DailyScoop June 11 2024 by AffairsCloud 1

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INTERNATIONAL AFFAIRS
MPC - Monetary Policy Committee

RR - Repo Rate
SDF - Standing Deposit Facility
CRR - Cash Reserve Ratio
SLR - Statutory Liquidity Ratio
CPI - Consumer Price Index, CRB - contingent reserve buffer

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(Anna University Chennai, Tamil Nadu)
GRSE - Garden Reach Shipbuilders and Engineers

DRDO - Defence Research and Development Organisation

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IMPORTANT DAYS
Deutsche
Hirntumorhilfe
e.V.” (German
Brain Tumour
Association)

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AFFAIRSCLOUD TODAY
Current Affairs 11 June 2024 : Headlines
VCTPL Featured into Top 20 Rankings in World Bank’s CPPI 2023

Highlights of RBI’s 2nd Bi-Monthly MPC Meeting 2024 – RBI Keeps Repo Rate Unchanged at
6.5%; Forecasts 7.2% GDP Growth for FY25
SEBI Mandates KRAs to Update KYC Information on Central KYC Records Registry
Muthoot Microfin & SBI Announces Co-Lending Partnership To Empower Women
Entrepreneurs
Ashv Finance Ltd Signed a Co-lending Pact with HDFC Bank to Offer Unsecured Business
Loans to MSMEs
Andhra Chamber of Commerce Signed MoU With AIC-Anna University Incubation
Foundation to Enhance Startup Ecosystem
Garden Reach Shipbuilders To Build Research Vessel for DRDO in Rs 500 Crore Deal
UNGA Elected Former Cameroonian PM Philemon Yang as President of its 79th Session
Kamal Kishore Soan Assumed Additional Charge as DG of ESIC
Norway Chess 2024: Magnus Carlsen, Ju Wenjun Emerge as Champions, Praggnanandhaa
Finishes 3rd
Formula 1: Max Verstappen Wins Canadian Grand Prix for Third Straight Year
Cherukuri Ramoji Rao, Padma Vibhushan Awardee and Ramoji Group Chairman, Passed
away at 87
World Oceans Day 2024 – June 8
World Brain Tumor Day 2024 – June 8
World Accreditation Day 2024 – June 9

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INTERNATIONAL AFFAIRS
VCTPL Featured into Top 20 Rankings in World Bank’s CPPI 2023
According to the World Bank’s Container Port Performance Index (CPPI) 2023, Visakhapatnam
Container Terminal Private Limited (VCTPL), a wholly-owned subsidiary of JM Baxi Ports & Logistics , in
Visakhapatnam, Andhra Pradesh (AP), is the only Indian Port to be featured into the Top 20 rankings.
• VCTPL has overall secured 19th position in the CPPI rankings.
• While, Mundra Port, India’s largest Private Port (in Gujarat) was ranked at 27th position,
owned by Adani Ports and Special Economic Zone Limited (APSEZ).
• As per the CPPI 2023, Yangchan Port (China) and Port of Salaah (Oman) ranked
at 1st and 2nd position respectively. Both ports retained their previous rankings of 2022.
About CPPI 2023:
i.The 4th edition of CPPI was developed by World Bank’s Transport Global Practice in partnership with
Global Intelligence and Analytics division of S&P Global Market Intelligence.
ii.The Index covered 405 global container ports across the world based on their efficiency, the duration of
port stay for container vessels.
• It covered ports that had at least 24 valid ports call within the 12-month period of the study.
iii.It is based on the biggest dataset ever: over 1.82 lakh vessel calls, 238.2 million moves, and about 381
million Twenty-foot Equivalents (TEUs) for the full calendar year of 2023.
• Over 80% of merchandise trade is transported by sea which signifies its importance to global
markets and economic development.
iv.The main objective of the index is to outline areas for enhancement for the benefit of various
stakeholders in the global trading system and supply chains, from ports to shipping lines, national
governments, and consumers.
The CPPI 2023: Top 5 (Global)
Rank Port (Country)
1 Yangchan Port (China)
2 Port of Salaah (Oman)
3 Port of Cartagena (Columbia)
4 Port of Tanjung Pelepas(Malaysia)

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5 Chiwan Port (China)

The CPPI 2023: Top 4 (India)
CPPI Rank Port
19 Visakhapatnam Port (Andhra Pradesh)
27 Mundra Port(Gujarat)
41 Pipavav Port (Gujarat)
47 Kamarajar Port (Chennai, Tamil Nadu)

Global Scenario:
i.Port of Cartagena in Columbia, has improved its rank from 5th position (in the CPPI 2022)
to 3rd position (in the CPPI 2023).
ii.Tangier-Mediterrean (in Northern Morocco) port
remained at 4th position, followed
by Tanjung Pelepas (Malaysia) which has moved up
in the latest rankings by one position to 5th .
iii.The latest CPPI 2023 included 57 new ports in
the list; including Muuga Harbour (Estonia), Port of
Al Duqm (Oman).
• Total 100 ports improved their rankings
in the CPPI 2023.
iv.As per CPPI 2023, out of top 20 ports featured in
the index, 13 are from East and Southeast Asia region.
India-Specific:
i.Total 12 Indian ports were featured in the CPPI 2023.
• Only 4 Indian Ports made into Top 50: VCPTL, Mundra Port, Pipavav Port in Gujarat (ranked
at 41st position),Kamarajar Port in Chennai (ranked at 47th position).
ii.In the CPPI 2023 by throughout medium ports category (handling between 0.5 million TEUs and 4
million TEUs a year), VCTPL was ranked at 18th position and Pipavav Port at 34th position.
iii.In the CPPI 2023 by throughout in the large ports category (handling more than 4 million TEUs a
year), Mundra Port was ranked at 22nd position and Jawaharlal Nehru Port in Mumbai, Maharashtra
at 90th position.
iv.Other Indian Ports featured in the index: Kattupalli (ranked at 57th position), Cochin (ranked at 63rd
position), Hazira (ranked at 68th position) ,Krishnapatnam (ranked at 71st position), Chennai
port (ranked at 80th position), Jawaharlal Nehru Port (ranked at 96th position), New Mangalore port (
235rd position), and Syama Prasad Mookerjee (ranked at 242nd position).
About World Bank:
President- Ajay Banga
Headquarters- Washington, DC, the United States of America (USA)
Established- 1944

