Current Affairs - 30 August 2024

National Affairs

Cabinet Approvals on August 28, 2024

The Union Cabinet, led by Prime Minister Narendra Modi, has approved several key proposals:

1. Agriculture Infrastructure Fund (AIF) Expansion: The Cabinet has approved the progressive expansion of the Central Sector Scheme under the AIF. This expansion aims to make the scheme more attractive and inclusive by broadening eligible projects and adding supportive measures.

2. Private FM Radio Channels: The Cabinet has approved the third batch of ascending e-auctions to establish 730 Private FM radio channels across 234 new cities, with a reserve price of Rs 784.87 crore under the Private FM Radio Phase III Policy.

3. Hydro Electric Projects in North Eastern Region: The Ministry of Power’s proposal to provide Central Financial Assistance to State Governments in the North Eastern Region for equity participation in Hydro Electric Projects has been approved.

4. Railway Projects: The Cabinet Committee on Economic Affairs (CCEA) has approved three railway projects, including two new lines and one multi-tracking project, with a total estimated cost of Rs 6,456 crore. These projects aim to improve connectivity, ease travel, reduce logistics costs, and lower CO2 emissions across India.

5. National Industrial Corridor Development Programme (NICDP): The CCEA has approved 12 new industrial nodes/cities under the NICDP with an estimated investment of Rs 28,602 crore.

About Ministry of Railways:

• Union Minister: Ashwini Vaishnaw (Constituency: Badshahpur, Orissa)
• Ministers of State: V. Somanna (Constituency: Bengaluru, Karnataka), Ravneet Singh (Constituency: Ludhiana, Punjab)

MoRTH Launches Vehicle Scrapping Policy

The Ministry of Road Transport and Highways (MoRTH) has launched the Vehicle Scrapping Policy, also known as the Voluntary Vehicle Modernization Program (VVMP). This policy aims to phase out unfit polluting vehicles across India through a network of Registered Vehicle Scrapping Facilities (RVSFs) and Automated Testing Stations (ATSs). State governments are notified to offer a concession on motor vehicle tax of up to 25% for non-transport vehicles and up to 15% for transport vehicles. Additionally, MoRTH has added a waiver on any pending liabilities that the vehicle to be scrapped may have.

About the Ministry of Road Transport and Highways (MoRTH):

• Union Minister: Nitin Jairam Gadkari (Constituency: Nagpur, Maharashtra)
• Minister of State: Ajay Tamta (Constituency: Almora, Uttarakhand), Harsh Malhotra (Constituency: East Delhi)

DoT Hosts Disaster Management Conference

The Department of Telecommunications (DoT), in collaboration with the National Telecommunications Institute for Policy Research, Innovation, and Training (NTIPRIT) and License Service Areas (LSA), Delhi, organized a conference on ‘Experience Sharing and Capacity Building in Disaster Management’. The conference aimed to enhance disaster preparedness and resilience in India. Key sessions focused on preparedness measures in disaster handling and the role of Information and Communication Technology (ICT) in disaster management.

About the Ministry of Communications (MoC):

• Union Minister: Jyotiraditya M. Scindia (Constituency: Guna, Madhya Pradesh)
• Minister of State: Chandra Sekhar Pemmasani (Constituency: Guntur, Andhra Pradesh)

Indian Railways Integrates DigiLocker with Hiring Portal

Indian Railways has integrated its recruitment portal with DigiLocker to reduce the recruitment process duration from 18-24 months to less than 6 months. DigiLocker, a digital document wallet under the Digital India program, will streamline document verification and minimize the chances of fake document submissions.

8th EPC Meeting: MoT Approves Grants for Start-Ups and Educational Institutes

The Ministry of Textiles (MoT) has approved grants for four start-ups and five educational institutes under the National Technical Textiles Mission (NTTM). Each start-up will receive approximately Rs 50 lakhs, while the educational institutes will receive a total of Rs 20 crores to introduce courses in Technical Textiles.

Banking & Finance

NPCI Introduces BBPS for Business and UPI Circle

The National Payments Corporation of India (NPCI) has introduced two new digital payment solutions: Bharat BillPay System (BBPS) for Business and Unified Payments Interface (UPI) Circle. These solutions aim to enhance the inclusivity, security, and efficiency of India’s digital payment ecosystem.

RBI Recognizes Fintech Association for Consumer Empowerment as SRO-FT

The Reserve Bank of India (RBI) has recognized the Fintech Association for Consumer Empowerment (FACE) as the first Self-Regulating Organization in the fintech sector (SRO-FT). This recognition sets a new benchmark for self-regulation in India’s rapidly evolving fintech industry.

Capitalmind Receives SEBI Approval to Launch New Mutual Fund

Capitalmind Financial Services Private Limited (CFSPL) has received in-principle approval from the Securities and Exchange Board of India (SEBI) to launch a new Mutual Fund. This approval aligns with the 10th anniversary of CFSPL.

RBI Imposes Penalty on Valsad Mahila Nagrik Sahakari Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1.25 lakh on Valsad Mahila Nagrik Sahakari Bank Limited for non-compliance with certain RBI directions.

Economy & Business

ReNew and Microsoft Sign Clean Power Sale Agreement

ReNew Power Private Limited has signed a clean power sale agreement of 437.6 MW with Microsoft Corporation. This agreement is expected to produce more than 1 million units of green electricity annually, helping Microsoft become carbon negative by 2030.

Awards & Recognitions

V. Srinivas Conferred Anubhav Awards & Jury Certificates

V. Srinivas, Secretary of the Department of Pension and Pensioners’ Welfare (DoPPW), conferred the 5 Anubhav Awards and 10 Jury Certificates to personnel from 9 different ministries during the 7th Anubhav Awards ceremony.

Appointments & Resignations

B Srinivasan Appointed as New Director General of NSG

B Srinivasan has been appointed as the Director General (DG) of the National Security Guard (NSG). He will succeed Anish Dayal Singh, who has been serving as DG (additional charge) of NSG since August 15, 2024.

Acquisitions & Mergers

CCI Approves Merger of RIL’s Media Assets with Walt Disney

The Competition Commission of India (CCI) has approved the merger of Reliance Industries Limited’s (RIL) media assets with Walt Disney. The combined entity will be India’s largest media empire worth over Rs 70,000 crore.

Science & Technology

India Orders Additional 73,000 SIG-716 Assault Rifles from the US

The Ministry of Defence has placed an order worth Rs 837 crore for the import of an additional 73,000 SIG-716 assault rifles for the Indian Army from the US-based company, SiG Sauer Inc. This is India’s second procurement order to Sig Sauer in five years.

Important Days

National Sports Day 2024 – August 29

National Sports Day, also known as Rashtriya Khel Divas, is observed annually on August 29 to honor the birth anniversary of Major Dhyan Chand Singh, one of the greatest field hockey players in Indian sports history.

International Day Against Nuclear Tests 2024 – August 29

The United Nations’ International Day Against Nuclear Tests is observed annually on August 29 to raise awareness about the devastating effects of nuclear weapon tests and the urgent need to cease them to work toward a nuclear-weapon-free world.