Daily Current Affairs and GK | 8 August 2024

Topic: Banking System

1. Reserve Bank of India (RBI) maintained its inflation projection for FY25 at 4.5 per cent in its Monetary Policy Committee.

• In the Monetary Policy Committee, RBI projected CPI inflation for FY25 at 4.5 per cent.
• CPI inflation is pegged at 4.9 per cent for Q1FY25, 4.4 per cent for Q2FY25, 4.7 per cent for Q3FY25, and 4.3 per cent for Q4FY25.
• For FY25, GDP growth has been projected at 7.2%. However, the forecast for the first quarter has been revised to 7.1 per cent from the earlier projection of 7.3 per cent.
• RBI decided to keep the repo rate unchanged at 6.5 per cent for the ninth consecutive time.
• The decision to leave rates unchanged comes amid speculations that the Federal Reserve may cut rates in September.

Topic: State News/ Maharashtra

2. Maharashtra government approved the Logistic Policy to create five lakh job opportunities.

• The Maharashtra government has approved Logistics Policy 2024.
• It has proposed to set up more than 200 logistics parks, complexes, and truck terminals with integrated facilities.
• It will generate approximately 5,00,000 new job opportunities.
• The main objective of the policy is to include developing more than 10,000 acres of dedicated logistics infrastructure, and 25 district logistic nodes.
• It has proposed to create five regional logistic hubs and as many state logistic hubs.
• Hi-tech logistics will especially incentivise the adoption of Artificial Intelligence (AI), BlockChain technology, robotics, automation, etc.

Topic: Sports

3. India won the CAVA Women's Volleyball Nations League title for the second time.

• On August 7, the Indians defeated hosts Nepal in the final of the CAVA Women's Volleyball Nations League at the Dasharath Stadium in Kathmandu.

• This was the second time Nepal faced India in the title match at home and the first time since the 13th South Asian Games.
• With this win, India won its second title in the CAVA Women's Volleyball Nations League.
• The final match saw a high level of competition and skill between the two teams, with India eventually winning the gold medal in a close contest, Nepal securing the silver medal and Iran winning the bronze medal.

Topic: Agriculture and Allied Sector

4. India's first GI-tagged fig juice exported to Poland by Purandar Highlands.

• Purandar Highlands Farmers Producer Company Limited exported its award-winning fig juice made from GI-tagged Purandar figs to Poland.
• This is the first time that Indian fig juice will reach the European market.
• Ready-to-drink fig juice, which has been granted a provisional patent, is produced by Purandar Highlands and has received significant recognition.
• It has received appreciation at SIAL 2023 and Macfrut Italy and export has been facilitated by Agricultural and Processed Food Products Export Development Authority (APEDA).
• Considered one of the finest figs from India, Purandar figs are a GI commodity, known for their sweet taste, size and nutritional benefits.
• Other products from Purandar region of Pune district like Phule Purandar custard apple, Ratnadeep guava and green peas are also in good demand among buyers across the country.
• Export partner Scion Agricos Pvt Ltd is helping Purandar Highlands juices enter global markets.

Topic: Defence

5. The Army conducting exercise 'Parvat Prahar' in Ladakh, which focused on high altitude operations.

• To focuse on high altitude warfare and operations, the Indian Army conducted a strategic military exercise, 'Parvat Prahar', in Ladakh.
• The 'Parvat Prahar' (Mountain Strike) exercise focuses on mountainous and rugged terrain such as found in areas like Eastern Ladakh.
• This is vital for maintaining the readiness and effectiveness of the forces in the region, which is close to the India-China border.
• The exercise, which will last over a fortnight, will train soldiers on the unique challenges posed in such terrain by simulating real-world warfare scenarios.
• Various arms of the Army are participating in the exercise, including infantry, armoured, artillery and support units.
• The exercise involves the Mountain Strike Corps of the Northern Command, which is in charge of operations in this critical region near the Line of Actual Control (LAC).

