Current Affairs Roundup: August 31, 2024
📊 Current Affairs Roundup: August 31, 2024.
- 🚢 Vadhvan Port: Maharashtra's New Maritime Marvel
🏗️ Foundation stone laid for Vadhvan Port under Sagarmala Program
🔹 Maharashtra's 3rd major port, developed on landlord port model
🔹 Joint implementation: JNPA (74%) and Maharashtra Maritime Board (26%)
Key Features:
- 📦 Largest container port in India (23.2 million TEU capacity)
- 🌊 Deep-water port with 20m natural draft
- 🖥️ Efficient cargo handling and modern management systems
Significance:
- 🌐 Direct connectivity to international shipping routes
- 💼 Economic growth and employment opportunities
- 🏆 Enhanced trade hub position for India
🎉 Organized by Payments Council of India, NPCI, and Fintech Convergence Council 📈 India's fintech adoption rate: 87% (global average: 67%) 💡 50% of world's digital transactions occur in India
Key Roles of India's Fintech Sector:
- 🏦 Democratizing financial services (e.g., UPI, PM SVANIDHI Scheme)
- 👩🦰 Women empowerment (29 crore Jan Dhan accounts for women)
- 🕵️ Tackling parallel economy through digital transactions
- 🛒 Creating business opportunities for small entrepreneurs (e.g., ONDC)
- 🏥 Improving quality of life (digital healthcare, education)
Government Initiatives:
- 👩🏫 Bank Sakhi Programme under PM Jan Dhan Yojana
- 💰 Removal of Angel Tax
- 🔬 Rs 1 lakh crore allocation for research and innovation
- 🔐 Implementation of Digital Personal Data Protection Act 2023
- ⚖️ State Borrowing Limits: Constitutional Debate
🏛️ SC to set up 5-judge Constitution bench to discuss ceiling on state borrowing
Key Issues:
- 📜 States' enforceable right to raise borrowing limit
- 🏦 Conflict with RBI's role as public debt manager
- 🔄 Impact on fiscal federalism and developmental expenditure
Constitutional Provisions:
- 📋 Article 293: States can borrow within India upon security of Consolidated Fund
- 🔒 Centre's consent required if state has outstanding debt
Current Scenario:
- 💹 Net Borrowing Ceiling (NBC) for States: 3% of GSDP for FY 2023-24
- 📊 Based on 15th Finance Commission recommendations
- 🌪️ Cyclone Asna: A Rare Land-Originating Cyclone
🌍 Originated as deep depression over Gujarat, intensified over Arabian Sea 📅 Only 3rd such occurrence in August since 1944
Possible Reasons:
- 💨 Unusual monsoon winds
- 💧 Moisture from Arabian Sea and soil
- 🌡️ Warming of Indian Ocean
Cyclone Facts:
- 🌀 India exposed to 10% of world's tropical cyclones
- 📊 Bay of Bengal to Arabian Sea cyclone ratio: 4:1
- 🚨 Climate crisis increasing cyclone frequency on western coast
- 🐟 Boosting India's Fisheries Sector
🎉 PM inaugurated 218 projects to enhance fisheries sector
Key Initiatives:
- 📡 National rollout of Vessel Communication and Support system (VCS)
- 🏗️ Development of fishing harbors and markets
- 🌐 Integrated Aquaparks with advanced technologies (RAS, Biofloc)
Significance:
- 📈 Increased production and improved post-harvest management
- 💼 Generate over 5 lakh employment opportunities
- 👩🦰 Foster women empowerment
India's Fisheries Sector:
- 🥈 2nd largest fish-producing country globally
- 🐠 Current production: 170 lakh tonnes
- 🌊 Marine fisheries potential: 5.31 million tons
Government Schemes:
- 🚀 Pradhan Mantri Matsya Sampada Yojana (PMMSY)
- 💰 Fisheries and Aquaculture Infrastructure Development Fund (FIDF)
- 💳 Kisan Credit Cards (KCC) for fishers and fish farmers
