Current Affairs 13 August 2024

We are here for you to provide the important Recent and Latest Current Affairs 13 August 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

Cabinet Approvals on 9th August 2024i.On August 9, 2024, the Union Cabinet chaired by Narendra Modi, Prime Minister (PM) of India, has approved,

• Modification of the Pradhan Mantri JI-VAN (Jaiv Indhan- Vatavaran Anukool fasal awashesh Nivaran) Yojana, extending its implementation timeline by 5 years, until 2028-29 (FY29).
• Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 to provide financial assistance for affordable housing to 1 crore urban poor and middle-class families over the next 5 years i.e. FY25 to FY29.
• Implementation of Pradhan Mantri Awaas Yojana – Gramin (PMAY-G) during FY25 to FY29, aiming to construct 2 crore additional houses in rural areas, with a total outlay of Rs. 3,06,137 crore.
• Clean Plant Programme (CPP) proposed by the Ministry of Agriculture and Farmers Welfare (MoAFW) with an outlay of Rs 1,765.67 crore.

ii.The Cabinet Committee on Economic Affairs(CCEA) chaired by PM Modi approved 8 projects of Ministry of Railways(MoR) with total estimated cost of ~ Rs. 24,657 crore.
About Ministry of Railways(MoR):
Union Minister– Ashwini Vaishnaw (Constituency- Badshahpur, Orissa)
Ministers of State (MoS)– V. Somanna (Constituency- Bengaluru, Karnataka), Ravneet Singh (Constituency- Ludhiana, Punjab)
>> Read Full News

AIIA Signed MoU with Amity University To Boost Ayurvedic Research & EducationAll India Institute of Ayurveda (AIIA) has signed a Memorandum of Understanding (MoU) with Amity University, Noida (Uttar Pradesh, UP) to collaborate on education, research, and technology in the field of Ayurveda.
Key People:
i.The MoU was signed by Professor Tanuja Nesari, Director of AIIA and Asha Prem Nath, Joint Registrar of Amity University.
ii.The agreement was signed under the leadership of Dr Atul Chauhan, Chancellor of Amity University and under the aegis of the Ministry of AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy), Government of India (GoI).
About the MoU:
i.The MoU aims to promote collaborative programs for education, publication, capacity building, and cooperative capacity building projects.
ii.It is an extension of the previous five-year MoU signed between the two institutions in October 2020.
iii.It includes promoting academic excellence, technical growth, and state-of-the-art programs through capacity development and lifelong learning.
iv.It also enables the exchange of students and faculty for academic, research and training purposes.
v.It aligns with the Prime Minister (PM)’s Vision 2047 for a developed India, emphasising its potential to drive forward development through shared knowledge and research.
Note:
i.AIIA has signed 40 MoUs with institutes like Indian Institutes of Technology (IIT) and Council of Scientific and Industrial Research (CSIR), to promote research and documentation in the field of Ayurveda.
ii.Additionally, it has signed 17 MoUs with renowned international institutions.
About the All India Institute of Ayurveda (AIIA):
AIIA is an autonomous organisation under the Ministry of Ayush, GoI.
Director – Tanuja Nesari
Headquarters – New Delhi, Delhi
Established – 2010

Odisha Partners with WFP To Launch India’s First 24/7 ‘Grain ATM’The Odisha Government has partnered with United Nations (UN) World Food Programme (WFP) to launch ‘Grain Automated Teller Machine (ATM)’ also known as Annapurti, India’s first round-the-clock grain ATM in Bhubaneswar (Odisha).

• It was launched by Krushna Chandra Patra, Minister of Food Suppliers, Consumer Welfare, Science & Technology, Government of Odisha along with Nozomi Hashimoto, Deputy Country Director of WFP in India.
• Odisha becomes the first state in India to provide access to the Public Distribution System (PDS) beneficiaries 24/7.

Note :  The Grain ATM was recognized as one of the WFP’s top 5 innovative solutions for disrupting hunger at the WFP Innovation Awards in 2022.
About Grain ATM:
i.The Grain ATM offers 24 hours access to food grains under the National Food Security Act (NFSA), aiming to enhance nutritional security in Odisha.

