Current Affairs 24 February 2024

We are here for you to provide the important Recent and Latest Current Affairs 24 February 2024, which have unique updates of Latest Current Affairs 2024 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

Highlights of PM Modi’s visit to Uttar Pradesh on 19th February 2024On 19th February 2024, Prime Minister (PM) Narendra Modi visited Uttar Pradesh (UP). During the visit, he inaugurated and laid the foundation stone for various development projects.
i.PM Modi launched 14000 projects worth over Rs 10 Lakh crore across Uttar Pradesh (UP) at the 4th Ground Breaking Ceremony (GBC 4.0) of UP Global Investors Summit 2023 (UPGIS 2023) in Lucknow, UP.
ii.He laid the foundation stone of Shri Kalki Dham temple in Sambhal
iii.He also laid the Foundation stone for 4 power projects developed by Torrent Power in UP.
About Uttar Pradesh (UP):
Chief Minister– Yogi Adityanath
Governor– Anandiben Patel
Wildlife Sanctuary– National Chambal Sanctuary; Kishanpur Wildlife Sanctuary
Tiger Reserve– Pilibhit Tiger Reserve; Dudhwa Tiger Reserve
>> Read Full News

Cabinet Approvals on 21 February 2024The Union Cabinet chaired by the Prime Minister (PM) Narendra Modi approved the following schemes and initiatives on 21st February 2024.
i.Amendment in the Foreign Direct Investment (FDI) policy on the Space Sector.
ii.Flood Management and Border Areas Programme (FMBAP) for the period 2021-26.
iii.Inclusion of additional activities in the National Livestock Mission.
iv.Proposal of Ministry of Home Affairs(MHA) for Implementation of Umbrella Scheme on “Safety of Women”
v.The Cabinet Committee on Economic Affairs(CCEA) chaired by PM Modi approved the Fair and Remunerative Price (FRP) of sugarcane for Sugar Season 2024-25 at Rs 340/quintal
>> Read Full News

CCS Approves Rs 19,000 Cr Deal to Procure Over 200 BrahMos missiles for Indian NavyOn 21st February 2024, The Cabinet Committee on Security (CCS) approved the procurement of more than 200 BrahMos Extended Range (ER) supersonic cruise missiles and associated equipment for the deployment on the Indian Navy Warships. The deal is worth around Rs 19,000 crore.
Note: During the first week of March 2024, the formal contract will be signed between BrahMos Aerospace and the Ministry of Defence (MoD) for the induction of the weapons into the Indian Navy.
Points to note:
i.This deal will enhance the warship capabilities of the Indian Navy, with a special focus on anti-ship and attack operations.
ii.The Indian Navy has been regularly firing the BrahMos weapon system which is a main weapon in its anti-ship and attack operations.
ii.To enhance the overall combat capabilities of the Navy, the missiles will be largely deployed on various warships.
About BrahMos:
i.The BrahMos missiles can strike a target at a range of around 290 kilometres (km) and its extended range variant can strike a target at a range of 450 km.
ii.BrahMos missile flies at a speed of 2.8 Mach or almost 3 times the speed of sound.
iii.BrahMos variants can be launched from land, air and sea. All three variants are in service in the Indian armed forces.
India’s defence export:
i.India has set a defence export target of Rs.35,000 crore by 2024-25.
ii.India is set to deliver BrahMos missiles to the Philippines in March 2024. In 2022, India and Philippines signed a deal worth almost USD 375 million to equip the Philippine Marines with 3 batteries of the missiles.
iii.This is the first export order for the BrahMos missile developed by India and Russia.
About BrahMos Aerospace:
BrahMos Aerospace the Indo-Russian multinational aerospace and defence corporation. It is a joint venture (JV) of the Defence Research and Development Organisation(DRDO) and joint stock company “Military Industrial Consortium” “NPO Mashinostroyenia”.
MD & CEO– Atul Dinkar Rane
Headquartes– New Delhi, Delhi

BANKING & FINANCE

Goa & World Bank Partners to Launch Blended Finance Facility for Climate ResilienceThe Government of Goa has announced a partnership with the World Bank (WB) to establish a Blended Finance Facility (BFF) for climate resilience.

