 to ₹3 lakh. Focus Area: Empowering women and supporting small businesses in rural India. Loan Disbursement: In tranches of ₹100 crore.
Key Financial Details	Tenure of Bonds: 15 years for Tier 2 and Long-term bonds; perpetual for AT1 bonds. SBI Chairman: CS Setty.

Which Country is Known as The Great White North?

Countries are often called by special names that show their unique features, history, or natural beauty. These names tell us something special about the country, like its culture, nature, or climate. In this article, we will know about the country which is known as the “The Great White North.”

Which Country is Known as the Great White North?

Canada is famously called “The Great White North.” This nickname has been used for many years to describe this vast and beautiful country. Let’s explore why Canada is called this and learn more about the meaning behind the name.

Why is Canada known as the Great White North?

Canada is called “The Great White North” because of its vast size, snowy landscapes, and northern location. It is the second-largest country in the world, with much of its land covered by snow, especially in the Arctic regions. The “north” reflects its position above the United States in North America. This nickname highlights Canada’s natural beauty, cold winters, and unique geography.

Other Nicknames for Nicknames

Canada is known by several other nicknames, such as:

Borealia: This name also means “northern.”
Lumberjack Country: Referring to its history of logging and forestry.
Nova Britannia: Meaning “New Britain,” a nod to its British heritage.
Land of Maple Syrup: Canada produces 71% of the world’s pure maple syrup, making this nickname a sweet reminder of its famous product.

India’s Divith Reddy Crowned U-8 World Champion

In a remarkable achievement for Indian chess, eight-year-old Divith Reddy from Hyderabad has emerged as the champion in the Under-8 World Cadets Chess Championship. Held amidst fierce competition, Divith secured a stellar 9/11 points to clinch the gold medal, edging out compatriot Sattwik Swain on tie-break scores. This victory adds to India’s growing dominance in junior chess, showcasing the nation’s promising future in the global chess arena.

Tournament Results

Champion: Divith Reddy (India, Telangana) – 9/11 points, secured gold on tie-break.
Runner-up: Sattwik Swain (India) – 9/11 points, silver medal.
Third Place: Ziming Guo (China) – 9/11 points, bronze medal.

Divith’s Journey to Victory

Started strong with four consecutive wins.
Faced setbacks with two consecutive losses midway.
Made a remarkable comeback, winning the final five matches.

Opponents included top-rated players like,

Wiktor Stankowski (Poland)
Nurali Nurshin (Kazakhstan)
Zhihan Xu (Samuel) (Canada)
Aiden Linyuan Li (USA, FIDE rating 1877)
Rizat Ulan (Kazakhstan, FIDE rating 1783)

Tactical Brilliance

Demonstrated resilience in tough positions.
Utilized innovative tactics to secure crucial wins.
Received praise from India’s coach, IM Abhishek Kelkarn, for his strategic prowess.

India’s Chess Dominance

India continues to shine in junior and global chess events.

Notable recent achievements

Grandmaster Rameshbabu Praggnanandhaa’s success on the global stage.
D Gukesh competing against World Champion Ding Liren.
Divith’s win reinforces India’s status as a chess powerhouse.

World Youth Chess Championship

Organizer

The championship is organized by the International Chess Federation (FIDE).

Purpose

A global chess competition for boys and girls in various age categories.

Age Categories

Boys and girls under the ages of 8, 10, 12, 14, 16, and 18 compete separately.

Annual Titles

Twelve world champions are crowned every year across the categories.

Event Split

Since 2015, the event has been divided into,

World Cadets Chess Championship (U8, U10, U12).
World Youth Chess Championship (U14, U16, U18).

Summary/Static	Details
Why in the news?	Divith Reddy from Hyderabad has emerged as the champion in the Under-8 World Cadets Chess Championship.
Winners	Champion: Divith Reddy (India, Telangana) – 9/11 points, secured gold on tie-break. Runner-up: Sattwik Swain (India) – 9/11 points, silver medal. Third Place: Ziming Guo (China) – 9/11 points, bronze medal.
India’s Global Standing	Rising prominence in chess with juniors like Divith, Praggnanandhaa, and D Gukesh making headlines
Chess Legacy	Continued dominance in junior chess categories
World Youth Chess Championship
Organizer	International Chess Federation (FIDE)
Purpose	Worldwide chess competition for young players
Age Categories	U8, U10, U12, U14, U16, U18 for boys and girls
Annual Titles	12 world champions crowned annually across different categories
Event Split (2015)	Split into, – World Cadets Chess Championship (U8, U10, U12) – World Youth Chess Championship (U14, U16, U18)

India’s Milk Production Surges by 3.78% in 2023-24

India’s milk production has seen a 3.78% increase, reaching 239.30 million tonnes in 2023-24, maintaining its position as the world’s largest milk producer, according to the Basic Animal Husbandry Statistics 2024 report. This growth is attributed to better productivity in milch cattle and an increase in per capita milk availability.

