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Daily Current Affairs – February 22 & 23, 2024

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Daily Current Affairs - Banking - February 22 & 23, 2024

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National News

Cabinet Approval

  • The Cabinet Committee on Security has cleared the acquisition of over 200 BrahMos extended-range supersonic cruise missiles worth around ₹19,000 crores for deployment on its warships.
  • The contract is set to be signed in the first week of March between the BrahMos Aerospace and Ministry of Defence.
  • The BrahMos missile is also set to be exported soon to the Philippines which is its first global customer.
  • The Cabinet Committee on Economic Affairs had expand National Livelihood Mission with new subsidy provisions which will now have a 50% capital subsidy provision.
  • Up to ₹50 lakhs will be provided to the individuals, FPO, SHG, JLG, FCO and Section 8 companies to establish horse donkey, mule, and camel entrepreneurship.
  • Also, the state government will assist with the breed conservation of horses, donkeys, and camels.
  • The Central Government will provide ₹10 crores to establish semen stations and nucleus breeding farms for horses, donkeys and camels.
  • Also approved a ₹25/quintal hike in fair and remunerative price (FRP) of sugarcane for the 2024-25 season (October-September).
  • The FRP of sugarcane for season 2023-24 (October to September) will be ₹340/quintal for a basic recovery rate of 25 per cent.
  • Last year, the FRP was raised by ₹10/quintal.
  • The cabinet approved the proposal of Ministry of Home Affairs of continuation of implementation of Umbrella Scheme on ‘Safety of Women’ at a total cost of ₹1179.72 crore during the period from 2021-22 to 2025-26.
  • Out of the total project outlay of ₹1179.72 crore, a total of ₹885.49 crore will be provided by MHA from its own budget and ₹294.23 crore will be funded from Nirbhaya Fund.
  • Also approved the proposal of Department of Water Resources, RD & GR for continuation of centrally sponsored Scheme, viz., “Flood Management and Border Areas Programme (FMBAP)” with total outlay of ₹4,100 crores for a period of 5 years from 2021-22 to 2025-26 (15th Finance Commission period).
  • And also approved Foreign Direct Investment between 49-100 per cent in Satellite-related activities under the space sector.
  • Now, satellite manufacturing & operation, satellite data products and ground segment & user segment can get FDI up to 74 per cent under the automatic route, beyond which government route will be applicable.
  • And announced an extension of the Interest Equalization Scheme for pre and post-shipment rupee export credit until June 30, 2024.
  • Under this extension, Manufacturers and Merchant Exporters dealing with specified 410 HS lines will benefit from a 2 per cent interest equalization rate, while MSME manufacturers exporting under any HS line will receive a higher rate of 3 per cent.
  • The scheme, inaugurated on April 1, 2015, was originally slated for a five-year duration until March 31, 2020.
  • However, it has since been extended multiple times, including a one-year extension amidst the Covid-19 pandemic, along with additional extensions and allocations of funds.

State News

Prime Minister unveils projects in Gujarat

  • Prime Minister Narendra Modi laid foundation stones for ₹55,000 crore worth of projects in
  • At Mehsana in North Gujarat, PM Modi will inaugurate the IAF runway which has been constructed at the cost of ₹394 crores and is located just 130 kilometers away from the international border with Pakistan.
  • The runway for the IAF airbase at Deesa is expected to play a strategic role in launching land and sea operations along the western border.
  • Among other rail and road projects, PM Modi will also inaugurate a ₹2,042 crores Gujarat Fibre Grid Network project which will help connect 8,030 gram panchayats with a 35,264-km-long high-speed internet network under the BharatNet Phase-2.
  • At Navsari in South Gujarat, he will dedicate two new pressurised Heavy Water Reactors at Kakrapar Atomic Power Station constructed at an estimated cost of ₹22,500 crores.
  • The two plants have a cumulative capacity to generate 700 MW.

