Current Affairs 27 August 2024

National Affairs

DoP & ISRO’s NRSC Forge Partnership to Revolutionize India’s Addressing System

On August 22, 2024, the Department of Posts (DoP) under the Ministry of Communications (MoC) signed a Memorandum of Understanding (MoU) with the National Remote Sensing Centre (NRSC) of the Indian Space Research Organisation (ISRO) in Hyderabad, Telangana. This partnership aims to develop a standardized, geo-coded addressing system in India, simplifying addressing solutions for public and private services. The MoU was signed in the presence of Manju Kumar, Member (Operations), DoP, and Dr. Prakash Chauhan, Director of NRSC, ISRO, ahead of the first National Space Day on August 23, 2024.

Key Points:

1. This partnership integrates NRSC’s satellite data and remote sensing technologies with DoP’s extensive infrastructure and services.
2. The geo-coded addressing system will streamline delivery services and enhance delivery routes.

Union Education Minister Dharmendra Pradhan Released an e-magazine, “Sapno ki Udaan”

Union Minister Dharmendra Pradhan, Ministry of Education (MoE), released the inaugural edition of the e-magazine “Sapno ki Udaan (Flight of Dreams)” on India’s first National Space Day. The event was attended by key dignitaries including D.P. Saklani, Director, NCERT; Rahul Singh, Chairperson, CBSE; and Saroj Sharma, Chairperson, NIOS.

About Sapno ki Udaan:

1. Developed by the Department of School Education & Literacy (DoSEL), MoE in collaboration with NCERT.
2. Features contributions from students, teachers, and parents across the country.
3. Currently issued quarterly, with plans to become a monthly publication.

Recent Related News: The Department of Posts (DoP) released a commemorative postage stamp of Rs 5 to mark the 25th anniversary of Kargil Vijay Diwas in Dras, Kargil, Ladakh.

Cabinet Approvals on 24th August 2024

The Union Cabinet, chaired by Prime Minister Narendra Modi, approved several key initiatives:

1. Unified Pension Scheme (UPS) for central government employees.
2. Merger of three umbrella schemes under a new unified central sector scheme, “Vigyan Dhara” of the Department of Science and Technology (DST).
3. Biotechnology for Economy Environment and Employment (BioE3) Policy to foster high-performance biomanufacturing.

C-DAC Signs MoUs with Various Industries; Inaugurates Hardware Emulation Facility

The Centre for Development of Advanced Computing (C-DAC) signed multiple MoUs with industry partners at its Vellayambalam Campus in Thiruvananthapuram, Kerala. The aim is to promote indigenous technology development and support the ecosystem for Electric Vehicle (EV) charging infrastructure. The agreements were formalized in the presence of S. Krishnan, Secretary, MeitY.

Key Partnerships:

1. L&T Semiconductor Technologies Limited for developing VEGA processor-based Security Operation Centers.
2. Aheesa Digital Innovations Private Limited for developing network security solutions.
3. Hykon India Limited for vehicle-to-grid, vehicle-to-home, and vehicle-to-building technologies.
4. Tata Power Electric Mobility Limited to advance Vehicle-to-Grid technologies.
5. JMV LPS Limited for Smart Meter technologies for Advanced Metering Infrastructure.

Other Launches:

1. Inauguration of a Hardware Emulation Facility at C-DAC’s campus.
2. Launch of Hybrid Power Conditioning Systems for Microgrids by Hykon India Ltd.
3. Inauguration of a Model Indigenous Electric Vehicle Charging Station.

Indian Army Transfers Xploder & Agniastra Technologies to Private Sector for Mass Production

The Indian Army transferred the technology for mass production of two indigenously developed technologies, Xploder and Agniastra, to private Indian firms. The Transfer of Technology (ToT) ceremony was presided over by Lieutenant General NS Raja Subramani, Vice Chief Of Army Staff (VCOAS).

Features of Xploder:

1. An advanced Unmanned Ground Vehicle (UGV) designed for various combat and operational roles.
2. Equipped with all-terrain capabilities for unmanned reconnaissance and safe disposal of remote IEDs.