On National Milk Day, Union Minister Rajiv Ranjan Singh highlighted that the country’s milk production has grown at an average rate of 6%, surpassing the global average of 2%. The per capita availability of milk has also risen from 459 gm per day in 2022-23 to 471 gm per day in 2023-24. Despite a slight slowdown in the growth rate, India remains a global leader in milk production and continues to push for exports.

Key Highlights:

Increased Milk Production: India’s milk output increased by 3.78%, reaching 239.30 million tonnes in 2023-24.

Top Producing States: Uttar Pradesh, Rajasthan, Madhya Pradesh, Gujarat, and Maharashtra account for 54% of India’s total milk production.

Per Capita Milk Availability: The availability rose to 471 gm per day, up from 459 gm per day last year.

Milk Production by Breed: Exotic/crossbred cattle’s milk production increased by 8%, while indigenous cattle saw a rise of 44.76%, although buffalo milk production decreased by 16%.

Export Push and Future Plans: The government is keen on boosting dairy exports and eradicating diseases like foot-and-mouth by 2030.

Dairy Sector’s Growth Trajectory

Past Growth: From 2014-15 to 2022-23, the livestock sector grew at a CAGR of 7.38% at constant prices, highlighting significant improvements in dairy production.

Impact of Lumpy Skin Disease: Despite challenges, such as the lumpy skin disease epidemic during 2021-23, India’s dairy sector has remained resilient.

The Push for Dairy Exports

Global Leadership: Although milk production growth has slowed in recent years, India continues to lead globally, contributing significantly to the world’s dairy supply.

Government Initiatives: The Union Minister urged farmers to vaccinate livestock to ensure disease control and improve milk yields, which could further boost export potential.

Related Agricultural Growth

Egg and Meat Production: Along with milk, India’s egg and meat production also saw growth, with egg production rising by 3.17% to 142.77 billion eggs and meat production increasing by 4.95% to 10.25 million tonnes in 2023-24.

Summery of the news

Why in News	Key Points
India’s Milk Production Increased by 3.78%	India’s milk output rose to 239.30 million tonnes in 2023-24, continuing as the world’s largest producer.
Union Minister Rajiv Ranjan Singh’s Statement	Milk production up due to improved productivity of milch cattle. Per capita milk availability increased to 471 gm per day.
National Milk Day (Nov 26)	Celebrates the birth anniversary of Verghese Kurien, architect of the White Revolution.
Top Milk-Producing States	Uttar Pradesh, Rajasthan, Madhya Pradesh, Gujarat, and Maharashtra contribute 53.99% of India’s total milk output.
Livestock Growth	Livestock sector grew at 7.38% CAGR from 2014-15 to 2022-23 at constant prices.
Per Capita Availability	Milk availability increased from 459 gm/day in 2022-23 to 471 gm/day in 2023-24.
Exotic/Crossbred Cattle & Indigenous Cattle	Exotic/crossbred cattle milk production increased by 8%, while indigenous cattle rose by 44.76%. Buffalo milk production decreased by 16%.
Egg and Meat Production	Egg production rose by 3.17% to 142.77 billion eggs. Meat production increased by 4.95%, reaching 10.25 million tonnes.
Livestock Vaccination Plan	Free vaccines available for diseases like foot-and-mouth and brucellosis, aiming for eradication by 2030.
Current Focus on Dairy Exports	Emphasis on boosting dairy exports as part of the sector’s future growth strategy.
Livestock Contribution to GVA	Share of livestock in total agriculture GVA increased from 24.32% in 2014-15 to 30.38% in 2022-23.

CM Rio Opens New Amenities at Kisama for Hornbill Fest

Chief Minister Neiphiu Rio inaugurated several new facilities at the Naga Heritage Village, Kisama, ahead of the 25th Hornbill Festival. These enhancements aim to enrich the festival experience, preserve Naga culture, and facilitate year-round use by local communities and international visitors. The event also highlighted the inclusion of the USA as a new partner country for the festival.

New Infrastructure at Kisama

International Morung

Space for cultural exchange between country partners.
Expected to be fully furnished in 2-3 days.

Lodge/Dormitory for Cultural Troupes

Capacity for 74 people.
Ground floor: Changing rooms; First floor: Accommodation.

Handloom & Craft Pavilion

Formerly the Bamboo Pavilion, supported by the Ministry of Textiles.
Showcases Naga crafts and traditional art.

