Current Affairs 24 February 2024 & Test | Latest News & Updates

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Some lines of current affairs 24 February 2024 news

National

AYUSH and Tribal Affairs Ministries Collaborate for Tribal Student Health

The Ministry of AYUSH and Tribal Affairs are teaming up to improve public health for more than 20,000 tribal students in Eklavya Model Residential Schools. Union Ministers Sarbananda Sonowal and Arjun Munda have announced this collaboration, highlighting its importance in addressing health needs using Ayurvedic methods. The goals include conducting health assessments targeting issues like malnutrition, anemia, and sickle cell disease among tribal students aged 10 to 18 in 55 identified schools across 14 states. Ayurvedic interventions will be used to tackle these health issues, promoting a healthy lifestyle and preventing diseases. Strategies for implementation include teaching Ayurvedic principles, establishing medicinal plant gardens at schools, and incorporating 72 Poshan Vatikas. A formal agreement (MoU) was signed in October 2022, marking the beginning of collaborative efforts between the ministries for tribal development and laying the foundation for this joint health initiative.

The government extends the Women Safety Scheme until 2025-26

The Indian government has extended the women’s safety scheme until 2025-26, allocating Rs 1,179.72 crore. This decision comes in response to increasing crimes against women, as indicated by recent statistics from the National Crime Records Bureau (NCRB). The union cabinet, led by Prime Minister Narendra Modi, has approved the proposal from the Ministry of Home Affairs (MHA). The budget for this initiative is drawn from both the MHA budget and the Nirbhaya Fund. To enhance deterrence against offenses targeting women, stricter laws and amendments in the IPC, CrPC, and Indian Evidence Act have been implemented. Collaborative projects with states aim to facilitate prompt intervention and investigation of crimes, as well as enhance law enforcement capacity. Ongoing initiatives include ERSS 2.0, upgrades to forensic labs, bolstering DNA analysis and cyber-forensic capabilities, and establishing anti-human trafficking units. NCRB data underscores prevalent crimes such as cruelty, kidnapping, assault, and rape, with particular attention to the issue of missing young girls and women in states like Madhya Pradesh and West Bengal.

International

HSBC’s third-largest profit hub is now India, surpassing China.

• In 2023, India became HSBC’s third-largest profit center, overtaking China. Profits surged by 25% to $1.5 billion for the fiscal year ending December 2023. This growth was driven by reduced credit loss provisions and strong performance in Global Banking and Markets, which saw a 24% profit increase. The commercial banking sector serving SMEs also experienced significant growth, with pre-tax profits rising by 31% to $398 million.
• HSBC acknowledges India’s economic potential, positioning it as one of the fastest-growing economies globally. This growth is attributed to factors such as competitive labor costs, supportive policies, and evolving supply chains.
• India’s contrast with China is stark: while India’s profits grew by 25%, China saw an 89% decline, particularly in wealth management, personal banking, and corporate sectors.
• HSBC’s growth strategies in India involve strengthening the wholesale franchise by leveraging corporate supply chains and tapping into the wealth of the Indian diaspora through the introduction of onshore Global Private Banking services.

State

Swayam Scheme 2024: Who Can Apply, How to Register, and What You Get

The Swayam Scheme 2024, introduced by the Odisha government, aims to boost youth entrepreneurship by offering interest-free loans. Dubbed Swatantra Yuva Udyami, it provides financial backing, such as interest-free bank loans up to Rs. 1 lakh, to inspire young people to launch their own businesses. The goals are to promote youth entrepreneurship, aid economic growth, and cultivate self-reliance among Odisha’s youth. To qualify, applicants must be Odisha residents aged 18 to 35 (40 for Scheduled Tribe candidates), without government employment, and possess a ration card. To apply, visit the official website, complete the online form with personal details and required documents, and submit. Benefits include Rs. 1000 for ration card holders and interest-free loans up to Rs. 1 lakh for eligible youths to establish or expand businesses, with an option for existing entrepreneurs to seek expansion funding.

ADB provides $23 million to advance fintech in Gujarat

• The Asian Development Bank (ADB) is giving a $23 million loan to boost fintech education, research, and innovation in Gujarat International Finance Tec-City (GIFT), India’s top international financial hub.
• This loan will help set up the International Fintech Institute (IFI) in GIFT, which will offer comprehensive fintech training programs in partnership with global institutions and universities, aiming for sustainability and resilience to climate change.
• The IFI will concentrate its research and innovation efforts on climate fintech, regulatory technology, social inclusion, and gender equality in finance.
• Initiatives will involve supporting research on new solutions and technologies, creating a fintech readiness index for states, and developing innovative solutions for emerging technologies.
• Founded in 1966, ADB is a financial institution dedicated to promoting economic development in the Asia-Pacific region, with 68 members, including 49 from the region.

Business

IRCTC partners with Swiggy for meal pre-ordering and delivery

IRCTC and Swiggy team up to offer pre-ordered meals to railway travelers through IRCTC’s e-catering portal, starting at four major stations: Bengaluru, Bhubaneswar, Vijayawada, and Visakhapatnam. More stations will be added later. This partnership aims to streamline food delivery using Swiggy’s services, facilitated by Bundl Technologies Pvt. Ltd. It’s part of IRCTC’s strategy to collaborate with key players in food delivery, following a previous partnership with Zomato. This collaboration presents a significant business opportunity for Swiggy, tapping into the large number of passengers on Indian railways. As Swiggy prepares for its IPO, this collaboration is expected to strengthen its market position and investor confidence. Overall, the IRCTC-Swiggy partnership marks a milestone in railway catering, using technology and partnerships to improve the dining experience for passengers and explore new growth avenues in food delivery.