Australia to be Innovation Partner Country at TN’s Umagine 2024

  • Australia will be an Innovation Partner Country for Umagine 2024, hosted by the Tamil Nadu government’s Information Technology and Digital Services Department, to be held in the city on February 23 and 24.
  • Australia will have a presence at the two-day event, with Amber-Jade Sanderson, Western Australia’s Minister for Health and Mental Health, attending along with a delegation of more than 20 businesses and educational organisations from Western Australia.
  • Australia will have an exclusive pavilion at the event.
  • The Australian government through the Consulate-General Chennai and in partnership with the state of Western Australia will highlight Australia’s strengths in the advanced technology, innovation and education sector at the Australian pavilion.
  • The Australia-India Innovation Network is a priority project of the Australian government delivered by the Australian Trade and Investment Commission (Austrade) that aims to increase the number of Australian technology companies accessing the rapidly growing digital sector in India.

Northeastern India’s first API/Bulk Drug Plant inaugurated in Guwahati

  • Chemex Global’s pharmaceutical API (Active Pharmaceutical Ingredients) manufacturing facility has been inaugurated in Guwahati.
  • PVSLN Murty, CMD of NEDFi inaugurated the facility.
  • The plant is first of its kind in the entire north eastern region and one of the biggest in eastern India.
  • This comprises of highly sophisticated and fully integrated R&D Lab and Bulk Production Facility.
  • At full strength, the facility will employ more than 200 people.

Schemes

Odisha cabinet approves extension of farmer incentive scheme by 3 years

  • The Odisha cabinet approved an estimated budget of ₹6,029.70 crores for the next three years (2024-25 to 2026-27) under the Krushak Assistance for Livelihood and Income Augmentation (KALIA), a farmer incentive programme.
  • The State had implemented a farmers’ welfare scheme KALIA from 2018-19, as majority of the population of the State directly or indirectly dependent on agriculture for their livelihood.
  • Under the scheme, financial assistance of ₹25,000 per farm family over five seasons is provided to small and marginal farmers so that so that farmers can purchase inputs like seeds, fertilisers, pesticides, and use assistance towards labour and other investments.
  • Financial assistance of ₹12,500 is also provided to each landless agricultural household for agricultural allied activities like for small goat rearing unit, mini-layer unit, duckery units, fishery kits for fisherman, mushroom cultivation, and bee-keeping.
  • There are other assists such as interest free crop loan, life insurance for cultivators, and landless agricultural laborers and vulnerable agricultural households under KALIA.

Banking and Finance

Asian Development Bank provide loan to Boost Fintech in Gujarat, India

  • The Asian Development Bank (ADB) has approved a $23 million loan to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India.
  • GIFT is a state-owned enterprise established to promote and cultivate fintech ecosystems and financial services in India.
  • It is the country’s first international financial services center and has become a fast-growing area for helping and developing local startups.
  • Asian Development Bank (ADB) – 19/12/1966 (Founded) – Mandaluyong, Philippines (HQ) – Masatsugu Asakawa (President) – 49 countries (Regional members) & 19 countries (non regional members) 

Business and Economy

India Ratings and Research predicted 6.5% GDP for FY25

  • According to India Ratings and Research, India’s growth is expected to moderate to 5 per cent in the financial year 2024-25 from 7.3 per cent estimated by the first advance estimates.
  • The forecast is a notch below the Reserve Bank of India’s estimate of 7 per cent GDP growth in FY25.

Morgan Stanley predicted 6.5% GDP for FY25

  • Morgan Stanley Research expects India’s GDP growth for FY25 to moderate to 5 per cent from 6.9 per cent projected for FY24.

Q3 GDP forecast by ICRA

  • According to ICRA, India’s real GDP growth likely slowed to 6% in the third quarter of this fiscal year, from 6% in Q2.
  • ICRA also expects the economy’s Gross Value Added (GVA) to ease to 6%, from 4% in Q2, with the expansion in agriculture GVA pegged at a mere 0.5% and industrial GVA growth seen easing to 8.8%, from 13.2% in the preceding quarter.

Gujarat Cooperative Milk Marketing Federation (GCMMF) to invest ₹11,500 crores to expand operations across six states

  • The Gujarat Cooperative Milk Marketing Federation (GCMMF), an apex body of milk cooperatives that owns the brand Amul, will be investing ₹11,500 crores in the next three years, which includes setting up milk processing and ice-cream manufacturing plants in Goa, Maharashtra, Madhya Pradesh, Haryana, Uttar Pradesh, and West Bengal.