• This initiative aims to access and mobilise concessional finance to implement low-carbon and climate-resilient investment in Goa.

Note: Pramod Sawant, Chief Minister (CM) of Goa made the announcement about the BFF during the WB’s India Climate and Development Partners’ Meet held in Panaji, Goa from 20th to 21st February 2024.
What is BFF?
BFF blends International Development Association (IDA)  and Private Sector Window (PSW) support with pioneering International Finance Corporation (IFC) investments across sectors with high development impact, including small and medium enterprises (SMEs), education, climate change, etc.
Key Points:
i.BFF helps Goa and other coastal states in India to build greater resilience to the impacts of a rapidly warming climate.
ii.It is a first-of-its-kind, climate-focused, multi-sectoral facility at a sub-national level.
iii.The initiative, in line with Goa’s vision of “Samruddhi, Santulan, and Suramyata” as outlined in Viksit Goa 2047, will support the operationalisation of Goa’s State Action Plan on Climate Change (2023-2033).
iv.BFF’s dual role: The facility not only assists projects with existing funding or established commercial viability to access financing but also channelise financing to projects and sectors with no existing funding or unattractive risk/return profiles.
v.By unifying  green financing mechanisms with domestic capital markets, BFF attract private capital investments for climate action.
MoUs:
Under the framework of BFF, the Department of Environment, Government of Goa, signed Memoranda of Understanding (MoUs) with financial institutions such as the National Bank for Agriculture and Rural Development (NABARD), the Small Industries Development Bank of India (SIDBI), and the Power Finance Corporation (PFC).
About World Bank (WB):
World Bank Group President – Ajay Banga
Headquarters – Washington DC, the United States of America (USA)
Established in – 1944
About Goa:
Chief Minister – Pramod Sawant
Governor – P. S. Sreedharan Pillai
Wildlife Sanctuary – Bondla Wildlife Sanctuary, Mhadei Wildlife Sanctuary
Zoological Park – Bondla Zoological Park

Paymart India Partnered with 5 Indian Banks to Introduce India’s 1st ‘Virtual ATM’The Fintech startup Paymart India Pvt. Ltd., has partnered with 5 Indian banks, IDBI Bank, Indian Bank, Axis Bank, Jammu & Kashmir Bank, and Karur Vysya Bank (KVB), to introduce India’s 1st Virtual ATM (VATM) to offer innovative virtual, cardless, and hardware-less cash withdrawal service.
Note: Paymart is also in advanced discussions with 4 additional banks for further collaboration.
About VATM:
Working:
i.The service requires a smartphone, mobile banking app, and internet connection for cash withdrawal.
ii.The Mobile Banking App will initiate withdrawal requests from the bank and a OTP will be sent to the registered numbers.
iii.The OTP can be used at the Paymart-partnered (VATM affiliated) shopkeepers to collect cash.
iv.The shopkeeper acts as a virtual ATM to pay cash by using the merchant login at www.vatm.in.
Transaction Limits: Minimum withdrawal of Rs 100, maximum Rs 2,000 per transaction.
Monthly Cap: Rs 10,000 maximum limit for virtual ATM withdrawals.
Points to note
i.The VATM service has been successfully piloted with IDBI Bank for over 6 months.
ii.Paymart plans to launch pilot programs with its partner banks in February/March 2024. The phased nationwide extension of the programme is scheduled for April/May 2024.
iii.Initially, the VATM service will be available only at select locations in Chandigarh (Punjab and Haryana), Delhi (New Delhi), Hyderabad (Telangana), Chennai (Tamil Nadu), and Mumbai (Maharashtra).
iv.Paymart has collaborated with the Common Service Center (CSC) e-Governance Services India Limited to further expand the reach of its VATM services for over 5 lakh locations nationwide.
Benefits:
i.This process eliminates the need for debit cards, traditional ATMs, kiosks, or Unified Payments Interface (UPI) to make cash withdrawals.
ii.Shopkeepers registered with Paymart earn commissions on transactions, creating new revenue streams.
iii.VATM helps banks to serve remote, underserved customers and fewer visits to bank branches, especially in remote areas.
iv.Elimination of traditional ATM installation and maintenance costs.
About Paymart India Private Limited:
Founder & CEO– Amit Narang
Headquarters– Chandigarh
Founded in 2015

ADB approves USD 23 Million to India to Construct IFI Inside GIFT CityThe Asian Development Bank (ADB) has approved the loan of USD 23 million to India for the project ‘India: Promoting Research and Innovation through Development of Fintech Institute at Gujarat International Finance Tec-City (GIFT City) Project’.

