Correct Answer :   Russia

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Russia is set to embark on a historic journey by launching its first Islamic banking pilot program on 1st September 2023. With a considerable Muslim population of approximately 25 million, the move aims to tap into the potential of Islamic finance, which has already had a presence through institutions but lacked official recognition.

President Vladimir Putin’s recent endorsement of the initiative signifies a significant step towards embracing Islamic banking principles in the country.


Islamic Banking: Core Principles and Distinctive Features :

1. Shariah Compliance and Ethical Framework: Islamic banking operates on the principles of Shariah, the Islamic legal system that prohibits usurious transactions and interest charges due to their perceived injustice. This fundamental difference sets it apart from conventional banking practices.

2. Asset-based Model and Partnership Structure: Conventional finance relies on debt-based transactions, where clients bear the entire risk and liability. In contrast, Islamic banking is grounded in an asset-based approach, emphasizing shared profits and risks between financial institutions and clients through partnership arrangements.

3. Socially Responsible Investments: One of the significant distinctions is Islamic banking’s avoidance of sectors deemed harmful to society, such as alcohol, tobacco, and gambling. This ethical stance aligns with the principles of Shariah, promoting responsible financial practices.

4. Prohibition of Speculation and Risky Transactions: Unlike conventional finance, Islamic banking disallows financing speculation, financial derivatives, and deals lacking tangible assets. This prohibition aims to mitigate risks and prevent financial crises akin to the global economic downturn.

Motivations behind Russia’s Introduction of Islamic Banking :

1. Economic Growth Potential: Russia’s largest lender, Sberbank, highlights the rapid growth rate of the Islamic banking sector at around 40 percent annually. Experts project that this sector could reach a substantial value of $7.7 trillion by 2025, making it an attractive avenue for economic growth and investment.

2. Regulatory Framework and Client Protection: Acknowledging the expanding Islamic finance market, regulatory oversight becomes essential. The introduction of Islamic banking represents a step towards establishing a regulatory framework and ensuring investor and client protection.

3. Overcoming Limitations of Conventional Banking: While Russia offers state support programs for mortgage financing and small to medium enterprises, these initiatives rely on interest-bearing loans, which conflict with Shariah principles. The new law seeks to address these limitations and provide opportunities for Islamic finance to flourish.


Geopolitical and Economic Influences :

1. Preceding Economic Crises and Alternative Funding: The discussions around Islamic banking in Russia trace back to the 2008 financial crisis when banks faced liquidity shortages and sought alternative funding sources. This initiative, long-awaited, emerges as a solution to diversify funding options.

2. Western Sanctions and Eastern Alliances: Following the annexation of Crimea in 2014, Western sanctions intensified pressure on Russian banks. The idea of Islamic banking gained traction as a means to establish ties with economies in Muslim-majority countries, reducing reliance on Western financial systems.

3. Strengthening Economic Ties with the East: While energy revenues have shielded Russia from direct impacts of Western sanctions, the Islamic banking experiment symbolizes an effort to bolster the country’s economic ties with the East. The focus on making Russia appealing to foreign investments from regions with Shariah-based finance frameworks illustrates this shift.

Correct Answer :   Nagaland

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In a significant achievement, Nagaland has become the first State in the North Eastern Region to initiate Aadhaar Linked Birth Registration (ALBR).

* This pioneering initiative aims to streamline birth registration by integrating Aadhaar enrolment for children in the age group of 0 to 5 years.

* The initiative is anticipated to enable children's access to various social welfare schemes designed for their welfare.

* In an event 31st August 2023, Commissioner of Nagaland T. Mhabemo Yanthan urged the cooperation of State government officials to ensure the successful implementation of ALBR across all districts of Nagaland.

* Director of UIDAI, Col. Abhishek Koushik, commended the State government for leading the North Eastern Region in implementing ALBR. He lauded the consistent efforts of the Office of the Commissioner, Nagaland, in providing Aadhaar-linked services to the state's residents.
 
* To extend the reach of this service to residents across districts, the Directorate of Economics and Statistics, Nagaland, which serves as the Registrar for Birth and Death for the state, has collaborated with the Unique Identification Authority of India (UIDAI) as a Registrar cum Enrolment Agency for Child Enrolment via the ALBR process.