• It is part of the central government’s Annapurti programme and was developed with help from the WFP India.

ii.It is an automated multi-commodity dispensing system which provides fast, clean and precise access to commodities (rice, wheat, grains) to beneficiaries, post biometric authentication.
iii.It can dispense grains weighing up to 50 kilogram(kg) in five minutes, with an error rate of 0.01%, reducing 70% waiting time.
iv.The beneficiaries would receive their entitled grain from the machine after entering their Aadhaar or Ration card number undertaking biometric validation.
v.It provides universal access, anyone with a PDS ration card valid in India, regardless of the State and Union Territory (UT), can use this entitlement.
vi.It allows easy assembly based on available space and it is energy efficient, uses only 0.6 Watts per hour, and can be connected to solar panels for automatic refills.
vii.It eliminates delays by dealers in distributing the food grains that beneficiaries are entitled to under PDS.
About Odisha:
Chief Minister(CM) – Mohan Charan Majhi
Governor – Raghubar Das
Airports – Rourkela Airport
Festivals – Utkala Divas
About the UN World Food Programme (WFP):
The WFP was awarded the Nobel Peace Prize  in 2020 for its efforts to combat hunger, promote peace in conflict-affected areas, and prevent the use of hunger as a weapon of war and conflict.
Executive Director (ED)- Cindy McCain (United States of America, USA)
Headquarters – Rome, Italy
Established – 1961
Member States – 36

MHA Constituted 5 member Committee to Monitor India-Bangladesh BorderOn 9th August 2024, the Ministry of Home Affairs (MHA) has constituted 5-member committee headed by  Ravi Gandhi, Additional Director General (ADG), Border Security Force (BSF) and Eastern Command of the Indian Army(IA) to monitor the current situation on Indo-Bangladesh Border (IBB).
Members:
Other 4 members of the committee are

1. Maninder Pratap Singh, Inspector General (IG), BSF Frontier Headquarter (HQ) South Bengal;
2. S Patel Piyush Purushottam Das,  IG, BSF Frontier HQ Tripura;
3. Sanjiv Gupta, member (Planning and Development), Land Ports Authority of India (LPAI); and
4. Vivek Verma, Secretary, LPAI.

Purpose of the committee:
i.The committee is entrusted with responsibility to maintain communication channels with their respective counterpart authorities in Bangladesh to ensure the safety and security of Indian nationals, hindus and other minority communities living in the strife-torn country.
ii.The committee is formed after the several reports of hindu community and its temples were targeted ever since Sheikh Hasina stepped down from the post of Bangladesh Prime Minister (PM) and escaped to India (on 5th August, 2024) and violence erupted across Bangladesh.
Note:
i.India and Bangladesh share 4,096 kilometer (km) long land border, of which 1880 km share with northeastern states of Assam, Tripura, Meghalaya and Mizoram.
ii.West Bengal (WB) shares the longest length of border i.e. 2,217 km with Bangladesh.
About Ministry of Home Affairs(MHA):
Union Minister- Amit Shah (Lok Sabha Constituency- Gandhinagar, Gujarat)
Minister of State (MoS)- Nityanand Rai (Lok Sabha Constituency- Ujiarpur,Bihar); Bandi Sanjay Kumar (Lok Sabha Constituency- Karimnagar, Telangana)

SCTIMST Signs MoU with WHO to Enhance Medical Device Production Sree Chitra Tirunal Institute for Medical Science and Technology (SCTIMST) under the Department of Science and Technology (DST), within the Ministry of Science and Technology (MoST) has signed a Memorandum of Understanding (MoU) with the World Health Organisation (WHO) at a ceremony held in Indian National Science Academy(INSA) in New Delhi(Delhi) to enhance medical device production in India.

• Aim: To strengthen India’s position as a leader in healthcare innovation with a focus on “Technology for Medical Diagnosis.”
• The MoU is part of the WHO’s Covid Technology Access Pool (C-TAP), now known as the Health Technology Access Pool (H-TAP).