• The project aims to construct an inclusive, sustainable, and climate-resilient International Fintech Institute (IFI) inside GIFT City in Gandhinagar, Gujarat.

Key Points:
i.IFI in collaboration with internationally renowned institutes and universities, intends to provide fintech training programs which is on par with industry and international standards.
ii.Through incubation and acceleration services, IFI promotes startups, with a focus on promoting opportunities for women.
iii.It will also collaborate with industry and venture capital(VC) funds to support the growth of fintech startups.
iv.The project also supports applied research and development (R&D) on innovative solutions and technologies in areas such as climate fintech, regulatory technology, social inclusion, and gender equality in finance.
v.The project helps India to establish a fintech readiness index.
vi.The project also incentivizes industry partnerships to foster innovation capacity and enhance industry competitiveness.
vii.The project results in inclusive and sustainable development of the fintech ecosystem thereby paving a path to attain Sustainable Vision 2030 for Gujarat.
GIFT City:
i.GIFT City is India’s first International Financial Services Centre (IFSC).
ii.It is a world-class business district envisaged and built to cater to global and domestic business enterprises.
iii.It aims to promote and cultivate a world-class finance and Information Technology (IT) zone for India to provide service across the globe.
iv.GIFT City also offers single-window clearances and approvals under one umbrella.
About Gujarat International Finance Tec (GIFT) City:
Managing Director & Group Chief Executive Officer (CEO) – Tapan Ray
Headquarters –  Gandhinagar, Gujarat
Established in – 2015

ECONOMY & BUSINESS

Ind-Ra projects India’s GDP to Grow at 6.9% in FY24 and 6.5% in FY25India Ratings and Research (Ind-Ra) Private Limited, has increased India’s Gross domestic product (GDP) growth forecast for Financial Year 2023-24 (FY24) to 6.9% from 6.7% projected in January 2024.

• Ind-Ra has lowered India’s GDP growth forecast for FY25 to 6.5%.

Note: The build-up in the economy due to prevailing weather conditions in the North would push agriculture and consumption demand.
Key Points:
Inflation: 
i.The average retail inflation is expected to be 5.5% in FY24 and 4.8% in FY25
ii.The average wholesale inflation is projected to be at -0.6% in FY24 and 2.2% in FY25.
Real & Nominal GDP:
i.The real GDP is expected to be at 7.3% in FY24 and at 6.5% in FY25.
ii.The nominal GDP is expected to be at 8.9% in FY24 and at 10.5 in FY25.
Deficits:
i.The Current Account Deficit(CAD) is projected to remain contained at USD 54.2 billion – 1.4% of GDP in FY25.
ii.The fiscal deficit will be at 5.8% of GDP in FY24 and 5.1% of GDP in FY25.
Others:
i.The GDP growth rate of the third quarter (Q3) of FY24 (October to December 2023) is projected to be 6.5%.
ii.The consumer durables segment of the Index of Industrial Production (IIP) grew at 1.0% during 9MFY24(first 9 months of FY24 – April to December 2023).

• The capital and infrastructure/ construction goods grew at 7.0% and 10.4% respectively.