* UIDAI has been actively supporting States through workshops, door-to-door enrolments, and outreach to remote areas, assisting them in harnessing the benefits of the Aadhaar ecosystem..

Source : AIR

Correct Answer :   Piyush Goyal

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Union Minister of Textiles, Piyush Goyal, 31st August 2023, unveiled the statue of the First Finance Minister of the Independent India "RK Shanmugam Chetty" at the South Indian Mills Association complex (SIMA) in Coimbatore.
 
Union Minister of State for Railways and Textiles, Smt Darshana V. Jhardosh, Coimbatore South MLA, Smt Vanathi Srinivasan, and senior executives of the South Indian Mills Association were also present on the occasion.
 

R K Shanmugam Chetty was a driving force behind the establishment of the South Indian Mills Association, an organization that has played a pivotal role in shaping the Textile industry in South India.

It is a distinguished organization dedicated to promoting the interests of the Textile industry in the southern region of the country. Founded by RK Shanmugam Chetty, it continues to be a pivotal player in fostering growth and innovation within the sector..

Source : AIR

Correct Answer :   Mahendra Singh Dhoni

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Industrialist Anand Mahindra has welcomed Mahendra Singh Dhoni as the cricketer became a brand ambassador of his Swaraj Tractors.

There have been times when Mahendra Singh Dhoni has expressed his passion for farming. And now, he has become a brand ambassador of Swaraj Tractors.

Welcoming Mahendra Singh Dhoni to the “Swaraj family", Anand Mahindra said the paths of “Mahi and Mahindra" were always meant to cross.

The industrialist wrote: “Mahi and Mahindra, when it's already in the name, it means our paths were always meant to cross! Join me as we #WelcomeMahi to the Swaraj family. @tractorsswaraj @mahindrarise."

Mahi and Mahindra, when it’s already in the name, it means our paths were always meant to cross! Join me as we #WelcomeMahi to the Swaraj family. @tractorsswaraj @mahindrarise https://t.co/Az0MFQTe51

— anand mahindra (@anandmahindra) August 31, 2023

Swaraj Tractors also tweeted announcing the joining of Mahendra Singh Dhoni as the face of the company while mentioning the cricketer’s love for farming.

Swaraj Tractors tweeted, “Who better to be the face of Swaraj, than someone who owns, uses, and loves the tractor. We are delighted to welcome MS Dhoni, a proud Swaraj Tractor owner to our family. We are excited to see a great innings on the farm field too!"

 Meanwhile, Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services and solutions, today introduced green transportation for employees in its Noida campus. The green transportation initiative aims to strengthen Tech Mahindra’s zero carbon footprint ambition and improve fuel economy while reducing harmful emissions.

“At Tech Mahindra, we are committed to driving the shift towards green mobility, focusing on both the environment and people. Embracing a zero-carbon footprint is our commitment to sustainability, and in this direction, introducing electric vehicles for our employees is a significant step towards a greener future," Harshvendra Soin, Global Chief People Officer and Head – Marketing said..

Source : Mint

Correct Answer :   Gujarat

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Prime Minister Narendra Modi announced that the 700 MW nuclear power plant located in Kakrapar, Gujarat, has commenced its operations at maximum capacity.

This milestone marks a pivotal moment in India’s quest for energy self-sufficiency and underscores the nation’s commitment to harnessing indigenous nuclear technology.


Kakrapar Nuclear Power Plant Reaches Full Capacity :

* The Kakrapar Atomic Power Project (KAPP) had initiated its commercial operations on June 30, 2023, but initially operated at only 90 percent of its capacity. On August 31, 2023, the plant finally achieved its full operational potential.

* The Kakrapar Nuclear Power Plant is a testament to India’s capability in developing and operating nuclear power facilities entirely on its own. The Nuclear Power Corporation of India Limited (NPCIL) has been at the forefront of this endeavor.

Indigenous Development by NPCIL :

Nuclear Power Corporation of India Limited (NPCIL) is responsible for constructing two 700 MW pressurized heavy water reactors (PHWRs) at Kakrapar, Gujarat. Kakrapar is already home to two 220 MW power plants, and with the new 700 MW unit coming online, it strengthens India’s nuclear power generation capacity.