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BANKING & FINANCE

Highlights of RBI’s 2nd Bi-Monthly MPC Meeting 2024 – RBI Keeps Repo Rate Unchanged at
6.5%; Forecasts 7.2% GDP Growth for FY25
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) met on June 5 -7, 2024 and
released its second Bi-Monthly Monetary Policy of Financial Year 2024-25 (FY25) which raised India’s real
Gross Domestic Product growth forecast from 7% to 7.2% for FY25.The June FY25 meeting was the RBI’s
49th MPC meeting.
• RBI has projected the real GDP for Q1 at 7.3%, Q2 at 7.2%, Q3 at 7.3% and Q4 at 7.2%.
• The repo rate under the Liquidity Adjustment Facility (LAF) was kept unchanged at 6.50% for
the 8th consecutive time. However, the two external members of RBI — Ashima Goyal and
Jayanth R Varma showed their disapproval and voted to reduce the policy repo rate by 25 basis
points.
• The MPC also decided to remain focused on withdrawal of accommodation to ensure that
inflation progressively aligns to the target, while supporting growth whereas Ashima Goyal and
Jayanth R Varma voted for a change in stance to ‘neutral’.
Note
The repo rate, which is the rate at which the RBI lends to commercial banks to meet shortage in funds and
is a key tool to manage liquidity in the economy.
RBI’s Policy Rates :
Category Rate
Policy Repo Rate 6.5%
Fixed Reverse Repo Rate 3.35%
Standing Deposit Facility (SDF)Rate 6.25%
Marginal Standing Facility (MSF) Rate 6.75%
Bank Rate 6.75%
Cash Reserve Ratio (CRR) 4.50%
Statutory Liquidity Ratio (SLR) 18%

CPI inflation estimate for FY25 kept unchanged at 4.5%
i.Consumer Price Index (CPI) or retail inflation for 2024-25 is projected at 4.5 % with Q1 at 4.9%, Q2
at 3.8%, Q3 at 4.6% and Q4 at 4.5%.

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• The forecast is based on the assumption of normal monsoon.

ii.RBI has set a target for CPI inflation of 4% within a band of +/- 2%.
iii. Headline inflation has eased from 5.1% in February
to 4.83% in April 2024. Food inflation remains high
due to increased price levels in vegetables, pulses,
cereals, and spices. Further decline liquified petroleum
gas (LPG) prices was observed in during March-April.
iv.Core (CPI excluding food and fuel) inflation eased
to 3.2% in April, the lowest in the current CPI series.
v.The surge in Foreign Portfolio Investor (FPI) flows
during FY24, with an inflow totalling $41.6 billion.
vi.Total flow of resources to the commercial sector was
at Rs.31.2-lakh crore in FY24 is significantly higher
than that of last year (Rs.26.4 lakh crore)
RBI enhances contingent reserve buffer to 6.5 pc
amid positive economic outlook
RBI has decided to transfer Rs.2.11 lakh crore as
surplus to the Central Government for the accounting
year 2023-24 and as the economy seems to be robust and resilient, it has decided to increase the risk
provisioning under the contingent reserve buffer (CRB) to 6.5% of the Reserve Bank’s balance sheet for
2023-24 from 6.0% in 2022-23.
• This would further strengthen RBI’s balance sheet.
Foreign exchange reserves touched $651.5 billion mark as on May 31, 2024
i.RBI’s report showed that India’s forex reserves jumped USD 4.837 billion to a new all-time high of USD
651.51 billion for the week ended May 31,2024.
ii.Foreign currency assets, a major component of the reserves, increased to USD 572.564 billion.
iii. The Special Drawing Rights (SDRs) were declined to USD 18.118 billion while India’s reserve position
with the IMF was up to USD 4.326 billion.
Bulk deposit limit raised to Rs.3 crore from Rs.2 crore
i.RBI has hiked the threshold for bulk fixed deposits to Rs 3 crore from Rs 2 crore with an aim to improve
asset liability management of banks.
ii.Single rupee term deposits of up to Rs 2 crore with Scheduled Commercial Banks (excluding Regional
Rural Banks) and Small Finance Banks will now be part of retail fixed deposits.
iii.Furthermore, RBI has proposed to revise the definition of bulk deposits as ‘Single Rupee term deposit of
Rs 3 crore and above’ for Scheduled Commercial Banks (SCBs) (excluding Regional Rural Banks(RRBs))
and Small Finance Banks (SFBs).
iv.It has also proposed to define the bulk deposit limit for Local Area Banks (LABs) as ‘Single Rupee term
deposits of Rs 1 crore and above’, as applicable in case of RRBs.
RBI announces digital payments intelligence platform to check online frauds
i.The Reserve Bank of India (RBI) has proposed to set up a Digital Payments Intelligence Platform to
prevent payment frauds and protect customers from associated risks and to fulfill the requirement for
network-level intelligence and real-time data sharing across payment systems.
ii.It has constituted a committee under the chairmanship of A.P. Hota, former MD & CEO, National
Payments Corporation of India (NPCI) to look into the aspects of the digital public infrastructure for the
intelligence platform.
iii.The Committee is expected to give its recommendations within two months.