The MoU allows SCTIMST and the DST to enter into a partnership with global entrepreneurs, licensing the technologies and creating revenue generation through royalty.
Key People:
Dr. VK Saraswat, President of SCTIMST; Dr. A Karandikar, Secretary, DST; Dr. Rogério Paulo Pinto de Sá Gaspar, WHO Regulation and Prequalification Director; Dr. Roderico H. Ofrin, WHO Representative in India; Dr. Manisha Shridhar, Regional Advisor to South East Asia Regional Office (SEARO), WHO; Dr. Sanjay Behari, Director, SCTIMST, among others were also present at the meeting.
Focus on Healthcare Innovation:
i.The objective of the MoU is to promote indigenous medical device manufacturing, reduce reliance on imports, and strengthen India’s position in healthcare innovation.
ii.The collaboration also supports the development of a skilled workforce, advancing India’s manufacturing capabilities.
iii.It fosters international collaborations to strengthen India’s medical, diagnostic, and therapeutic infrastructure to combat global diseases and future pandemics.
iv.It is expected to foster new technologies and innovations, positioning India as a global leader in healthcare.
About Sree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST):
SCTIMST was originally established by the Government of Kerala as Sree Chitra Tirunal Medical Center in 1976.

• The Government of India (GoI) metamorphosed the center into an Institute of National Importance with the status of a University in 1980 under the DST by an Act of Parliament (Act 52 of 1980) and named it Sree Chitra Tirunal Institute for Medical Sciences and Technology.

President– Dr. V. K. Saraswat
Headquarters– Thiruvananthapuram, Kerala

INTERNATIONAL AFFAIRS

World Airline Awards 2024 by Skytrax: India’s Vistara voted as Best Airline in India/South Asia 2024Skytrax’s World Airline Awards 2024 has honoured Indian airline Vistara (Tata SIA Airlines Limited) as the Best Airline in India / South Asia 2024. It receives the honour for the fourth consecutive time since 2021. Vistara is ranked 16th in the World’s Best Airline ranking and 8th in Asia’s Best Airlines ranking.

• Qatar Airways has been voted the World’s Best Airline for the 8th time. Singapore Airlines, which topped the 2023 list, is ranked 2nd followed by the Emirates at 3rd position.

Note: Skytrax is a London, the United Kingdom–based consultancy that runs airline and airport review website.
About Skytrax:
Chief Executive Officer (CEO)- Edward Plaisted
Headquarters- London, the United Kingdom
Established- 1989
>> Read Full News

BANKING & FINANCE

Fractional Ownership Platform Property Share Received India’s 1st SM REIT License from SEBIProperty Share (PropShare Investment Manager Private Limited) became the 1st Fractional Ownership Platform (FOP) to received India’s 1st Small and Medium Real Estate Investment Trust (SM REIT) license from the Securities and Exchange Board of India (SEBI) under the newly notified SM REIT regulations.

• It received the license under the name of Property Share Investment Trust (PSIT). Property Share is the investment manager to PSIT.

Background:
i.In March 2024, SEBI introduced “SEBI REIT (Amendment) Regulations 2024” by making amendments to the Real Estate Investment Trusts (REIT) (Regulations) 2014.
ii.These regulations aim to regulate FOPs and protect investors by bringing FOPs within the regulatory framework as a sub-class under the REIT regulations for assets valued between Rs 50 and Rs 500 crores.
Note: Like REITs, SM REITs are regulated by SEBI with units of each scheme listed on the stock exchanges.
Key Points:
i.The Property Share plans to launch the Initial Public Offering (IPO) of the 1st SM REIT scheme in order to raise Rs 330 crore in next 4 to 6 weeks following the SEBI’s approval.