- 💼 Navratna Status for PSUs
🏆 Four CPSUs accorded Navratna status:
- 🚂 Railtel Corporation of India
- ☀️ Solar Energy Corporation of India
- 💧 Satluj Jal Vidyut Nigam
- ⚡ National Hydroelectric Power Corporation
Navratna Criteria:
- 🏅 Miniratna I, Schedule 'A' status
- ⭐ 'Excellent' or 'Very Good' MOU ratings in 3 of last 5 years
Benefits:
- 💰 Can invest up to 30% of net worth or ₹1,000 crore in a year
- 🚁 Aravalli Engine Development
🤝 HAL partners with SAFHAL Helicopter Engines for Aravalli engine 🔧 To power next-gen helicopters: IMRH and DBMRH 🌐 SAFHAL: Joint venture between Safran (France) and HAL (India)
Significance:
- 🛠️ Indigenous engine development
- 🚀 Boost to aerospace self-reliance
- 🌴 India-Malaysia Tourism MoU
✍️ MoU signed to strengthen cooperation in tourism sector
Focus Areas:
- 🏥 Medical tourism
- 💼 Business tourism
- 🌿 Ecotourism
Key Points:
- 🔬 Expansion in tourism research and training
- 📊 2.5 lakh Malaysian tourists visited India in 2022
- 🤝 India-Malaysia elevated ties to Comprehensive Strategic Partnership
- 🏳️🌈 Joint Bank Accounts for Queer Community
📢 Finance Ministry and RBI clarify:
- 🏦 Queer persons can open joint accounts
- 📝 Declare partners as nominees
Context:
- ⚖️ Follows Supreme Court directive
- 📜 Ongoing debate on LGBTQ+ rights in India
- 🔓 Navtej Singh Johar (2018) case decriminalized same-sex relations
- 📋 Transgender Persons (Protection of Rights) Act, 2019
- 🎖️ Project NAMAN for Defence Pensioners
🚀 Indian Army initiative for support to defence pensioners, veterans, and families
Features:
- 💻 Centered around SPARSH (System for Pension Administration Raksha)
- 🤝 Offers G2C and B2C services
- 🏢 Establishment of reception and facilitation centers
Implementation:
- 📝 Tripartite MoU between Indian Army, Common Service Centre (CSC), and HDFC Bank
- 🌊 Colombo Security Conclave (CSC)
🌏 Regional security grouping for Indian Ocean Region
Members:
- 🇮🇳 India
- 🇱🇰 Sri Lanka
- 🇲🇺 Mauritius
- 🇲🇻 Maldives
- 🇧🇩 Bangladesh
Focus Areas:
- 🚢 Maritime security
- 🛡️ Counter-terrorism
- 🕵️ Combating organized crime
- 💻 Cyber security
- 🤲 Humanitarian assistance
- ⚡ Earth's Ambipolar Electric Field (AEF)
🛰️ NASA's Endurance mission confirms existence of AEF
Characteristics:
- 🔋 Bidirectional weak electric field in upper atmosphere
- 📏 Originates at 250 km altitude
- 🌍 Helps maintain atmospheric height and ion distribution
Significance:
- 🔬 Enhances understanding of Earth's upper atmosphere dynamics
- 🌠 Explains ion escape with polar wind
- 💰 e-Dispute Resolution Scheme (e-DRS)
📊 CBDT initiative to reduce tax litigation
Eligibility:
- 💵 Aggregate variations ≤ Rs.10 lakh
- 📈 Returned income ≤ Rs. 50 lakh
Features:
- ⚖️ Constitution of Dispute Resolution Committees
- ⏰ Application must be filed within one month of receiving specified order
- 🏑 National Sports Day: Remembering Major Dhyan Chand
🎉 Celebrated on August 29, birth anniversary of Major Dhyan Chand
Major Dhyan Chand (1905-1979):
- 🏅 Key player in India's Olympic gold medals (1928, 1932, 1936)
- 🏆 Known as 'Hockey Wizard' and 'The Magician'
- 🎖️ Padma Bhushan recipient (1956)
- 🏆 Major Dhyan Chand Khel Ratna Award named in his honor
Legacy:
- 💪 Epitomizes perseverance, discipline, and sportsmanship
- 🌟 Continues to inspire Indian sports
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