Medical Booth with Cash Vending Facilities.

Tourism Department Lounge

Built at a cost of INR 29 lakh, primarily for VIP guests and officials.

Toyota Ki Display Area

Dedicated space for automotive displays.

Technology Integration

Hornbill Festival App

Centralized source of information.
Features Inner Line Permit details, tourist attractions, and stall information.

Key Statements

Neiphiu Rio, Chief Minister

Emphasized the festival’s role in preserving Naga culture and traditions.

Encouraged year-round use of facilities by tribal communities for their own events.
Stressed that culture preservation is vital for global tourism.

Temjen Imna Along, Minister of Tourism and Higher Education

Detailed the new lounge facilities for VIPs.

J Alam, Chief Secretary

Highlighted the dormitory’s dual-purpose functionality for cultural troupes.

Global Participation

Country Partners

USA joined as the fourth partner alongside Wales, Japan, and Peru.
USA delegation and artists to participate in cultural events.

Cultural Significance

The Hornbill Festival has evolved into an international event, showcasing:
Naga culture, food, textiles, and traditions.
Artisan craftsmanship and cultural heritage.

Summary/Static	Details
Why in the news?	Inauguration of new facilities at Naga Heritage Village, Kisama
Occasion	25th Hornbill Festival
New Facilities	International Morung, Lodge/Dormitory, Handloom & Craft Pavilion, Medical Booth, Tourism Lounge
Technology	Hornbill Festival App providing festival and permit details
Country Partners	USA, Wales, Japan, Peru
Cost Highlight	Tourism Department Lounge built for INR 29 lakh
Cultural Focus	Preservation of Naga culture, food, and traditions
Global Aim	Promote Naga heritage to international audiences, attract global tourism
Key Figures Involved	CM Neiphiu Rio, Minister Temjen Imna Along, Chief Secretary J Alam

Roche CEO Thomas Schinecker to Lead IFPMA as New President

The International Federation of Pharmaceutical Manufacturers and Associations (IFPMA) has appointed Dr. Thomas Schinecker, CEO of Roche, as its new President, effective January 1, 2025. Schinecker, who served as IFPMA Vice-President for two years, will be joined by Rob Davis, CEO of MSD, as the Vice-President. The leadership transition follows the completion of Dr. Albert Bourla’s term as President.

Leadership Transition in IFPMA

Schinecker’s appointment marks a significant shift in IFPMA’s leadership. As outgoing President, Dr. Albert Bourla emphasized the organization’s role in driving innovative medicines and vaccines. Schinecker, in his new role, aims to propel the industry forward with bold policies and pioneering innovations.

2023 Highlights: Roche’s Resilient Performance

In his first letter to shareholders, Schinecker shared Roche’s 2023 performance, detailing significant growth despite the decline in COVID-19-related sales. Roche achieved a sales figure of CHF 58.7 billion, driven by strong demand for innovative treatments like Vabysmo, Columvi, and Lunsumio. These therapies provided hope for patients with conditions like age-related macular degeneration and blood cancer.

Focus on Innovation and Strategic Partnerships

Schinecker reaffirmed Roche’s commitment to innovation, highlighted by partnerships with Alnylam and Telavant to treat high blood pressure and inflammatory bowel disease. Roche also achieved breakthroughs in diagnostics, with new immunoassays setting standards for conditions like sepsis in newborns. Schinecker emphasized that digitalisation and artificial intelligence will play a key role in future innovation, further strengthening Roche’s R&D pipeline.

A Vision for the Future

Looking ahead, Schinecker’s focus will be on expanding Roche’s research and development capabilities and enhancing digital solutions in drug development. With a rich history of breakthroughs across various medical fields, Roche is uniquely positioned to continue its leadership in pharmaceuticals and diagnostics globally.

Summery of the news

Why in News	Details
Dr. Thomas Schinecker appointed President of IFPMA	CEO of Roche, Dr. Schinecker, to take over as IFPMA President on January 1, 2025, after Dr. Albert Bourla completes his term.
Key Leadership Transition	Dr. Schinecker was IFPMA Vice-President for 2 years. Rob Davis, CEO of MSD, appointed as Vice-President.
IFPMA’s Role in Pharma	IFPMA is a global trade body representing pharmaceutical manufacturers, emphasizing innovation and policy leadership.
2023 Roche Performance	Roche reported a sales increase of 1% in 2023, totaling CHF 58.7 billion. Vabysmo, Columvi, and Lunsumio were key product highlights.
Breakthrough Medicines	Vabysmo for eye diseases, Columvi and Lunsumio for blood cancer. Alecensa and Inavolisib for lung and breast cancers.
Roche’s Strategic Acquisitions	Partnerships with Alnylam for high blood pressure treatment, and Telavant for inflammatory bowel disease.
Roche’s Focus Areas in 2023	Emphasis on digital solutions, AI in drug development, and breakthroughs in diagnostics (e.g., Elecsys IL-6 for sepsis).
Roche’s CEO Focus	Strengthening R&D pipeline, enhancing innovation, and advancing digital solutions in pharmaceutical development.
Roche Global Operations	Roche has over 100,000 employees and is a leader in oncology, neuroscience, ophthalmology, and in-vitro diagnostics.

