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- Raghuram Rajan Joins US Fed Task Force & Aman Seharawat Wins Budapest Gold
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Today’s major current affairs, which are important for students preparing for government jobs-
NATIONAL
1. Former RBI Governor Raghuram Rajan appointed to US Federal Reserve Task Force
- On July 16, former RBI Governor Raghuram Rajan was appointed to the task force of the US Federal Reserve.
- This is a high level review task force of 5 members. This task force will analyze the structure of American monetary policy.
- The work of this task force will be to review the structure related to the Federal Reserve’s monetary policy, data analysis, Artificial Intelligence (AI), and balance sheet.
- In this task force, Raghuram Rajan will be part of the panel to review the balance sheet policy.
- Also, experts of Indian origin will review the data, productivity and structure of inflation.
- The purpose of this task force is to improve the Federal Reserve’s policy response to future economic challenges.
- Raghuram Rajan has been the former Governor of the Reserve Bank of India. He has also been a professor at the University of Chicago Booth School of Business.
- Indian-origin Raj Chetty is an economist at Harvard University and will lead the data task of the Data Task Force.
- Indian-origin Asha Sharma is the Executive Vice President at Microsoft and will work on productivity in this task force.
- Along with this, this task force includes former Bank of England Governor Mervyn King, former Walmart CEO Doug McMillan, Nobel Prize winner Thomas Sargent.
- Kevin Warsh has recently become the Chairman of the US Fed.
US Federal Bank
- The US Federal Reserve is the central bank of the USA. It is colloquially called ‘Fed’.
- The main job of the US Federal Reserve is to bring stability to the US economy, control inflation and operate monetary policy.
- The US Federal Reserve was established in 1913, and is headquartered in Washington, DC.
From 2003 to 2006, Raghuram Rajan was also the Chief Economist and Director of the Research Department at the IMF.
National (INTERNATIONAL)
2. Approval of 2 elevated corridors in Varanasi
- On 15 July, the Central Government approved two road projects costing ₹25,445.96 crore.
- Under these projects, two elevated corridors with a total length of 89.26 kilometers will be built in Varanasi city.
- A corridor will be built on the banks of river Varun, whose length will be 43.21 km.
- This project will be developed on Hybrid Annuity Model (HAM) and its estimated cost will be Rs 10,998.32 crore.
- The new corridor will provide direct and fast connectivity between NH-31 and Kashi Railway Station.
- A 46 km greenfield corridor will be built from NH-19 to Ring Road.
Ganga Elevated Corridor
- Ganga Elevated Corridor will be a six-lane elevated road built parallel to the river Ganga.
- It will connect National Highway-19 (NH-19) with Varanasi Ring Road.
- Through this corridor, access to Assi Ghat, Manikarnika Ghat, Namo Ghat and Kashi Vishwanath Dham will become easy.
The project will be developed on Hybrid Annuity Model (HAM).
SPORTS
3. Aman Sehrawat wins Budapest Ranking Series 2026
- On July 16, Indian wrestler Aman Sehrawat won the gold medal in the Budapest Ranking Series 2026.
- Aman has won this medal in 57 kg freestyle category.
- Aman won the title by defeating Roberti Dingashvili of Georgia 13-3 in the final on the basis of technical superiority.
- Along with this, Deepak also won the bronze medal in 61 kg freestyle after a tough competition.
- Deepak defeated Nureddin Novruzov of Azerbaijan 9-8 in the playoff.
- Aman started fighting training in 2013–14 at Chhatrasal Stadium in Delhi.
- Won gold medal in 57 kg freestyle category at the UWW Under-23 World Wrestling Championship in 2022.
- Won gold medal in 57 kg category in Asian Wrestling Championship in 2023.
- Became the youngest wrestler to win bronze in the 57 kg freestyle category at the Paris Olympic Games in 2023.
- Aman won the silver medal in the ‘Asian Wrestling Championship’ in April 2026.
Budapest Ranking Series 2026
- The Budapest Ranking Series 2026 is also known as the Polyak Imre, Varga Janos and Kozma István Memorial.
- This series is being organized in Hungary from 15 to 19 July.
Aman has won this medal in 57 kg freestyle category.
4. ICC changed the format of ODI World Cup, T-20
- On July 15, the International Cricket Council (ICC) approved changes in the format of cricket.
- Now the 2027 ODI World Cup and 2028 T20 World Cup will be held in a new format.
- Now a new three-stage format will be implemented in the ODI World Cup with 14 teams, in which the semi-finalists will be selected from the Super-7 round. Everyone was selected from Super-6.
- At the same time, in the T-20 World Cup, Super-10 stage will be played instead of Super-8. Two new eliminator matches have also been added to reach the semi-finals.
- The top-3 teams of both the groups reached the Super Six. In Super Six, two groups of 3 teams each were formed, where a total of 9 matches were played.
- After this, the top-2 teams of both the groups reached the semi-finals and then the finals.
- Apart from this, a new qualification structure has been created for the 2028 T-20 World Cup. These were announced in Edinburgh.
Miscellaneous
5. National Investment Policy for Urea-2026 approved
- On July 15, the Central Government approved the National Investment Policy for Urea-2026 (NIPU-2026).
- This approval was given by the Cabinet Committee (CCEA) headed by PM Narendra Modi.
- Its objective is to promote investment in new gas-based urea plants in the country, increase domestic production and reduce dependence on imports.
- At present there are 33 urea production units in the country. Whose total capacity is about 269.42 lakh metric tons (LMT).
- Under the new investment policy, all new gas based urea manufacturing units to be set up in the country will be included.
- The government has made a provision for return on equity (ROE) between 12 to 16 percent for investors.
- Apart from this, fixed and variable costs will be kept separately, which will make cost determination more transparent.
- The government estimates that with these changes, each urea plant set up under the new policy will save more than Rs 250 crore as compared to the old policy.
- Earlier, six new urea units were established under the National Investment Policy implemented in 2012.
- Of these, four units were set up by the public sector and two by the private sector. The new policy will increase the number of gas-based urea plants in the country and domestic production will also increase.
- Under this policy, 8 to 9 new urea plants will be established in the country, which is expected to add a total additional production capacity of 10 million tonnes (1 crore metric tonnes).
6. Central government approved ‘Namaste’ scheme
- On 15 July, the Government of India approved the NAMASTE (National Action for Mechanized Sanitation Ecosystem) scheme.
- The main objective of this scheme is to completely eliminate hazardous manual cleaning of sewers and septic tanks in the country.
- Under this scheme, personal protective equipment (PPE kits) will be provided to sanitation workers cleaning sewers and septic tanks.
- The scheme aims to eliminate manual scavenging and ensure the safety of sanitation workers.
- In this scheme, cleaning of sewers and septic tanks will be completely mechanized.
- Under the Namaste scheme in 2023, the PPE kit provided included helmet, goggles, face shield, gloves, gas detector, oxygen monitor, safety shoes, reflective jacket and respirator/mask.
- Its objective is to train Safai Mitras and give respect and security to their work.
today’s history
- In 1489, Nizam Khan was declared the Sultan of Delhi in the name of Sikandar Shah Lodi II.
- In 1850, the Harvard Observatory took the first photograph of a star.
- In 1948, women in India became eligible for recruitment in all public services, including the Indian Administrative Service and the Indian Police Service.
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