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Inclusion of recurring payments for Fastag, NCMC, etc. with auto-replenishment facility under the
e-mandate framework
i.RBI has announced the inclusion of auto replenishment facility of FASTag, National Common Mobility
Card (NCMC) and United Payments Interface (UPI) Lite wallet balances under the e-mandate facility.
ii.Under the e-mandate framework, it has proposed to introduce an automatic replenishment facility for
such payments and this replenishment will be triggered when the balance in FASTag or NCMC falls below a
threshold amount set by the customer.
iii.Moreover, the introduction of auto replenishment of UPI Lite wallet has also been proposed alongwith
its inclusion under the same e-mandate framework.
Note:
i.The Framework for processing of e-Mandate for recurring transactions was issued by the RBI
in 2020 that provides recurring payments with fixed periodicity such as daily, weekly, monthly, etc.
ii.The current e-mandate framework requires a pre-debit notification at least 24-hours before the actual
debit from the customer’s account.
Rationalisation of Export and Import regulations under Foreign Exchange Management Act
(FEMA), 1999
i.RBI has decided to rationalise existing guidelines on export and import of goods and services
under Foreign Exchange Management Act (FEMA), 1999 to align it with the changes in the global cross-
border trade transactions.
ii.It aims to simplify operational procedures thereby promoting ease of doing business for all the
stakeholders.
RBI Hackathon HARBINGER 2024 – Innovation for Transformation announced
i.The Reserve Bank of India (RBI) has announced
the 3rd edition of its hackathon called ‘HaRBInger 2024 –
Innovation for Transformation’.
ii.It encourages for tech-based solutions to tackle financial
frauds under two main themes this year – ‘Zero Financial
Frauds’ and ‘Being Divyang Friendly’.
iii.The RBI has set a prize of Rs 40 lakh for winners and a
special cash prize of Rs 20 lakh for the best all-women team
and will also offer a stipend of Rs 5 lakh for every shortlisted
team.
Monetary Policy Committee
i.Under RBI Act,1934 (amended in 2016), RBI is is
responsible for conducting monetary policy in India with the
primary objective of maintaining price stability and growth.
ii.Section 45ZB of the RBI Act provides for the constitution of a six-member Monetary Policy Committee
(MPC) to determine the policy rate required to achieve the inflation target.
iii.The first such MPC was constituted on September 29, 2016.
About Reserve Bank of India (RBI)
The Reserve Bank of India (RBI) is responsible for monetary stability, currency management, targeting
inflation, regulating the banking system, and setting interest rates. It was established on April 1, 1935 in
accordance with the provisions of the Reserve Bank of India Act, 1934.
Headquarters: Mumbai, Maharashtra
Governor: Shaktikanta Das

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SEBI Mandates KRAs to Update KYC Information on Central KYC Records Registry
On 6th June 2024, The Securities and Exchange Board of India (SEBI) issued a circular which has
mandated Know Your Client (KYC) Registration Agencies (KRAs) to update their customers KYC
information on Central KYC Records Registry (CKYCRR) and the uploading of KYC data will commence
from 1st August, 2024. These new guidelines aim to simplify customer onboarding process by reducing
the turnaround time to register new clients.
• SEBI has amended the “Master Circular on KYC Norms” issued originally on 12th October
2023.
• SEBI issued this circular in exercise of powers given to it under Section 11(1) of the Securities
and Exchange Board of India Act, 1992 and Regulation 17 of the Securities and Exchange
Board of India { KYC(Know Your Client) Registration Agency} Regulations, 2011.
Point to Note: At present, market intermediaries such as: stock brokers and Alternative Investment Funds
(AIFs), who deal with account-opening processes for clients, are responsible for uploading the KYC
information to CKYCRR.
Key Changes:
i.KRAs shall upload the verified or validated KYC information on to the system of CKYCRR within 7
days from intermediaries or any other timeline as
notified under Prevention of Money
Laundering (PML) Rules.
• Earlier, registered intermediaries were
required to furnish electronic copy of KYC
information of their clients within 10 days
after the commencement of an account-based
relationship.
ii.Now, it will be mandatory for KRAs to ensure that
existing KYC information of legal entities and of
individual clients are uploaded on to CKYCRR within a
period of 6 months from 1st August, 2024.
iii.SEBI has directed the registered intermediaries to
continue to upload the KYC information with proper
authentication on the systems of KRA.
About Central KYC Records Registry (CKYCRR):
It acts as a centralised repository of KYC information managed by the Central Registry of Securitisation
and Asset Reconstruction and Security Interest of India (CERSAI). It can be used across various financial
institutions including: Banks, Mutual Funds, Stocks and National Pension System (NPS).
About Securities and Exchange Board of India(SEBI):
SEBI is the apex regulatory body for securities and commodity market in India. It was originally
established as non-statutory body in April 1988. Later, SEBI was accorded the status of statutory

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body through SEBI Act, 1992 on 30th January, 1992.

Chairman- Madhabi Puri Buch
Headquarter- Mumbai, Maharashtra
Muthoot Microfin & SBI Announces Co-Lending Partnership To Empower Women

Entrepreneurs
Muthoot Microfin Limited has announced a strategic co-lending partnership with the State Bank of
India (SBI) to extend its financial services to women entrepreneurs in rural and semi-urban regions
across India.
• Under this partnership, Muthoot Microfin and SBI will jointly lend to members of Joint Liability
Groups (JLGs) who are engaged in agricultural and allied activities as well as other income-
generating enterprises.
• The loan amounts will range from a minimum of Rs 10,000 to a maximum of Rs 3,00,000,
providing a substantial boost to women entrepreneurs from rural regions.
• This is designed to offer a substantial boost to women entrepreneurs, enabling them to expand
their businesses and improve their livelihoods.
Note: Muthoot Microfin Limited is the fifth largest NBFC-microfinance company in terms of gross loan
portfolio and has headquarters in Kochi, Kerala.
Ashv Finance Ltd Signed a Co-lending Pact with HDFC Bank to Offer Unsecured Business Loans
to MSMEs
Ashv Finance Limited (Erstwhile Jain Sons Finlease Ltd) part of the impact investor Aavishkaar Group,
has signed a co-lending agreement with the HDFC Bank, one of India’s leading private banks to
provide unsecured business loans to Micro, Small & Medium Enterprises (MSMEs).
Objective: This co-lending deal aims to enhance Ashv Finance’s partnerships for lending to Micro, Small &
Medium Enterprises (MSMEs).
Benefits of the Partnership:
i.Unsecured business loans range from Rs 20 lakh to Rs 50 lakh for 12 to 36 months. Repeat customers
can avail of loans up to Rs 75 lakh.
ii.Funds can be used for infrastructure investment, working capital needs, buying new machinery and
plant, technology adoption, or overhead costs.
Eligibility Criteria:
• MSMEs must be at least 3 years old, with an annual turnover between Rs 3 crore and Rs 100
crore.
• Goods and Service Tax (GST) and Income Tax Return (ITR) for the past 3 years are required.
Note: Ashv Finance Limited is an MSME-focused Non-Banking Financial Company (NBFC) that empowers
MSMEs and Small Businesses in India with loans.
ECONOMY & BUSINESS