• It also plans to list around 4 to 6 schemes in the next 12 months totalling Rs 1,500 crore to Rs 2,000 crore.

ii.ICICI Securities Limited will be the merchant banker and Cyril Amarchand Mangaldas(CAM) will be the legal advisor for IPO of Property Share.
About Property Share:
Chief Executive Officer(CEO) – Kunal Moktan
Headquarters- Bengaluru, Karnataka
Established- 2015

SBI Signed MoU with Jakson Engineers to Promote Solar Energy Adoption in IndiaIndia’s largest Public Sector Bank (PSB), State Bank of India (SBI) has signed a Memorandum of Understanding (MoU) with Jakson Engineers Limited to promote solar energy adoption across India.

• This strategic partnership is part of the Surya Shakti Solar Finance initiative which aims to empower a wide range of consumers in commercial, industrial, and institutional sectors to adopt solar energy solutions.
• The collaboration combines the extensive banking experience of SBI with solar technology expertise of Jakson Engineers Limited.

Key Points:
i.Surya Shakti Solar Finance initiative will support India’s progress towards renewable energy targets by promoting a collaborative synergy focused on sustainability and reduce energy costs.
ii.The initiative will play a pivotal role in providing the financial support required for consumers to adopt solar energy.
iii. As per the MoU, SBI will offer loans up to Rs 10 crore to commercial and industrial users.
iv.This collaboration between SBI and Jakson Engineers will give boost to the deployment of rooftop solar projects in India, which will further support the Prime Minister (PM) Narendra Modi’s  goal of achieving 100 GigaWatt (GW) of rooftop solar capacity by 2030.
About Jakson Engineers Limited:
Chairman and Managing Director(CMD) – Sameer Gupta
Headquarters- Noida, Uttar Pradesh (UP)
Established- 1947

AFLI Partners With PhonePe To Increase Life Insurance Penetration in India
Mumbai (Maharashtra) based Ageas Federal Life Insurance Company Limited (AFLI), one of India’s leading private life insurers has partnered with PhonePe, an Indian digital payment platform to provide instant term insurance to its vast customer base.

• AFLI became the first insurer in the industry to offer Instant term insurance through the PhonePe platform.

i.The partnership aims to increase insurance penetration in India, particularly in Tier 2, 3, and 4 cities, by using PhonePe’s 20 crore monthly active customers.
ii.The users of PhonePe aged 18 to 45 can easily access the ‘Ageas Federal Life Insurance Group Term Plan’ through the app, with a seamless digital application process which does not require medical tests or extensive paperwork.
iii.The users can select an amount ranging from Rs. 5 lakh to Rs. 25 lakh and make monthly or yearly premium payments beginning at Rs. 5,000 per year.
iv.This collaboration also streamline the insurance purchasing process, giving customers a transparent and hassle-free experience at their fingertips.

Mirae Asset Investment Managers (India) Launches India’s 1st Multicap ETF “Mirae Asset Nifty500 Multicap 50:25:25 ETF”
Mirae Asset Investment Managers (India) Private Limited, a wholly-owned subsidiary of Mirae Asset Global Investments (India) Private Limited (MAGI India), launched India’s 1st Multicap Exchange Traded Fund (ETF), named the ‘Mirae Asset Nifty500 Multicap 50:25:25 ETF, an open-ended scheme replicating/tracking the Nifty500 Multicap 50:25:25 Total Return Index (TRI).

• The investment objective of this scheme is to generate returns that align with the performance of the Nifty500 Multicap 50:25:25 TRI. Returns are calculated before expenses, with a focus on minimising tracking errors.
• The index comprises 100 large-cap stocks, 150 midcap stocks, and 250 small-cap stocks, with a 50% weightage towards large-cap and 25% each towards midcap and small-cap stocks.
• The New Fund Offer period (NFO) for the ETF will be open from August 12, 2024, to August 26, 2024. The scheme re-opens for continuous Sale and Repurchase from 2 September 2024.
• The minimum investment during the NFO is Rs 5,000 per application and in multiples of Re 1 thereafter and the Exit load is nil.
• The fund will be managed by the fund managers Ms. Ekta Gala and Mr. Vishal Singh.

Note: The scheme does not guarantee or assure any returns. There is no assurance that the investment objective of the scheme will be achieved.