Obituary

Manohar Joshi, ex-Lok Sabha Speaker, dies at 86

• Former Lok Sabha Speaker and ex-Maharashtra Chief Minister, Manohar Joshi, has passed away at the age of 86, ending a distinguished political career.
• Joshi, a notable Shiv Sena leader, held the position of Maharashtra Chief Minister from 1995 to 1999 and Lok Sabha Speaker from 2002 to 2004.
• Born on December 2, 1937, in Maharashtra, Joshi graduated with a degree in Civil Engineering from VJTI Mumbai, which paved the way for his varied career.
• His political journey began with the RSS, leading to his membership in the Shiv Sena. He was recognized for his organizational skills and advancement within the party.
• Joshi held several roles, including Mumbai municipal councilor, Chairman of the Standing Committee, and Mayor during 1976-77.
• He was elected to the Maharashtra Legislative Council in 1972, later to the Legislative Assembly in 1990, where he served as Leader of the Opposition.
• In 1999, he won the Mumbai North-Central Lok Sabha Constituency and served as Union Minister of Heavy Industries and Public Enterprises.
• Married to Anagha Joshi, who passed away in 2020, he is survived by a son and two daughters who continue his legacy of public service.
• His contributions were characterized by leadership in Maharashtra’s development and upholding fairness in national parliamentary proceedings during his tenure as Lok Sabha Speaker.

Appointments

Salil Parekh appointed to USISPF Board

Salil Parekh, CEO and MD of Infosys, joined the USISPF Board of Directors, highlighting strong tech connections between India and the US. With nearly thirty years in IT services, he’s known for leading turnarounds and acquisitions. He holds a Bachelor’s in Aeronautical Engineering from IIT Bombay and a Master’s in Computer Science and Mechanical Engineering from Cornell University. Before Infosys, he made significant contributions at Capgemini, showcasing global operational and strategic skills. USISPF plays a key role in fostering US-India strategic and business partnerships, focusing on technology, trade, and innovation. Leaders like Parekh bring valuable experience to areas such as digital trade, healthcare, and energy for joint advancement.

America’s Odysseus spacecraft completes the first-ever commercial moon landing

Intuitive Machines’ Odysseus spacecraft achieved the first-ever commercial soft landing on the moon, a historic milestone in space exploration. It landed near Malapert A, close to the moon’s south pole, marking a significant step forward in private sector lunar exploration. This success revives American lunar exploration after a pause since the Apollo era in 1972. Equipped with advanced technology, the Nova-C lander overcame space travel challenges to reach its lunar destination, showcasing the resilience of private industry. Despite communication issues before landing, the mission team confirmed contact with the lunar surface, signaling success. Global interest in lunar exploration is evident from India’s Chandrayaan-3 mission, which also landed softly on the moon in August 2023. NASA strategically chose the lunar south pole for Odysseus’ landing, reflecting a forward-thinking approach to lunar exploration. This achievement sets the stage for future exploration, emphasizing the United States’ dedication to space discovery. It also has implications for future commercial spaceflight and contributes to unraveling cosmic mysteries.

Banking and Economy

India Ratings predicts that the GDP growth will slow down to 6.5% for the fiscal year 2024-2025

• India Ratings and Research predicts India’s GDP growth to slow to 6.5% in the fiscal year 2024-25, a bit lower than the Reserve Bank of India’s 7% estimate. Positive signs for economic recovery include steady government spending, strong corporate performance, and lower global commodity prices.
• Retail inflation is forecasted at 4.8%, slightly above the RBI’s 4.5% estimate, especially in the third quarter, where it’s expected to reach 5.5%. Private final consumption expenditure is set to rise by 6.1% in FY25, up from 4.4% in FY24.
• Concerns arise over a consumption pattern favoring wealthier households, underscoring the importance of more inclusive consumption growth.

Miscellaneous

CleanMax and Bangalore International Airport form a lasting partnership for renewable energy

CleanMax and Bangalore International Airport Limited (BIAL) have signed a 25-year agreement for sustainable energy. They’ll create renewable energy from a 45.9 MW facility in Jagaluru, Karnataka, combining solar and wind power. This showcases their dedication to using multiple renewable sources effectively. The integration of solar and wind technologies ensures consistent power, manages consumption loads, and promotes sustainable practices. BIAL’s Managing Director, Hari Marar, emphasizes the agreement’s importance in meeting renewable energy needs during expansion. It’s also expected to save costs substantially, reinforcing BIAL’s commitment to responsible growth. The agreement will produce an estimated 90 million units of energy annually, with 58.3 million units from solar and 31 million from wind power. This collaboration aligns with India’s proactive stance on climate change, highlighting CleanMax’s role in corporate sustainability and offering innovative energy solutions since 2011. Overall, the partnership signifies a new era of sustainable energy adoption, demonstrating a shared commitment to environmental stewardship and a greener future.