Current affairs 01 July 2023

World Bank approves $1.5 billion for India’s low-carbon energy sector.

• The World Bank has approved $1.5 billion in financing to accelerate the development of India’s low-carbon energy sector.
• Aim: To help India promote low-carbon energy by scaling up renewable energy, developing green hydrogen, and stimulating climate finance for low-carbon energy investments.
• The program will support the successful implementation of the National Green Hydrogen Mission which aims to stimulate $100 billion in private-sector investment by 2030.

Rajindar Singh Dhatt honoured with the Points of Light Award 2023.

• British Prime Minister Rishi Sunak honored Rajindar Singh Dhatt (101) with a Points of Light award on June 28th, 2023.
• He was recognized for his service and work running the Undivided Indian Ex-Servicemen's Association.
• The Points of Light award recognize outstanding people whose service is making a difference in their communities and whose stories can inspire others towards innovative solutions to social challenges in their own communities and beyond.

India's first-ever report on Critical Minerals for India unveiled.

• Union Minister of Mines Pralhad Joshi has unveiled India's first-ever report on Critical Minerals for India.
• The report identifies 30 critical minerals essential for sectors including defense, agriculture, and telecom.
• This list marks a milestone in India's pursuit of self-reliance and security in mineral resources, aligning with the vision of achieving Net Zero targets.
• Aim: To guide policy formulation, strategic planning, and investment decisions in this sector

PM Modi to inaugurate 17th Indian Cooperative Congress in New Delhi.

• PM Narendra Modi will inaugurate the 17th Indian Cooperative Congress (ICC) on July 1st, 2023 at Pragati Maidan in New Delhi.
• The two days Indian Cooperative Congress would be organized by the National Cooperative Union of India.
• Theme 2023: Amrit Kaal: Prosperity through Cooperation for a Vibrant India
• Chaired by: HM Amit Shah
• Aim: To discuss various trends in the cooperative movement, to showcase the best practices being adopted by the successful cooperatives

After Merger, HDFC to vault into ranks of world's most valuable banks.

• According to Bloomberg, after the tie-up of HDFC Bank Ltd and Housing Development Finance Corp, the lender would rank fourth in equity market capitalization.
• It's valued at about $172 billion.
• With the merger likely effective July 1, the new HDFC Bank entity will have around 120 million customers, which is greater than the population of Germany.
• JPMorgan Chase & Co ranked first, followed by Industrial and Commercial Bank of China Ltd and Bank of America Corp.