Andhra Chamber of Commerce Signed MoU With AIC-Anna University Incubation Foundation to
Enhance Startup Ecosystem
The Andhra Chamber of Commerce has signed a Memorandum of Understanding (MoU) with the Atal
Incubation Center (AIC) at the Anna University Incubation Foundation in Chennai, Tamil Nadu to boost
the startup ecosystem and support aspiring entrepreneurs.

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• As per the joint initiative, the strategic tie-up would help both partners to utilise their strengths
to reach a wider audience with the AIC, Anna University Incubation Foundation.
• The AIC will incubate start-ups with the Andhra Chamber of Commerce, promoting their events
and outreach programs, focusing initially on social sectors.
Key People:
Dr VL Indira Dutt, President of the Andhra Chamber of Commerce exchanged documents with Dr P.
Uma Maheswari, Director and Chief Executive Officer (CEO) of AIC– Anna University Incubation
Foundation.
Note:
i.AIC-Anna University Incubation Foundation is a section 8 Company founded by Anna University with a
grant from Atal Innovation Mission, the National Institution for Transforming India (Niti Aayog),
Government of India (GoI).
ii.Andhra Chamber of Commerce was started in 1928 to promote and provide service to India’s trade,
commerce, and industry, particularly in South India.
Garden Reach Shipbuilders To Build Research Vessel for DRDO in Rs 500 Crore Deal
Garden Reach Shipbuilders and Engineers (GRSE), a leading Indian shipyard has set to build a new
research vessel for the Defence Research and Development Organisation (DRDO) with a deal
of approximately Rs 500 Crore.
• After submitting the Lowest Proposal (L1), GRSE was chosen to build the DRDO research vessel.
It highlights GRSE’s competitiveness in the shipbuilding industry and its ability to deliver cost-
effective solutions.
• The contract is currently in the negotiation phase and has not been finalized yet. If the
negotiations proceed successfully and the contract is signed, it will further bolster the
company’s position in the defense sector and contribute to its ongoing growth trajectory.

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APPOINTMENTS & RESIGNATIONS

UNGA Elected Former Cameroonian PM Philemon Yang as President of its 79th Session
The United Nations General Assembly (UNGA) elected Ambassador Philemon Yang, former Prime
Minister (PM) of Cameroon(2009 to 2019) by acclamation, as President for its 79th session starting
on 10 September 2024.
• He will succeed Ambassador Dennis Francis of Trinidad and Tobago (TT), the President of
the 78th Session of the UNGA.
• The theme for the 79th session of the UNGA is “Unity in diversity, for the advancement of
peace, sustainable development, and human dignity for everyone everywhere”.
Note: By the established regional rotation, the President of the 79th session of the UNGA was elected from
the Group of African States.
About Philemon Yang:
i.Ambassador Philemon Yang has previously served in various pivotal government positions such as:
• Vice-Minister of Territorial Administration (1975-1979);
• Minister of Mines and Energy (1979-1984);
• Minister, Deputy Secretary General at the Presidency of the Republic (2004-2009); and
• Grand Chancellor of National Orders at the Presidency of the Republic (Since 2020).
ii.He also served as Cameroon’s High Commissioner to Canada (1984-2004), where he served 14 years as
Dean of the Diplomatic Corps.
iii.He served as Chairperson of the Panel of Eminent Africans of the African Union (AU), since February
2020.
iv.He was also the Chairperson of the Intergovernmental Committee for the Cartagena Protocol on
Biosafety.
Pakistan, Panama, Somalia, Denmark, and Greece Elected Non-Permanent Members of the UNSC
The UNGA elected Denmark, Greece, Pakistan, Panama, and Somalia as non-permanent members of
the UN Security Council (UNSC) for 2-year terms starting on 1 January 2025 and serving till 31
December 2026.
• These countries will replace the outgoing non-permanent members Ecuador, Japan, Malta,
Mozambique, and Switzerland, whose terms end on 31 December 2024.
Voting Process:
The election was conducted via secret ballot and the elected countries needed a two-thirds majority of
Member States present and voting, typically 129 votes if all 193 member states are present
• Participation: 190 Member States participated, requiring only a single round of balloting.
UNSC and its Role:
i.The UNSC has 15 members, 5 of which are permanent ones, each with veto
power: China, France, Russia, the United Kingdom (UK), and the United States of America (USA).

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ii.The 10 non-permanent seats of the council are distributed according to below 4 regional groupings,
with 5 replaced each year.
• Africa and Asia; Eastern Europe; Latin America and the Caribbean; and the Western European
and other States group.
iii.The existing non-permanent members are Algeria, Guyana, the Republic of Korea, Sierra Leone, and
Slovenia, whose term began on 1 January 2024.
iv.The 15-member Security Council is primarily responsible for maintaining international peace and
security, with all Member States obligated to comply with its decisions.
Note: Along with the 5 permanent Members, the 5 new members will join the existing 5 non-permanent
members.
Vote Tally:
i.African and Asia-Pacific Group: Pakistan: 182 votes; Somalia: 179 votes, with 5 countries abstaining.
ii.Latin America and the Caribbean Group: Panama: 183 votes; Argentina: 1 vote, with 6 countries
abstaining.
iii.Western European and Other States Group: Denmark: 184 votes; Greece: 182 votes, and Italy and
Norway each received 1 vote; 2 countries abstained.
Note: The group of Eastern Europe is not contesting in 2024, as its one seat, currently held by Slovenia
through 2025, comes up for election every other year.
Additional Info: India has been elected eight times as a non-permanent member of the UNSC. It was a
member in 1950-1951, 1967-1968, 1972-1973, 1977-1978, 1984-1985, 1991-1992, 2011-2012, and
2021-2022.
About the United Nations General Assembly (UNGA):
Established in 1945 under the UN Charter, the UNGA is the main policy-making organ of the UN.
Headquarters– New York, the United States of America(USA)
Kamal Kishore Soan Assumed Additional Charge as DG of ESIC