Expanding Nuclear Power in India :

The NPCIL currently operates 23 commercial nuclear power reactors across the country. Moreover, the organization has plans to build a total of 16 700 MW PHWRs at various locations in India. Financial and administrative sanctions have reportedly been granted for these ambitious projects, emphasizing India’s drive to expand its nuclear power capacity.

Correct Answer :   31 August 2023

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Every year World Sanskrit Day is celebrated on the full moon day of the Hindu calendar month of Shravan or Sawan month. This year (2023) World Sanskrit Day, which is also known as World Sanskrit Diwas, is being observed on 31 August 2023.

The celebration of the day aims at the awareness and promotion of Sanskrit language. Apart from this, the celebrations also mark the sanctity and divinity of the language, which is also considered the Dev Vani (language of the Gods).

Sanskrit has also been used to write some crucial scriptures in Hinduism like Vedas, Upanishads and Bhagavad Gita. Many believe that Sanskrit was created and passed on by Lord Brahma to rishis.

World Sanskrit Day History :

* The celebration of Sanskrit Day and Sanskrit Diwas was declared by the government of India in 1969. The day was supposed to be a tribute to the work of the renowned Sanskrit scholar Paṇini and his legacy.

* This is why, annually World Sanskrit Day is observed on the birth anniversary of Panini, whose contribution to the evolution of the language stands significant and unmatched till date


World Sanskrit Day Significance :

* The celebration for Sanskrit is significant, as this Indo-Aryan language has successfully left a mark not only in the Indian subcontinent but has also extended to continents like Europe.

* Carrying the most extensive vocabulary, Sanskrit is well known for contribution to languages like Greek and Latin.

Correct Answer :   Uttar Pradesh

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Uttar Pradesh Chief Minister Yogi Adityanath on Wednesday (30 August 2023) announced to increase the amount given to beneficiaries under the 'Mukhyamantri Kanya Sumangla Yojana' from Rs 15,000 to Rs 25,000, according to a government statement. He said that currently Rs 15,000 is given to beneficiaries in six phases under the scheme.

"The double-engine government is going to increase the amount of the Kanya Sumangala scheme from Rs 15,000 to Rs 25,000 from financial year 2024-2025," he told a group of beneficiaries, according to the official release issued here.

"This will make it easier for the daughters of the state to fulfil their dreams and become self-reliant along with being educated," he said. The chief minister stated that today 16.24 lakh daughters in the state are benefiting from this scheme.

"Starting next year, as soon as a daughter is born, an amount of Rs 5,000 will be transferred to her parents' account. When she turns one year old, Rs 2,000 will be transferred; when she enters the first grade, Rs 3,000; on entering the sixth grade, Rs 3,000; on entering the ninth grade, Rs 5,000; and if she pursues a graduate, diploma, or certificate course, then an amount of Rs 7,000 will be transferred to her account,” he said.

Some beneficiaries of the scheme tied 'rakhi' to the chief minister and applied the traditional 'tilak' on his forehead. In return, he presented them gifts and assured them of continued protection. During the program, the chief minister transferred Rs 5.82 crore to the accounts of 29,523 beneficiaries. He also distributed cheques to 10 beneficiary girls and their parents, the release added..

Source : Outlookindia

Correct Answer :   Kashmir

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Miss World 2023 : In an exciting announcement, Julia Eric Morely, the CEO of Miss World, held a press conference in the picturesque region of Kashmir, India.

The occasion marked the anticipation and preparation for the 71st edition of the prestigious Miss World beauty pageant, which is scheduled to be hosted in India. Morely’s words echoed the sentiment of excitement and emotion surrounding the event, saying, “Truthfully, I am so happy. It is emotional for us, to see such beauty.”


A Glimpse into the Future :

CEO Morely expressed her enthusiasm for the upcoming event, inviting everyone to witness the grandeur in November, with the final show scheduled for December 8. She extended her gratitude to the people of Kashmir, applauding their warmth and hospitality and conveyed the Miss World organization’s eagerness to return for the event.