Eight Startups Selected Under National Quantum Mission

In a historic stride towards cementing India as a global quantum technology leader, Union Minister Dr. Jitendra Singh announced the selection of eight pioneering startups under the National Quantum Mission (NQM) and the National Mission on Interdisciplinary Cyber-Physical Systems (NMICPS). These startups, chosen after meticulous evaluation, are positioned to drive cutting-edge research and innovation, contributing to national security, healthcare, energy efficiency, and environmental sustainability.

Selected Startups and Their Innovations

QNu Labs (Bengaluru): Developing end-to-end quantum-safe heterogeneous networks for secure communication.
QPiAI India Pvt. Ltd. (Bengaluru): Building a superconducting quantum computer.
Dimira Technologies Pvt. Ltd. (IIT Mumbai): Creating indigenous cryogenic cables essential for quantum computing.
Prenishq Pvt. Ltd. (IIT Delhi): Developing precision diode-laser systems for advanced quantum applications.
QuPrayog Pvt. Ltd. (Pune): Innovating optical atomic clocks and related technologies for quantum sensing.
Quanastra Pvt. Ltd. (Delhi): Advancing cryogenics and superconducting detectors.
Pristine Diamonds Pvt. Ltd. (Ahmedabad): Manufacturing diamond materials for quantum sensing.
Quan2D Technologies Pvt. Ltd. (Bengaluru): Pioneering superconducting nanowire single-photon detectors.

Key Benefits of Quantum Technology

National Security: Ultra-secure quantum communication to prevent cyberattacks.
Healthcare Innovation: Precise medical diagnostics and imaging through quantum sensing.
Cybersecurity: Advanced protection for financial systems and sensitive data.
Energy Efficiency: Optimizing power grids and renewable energy systems.
Satellite and Navigation Systems: Enhanced GPS accuracy, secure communication, and improved disaster management.
Climate Resilience: Promoting sustainable agriculture and advancing climate modeling.

Visionary Leadership and Policies

Dr. Jitendra Singh credited Prime Minister Narendra Modi’s visionary policies for fostering an innovation-driven environment.
The initiative is part of India’s broader vision for technological self-reliance by 2047, focusing on creating a global impact in quantum science.

Regional Engagement and Youth Empowerment

The Minister proposed hosting quantum technology initiatives beyond Delhi to ensure broader participation.
Emphasized inspiring youth in smaller towns to contribute to the quantum revolution through startups.

Event Highlights

Attended by luminaries like Dr. V.K. Saraswat (NITI Aayog), Prof. Abhay Karandikar (DST), Dr. Ajai Chowdhry (NQM Mission Governing Board), and Dr. Kris Gopalakrishnan (NM-ICPS Mission Governing Board).
Aimed to inspire young minds to innovate and actively participate in shaping the nation’s technological future.

Summary/Static	Details
Why in the news?	Dr. Jitendra Singh Announces Selection of Eight Pioneering StartUps for Support under National Quantum Mission and the National Mission on Interdisciplinary Cyber-Physical Systems
Selected Startups	8 (QNu Labs, QPiAI India, Dimira Technologies, Prenishq, QuPrayog, Quanastra, Pristine Diamonds, Quan2D)
Primary Missions	National Quantum Mission (NQM), National Mission on Interdisciplinary Cyber-Physical Systems (NMICPS)
Major Innovations	Quantum communication, superconducting quantum computers, cryogenics, quantum sensors, and materials
Key Sectors Impacted	National security, healthcare, cybersecurity, energy efficiency, navigation, climate resilience
Broader Vision	Technological self-reliance and global leadership in quantum science by 2047
Regional Outreach Initiative	Hosting events beyond Delhi to engage and inspire youth in smaller towns
Distinguished Participants	Dr. V.K. Saraswat, Prof. Abhay Karandikar, Dr. Ajai Chowdhry, Dr. Kris Gopalakrishnan
Focus Areas for Youth	Startups, innovation, and technological development

Sri Lanka’s Central Bank Eases Monetary Policy to Support Economic Recovery

Sri Lanka’s Central Bank (CBSL) has implemented a significant monetary policy shift by introducing a single Overnight Policy Rate (OPR) at 8%, signaling a further easing of its monetary stance to support the country’s fragile recovery. This move follows a deep financial crisis and aligns with the ongoing debt restructuring process. The OPR replaces the previous system of two key rates, the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR), marking a notable change in the country’s monetary policy framework.