On 31st May 2024, Kamal Kishore Soan, a senior Indian Administrative Service (IAS)officer assumed
the additional charge of Director General (DG) of Employees’ State Insurance Corporation (ESIC) under
Ministry of Labour and Employment, Government of India (GoI).
• He is also serving as an Additional Secretary and Director General (DG), Labour Welfare in the
Ministry of Labour and Employment.
• Kishore soan will succeed Rajendra Kumar, who was the Director General of ESIC since 2022. In
May 2024 Kumar was appointed as Secretary of the Department of Border Management,
Ministry of Home Affairs.
About Kamal Kishore Soan:
i.He is a 1998 batch IAS officer from Jharkhand cadre.
ii.He has extensive experience of governance and management and has worked in various capacities
across different departments in the state of Jharkhand such as: Land Revenue Management and District

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Administration, Agriculture & Cooperation, Health, Building Construction, Transport,

Finance, among others.
About Employees’ State Insurance Corporation (ESIC):
It is a statutory body established under the Employees’ State Insurance Act (ESIC Act), 1948, was the 1st
major law on social security for workers in independent India.
Director General (DG)- Kamal Kishore Soan
Headquarters- New Delhi, Delhi
Established in – 1952
SPORTS
Norway Chess 2024: Magnus Carlsen, Ju Wenjun Emerge as Champions, Praggnanandhaa
Finishes 3rd
Norwegian Grandmaster (GM) Magnus Carlsen (World No.1) won the 2024 Norway Chess
Title beating Fabiano Caruana of the United States of America (USA) in the final round Armageddon tie-
breaker. This marks Carlsen’s 6th Norway Chess Title.
• Hikaru Nakamura (USA) secured the 2nd spot with 15.5 points despite losing to Indian GM
R.Praggnanandhaa, who concluded third with 14.5 points.
• Women’s World Champion Ju Wenjun (China) won the Women’s Norway Chess title defeating
Lei Tingjie (China).
• The 12th edition of the Norway Chess super-tournament was held from May 27 to June 7 2024
in Stavanger, Norway.
Prize Money: Magnus Carlsen and Ju Wenjun were awarded prize money of around USD 65,000.
Key Highlights:
i.Alireza Firouzja (France) won the 4th spot after defeating World champion Ding Liren (China) who
clinched the 6th spot behind Fabiano Caruana (USA) who gained the 5th
ii.In the women’s category, Anna Muzychuk (Ukraine) gained the 2nd spot while Lei Tingjie (China)
finished at the 3rd position.
iii.The Indian women player Vaishali Rameshbabu stood 4th after the defeat from Pia Cramling (Sweden)
while Koneru Humpy finished 5th after losing to Anna Muzychuk (Ukraine).
Note: R.Praggnanandhaa has become the first ever player to have defeated the top three- Magnus
Carlsen, Fabiano Caruana and Hikaru Nakamura in the Norway Chess 2024.
Results
Rank Men’s Category Women’s Category
1 Magnus Carlsen (Norway) Ju Wenjun (China)

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2 Hikaru Nakamura (USA) Anna Muzychuk (Ukraine)
3 Rameshbabu Praggnanandhaa (India) Lei Tingjie (China)

About Magnus Carlsen:
i.Magnus Carlsen won the world title in 2013 and has successfully defended it four times (2014, 2016,
2018, and 2021).
ii.He has lately won the Superbet Rapid and Blitz Tournament 2024 in May (Warsaw, Poland) and the
GRENKE Chess Classic 2024(Karlsruhe, Germany) in March and April for the third time after winning it in
2015 and 2019.
iii.Besides, he has also claimed the 2024 Champions Chess Tour Chessable Masters title in February 2024.
About Ju Wenjun:
i.Ju Wenjun became the women’s world chess champion in 2018 having retained the title for four times-
2018,2020 and in 2023.
ii.Ju Wenjun won the FIDE Women’s Grand Prix 2015–16.
iii.She has also won the blitz title of the Tata Steel Chess India tournament in 2023.
About Norway Chess 2024
i.Norway Chess is an annual closed chess tournament that takes place in the May to June time period every
year. The first edition took place in the Stavanger area, Norway in 2012.
ii.The Norway Chess introduced the inaugural Norway Chess Women’s Tournament in collaboration with
Ernst and Young (EY), the Sparebank-1 SR-bank foundation, Sparebank-1 SR-bank, and Stavanger
municipality.
Formula 1: Max Verstappen Wins Canadian Grand Prix for Third Straight Year
Dutch-Belgian racing driver Max Verstappen of Red Bull won the Formula 1 (F1) Canadian Grand Prix
2024 (AWS GRAND PRIX DU CANADA 2024) title, the 9th round of the 2024 F1 championships at Circuit
Gilles-Villeneuve in Montreal, Quebec, Canada.
i.McLaren’s Lando Norris finished second, and Mercedes’s George Russell finished third in the Canadian
Grand Prix 2024.
ii.The victory marks Verstappen’s 60th Formula 1 win and his sixth in nine races this season
iii.George Russell achieved Mercedes’s first Grand Prix podium finish for the Formula 1 season 2024.
iv.It marks Verstappen’s third consecutive Canadian GP title; previously, he won it in 2022 and 2023.
Canadian Grand Prix Podium 2024
Position Driver Team
1 Max Verstappen Red Bull