Agreements and MoUs signed

Aeronautical Development Agency Signs MoU with Indian Air Force

  • Aeronautical Development Agency (ADA) has signed an MoU with the Indian Air Force (IAF) for integration of futuristic Weapons and Sensors for LCA Tejas aircraft.
  • The MoU was signed by Prabhulla Chandran VK, Technology Director (Avionics and Weapon Systems) of ADA and Air Vice Marshal KN Santosh VSM, Commandant, Software Development Institute (SDI) of IAF.
  • Aeronautical Development Agency (ADA) is a premier organization under the aegis of the Department of Defence R&D with mandate to Design and Develop Tejas-LCA and its Variants.
  • In present war scenario, there is a continuous need of upgrading the weapons and sensors suite of the aircraft and towards this, ADA has initiated the know-how transfer for integration of weapons and sensors to SDI.
  • This will facilitate the IAF to independently carry out sensors, weapon integration and flight testing to enhance the operational capabililty of Tejas-LCA fighter.
  • ADA has successfully developed and type certified Tejas LCA with a credit of more than 10000 sorties of incident free flying.
  • IAF has already formed two squadrons of this fighter aircraft and twin seater aircraft are also being inducted.
  • Aeronautical Development Agency (ADA) – 1984 (Founded) – Bengaluru (HQ) – Jitendra J Jadhav (Director)

Goa signed agreement with MakeMyTrip to promote state's cultural, culinary traditions

  • Government of Goa and Indian travel major MakeMyTrip (MMT) signed a Memorandum of Understanding (MoU), to further turn Goa in a year-round destination, moving beyond its iconic sun, sand, and beaches.
  • The one of a kind public-private partnership aims to outline a series of innovative initiatives to showcase Goa’s lesser-known inland treasures, its rich cultural tapestry and delectable culinary traditions, is the next step ahead.
  • As part of this pact, MMT plans to broaden the reach and appeal of the coastal state by bringing to the table its expertise in digital innovation and marketing.

NBCC signed MoU with HUDCO to collaborate in consultancy services, asset monetisation activities

  • NBCC has entered into a Memorandum of Understandings (MoUs) with Housing and Urban Development Corporation Limited (HUDCO) for leveraging their strength in consultancy services and asset monetisation.
  • These MoUs are related to “reinforcing cooperation and collaboration to leverage respective strength for the effective implementation of consultancy services; reinforcing cooperation and collaboration to leverage respective strength for the effective implementation of asset monetisation activities”.
  • NBCC is mainly into Project Management Consultancy (PMC) and real estate, while the HUDCO provides financial assistance for housing and urban infrastructure projects.

Science and Technology

Government launches 4 web portals aimed at improving ease of doing biz for news publishers

  • Information and Broadcasting Minister Anurag Thakur launched four web portals which seek to foster a “more conducive” business environment for news publishers and TV channels and also enhance transparency and efficiency in government communication and regulatory process.
  • The ‘Press Sewa Portal’ was a step towards complete automation and simplification of the process for newspaper registration and other related processes.
  • The portal will enable online filing of applications for title registration, using Aadhaar-based e-signatures; real-time tracking of application status, etc.
  • The second one is “Transparent Empanelment, Media Planning, and eBilling System” for CBC.
  • The new system is “designed to enhance transparency and efficiency in media planning processes, and provide an end-to-end ERP solution for the media industry for doing business in a paperless and faceless environment”.
  • The third one, ‘NaViGate Bharat Portal’ is a unified bilingual platform which hosts videos on the government’s development-related and citizen welfare-oriented measures.
  • The portal eliminates the hassle of searching for official and reliable information from multiple sources, providing a one-stop platform for media and the general public.
  • The fourth is A web form has been designed to collect information from local cable operators for the purpose of National Register.
  • Strengthening Cable Sector National Register for Local Cable Operators (LCOs) is the first step to bring registration of LCOs currently with Post Offices spread across the country under a Centralised Registration System.