ECONOMY & BUSINESS

SBI Projects GDP Growth of 7% in FY25The State Bank of India (SBI) has projected that India’s real Gross Domestic Product (GDP) will grow by 7% year-on-year(YoY) in the Financial year 2024-2025(FY25), which is 20 basis points(bps) lower than the Reserve Bank of India’s (RBI) forecast of 7.2% amid global headwinds.
Key Points:
i.Despite the downgrade, the Indian economy is expected to remain one of the fastest-growing economies in FY25.
ii.India’s GDP estimate by SBI is based on several positive factors, including:

• Enhanced fiscal buffers supported by dividends
• Anticipated recovery in agricultural driven by improved monsoon conditions
• Push in private capital expenditure amid strong manufacturing activity

About State Bank of India(SBI):
Chairman– Dinesh Kumar Khara (Set to retire on 28th August, 2024)
Headquarters– Mumbai, Maharashtra
Tag line-The Banker to Every Indian
Founded in– 1st July 1955

APPOINTMENTS & RESIGNATIONS

Raj Kumar Chaudhary Takes Charge as CMD of NHPC Limited
On August 7 2024, Raj Kumar Chaudhary took charge as the Chairman and Managing Director (CMD) of NHPC Limited. His appointment is effective from the date he assumes charge until his superannuation on June 30, 2025, or until further orders, whichever is earlier.

• The post of CMD is lying vacant after Abhay Kumar Singh retired on August 31, 2022. NHPC Director Finance Rajendra Prasad Goyal was given additional charge in place of Singh.

i.Prior to this position, he served as the Director (Technical & Projects) in NHPC.
ii.He joined NHPC as a Probationary Executive (Civil) in the Koel Karo Higher Education Project in Jharkhand in 1989.
iii.He has experience in all phases of development of a hydro project, from concept to commissioning, and has contributed in development of hydropower in India and Bhutan.
Note: NHPC Limited (National Hydroelectric Power Corporation Private Limited) is a Mini-Ratna Category-I Enterprise of the Government of India (GoI), headquartered at Faridabad, Haryana.

SCIENCE & TECHNOLOGY

Dhruva Space Collaborates with Singapore’s ZES to Enhance its OBC Subsystems for Satellite MissionsDhruva Space Private Limited, an Indian full-stack Space Engineering solutions provider, collaborated with Singapore-based Zero-Error Systems (ZES) Private Limited, a leading Space semiconductor manufacturer, to enhance its On-Board computer (OBC) subsystem for upcoming satellite missions.

• The collaboration was consolidated during the 38th Annual Small Satellite Conference, (also known as ‘SmallSat’) held at Utah State University (USU) in Logan, Utah, the United States of America (USA).

The collaboration will integrate ZES’ LDAP-IC-ZES100 into Dhruva’s OBC, protecting the Commercial-off-the-Shelf (COTS) electronics from radiation-induced micro-SEL/SEL (Single Event Latchup).
Note: This partnership also highlights a continuation of Indo-Singaporean bilateral space cooperation that has been ongoing since 2011.
About the Collaborative Advancements:
i.Dhruva Space and ZES’ collaboration upgrades the OBC subsystem, enhancing mission versatility and reliability.
ii.The upgraded OBC subsystem is anticipated to support a wide range of payload-agnostic missions, including Earth observation, communication payloads, and scientific experiments.
iii.The upgraded reliability of the OBC subsystem will offer a longer orbital lifetime for satellites, contributing to sustainability in Space.
Dhruva Space’s Expertise:
i.Dhruva Space develops sophisticated satellite subsystems like OBC, Electric Power System (EPS), Attitude Determination Control System (ADCS), and Space-grade Solar Arrays.
ii.Dhruva Space has previously launched missions including its maiden satellite launch, the Thybolt Mission in 2022, and the LEAP-TD mission in January 2024.
ZES’ Expertise:
i.ZES provides high-reliability semiconductor Integrated circuits (ICs) and solutions, enhancing radiation hardening in Space, Aerospace, and Automotive industries.
ii.Its LDAP-IC ‘ZES100’ detects and mitigates radiation-induced SEL, ensuring long-term reliability for COTS devices.
iii.The device detects early signs of potential problems and manages power to prevent damage, even from long-term radiation exposure.