Topic: National News

6. The Executive Council and General Body of NIPCCD were reconstituted after 5 decades by the Government.

• On August 5, the Ministry of Women and Child Development said that it has reconstituted the Executive Council and General Body of the National Institute of Public Cooperation and Child Development (NIPCCD) after more than five decades.
• During a meeting held chaired by Women and Child Development Minister Annapurna Devi, the restructuring was approved.
• NIPCCD, an autonomous organization under the Ministry of Women and Child Development, was established in 1966 under the Societies Registration Act XXI of 1860.
• The restructuring has reduced the size of the General Body from 94 members to 22 members and the Executive Council from 21 members to 13 members, creating a smaller and more efficient structure.
• The General Body is responsible for formulation of overall policies while the Executive Council manages the administrative affairs of the institute.

Topic: Awards and Prizes

7. Rashtriya Vigyan Puraskar has been announced by the government.

• Rashtriya Vigyan Puraskar recognize contributions in the field of science, technology, and innovation in India.
• Recognising individual or team contributions made by scientists, technicians, and inventors is the aim of the Rashtriya Vigyan Puraskar.
• The Vigyan Team Award will be given to the ISRO-Chandrayaan 3 Team in recognition of their achievements to space research and technology.
• In the biological sciences, Professor G. Padmanabhan has been chosen to receive the Vigyan Ratna Award.
• Professor G. Padmanabhan is former Director of the Indian Institute of Science.
• Any lifetime accomplishments and contributions in any branch of science or technology are honoured with the Vigyan Ratna Award.
• Those chosen for the Vigyan Shri Award include Rahul Mukherjee, Sanjay Behari, Adimurthi Adi, Bhim Singh, Anandharamakrishnan C, and Syed Wajh Ahmad Naqvi.
• Dr. Bappi Paul, Dr. Abhilash, Radha Krishnan Mahalakshmi, Purabi Saikia, Digendranath Swain, Prabhu Rajagopal, and Prashant Kumar are among the recipients nominated for the Vigyan Yuva Award.
• The award ceremony will be held on 23rd August in conjunction with National Space Day.

Topic: Indian Economy

8. An amendment to the Finance Bill, 2024 has been moved by the central government.

• With this amendment, individuals who acquired property before July 23, 2024, will be able to choose between a 12.5% long-term capital gains tax rate without indexation and a 20% rate with indexation.
• Taxpayers can use this decision to determine which course of action is best for them when selling any land or buildings they acquired before July 23, 2024.
• The new scheme allows the taxpayer to compute taxes at a rate of 12.5% without indexation, while the old scheme allowed for a rate of 20% with indexation.
• Indexation lowers taxable gains by adjusting asset acquisition prices in response to inflation.
• The elimination of this benefit, though, might make sellers' tax obligations higher.
• In Union budget 2024 speech, the LTCG tax rate was lowered from 20% to 12.5%, without indexation benefit.

Topic: Infrastructure and Energy

9. Government to allow bio-bitumen mixing up to 35% to save foreign exchange outflows.

• Union Road Transport Minister Nitin Gadkari said that government will allow the mixing of lignin up to 35% in petroleum-based bitumen.
• Nitin Gadkari said that one tonne of parali (paddy straw) gives 30% of bio-bitumen, 350 kg of bio-gas and 350 kg of biochar.
• The cost of petroleum-based bitumen is ₹50 per kg while the cost of bio-bitumen from biomass (rice straw) is ₹40 per kg.
• In India, 90% of roads are being prepared through the bituminous layers.
• In 2023-24, Bitumen consumption was 88 lakh tonnes. In 2024-25 it is expected to be 100 lakh tonnes.
• Bitumen is a black substance produced through the distillation of crude oil and is used for making roads and roofs.
• 450 projects are located in Haryana, Punjab and Western Uttar Pradesh for converting biomass (parali) into bio-CNG.

