Current Affairs Roundup: August 31, 2024. - Current Affairs

📊 Current Affairs Roundup: August 31, 2024.

1. 🚢 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

2. 💳 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)

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

3. ⚖️ 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

4. 🌪️ 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

5. 🐟 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

6. 💼 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

7. 🚁 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

8. 🌴 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

9. 🏳️‍🌈 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

10. 🎖️ 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

11. 🌊 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

12. ⚡ 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

13. 💰 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

14. 🏑 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