APPOINTMENTS & RESIGNATIONS

ACC Approved Appointments of M R Kumar, Aravamudan Krishna Kumar & Srinivasan Sridhar as Chairmen of 3 PSBsThe Appointment Committee of the Cabinet (ACC) approved the appointments of the following individuals as part-time non-official Directors and non-executive Chairmen of 3 Public Sector Banks (PSBs):
i.M R Kumar, Former Chairman of Life Insurance Corporation (LIC) of India appointed to the Board of Bank of India (BOI).
ii.Aravamudan Krishna Kumar, Former Managing Director (MD) of the State Bank of India (SBI) appointed to the Board of UCO Bank.
iii.Srinivasan Sridhar, Director of Bank of Baroda (BOB) appointed to the Board of Indian Overseas Bank (IOB).
About Bank of India (BOI):
MD & CEO– Rajneesh Karnatak
Headquarters– Mumbai, Maharashtra
Established on– 1906
Tagline– Relationship Beyond Banking
About Bank of Baroda (BOB):
MD & CEO–  Debadatta Chand
Headquarters– Vadodara, Gujarat (Head office); Mumbai, Maharashtra (Corporate centre)
Established on– 1908
Tagline– India’s International Bank
Vijaya Bank and Dena Bank were merged with BOB on 1 April 2019.
About UCO Bank:
MD & CEO– Ashwani Kumar
Headquarters– Kolkata, West Bengal
Established in– 1943
Tagline– Honours your Trust
>> Read Full News

Wencai Zhang appointed as WBG’s MD & Chief Administrative Officer
World Bank Group (WBG) has appointed  Wencai Zhang as Managing Director (MD) and World Bank Group Chief Administrative Officer.

• Prior to the appointment, Zhang Wencai served as the Vice President of the Export-Import(EXIM) Bank of China.
• He also served other International Organisations such as the New Development Bank(NDB) and  Asian Development Bank (ADB)
• Wencai Zhang started his career in 1989 by joining the World Bank Department of the Ministry of Finance of China.

SCIENCE & TECHNOLOGY

Assert AI Unveils Pratham: World’s 1st No-Code Computer Vision PlatformAssert SecureTech Private Limited (Assert AI), a Mumbai(Maharashtra) based computer vision company, launched Pratham, world’s first user-friendly video analytics platform.
The unique user-friendly platform is patented for its innovative approach to democratizing computer vision and artificial intelligence(AI).
About Pratham:
With its innovative framework, Pratham enables users to to analyse and utilise video data effortlessly.

• Pratham, translates to “first” in Hindi, enables users to unlock the power of Vision AI technology, eliminating the need for coding or AI expertise.

Key Features:
Upload and Analyse:
i.Pratham allows users to easily upload videos or connect their CCTV cameras directly to the platform.
ii.This streamlined process eliminates barriers for those unfamiliar with intricate AI pipelines, making AI adoption accessible to everyone.
Cross-industry and multi-disciplinary applications:
i.Users gain the freedom to choose specific use cases based on their needs.
ii.From people and vehicle count to PPE (Personal Protective Equipment) detection and object count, Pratham adapts to a diverse set of applications.

• Whether in retail, manufacturing, or security, Pratham adapts to the specific needs of each sector.

No Code, No AI Expert Needed:
i.Pratham with its intuitive controls and user-friendly interface eliminates the need for coding or AI expertise.
ii.Users can effortlessly define their region of interest and fine-tune preferences through a dropdown menu.
Personalized dashboard:
i.Pratham generates comprehensive analytics based on the chosen use cases and parameters.
ii.Users can interpret the results through clear visualisations and insights presented on the dashboard.

• This feature is particularly valuable for industries requiring immediate decision-making based on live events or scenarios.

The Future of Video Analytics:
i.Assert AI’s Pratham marks a significant stride toward the future of video analytics.
ii.By democratising AI, the platform not only meets the current demands for accessible analytics but also paves the way for continued innovation and integration across diverse industries.

DFCC Integrated in LSP7 Flies for Tejas Mk1A programme
The Digital Fly-by-Wire Flight Control Computer (DFCC) was integrated in prototype Limited Series Production 7 (LSP7) and completed a flight for Tejas Mk1A programme.

• DFCC was indigenously developed by the Bengaluru (Karnataka) based Aeronautical Development Establishment (ADE).
• Aeronautical Development Agency has also type certified the Tejas-Light Combat Aircraft (LCA).
• Tejas MK1A is the improved version of the currently operational Tejas LCA Mk1.