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2 Lando Norris McLaren
3 George Russell Mercedes
About Max Verstappen :

i.Max Verstappen won 6 out of 9 races of the F1 events in 2024, including:
• Bahrain Grand Prix
• Saudi Arabian Grand Prix
• Japanese Grand Prix
• Chinese Grand Prix
• Emilia Romagna Grand Prix
• Canadian Grand Prix
ii.He retired in the fourth lap and finished 19th in the Australian Grand Prix, came 2nd in the Miami Grand
Prix, and finished 6th in the Monaco Grand Prix.
iii.He has won three Formula One World Drivers’ Championship titles consecutively from 2021 to 2023.
Canadian Grand Prix :
i.The Canadian Grand Prix is an annual auto race held in Canada since 1961 and has been part of the
Formula 1 World Championship since 1967.
• Number of laps: 70
• Circuit length: 4.361 km
• Race distance: 305.27 km
OBITUARY
Cherukuri Ramoji Rao, Padma Vibhushan Awardee and Ramoji Group Chairman, Passed away
at 87
Cherukuri Ramoji Rao, Padma Vibhushan awardee and Chairman of Ramoji Group, passed away at 87
due to prolonged illness.
• He was born on November 16, 1936, in Pedaparupudi, Madras presidency (Present day
Andhra Pradesh).
• He produced about 50 films and telefilms in his lifetime.
About Cherukuri Ramoji Rao:
i.He headed the Ramoji Group, which includes:
• Ramoji Film City(RFC): World’s largest film production facility.
• Eenadu Telugu daily, the largest circulating Telugu newspaper
• ETV network of TV channels(First satellite entertainment channels in Telugu).

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• Usha Kiran movies: A film production company.

• Margadarsi Chit Funds
ii.He also owned Dolphin group of hotels, Kalanjali Saree Showrooms, Priya Foods and Mayuri Film
Distributors
Awards and honours :
i.Rao was honoured with Padma Vibhushan, the 2nd highest civilian honour of India, in 2016 for his
contributions to journalism, literature, and education.
ii.He had received National Film Award for Best Feature Film in Telugu(Producer) for ‘Nuvve Kavali’.
iii.He also, earned four Filmfare Awards South and five Nandi Awards.
About Ramoji Group:
i.It was founded by Ramoji Rao and its headquarter is in Hyderabad, India.
ii.It has diverse businesses including television and newspaper media, film production, financial services,
retail, education, and hospitality.
iii.In 1996, RFC, a subsidiary of Ramoji group, was recognized by Guinness World Records as the world’s
largest film studio complex.
IMPORTANT DAYS
World Oceans Day 2024 – June 8
The United Nations (UN)’s World Oceans Day is annually observed across the globe on 8th June to raise
awareness about the impact of human actions on the ocean, develop a global movement for ocean
conservation, and unite the world’s population for sustainable ocean management.
• World Oceans Day reminds us of the oceans’ essential role in everyday life. Oceans’ are the lungs
of our planet, a major source of food and medicine, and a vital part of the biosphere.
World Oceans Day 2024 was hosted by the Division for Ocean Affairs and the Law of the Sea of the Office
of Legal Affairs (DOALOS) of the UN, in partnership with the non-profit organisation Oceanic Global.
• The theme of World Oceans Day 2024 is “Awaken New Depths.”
Objective of World Oceans Day 2024:
It showcases the urgent need to transform our relationship with the ocean and to motivate global action
for ocean health and well-being.
Background:
i.Oceans Day was 1st proposed by the Government of Canada on 8 June 1992, at the Earth Summit in
Rio de Janeiro, Brazil, a parallel event during the United Nations Conference on Environment and
Development (UNCED).
ii.On 5 December 2008, the UN General Assembly (UNGA) adopted the resolution A/RES/63/111,
proclaiming 8 June as World Oceans Day.
iii.The 1st ever World Oceans Day was observed on 8 June 2009.

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Note: The United Nations Educational, Scientific and Cultural Organisation’s (UNESCO) Intergovernmental
Oceanographic Commission (IOC) sponsors the World Ocean Network, supporting awareness events
since 2002.
Key Points:
i.The IOC-UNESCO is the only UN body coordinating ocean observations, research, and ocean services
among the member countries.
• It promotes international cooperation in marine sciences to improve the management of the
ocean, coasts, and marine resources.
ii.The IOC is in charge of coordinating the UN Decade of Ocean Science for Sustainable Development
2021-2030, the “Ocean Decade”.
iii.Since 2002, The Ocean Project has coordinated World Ocean Day, aiming to unite global efforts for
ocean protection.
2024 Multi-Year Action Theme:
i.Every year, an Action theme is set to unify efforts for World Ocean Day. The theme is designed to be
adaptable for various celebrations and events worldwide.
ii.The 2024 Action Theme of World Oceans Day is, “Catalyzing Action for Our Ocean & Climate.” This
initiative aims to:
• Utilise existing climate solutions effectively.
• Accelerate the transition to clean, renewable energy.
• Stop fossil fuel extraction and phase out single-use plastics.
• Collaborate with local leaders to implement community actions.
• Protect and restore natural coastal and ocean ecosystems (and on land) to protect areas
covering at least 30% of lands and water by 2030.
• Develop science-based solutions at all levels.
Note: Through transformative collaboration, World Ocean Day aims to create a healthy blue planet and a
more just, equitable, and sustainable society.
Key Facts:
i.The ocean generates 50% of our oxygen (O2), absorbs 25% of carbon dioxide (CO2) emissions, and
captures 90% of excess heat from these emissions.
• It is essential for reducing global Greenhouse Gas (GHG) emissions and stabilising Earth’s
climate.
• Approximately 80% of world trade is transported by maritime shipping, which accounts for 3%
of global emissions.
ii.Ocean habitats like Seagrasses and Mangroves sequester CO2 up to 4 times faster than terrestrial
forests, making them crucial in the fight against climate change.
• Mangroves: They store 1,000 tonnes of carbon per hectare, support fisheries, improve water
quality, and protect coasts.
iii.Coral Reefs: They cover less than 0.1% of the ocean but support 25% of marine biodiversity and
benefit a billion people through coastal protection, fisheries, medicine, and tourism.
iv.Marine Protected Areas, covering 6.35% of the ocean, are crucial for protecting coral reefs and
mangroves and enhancing climate resilience.
v.Renewable Ocean Energy (Off-Shore Wind and Ocean Energy): These sources do not emit GHGs. Wind
power could meet one-third of global power needs.
2024 Events:
On 7 June 2024, the UN hosted an in-person hybrid event to mark World Oceans Day 2024, at the UN
Headquarters in New York, the United States of America (USA).

