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

💳 Global Fintech Fest 2024: India's Digital Finance Revolution

🎉 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)

Related:Current Affairs 11th April 2023

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)

Related:Current Affairs 10th April 2023

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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