Daily Current Affairs 24th July 2024, Important News Headlines (Daily GK Update)

National News

21.71% Of Country’s Area Under Forest Cover: MoS Kirti Vardhan Singh

The Forest Survey of India (FSI) in Dehradun, which operates under the Ministry, conducts a biennial assessment of forest cover. According to the latest India State of Forest Report (ISFR) published in 2021, the total forest cover in the country is 7,13,789 square kilometers, making up 21.71% of the country’s geographical area. Detailed state and union territory-wise forest cover data since 2019 are provided in the Annexure.

International News

Azerbaijan’s COP29 Climate Finance Action Fund

Azerbaijan, the host of COP29 from November 11 to 22 this year, has announced the establishment of a Climate Finance Action Fund (CFAF). This fund will be sourced from fossil fuel producers to support green projects in developing countries and help member nations achieve the 1.5°C temperature target. The CFAF aims to mobilize both public and private sectors, with Azerbaijan as the founding contributor. The goal is to attract $1 billion and secure contributions from at least 10 countries.

World’s Most Powerful Passports 2024: Singapore Leads; India at 82nd

Singapore has regained its position as the holder of the world’s most powerful passport, offering visa-free access to 195 global destinations, according to the Henley Passport Index. India ranks 82nd, allowing visa-free entry to 58 countries.

Appointments News

KV Subramanian Appointed As Federal Bank MD & CEO

The Reserve Bank of India (RBI) has approved the appointment of Krishnan Venkat Subramanian as the Managing Director & Chief Executive Officer of Federal Bank. The bank announced this in an exchange filing on July 22. Subramanian’s three-year term will start on September 23, 2024, right after the current MD & CEO, Shyam Srinivasan, completes his tenure on September 22, 2024.

Bibhuti Bhusan Nayak Elected New President of ICMAI

CMA Bibhuti Bhusan Nayak, a Fellow Member of the Institute of Cost Accountants of India (ICMAI) and a member of the Bhubaneswar Chapter, has been unanimously elected as the 67th President of ICMAI for the 2024-2025 term. Nayak has over 30 years of professional experience in finance and cost accountancy. He is the third Cost Accountant from Odisha to hold this prestigious position.

Banking News

IndusInd Bank Launches ‘Wrestle for Glory’ CSR Initiative

IndusInd Bank has launched the ‘Wrestle for Glory’ program, a significant Corporate Social Responsibility (CSR) initiative in partnership with the Inspire Institute of Sport (IIS). This program aims to support 50 promising female wrestling athletes from across India by providing them with fully-funded scholarships for coaching at IIS’s premier facility in Vijayanagar, Bellary.

Economy News

Railway Budget 2024-25: Record Allocation and Key Highlights

The Indian Railways has been allocated a record capital expenditure (Capex) of Rs 2,62,200 crore for the fiscal year 2024-25, maintaining the same level as announced in the Interim Budget 2024. This allocation is part of the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman. The Gross Budgetary Support for Railways is Rs 2,52,200 crore, up from Rs 2,40,200 crore in 2023-24 and significantly higher than Rs 28,174 crore in 2013-14.

Business News

NTPC Vidyut Vyapar Nigam Ltd. To Set Up Green Charcoal Plant In Haryana

The Municipal Corporations of Gurugram and Faridabad are set to establish two waste-to-charcoal plants, also known as green coal plants, in the two districts at a cost of ₹500 crore each. These plants will convert 1,500 tonnes of waste daily into charcoal using indigenous technology.

Sports News

Sania Mirza, Mary Kom And Rannvijay Singha Join Play Sports As Brand Ambassadors

Six-time Grand Slam winner and former World No. 1 in women’s doubles Sania Mirza, six-time World Champion and Olympic bronze medallist MC Mary Kom, and actor Rannvijay Singha have joined ‘Play Sports’ as brand ambassadors. Play Sports aims to create a sustainable sports ecosystem in India by working with schools, developing sports, managing sports infrastructure, running academies, and scouting talent from the grassroots level.

Important Days

National Income Tax Day 2024: A Journey of Transformation

National Income Tax Day marks a significant milestone in India’s fiscal history and is observed on July 24. Income tax is a crucial government levy on the income earned by individuals and businesses during a financial year. The concept of “income” is broadly defined under Section 2(24) of the Income Tax Act, encompassing various sources of earnings.

Obituaries News

C.T. Kurien, a distinguished economist, Passes Away

On July 23, 2024, the world of economics lost a brilliant mind and compassionate soul. C.T. Kurien, a distinguished economist and former professor of Madras Christian College, passed away at the age of 93 due to age-related ailments. His death marks the end of an era in Indian economics, but his legacy continues to inspire generations of economists and social thinkers.

Miscellaneous News

Mumbai’s Aqua Line: A New Era in Underground Metro Transportation

Mumbai, India’s bustling financial capital, is set to witness a significant transformation in its urban transit system with the inauguration of its first underground metro, the Aqua Line. Scheduled to begin operations on July 24, 2024, this long-awaited infrastructure project promises to revolutionize travel across Mumbai’s congested streets, offering a faster, more efficient alternative to surface transportation.