• ZES founded in 2019, is a spin-off from the Nanyang Technological University (NTU), Singapore.

About Dhruva Space Private Limited:
It is a National Award-winning space technology company founded in 2012.
Chief Executive Officer (CEO)– Sanjay Nekkanti
Headquarters– Hyderabad, Telangana

OBITUARY

Former FIFA President Issa Hayatou Passed Away  
Cameroonian athlete, Issa Hayatou, who served as the President (Interim) of Fédération Internationale de Football Association (FIFA) from October 2015 to February 2016, passed away at the age of 77 in Paris, France. He was born on 9 August 1946 in Garoua, Cameroon.

• He also served as a member of the Executive Committee of FIFA in 1990 and Vice-President of FIFA in 1992.
• He served as a member of the International Olympic Committee (IOC) for 15 years from 2001-2016, after which he became an honorary member of the IOC in 2017.
• He served as Secretary General (1974-1983), Vice-President (1984-1986), and President (1986-1988) of the Cameroon Football Federation.
• He was the long-serving President of the Confederation of African Football (CAF) for 29 years from 1988 to 2017.

IMPORTANT DAYS

World Bio-Fuel Day 2024 – August 10

World Biofuel Day is annually observed across the globe on 10 August to raise awareness about the importance of non-fossil fuels (Green Fuels), as an alternative to conventional fossil fuels and the significance of biofuels in providing a cleaner, more sustainable alternative energy source to fossil fuels.

• The Day also honours Rudolf Christian Karl Diesel, a French-German engineer, who invented the diesel engine, also known as the Compression Ignition (CI) engine in the 19th century.

i.Since 2015, the Ministry of Petroleum and Natural Gas (MoP&NG), Government of India (GoI) has been commemorating World Biofuel Day.
ii.The International Centre for Genetic Engineering and Biotechnology (ICGEB), an Intergovernmental Organisation, and its operations are aligned to those of the United Nations Common System (UNCS), marked World Biofuel Day 2024 with a special event in New Delhi, Delhi.
>> Read Full News

World Lion Day 2024 – August 10 World Lion Day is annually observed across the globe on August 10 to raise awareness about Lion (Panthera Leo) and highlight their conservation issues and promote efforts to protect lions.
i.Aim : To educate people about the challenges faced by lions and celebrate their vital role in ecosystems and cultural heritage across the world.
ii.World Lion Day was initiated by Big Cat Rescue (BCR), a wildlife sanctuary in Florida, the United States of America(USA) dedicated to lions and was co-founded by Dereck and Beverly Joubert.

• The first World Lion Day was observed in 2013.

>> Read Full News

World Steelpan Day 2024 – August 11 The United Nations (UN) World Steelpan Day is annually observed across the globe on 11 August to raise awareness of the cultural and historical significance of the Steelpan, the National Musical Instrument of Trinidad and Tobago (T&T), and its link to sustainable development.

• 11 August 2024 marks the observance of the 2nd World Steelpan Day.

Note: The steelpan is a musical instrument indigenous to T&T in the early 1930s and is the only acoustic musical instrument to be invented in the 20th century.
PAN Month:
The Port of Spain (PoS), T&T-based Pan Trinbago Inc. T.C., a cultural organization, and the world governing body for steelpan, has been celebrating Pan Month in August every year since 1992, to commemorate the declaration of Pan the national Musical instrument of T&T in 1992.

• The 2024 Pan Month is being celebrated under the theme “Harmony in Heritage: Celebrating Steelpan’s Global Ascendancy.”

Background:
i.On 24 July 2023, the UN General Assembly (UNGA) adopted the resolution A/RES/77/316, proclaiming the 11 August of every year as World Steelpan Day.
ii.The 1st ever World Steelpan Day was observed on 11 August 2023.
About Trinidad and Tobago (T&T):
Prime Minister (PM)- Keith Christopher Rowley
Currency– Trinidad & Tobago Dollar
Capital– Port of Spain (PoS)
>> Read Full News

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