Key Developments

Transition to a Single Policy Rate

CBSL eliminated the SDFR and SLFR, simplifying its monetary framework to focus on the OPR. This reflects the central bank’s aim to stabilize inflation and foster credit growth without signaling an end to the easing cycle.

Economic and Inflation Outlook

The policy shift comes amid deflationary pressures, moderated inflation expectations, and the external economic stabilization. Inflation is expected to rise by mid-2025, influencing CBSL’s cautious approach to further rate cuts.

IMF Support and Debt Restructuring Progress

Sri Lanka secured a $2.9 billion IMF package in March 2023, enabling gradual recovery from a severe debt crisis. On Tuesday, the nation initiated a $12.55 billion bond swap, a critical step in completing a 30-month debt restructuring process. Completion is anticipated to lower government securities’ interest rates and stimulate credit growth.

Factors Behind the Easing Decision

The monetary board’s decision was driven by a detailed review of both domestic and international economic conditions, including the current deflationary pressures and the progress of the external economy. The CBSL’s efforts aim to bring inflation down towards the 5% target while maximizing the economy’s growth potential. Notably, the country’s debt restructuring, which includes a $2.9 billion IMF package and the bond swap process, has provided a foundation for economic stability, fueling optimism for a 4.4% GDP growth in 2024.

Future Economic Outlook

Sri Lanka is gradually recovering from a debt crisis, with improved external developments and reduced inflationary pressures. Analysts anticipate that this policy shift, combined with the ongoing debt restructuring, will lower interest rates on government securities, boost credit growth, and foster broader economic recovery. However, the central bank has stated that it does not foresee additional rate cuts unless inflationary conditions stabilize further.

Summery of the news

Key Points	Details
Why in News	The Central Bank of Sri Lanka (CBSL) introduced a new Overnight Policy Rate (OPR) of 8%, replacing the dual-rate system (SDFR and SLFR), to support economic recovery and stabilize inflation under the Flexible Inflation Targeting framework.
New Policy Rate (OPR)	8%
Previous Rates	SDFR: 8.5%, SLFR: 9%
Effective Rate Cut	50 basis points compared to the Average Weighted Call Money Rate (AWCMR)
Inflation Target	5% under the Flexible Inflation Targeting framework
IMF Assistance	$2.9 billion package secured in March 2023 to address the financial crisis
Debt Restructuring	$12.55 billion bond swap initiated; bondholders to vote by December 12
Economic Growth Forecast	4.4% in 2024 (World Bank estimate)
Country Information	Capital: Sri Jayawardenepura Kotte, Currency: Sri Lankan Rupee (LKR), President: Ranil Wickremesinghe
Policy Objective	To simplify the monetary framework and support Sri Lanka’s fragile recovery from its debt crisis

Which Indian State is Known as the Valley of Flowers?

The Indian state of Uttarakhand is known as the Valley of Flowers. This beautiful place is famous for its stunning natural beauty, colorful flowers, and peaceful environment. It is located in the Chamoli district and is a UNESCO World Heritage Site.

Indian States and Union Territories

India has 28 states and 8 Union Territories. States have their own governments, while Union Territories are governed by the Central Government. Each state and Union Territory has unique cultures, languages, and traditions, making India a diverse and vibrant country.

Valley of Flowers

The Indian state of Uttarakhand is famously known as the Valley of Flowers. This breathtaking region is loved for its colorful meadows, unique wildlife, and serene environment. Let’s learn more about this beautiful place.

Location of Uttarakhand

The Valley of Flowers is located in the Chamoli and Pithoragarh districts of Uttarakhand. It is part of the Himalayan range and sits at a high altitude, surrounded by snow-capped peaks.

Features of the Valley of Flowers

The Valley of Flowers is a national park known for its wide variety of wildflowers and unique wildlife. This low-lying Himalayan valley has an alpine temperate climate, which is perfect for growing ornamental flowers. The park is home to rare flowers like Brahma Kamal, Blue Poppy, and Cobra Lily.

UNESCO World Heritage Site

The Valley of Flowers has been recognized as a UNESCO World Heritage Site because of its rich biodiversity and natural beauty. This honor highlights its importance as one of India’s most treasured landscapes.