Topic: Indian Polity

10. Government to introduce Waqf (Amendment) Bill, 2024, in the Lok Sabha.

• The Waqf (Amendment) Bill, 2024, proposed amendments to the Waqf Act, 1995.
• The bill will be introduced in the Lok Sabha by Minority Affairs Minister Kiren Rijiju. It has proposed 40 amendments.
• These amendments aim to diminish the ‘arbitrary’ authority of the Waqf Boards.
• The existing Waqf Act allows the boards to claim any property as Waqf without mandatory verification.
• It has also involved ‘district collector’ in the Act and has given the collector powers to resolve disputes related to the Waqf Act between the Waqf Board and the government.
• The word ‘Waqf’ will be replaced with ‘Unified Waqf Management, Empowerment, Efficiency and Development’ in the 1995 act.
• The bill also proposed the establishment of a separate Board of Auqaf for the Bohras and Aghakhanis.
• The bill will also streamline the process of registration of Waqfs through a central portal and database.

Topic: Defence

11. Strategic Vision for “Viksit Bharat” unveiled by Navy Chief.

• On August 7, a document unveiled by Indian Navy Chief Admiral Dinesh K Tripathi, outlining his strategic vision for the Navy's role in building a developed India or "Viksit Bharat".
• The document, titled "CNS Course to Steer-2024 (CTS-2024)", outlined the key objectives to build a "combat-ready, credible, cohesive and future-ready Navy".
• This strategic roadmap has been designed to align the Navy's capabilities with India's broader national development goals.
• The release of CTS-2024 came just months after Admiral Tripathi assumed charge as the 26th Navy Chief on April 30, succeeding Admiral R. Hari Kumar.
• This strategic vision comes at a time when the Indian Navy is actively involved in various international collaborations.

(Source: DD News)

Topic: Important Day

12. National Javelin Day 2024: 7 August

• Every year on August 7 National Javelin Throw Day is celebrated in India.
• The Athletics Federation of India, the apex body of athletics in India, decided to celebrate August 7 as National Javelin Day to commemorate Neeraj Chopra's historic gold medal during the Tokyo Olympics.
• On 7 August 2021, Chopra won the gold medal in the final of the men's javelin throw event of the Tokyo Games by throwing the javelin to a distance of 87.58 metres.
• Chopra created history as it was India's first gold medal in track and field events at the Olympics.
• With the gold medal win in Tokyo, Chopra had also become India's second individual gold medallist after Abhinav Bindra won gold at the 2008 Beijing Games.

Topic: Space and IT

13. ISRO will launch Earth Observation Satellite-8 (EOS-8) on August 15.

• The EOS-8 will be launched by the Small Satellite Launch Vehicle (SSLV)-D3.
• The main objective of the EOS-08 mission includes designing and developing a microsatellite and creating payload instruments compatible with the microsatellite bus.
• The Electro-Optical Infrared Payload (EOIR), Global Navigation Satellite System-Reflectometry Payload (GNSS-R), and SiC UV Dosimeter are the payloads for this mission.
• The EOIR payload has been designed to capture images in the mid-wave IR (MIR) and long-wave IR (LWIR) bands.
• The GNSS-R payload demonstrates the capability of using GNSS-R-based remote sensing for applications such as ocean surface wind analysis, soil moisture assessment, and inland waterbody detection.
• EOS-08 will make significant advancements in satellite mainframe systems, such as an integrated avionics system known as the Communication, Baseband and Positioning (CBSP) Package.

Topic: Sports

14. Vinesh Phogat has been disqualified from the Paris 2024 Olympics wrestling competition.

• For being overweight in the women’s 50 kg category, Vinesh Phogat has been disqualified from the Paris 2024 Olympics wrestling competition.

• Each weight category is organised over two competition days.
• Vinesh Phogat was eligible for competition on the opening day but weighed just over 50 kg on the second day.
• As per the wrestling rules, if a wrestler fails the weigh-in on either day of the competition, they will be eliminated from the event.
• Vinesh was scheduled to face the USA's Sarah Hildebrandt for the gold medal.
• Vinesh Phogat had defeated Cuba's Yusneylis Guzman Lopez in the semi-finals.