DFCC consists of Quadraplex PowerPC based Processor, high speed autonomous state machine based Input-Output (I/O) controller, enhanced computational throughput and complex on-board software complied to DO178C level- A safety requirements.
Note: ADE is a premier Research & Development (R&D) laboratory of the Defence Research & Development Organisation (DRDO).

SpaceX Launches Indonesian Satellite ‘Merah Putih 2’ on a Falcon 9 Rocket 
On 20th February 2024, Space Exploration Technologies Corporation (SpaceX) successfully launched an Indonesian satellite Merah Putih 2 (formerly known as Telkomsat HTS 113BT) on a Falcon 9 rocket from Space Launch Complex 40 at Cape Canaveral Space Force Station in Florida, United States of America (USA).

• The launch marks the 300th successful mission for the Falcon 9 rocket.
• Merah Putih 2 was launched to geosynchronous transfer orbit(GTO).
• The satellite is expected to boost internet access to Indonesia for the next 15 years.

Mahindra Finance partners with IBM to build a 24×7 Super App 
Mahindra & Mahindra Financial Services Limited (Mahindra Finance) in collaboration with IBM Consulting (formerly IBM Global Business Services) aims to build a 24×7 super mobile application (app) which acts as a single digital interface for consumers to access multiple businesses within Mahindra Finance.

• The app offers customers with various financial products and services under one roof.
• Super apps have the potential to bring a paradigm shift in the financial services industry.

SPORTS

Magnus Carlsen Wins Inaugural Freestyle Chess G.O.A.T. ChallengeNorwegian Grandmaster (GM) and World No.1, Magnus Carlsen won the inaugural Freestyle Chess G.O.A.T. Challenge by defeating GM Fabiano Caruana (United States of America-USA)in the finals.

• The 2024 Freestyle Chess G.O.A.T. is a Chess960 classical tournament that was held from February 9th to 16th, 2024, in Weissenhaus, Germany.

Key Points:
i.GM Levon Aronian(USA) won third place, while GM Nodirbek Abdusattorov(Uzbekistan) and GM Alireza Firouzja(France) secured fourth and fifth place, respectively.

• The top five finishers have qualified for the next edition (2025) of the  G.O.A.T. Challenge.

ii.India’s GM Gukesh Dommaraju secured sixth place. He also defeated World No. 1 Magnus Carlsen in the second round.

About the tournament:
i.All the games played in the tournament were Chess960,  also known as Fischer Random Chess, the main difference in this chess variant is the starting position of the pieces.
ii.Prize Money:

• Total – USD 200,000
• 1st – USD 60,000
• 2nd – USD 40,000
• 3rd -USD 30,000

iii.The event saw the participation of  eight Grandmasters.

STATE NEWS

Assam Finance Minister Ajanta Neog presented Rs 2.9 lakh crore budget for FY25 i.The Finance Minister of Assam Ajanta Neog presented Rs 2.9 lakh crore budget for Financial Year 2024-25 (FY25) with a deficit of Rs 774.47 crore. The budget proposed no new tax.
ii.This was his 4th budget under the leadership of Chief Minister (CM) of Assam Dr Himanta Biswa Sarma.
iii.It shows a receipt of Rs 1,43,605.56 crore under the Consolidated Fund of the State. Out of this, Rs 1,11,943.84 crore is on Revenue Account and Rs 31,661.73 crore is under Capital Account.
iv.Total expenditure from the Consolidated Fund of the State is estimated at Rs 1,43,890.62 crore of which Rs 1,10,091.86 crore is on Revenue Account and Rs 33,798.76 crore is on Capital Account.
v.Gender Budget allocated Rs 16937 crore for 24 departments.
vi.Child Budget received Rs 16834 crore for 12 departments.
viii.Divyang Budget received Rs 1968 crore for 11 departments.
About Assam:
Chief Minister – Himanta Biswa Sarma
Governor– Gulab Chand Kataria
National Parks– Manas National Park, Nameri National Park
Wildlife Sanctuaries– Bornadi Wildlife Sanctuary, Chakrashila Wildlife Sanctuary
>> Read Full News

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