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TripAdvisor’s Travelers’ Choice Awards: India’s Radhanagar Beach is the World’s 2nd Most
Sustainable Beach
Every year TripAdvisor, the world’s largest travel platform publishes a ranking of the best beaches in
the world as Travelers’ Choice Awards Best of the Best Beaches. For the 1st time, the 2024
ranking also includes a category for the most ‘sustainable beaches’.
• India’s Radhanagar Beach on the Havelock Island (officially known as Swaraj Dweep),
was ranked 2nd in Tripadvisor’s Top 10 Sustainable Beaches in the World.
• Sandbanks Beach in Poole, United Kingdom (UK) was ranked 1st; and Saundersfoot Beach in
Saundersfoot, UK ranked 3rd.
Note: In the 2024 ranking, European beaches took 7 of the top 10 spots.
About Radhanagar Beach:
i.Radhanagar Beach on the western coast, also known as Number 7 Beach, is one of the most popular
beaches in Havelock across the Andaman and Nicobar Islands.
ii.It lies on the south coast of Swaraj Dweep and is about 12 kilometers (km) from the Islands ferry pier.
iii.Radhanagar is a Grade A beach of outstanding quality and has an overall length of 2 km and an average
width of 30 to 40 meters.
Note: The beach was named “Best Beach in Asia” by TIME Magazine in 2004.
Click to see the Top 10 Sustainable Beaches of the World from TripAdvisor
Criteria for Selection:
i.For eco-conscious travelers, finding destinations committed to sustainability is paramount.
ii.The Travelers’ Choice Awards recognise these efforts, blending data from the data partners at BeCause
(via the Blue Flag (BF) organisation) and internal Tripadvisor to highlight top eco-friendly destinations.
• The internal Tripadvisor data points, (including beaches) include the positive reviews from the
Tripadvisor users’ discussions on sustainability.
World Brain Tumor Day 2024 – June 8

World Brain Tumor Day is annually observed across the globe on 8 June to raise awareness about brain
tumours and their impact on patients and families, the significance of early detection and timely
treatment, and to advocate for improved patient care.
• The Day also aims to highlight the importance of research and support for those affected and
celebrate the resilience of those living with this challenging condition.
The theme for World Brain Tumor Day 2024 is “Brain Health and Prevention“.
Symbol: The Grey Ribbon is the official symbol for Brain Tumours and Brain Cancers.
Background:
i.The “Deutsche Hirntumorhilfe e.V.” (German Brain Tumour Association), a non-profit organisation
based in Leipzig, Germany started commemorating World Brain Tumour Day in 2000.

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ii.Since 2000, World Brain Tumor Day has been celebrated annually on 8 June as a tribute to all brain
tumour patients and their families.
Note: A brain tumour is an abnormal growth of cells in the brain or around it. These growths can be
benign (non-cancerous) or malignant (cancerous).
Related Observances:
i.Brain Tumour Awareness Month:
May is annually observed as Brain Tumour Awareness Month (BTAM) to raise awareness about brain
tumours, promote research, and support those affected by the disease.
ii.International Brain Tumour Awareness Week (IBTAW):
Organised by the International Brain Tumour Alliance (IBTA), IBTAW is annually observed in
a week during October and November.
• The 17th IBTAW will be held from 26th October 2024 to 2nd November 2024 inclusive.
Understanding WHO Classification of Brain Tumours:
i.Most global medical organisations refer to the World Health Organization (WHO) classification
system to identify brain tumours.
ii.The classification is based on cell origin and behaviour, ranging from the least aggressive (non-
malignant) to the most aggressive (malignant).
• Some brain tumour types are assigned a grade ranging from I (non-malignant) to IV (most
malignant), indicating growth rate and aggressiveness.
Note: All brain cancers are tumours, but not all brain tumours are cancerous. Noncancerous brain tumours
are called benign brain tumours.
The Importance of WHO Reclassification:
i.In May 2021, the WHO published the 5th edition of the WHO Classification of Central Nervous System
(CNS) Tumours, an official reclassification of tumour types of the CNS.
ii.It enhances diagnostic accuracy and treatment planning, facilitating precise treatment strategies and
predicting therapeutic responses.
Note: All brain and spine tumours are collectively called CNS tumours.
Brain Tumour and its Types:
i.A brain tumour, known as an intracranial tumour, is an abnormal mass of tissue characterised by
uncontrolled cell growth within the brain.
ii.It is a complex medical condition with various types and characteristics. But the 2 main types of Brain
Tumours are:
• Primary Brain Tumors: Originate within the brain tissue itself.
• Metastatic Brain Tumors: Also called lesions or brain metastases, are caused by cancer that
has spread from another part of the body.
Note: Metastatic tumours of the brain affect nearly 1 in 4 patients with cancer, or an estimated 150,000
people a year.
Key Facts:
i.There are over 120 different types of brain tumours, complicating the effective treatment method.
ii.Non-malignant tumours account for almost two-thirds of all primary brain tumours.
iii.Glioblastoma is the most common type of primary malignant brain tumour, with a survival rate of
less than a year even with aggressive treatment.
iv.Metastatic Tumours: Occur in 20-40% of cancer patients, becoming more prevalent due to increased
cancer survival rates.
v.Brain tumours are the leading cause of solid cancer death in children under 20, surpassing acute
lymphoblastic leukaemia.
• They rank 3rd in solid cancer death for young adults aged 20-39.