Venue Speculations and Clarifications :

Following the press conference, rumors began circulating about the potential location of the pageant in the lush valleys of Kashmir. However, recent reports have clarified that no specific venue has been confirmed yet. Jamid Saidi, Chairman of PME Entertainment, took the opportunity to set the record straight. PME and the Miss World organization officially stated that the venue for the Miss World 2023 will be announced later.


Miss World’s Current Title Holder Expresses Amazement :

The special conference held in Kashmir also featured Karolina Bielwaska, the reigning Miss World title holder. She expressed her gratitude for the opportunity to experience the beauty of Kashmir, a place she had not expected to visit. Bielwaska shared her astonishment at the breathtaking scenery and the warmth of the welcome they received. She eagerly looked forward to welcoming participants from 140 nations to India, showcasing the diverse wonders of places like Kashmir, Delhi and Mumbai. Bielwaska, who has visited India many times, celebrated the country’s diversity and the common thread of incredible hospitability that runs through every state.

Correct Answer :   Priyan Sain

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Priyan Sain clinched the title of Miss Earth India 2023 during the Miss Divine Beauty 2023 national final held on 26 August 2023 in New Delhi.

The 20-year-old student, dancer, and taekwondo player from Jaipur, Rajasthan succeeds last year’s winner Vanshika Parmar, and will now prepare to represent India at the Miss Earth 2023 pageant in Vietnam this December.

She received her crown from reigning Miss Earth from Korea Mina Sue Choi who was invited as a special guest along with Miss Earth Air from Australia Sheridan Mortlock.

Praveena Aanjna Takes the Title of Miss International India 2023 :

At the same event, Praveena Aanjna was named Miss International India 2023 while Pema Choden Bhutia and Tejaswini Shrivastava were both announced as runners-up. Prior to becoming a finalist for Miss Divine Beauty and eventually winning her national title, Priyan participated in Miss Rajasthan 2022 where she finished as first runner-up.

Jawaharlal Nehru Stadium Hosts Glittering Miss India 2023 Pageant :

The Miss India 2023 pageant was held at the Jawaharlal Nehru Stadium in Delhi. Deepak Aggarwal has done the work for this competition. Briyan Sen won the Miss India pageant out of 16 contestants. Brian Chein broke down in emotional tears when Brian was announced as the winner of the Miss India 2023 pageant. As a result of winning the Miss India pageant, she will participate in the Miss World pageant to be held in Vietnam.

Correct Answer :   Maharashtra

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Tata Power Renewable Energy Limited (TPREL) has partnered with Sanyo Special Steel Manufacturing India Private Limited (SSMI) to set up a 28.12-megawatt green energy plant in Maharashtra.

In a statement TPREL, an arm of Tata Power, said it has signed the Power Delivery Agreement (PDA) with SSMI through its Special Purpose Vehicle (SPV) TP Alpha Limited.

"TPREL joins hands with SSMI for setting up of 28.125 MW AC (39.375 MWp) captive solar plant in Aachegaon under district Solapur, Maharashtra," the statement said.

The plant is expected to produce 61.875 million units of electricity annually, which would meet the energy requirement of steel manufacturing unit of SSMI.

It will also help to reduce SSMI's carbon footprint by 42,534 tonnes annually.

The project will be commissioned by March 2024, as per the arrangement.

This project aligns with SSMI's long term strategy towards climate change by reducing dependency on fossil fuel-based energy, lower the carbon footprint and manufacture green steel.

Ashish Khanna, ceo of Tata Power Renewable Energy Limited, stated, "These initiatives yield advantages like cost reduction, lower emissions, enhanced energy security, and alignment with sustainability targets. The government's prioritisation of captive power projects, driven by their economic and environmental merits, highlights their significance for various industries."

Dilipkumar Pachpande, Managing Director of Sanyo Special Steel Manufacturing India Pvt Ltd, said, "This collaboration perfectly describes our commitment towards the clean and green energy solutions, which not only aligns with our goals towards climate change and sustainable development but also significantly benefits the steel manufacturing unit by reducing CO2 emissions and costs, enhancing sustainability, and contributing to carbon neutral goals by producing green steel.".

Source : Outlookindia