Nature

National Board for Wildlife approves elevated road project near Kaziranga National Park in Assam

  • The National Board for Wildlife (NBWL) has approved an elevated road over nine corridors used by the animals of Kaziranga National Park and Tiger Reserve, usually during heavy floods.
  • One of the two elevated railway corridors close to Deepor Beel will cover 13.31 hectares while the other will take up 0.3 hectares.
  • The 35-km elevated road project, worth ₹6,000 crore, along an existing arterial highway skirting the northern boundary of Kaziranga’s core area had been in the offing for years.
  • The NBWL also approved two elevated railway corridors along the southern boundary of Deepor Beel on the outskirts of Guwahati.
  • The beel, a wetland and important bird area, is a Ramsar Site.
  • National Board for Wildlife (NBWL) – 2003 (Founded) – Prime Minister (Head) – 47-member committee

Appointments

Government appoints non-executive chairmen in Bank of India, IOB, UCO Bank

  • The government has appointed former chairman of Life Insurance Corporation of India MR Kumar as the non-executive chairman of Bank of India.
  • The government has also appointed Srinivasan Sridhar as the non-executive chairman of Indian Overseas Bank on the condition that he resigns from the board of Bank of Baroda where he is shareholder director.
  • Aravamudan Krishna has been appointed non-executive chairman of Kolkata-based UCO Bank on the condition that he resigns from the board of Suraksha Asset Reconstruction Ltd.
  • He will be the first chairman of UCO since the chairman and managing director’s post was splitted in PSBs in
  • All the three have been given a three year term.

Bandhan Bank appoints Rajeev Mantri as CFO

  • Bandhan Bank appointed Rajeev Mantri as the Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective from February 22, 2024 by replacing Interim CFO Abhijit Ghosh, who is Head – Finance & Accounts of the bank.
  • Bandhan Bank – 2015 (Founded) – Kolkata, West Bengal (HQ) – Chandra Shekhar Ghosh (MD & CEO) – “Aapka Bhala, Sabki Bhalai” (Tagline)

Former Bank of Maharashtra Chief Executive A S Rajeev appointed as Vigilance Commissioner

  • President Droupadi Murmu has appointed A S Rajeev as Vigilance Commissioner in the Central Vigilance Commission (CVC).
  • Prior to this appointment, he was Managing Director & CEO of Bank of Maharashtra, a public sector bank.
  • Under the CVC Act 2003, the Central Vigilance Commission became a three-member body, with the Central Vigilance Commissioner and two Vigilance Commissioners.
  • While Praveen Kumar Srivastava has been Central Vigilance Commissioner since May 2023, Arvinda Kumar has been a Vigilance Commissioner since August 2022.

Infosys CEO & MD Salil Parekh joins USISPF on its board of directors

  • Salil Parekh, CEO and managing director at Infosys, has joined the US-India Strategic and Partnership Forum as a member of its board of directors.
  • The US-India Strategic Partnership Forum (USISPF), formed in 2017, is an independent non-profit, non-governmental, and non-partisan organization headquartered in Washington, D.C., with offices across both countries.
  • John T. Chambers, Ajay Banga, Raj Subramaniam and Dow R. Wilson are some of the board of directors.

Obituary

Manohar Joshi passed away

  • Former Maharashtra CM and ex-Lok Sabha Speaker Manohar Joshi passed away at 86.
  • He became the 16th Chief Minister of a non-Congress government for the first time in Maharashtra after the undivided Shiv Sena-Bharatiya Janata Party (BJP) ‘Mahayuti’ coalition came to power in
  • He served as the Union Heavy Industries Minister in Atal Bihari Vajpayee’s government at the Centre from 1999-2002.
  • He also served as 13th speaker of Lok Sabha between 2002-04.

Sports News

Jacintha Kalyan Pioneers as India's First Female Pitch Curator in WPL 2024

  • Jacintha Kalyan became the India’s first woman Pitch curator in the upcoming Women’s Premier League 2024.
  • She was assigned as a neutral curator for the Ranji Trophy 2022-23
  • The pitch curator is responsible for maintaining the pitch of a particular cricket stadium by respecting the weather conditions and soil and preparing it in compliance to ICC’s standards.