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vi.Children’s brain tumours differ from adults’ and often require distinct treatment approaches.
• While approximately 60% of children survive brain tumours, many experience long-term side
effects.
Additional Info:
The International Association of Cancer Registries (IARC) reported over 28,000 cases of brain tumours in
India each year, and more than 24,000 people reportedly die due to brain tumours annually.
World Accreditation Day 2024 – June 9

World Accreditation Day (WAD) is annually observed across the globe on 9 June to highlight the role of
accreditation and conformity assessment in improving various aspects of life such as consumer safety,
societal trust, business reliability, and governmental effectiveness.
• The theme for World Accreditation Day 2024 is ‘Accreditation: Empowering Tomorrow and
Shaping the Future’.
Note: Accreditation is a review process that evaluates the quality of educational programs and
institutions.
Background:
i.WAD is a global initiative established by the International Accreditation Forum (IAF) and the
International Laboratory Accreditation Cooperation (ILAC) to highlight the value of accreditation in 2007.
ii.The 1st ever WAD was observed on 9th June 2008.
Significance:
i.WAD 2024 highlights the crucial role of accreditation in harnessing emerging opportunities and
addressing global challenges.
ii.The 2024 observance examines the impact of accreditation as digitalisation, new technologies, and
sustainability concerns continue to change the world.
iii.It also focused on how accreditation supports the United Nations (UN) Sustainable Development Goals
(SDGs) 6, 7, 8, 9, 11, 12, 13, 14, 15.
Key Points:
i.The 2024 WAD highlights that accreditation has long been a cornerstone of societal trust, now
underpinning nearly every facet of daily life.
ii.Key issues addressed by accredited conformity assessment include:
• Supporting innovation and technical Advancement;
• Enabling new and digital technologies;
• Supporting a path to net zero;
• Promoting diversity and inclusion, ensuring fair practices within organizations;
• Facilitating a circular economy; and
• Ethical use of the Artificial Intelligence (AI).

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iii.In each area, mutual recognition arrangements such as the IAF Multilateral Recognition Arrangement
(MLA) and the ILAC Mutual Recognition Arrangement (ILAC MRA) help businesses operate across borders
and industry boundaries.
Technological Standards:
i.The conformity assessment community, including IAF and ILAC, is adapting to technological changes.
ii.A key development is the International Organisation for Standardisation/the International
Electrotechnical Commission ISO/IEC 42001 Information Technology (IT) — AI — Management System
standard, published in December 2023.
• As the 1st global AI management system standard, it addresses transparency, accountability,
and ethical considerations.
About International Laboratory Accreditation Cooperation (ILAC):
i.ILAC first started as a conference held on 24-28 October 1977 in Copenhagen, Denmark, to develop
international cooperation for facilitating trade.
ii.In 1996, ILAC became a formal cooperation with a charter to establish a network of mutual recognition
agreements among accreditation bodies.
iii.It is an international organisation for accreditation bodies operating by ISO/IEC 17011 and is involved
in the accreditation of conformity assessment bodies.
Chair– Etty Feller
Headquarters– Silverwater, New South Wales, Australia
India’s Shifting Oil Dynamics: Russia Emerges As Top Supplier Despite Sanctions
CBIC Chairperson Inaugurates GST Bhawan At Rohtak, Haryana
Rakesh Mohan Joshi Appointed As Vice-Chancellor Of IIFT
Total Foodgrain Production At 3288.52 LMT As Per Third Advance Estimates
Cashfree Payments Names Abhaya Hota as Independent Director

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Organisations publish their reports and Rankings in the evenings, to
make sure every data is covered, we delay the topics to the next day
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exams to “gaanalysis.ac@gmail.com”
GA Questions Asked in Exams
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Awareness section on Bank Exams have been covered by Affairscloud@Careerscloud.
Detailed Analysis of GA Questions asked in SBI Clerk Mains Exam2023-2024:

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Click here to Download the CareersCloud APP

Suggestions & Feedback are welcomed

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MPC - Monetary Policy Committee

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(Anna University Chennai, Tamil Nadu)

GRSE - Garden Reach Shipbuilders and Engineers

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VCTPL Featured into Top 20 Rankings in World Bank’s CPPI 2023

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Rank Port (Country)

1 Yangchan Port (China)

2 Port of Salaah (Oman)

3 Port of Cartagena (Columbia)

4 Port of Tanjung Pelepas(Malaysia)

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5 Chiwan Port (China)

CPPI Rank Port

19 Visakhapatnam Port (Andhra Pradesh)

41 Pipavav Port (Gujarat)

47 Kamarajar Port (Chennai, Tamil Nadu)

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BANKING & FINANCE

Policy Repo Rate 6.5%

Fixed Reverse Repo Rate 3.35%

Standing Deposit Facility (SDF)Rate 6.25%

Marginal Standing Facility (MSF) Rate 6.75%

Bank Rate 6.75%

Cash Reserve Ratio (CRR) 4.50%

Statutory Liquidity Ratio (SLR) 18%

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• The forecast is based on the assumption of normal monsoon.

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body through SEBI Act, 1992 on 30th January, 1992.

Muthoot Microfin & SBI Announces Co-Lending Partnership To Empower Women

ECONOMY & BUSINESS

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APPOINTMENTS & RESIGNATIONS

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Kamal Kishore Soan Assumed Additional Charge as DG of ESIC

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Administration, Agriculture & Cooperation, Health, Building Construction, Transport,

Rank Men’s Category Women’s Category

1 Magnus Carlsen (Norway) Ju Wenjun (China)

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2 Hikaru Nakamura (USA) Anna Muzychuk (Ukraine)

3 Rameshbabu Praggnanandhaa (India) Lei Tingjie (China)

Position Driver Team

1 Max Verstappen Red Bull

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2 Lando Norris McLaren

3 George Russell Mercedes

About Max Verstappen :

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• Usha Kiran movies: A film production company.