World Bicycle Day 2024 celebrated on June 3

• Every year on June 3rd, World Bicycle Day is celebrated globally.

• Theme for World Bicycle Day 2024 "Cycling for Health, Equity, and Sustainability."

• Purpose: Recognizes the bicycle's versatility, longevity, and importance as a simple, sustainable, and affordable mode of transportation.

• This day was established by the United Nations General Assembly in April 2018.

• Highlights the crucial role of bicycles in promoting sustainable development, health, and physical well-being.

NATIONAL NEWS

Hyderabad Exclusively Belongs to Telangana, No Longer Andhra Pradesh Capital

• Hyderabad is no longer the joint capital of Andhra Pradesh and Telangana.

• Originally, Hyderabad was designated as the joint capital for 10 years following the bifurcation of Andhra Pradesh in 2014.

• Telangana was officially formed on June 2, 2014.

• According to the Andhra Pradesh Reorganisation Act of 2014, Hyderabad ceased being the shared capital on June 2, 2024, and is now exclusively the capital of Telangana.

• Section 5(1) of the Act specified that Hyderabad would serve as the capital of Telangana for a decade, after which Andhra Pradesh would establish a new capital.

• The Andhra Pradesh Reorganisation Bill was passed in Parliament in February 2014.

• Andhra Pradesh has yet to establish a permanent capital, with ongoing disputes over Amaravati and Visakhapatnam pending in courts.

BANKING, ECONOMY AND FINANCE

SBI Achieves Milestone with Market Capitalization Surpassing Rs 8 Lakh Crore

• Market Capitalization Milestone: SBI’s market capitalization crossed Rs 8 lakh crore.

• SBI’s shares increased by 9%, reaching an all-time high of Rs 912.

• Over the past six months, SBI’s shares have surged by more than 50%.

• India’s banking sector recorded its highest-ever net profit, exceeding Rs 3 lakh crore.

• Finance Minister Nirmala Sitharaman announced banks recovered over Rs 10 lakh crore from bad loans between 2014 and 2023.

• Nifty Bank Index: On June 3, 2024, the Nifty Bank index reached a record high, crossing the 50,000 mark for the first time.

• SBI reported a standalone net profit of Rs 20,698.35 crore, reflecting a 24% year-on-year (Y-o-Y) growth.

• This growth was driven by increased interest income and minimal provisions.

• SBI reported a 15.24% year-over-year (YoY) credit growth as of the end of March 2024.

India's Core Sector Growth Reaches 6.2% in April

• April Growth: India's index of eight core sectors saw a 6.2% growth in April 2024.

• March Growth: This follows a 6.6% growth in March 2024, compared to 4.6% in April 2023.

• April witnessed positive growth in the production of electricity, natural gas, coal, steel, refinery products, crude oil, and cement.

• Despite overall growth, the coal sector's output declined by 7.5% year-on-year (YoY) in April, down from an 8.7% increase in March 2024.

• The crude oil sector recorded a 1.6% growth in April, slightly down from 2% in March 2024.

• Natural gas output surged by 8.6% in April 2024.

• The output of refinery products increased by 3.9% in April 2024.

• The fertilizers sector saw a decline of 0.8% in April 2024.

• The cement sector increased by 0.6%, while the steel sector grew by 7.1% in April 2024.

• The electricity sector saw a significant increase of 9.4% in April 2024.

SUMMIT AND CONFERENCES

US and Indo-Pacific Partners Hold Clean Energy Talks in Singapore

• The U.S.-led Indo-Pacific Economic Framework (IPEF) ministerial meeting was held in Singapore, marking the first in-person IPEF session since the negotiations for the IPEF Clean Economy Agreement and the Fair Economy Agreement concluded in November in San Francisco.

• The IPEF Clean Economy Investor Forum includes 22 major U.S. companies such as Amazon’s AWS, Bechtel, Alphabet’s Google, Microsoft, and BlackRock.

• IPEF countries have submitted their top clean economy projects, focusing on renewable energy generation (solar and wind), energy transmission, and other infrastructure.

• This forum is expected to lead to multibillion-dollar investments in regions like Thailand and Malaysia in the near future.

• The participating countries aim to achieve their climate goals and enhance their infrastructure. Participants in the IPEF meeting include Australia, Brunei, Fiji, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, and Singapore.

MISCELLANEOUS

National Coordination Committee Begins Work on the World's Largest Grain Storage Plan

• The first meeting of the National Level Coordination Committee (NLCC) for the world's largest grain storage plan was held on May 3 at the Ministry of Cooperation in New Delhi.

• The Committee reviewed the status of the pilot project launched in 11 states in 2023.

• The plan aims to develop various agricultural infrastructures at the Primary Agricultural Cooperative Societies (PACS) level, including warehouses, custom hiring centres, processing units, and fair price shops.

• Integration with Government Schemes: This initiative integrates several existing government schemes such as the Agriculture Infrastructure Fund (AIF), Agricultural Marketing Infrastructure Scheme (AMI), Sub Mission on Agricultural Mechanization (SMAM), and the Pradhan Mantri Formalization of Micro Food Processing Enterprises Scheme (PMFME).

• The pilot project is implemented by the National Cooperative Development Corporation (NCDC) with support from NABARD, Food Corporation of India (FCI), Central Warehousing Corporation (CWC), and NABARD Consultancy Services (NABCONS), in collaboration with the respective States and Union Territories.

• The pilot project will be expanded to an additional 500 PACS in collaboration with state governments, the National Cooperative Consumers Federation (NCCF), and the National Buildings Construction Corporation (NBCC).

Pig liver transplanted into a living cancer patient for the first time in China.

• For the first time in the world, a pig liver has been transplanted into a living cancer patient in China.

• This groundbreaking procedure involved a 71-year-old man suffering from severe liver cancer, making him the first living person to receive a liver transplant from a genetically modified pig.

• Chinese doctors, led by Sun Beicheng at the First Affiliated Hospital of Anhui Medical University, transplanted a 514-gram, gene-edited pig's liver into the patient.

• The liver had 10 gene edits to prevent organ rejection and dysfunction.

• This significant advancement in xenotransplantation, which involves transplanting animal organs into humans, is considered a major turning point.