Features of Agniastra:

1. A Multi-Target Portable Detonation System for remote detonation across multiple targets.
2. Capable of targeting multiple locations over extended ranges, enhancing conventional warfare and counter-terrorism operations.

International Affairs

Highlights of the Prime Minister’s Visit to Poland and Ukraine

Prime Minister Narendra Modi visited Poland from August 21 to 22, 2024, and Ukraine on August 23, 2024. This marked the first visit by an Indian PM to Poland in 45 years and the first visit to Ukraine since the establishment of diplomatic relations in 1992.

Key Outcomes:

1. India and Poland upgraded their bilateral relations to a “Strategic Partnership” with a five-year Joint Action Plan for 2024-2028.
2. India and Ukraine formalized four key agreements focusing on agriculture, medicine, culture, and humanitarian assistance.

Banking & Finance

Piramal Finance & Central Bank of India Partner to Form Strategic Co-Lending Partnership

Piramal Capital and Housing Finance Limited (PCHFL) partnered with the Central Bank of India to expand their co-lending business. This partnership aims to offer loans to middle- and low-income borrowers, focusing on semi-urban and rural regions.

Key Points:

1. The collaboration leverages the Central Bank of India’s extensive branch network and Piramal Finance’s technology-driven approach.
2. It benefits customers in the unorganized sector who struggle to obtain conventional credit.

TPSSL Collaborates with ICICI Bank for Solar Loans

Tata Power Solar Systems Limited (TPSSL) partnered with ICICI Bank to offer financial solutions for purchasing solar panels for residential and corporate customers. ICICI Bank will provide loans up to Rs 90 lakh with collateral-free options and tenure of up to 5 years.

Economy & Business

Goldman Sachs Cuts India’s GDP Growth Forecasts for 2024 & 2025

Goldman Sachs lowered India’s GDP forecast by 20 basis points for 2024 and 2025 due to a contraction in central government expenditure. The GDP is now expected to expand at 6.7% in 2024 and 6.4% in 2025.

Science & Technology

India Launched its 1st Reusable Hybrid Rocket “RHUMI-1”

On August 24, 2024, India successfully launched its first reusable hybrid rocket, “RHUMI-1,” developed by Space Zone India (SZI) in partnership with Martin Group. The rocket was launched from East Coast Road, Thiruvidanthai in Chennai, Tamil Nadu.

Key Objectives:

1. The Cube satellites will monitor atmospheric conditions like cosmic radiation and UV radiation.
2. PICO satellites will examine environmental factors such as vibration, altitude, and ozone levels.

Sports

Formula 1: McLaren’s Lando Norris Wins Dutch GP 2024

McLaren’s Lando Norris won the Formula 1 Heineken Dutch Grand Prix 2024 held at Circuit Zandvoort, Netherlands. This marks Norris’s second title of his F1 career. Red Bull’s Max Verstappen finished second, followed by Ferrari’s Charles Leclerc in third place.

Important Days

World Water Week – 25 to 29 August 2024

World Water Week 2024 is observed from August 25 to 29, 2024. This annual event, organized by the Stockholm International Water Institute (SIWI) in Stockholm, Sweden, addresses critical water-related challenges. The theme for 2024 is “Bridging Borders: Water for a Peaceful and Sustainable Future.”

State News

Odisha CM Mohan Majhi Announces SoP For Subhadra Scheme

Chief Minister Mohan Charan Majhi of Odisha announced the Standard Operating Procedure (SOP) for the Subhadra scheme, which grants financial assistance of Rs 10,000 annually to over 1 crore women in Odisha. The scheme will be implemented from FY 2024-25 to FY 2028-29 with a budget of Rs 55,825 crore.

Key Points:

1. Women aged between 21 and 60 years are eligible for the assistance.
2. The amount will be paid in two installments of Rs 5,000 each on Rakhi Purnima Day and International Women’s Day.
3. Funds will be transferred directly to the beneficiary’s Aadhaar-enabled DBT bank account.
4. Beneficiaries will also receive a ‘Subhadra’ debit card.