Daily Current Affairs Summary - August 27, 2024

🌍 Daily Current Affairs Summary - August 27, 2024

1. 🏦 Pradhan Mantri Jan Dhan Yojana (PMJDY) - A Decade of Financial Inclusion

Overview: Launched in 2014 under the Ministry of Finance, the Pradhan Mantri Jan Dhan Yojana (PMJDY) is a landmark initiative aimed at ensuring affordable access to financial services such as banking, credit, insurance, and pensions for all citizens, especially the underprivileged.

Key Achievements:

• Accounts Opened: Over 52.74 crore Jan Dhan accounts opened by July 2024.
• Women Empowerment: More than 55% of account holders are women.
• Reduction in Zero Balance Accounts: Reduced to 4.26 crores from 8.52 crores in March 2015.
• Average Deposits: Increased 4.12 times between 2015 and 2024.

Significance: PMJDY has been instrumental in extending banking facilities to the unbanked, thereby promoting financial inclusion on a massive scale.

2. 🖥️ India's First Quantum Computer under National Quantum Mission (NQM)

About NQM: The National Quantum Mission (NQM) is an ambitious initiative launched by the Department of Science & Technology aimed at scaling up scientific and industrial R&D in Quantum Technology. The mission runs from 2023 to 2031.

Mission Objectives:

• Quantum Communication Network: Developing a secure network spanning 2,000 kilometers.
• Quantum Computing Power: Targeting a quantum computer with a capacity of 50-1,000 qubits.
• Thematic Hubs: Establishing hubs for Quantum Computing, Communication, Sensing & Metrology, and Materials & Devices.

Significance: This mission positions India at the forefront of global quantum research, with potential applications in sectors such as healthcare, finance, and national security.

3. 📚 New India Literacy Programme (NILP) - A Step Towards Universal Literacy

Overview: Also known as ULLAS (Understanding of Lifelong Learning for All in Society), this centrally sponsored scheme aims to target all non-literates aged 15 and above, focusing on females and educationally backward states.

Objectives:

• Target Learners: 5 crore learners by 2027, using the Online Teaching, Learning, and Assessment System (OTLAS).
• Volunteer Implementation: Engages students, teachers, and educational institutions for widespread impact.

Significance: Aligning with NEP 2020 and SDG 4.6, NILP seeks to eradicate illiteracy in India by 2030, contributing to socio-economic development.

4. 🇸🇬 India-Singapore Ministerial Roundtable (ISMR) - Strengthening Bilateral Ties

Context: The second round of the India-Singapore Ministerial Roundtable (ISMR), held in Singapore, focused on deepening cooperation across six key areas: digitalization, skill development, sustainability, healthcare, advanced manufacturing, and connectivity.

Key Highlights:

• Strategic Partnership: Review of the Comprehensive Economic Cooperation Agreement (CECA) and Double Taxation Avoidance Agreement.
• Defense Cooperation: Military exercises like SIMBEX and Bold Kurukshetra.
• Diaspora Relations: Ethnic Indians constitute 9.1% of Singapore's population.

Significance: The ISMR reflects the growing strategic partnership between India and Singapore, contributing to regional stability and economic growth.

5. 🇺🇸 India-US Defence Cooperation - New Agreements Signed

New Developments: India and the United States have signed several new agreements to deepen their defense and security cooperation, including the Security of Supplies Arrangement (SoSA) and a Memorandum of Agreement regarding the Assignment of Liaison Officers.

Key Initiatives:

• SoSA: Enhances supply chain resilience during critical times.
• Liaison Officers: Facilitates information sharing by posting Indian officers in key US strategic commands.
• Foundational Agreements: Builds on previous agreements like LEMOA, COMCASA, and BECA.

Significance: These agreements mark a significant step in strengthening the defense ties between the two nations, enhancing interoperability and strategic cooperation.

6. 📝 Union Government's Guidelines for Effective Public Grievance Redressal

Overview: The Department of Administrative Reforms and Public Grievances has issued comprehensive guidelines to make the Centralised Public Grievance Redress and Monitoring System (CPGRAMS) more sensitive and accessible.

Key Features:

• Nodal Officers: Appointed in each Ministry/Department for efficient grievance handling.
• Feedback Mechanism: Citizen feedback collected via SMS, email, and call centers.
• AI-Powered Analysis: Utilized for better understanding and addressing grievances.

Significance: These reforms are crucial for improving government accountability and ensuring that citizen grievances are addressed promptly and effectively.

7. 📊 Unified Lending Interface (ULI) by RBI - Revolutionizing Credit Access

About ULI: The Unified Lending Interface (ULI) is a new technology platform introduced by the Reserve Bank of India to enable frictionless credit access by facilitating the seamless flow of digital information between data providers and lenders.

Benefits:

• Seamless Credit Delivery: Reduces turnaround time and documentation requirements.
• Focus Areas: Aims to address credit demand gaps in agriculture and MSME sectors.

Significance: ULI is expected to revolutionize the credit landscape in India, making it easier for borrowers to access funds and boosting economic growth.