Important Days

World Thinking Day 2024

  • World Thinking Day is annually celebrated on February 22.
  • The day celebrates the friendship, sisterhood, and empowerment of girls and young women all over the world and also serves as a platform to raise awareness about pressing global issues and promote gender equality.
  • The first World Thinking Day was established in 1926 at the 4th Girl Scout International Conference held in the USA.
  • Theme – Our World, Our Thriving Future: The Environment and Global Poverty

World Scout Day 2024

  • World Scout Day is annually celebrated on February 22.
  • The day is celebrated to commemorate the birth anniversary of Lord Robert Baden-Powell, the founder of the Boy Scouts movement.
  • The day is also popularly known as the Founder’s Day.
  • The observance of the day is linked to the first World Scout Conference organised in 1920 in London.
  • In 1926, the World Scout Bureau officially announced the same date as the World Scout Day.
  • Theme – “Scouts for a Better World”

World Peace and Understanding Day 2024

  • World Peace and Understanding Day is annually celebrated on February 23.
  • The day is celebrated to promote peace, empathy and cooperation between people of various origins and cultures.
  • The day commemorates the anniversary of the formation of Rotary International.
  • Attorney Paul Harris from Illinois organised a meeting with his three friends in a downtown office building in Chicago on February 23, 1905, where the idea of Rotary Club took shape for the first time.

Defence

Trilateral Coast Guard Exercise 'Dosti 16' began

  • ICGS Samarth, ICGS Abhinav & ICG Dornier have arrived in Male’ for 16th edition of biennial India-Maldives-Srilanka trilateral Exercise “#Dosti” with Bangladesh as Observer.
  • Exercise Dosti was first conducted in 1991 between the Indian and Maldives Coast Guards.
  • Sri Lanka joined the exercise for the first time in
  • The exercises have focused on exercises and drills on providing assistance in sea accidents, eliminating sea pollution, and the coast guard’s procedure and conduct during situations such as oil spills.
  • The biennial exercise Dosti was last conducted in
  • Sri Lanka – Sri Jayawardenepura Kotte (legislative) Colombo (executive and judicial) (Capital) – Sri Lankan rupee (Currency) – Ranil Wickremesinghe (President) – Dinesh Gunawardena (Prime Minister) – Sinhala & Tamil (Language)
  • Maldives – Male (Capital) – Maldivian rufiyaa (Currency) – Mohamed Muizzu (President) – Dhivehi (Language)
  • Bangladesh – Dhaka (Capital) – Taka (Currency) – Mohammed Shahabuddin (President) – Sheikh Hasina (Prime Minister) – Bengali (Language)

Daily Current Affairs - February 22 & 23, 2024 - Consolidated

  • Cabinet Approval
  • Prime Minister unveils projects in Gujarat
  • Australia to be Innovation Partner Country at TN’s Umagine 2024
  • Northeastern India’s first API/Bulk Drug Plant inaugurated in Guwahati
  • Odisha cabinet approves extension of farmer incentive scheme by 3 years
  • Asian Development Bank provide loan to Boost Fintech in Gujarat, India
  • India Ratings and Research predicted 6.5% GDP for FY25
  • Morgan Stanley predicted 6.5% GDP for FY25
  • Q3 GDP forecast by ICRA
  • Gujarat Cooperative Milk Marketing Federation (GCMMF) to invest ₹11,500 crores to expand operations across six states
  • Aeronautical Development Agency Signs MoU with Indian Air Force
  • Goa signed agreement with MakeMyTrip to promote state’s cultural, culinary traditions
  • NBCC signed MoU with HUDCO to collaborate in consultancy services, asset monetisation activities
  • Government launches 4 web portals aimed at improving ease of doing biz for news publishers
  • National Board for Wildlife approves elevated road project near Kaziranga National Park in Assam
  • Government appoints non-executive chairmen in Bank of India, IOB, UCO Bank
  • Bandhan Bank appoints Rajeev Mantri as CFO
  • Former Bank of Maharashtra Chief Executive A S Rajeev appointed as Vigilance Commissioner
  • Infosys CEO & MD Salil Parekh joins USISPF on its board of directors
  • Manohar Joshi passed away
  • Jacintha Kalyan Pioneers as India’s First Female Pitch Curator in WPL 2024
  • World Thinking Day 2024
  • World Scout Day 2024
  • World Peace and Understanding Day 2024
  • Trilateral Coast Guard Exercise ‘Dosti 16’ began

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