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Current Affairs Daily Digest – August 24 & 25 2024

1. GoI Approves Unified Pension Scheme for Government Employees

In a significant move to improve retirement benefits for government employees, the Union Cabinet approved the Unified Pension Scheme (UPS) on Saturday. This new scheme is expected to benefit around 23 lakh government employees and will provide an alternative to the existing National Pension System (NPS).

Background

The decision to introduce the UPS comes after a detailed review of the current pension system. In 2023, the finance ministry set up a committee, led by Finance Secretary TV Somanathan, to assess the National Pension System (NPS) for government employees. The NPS has been in place since April 1, 2004, and will continue to operate alongside the newly introduced UPS.

The introduction of the UPS reflects the government’s commitment to offering better retirement options for its employees, addressing concerns and demands for improved pension benefits. This move is part of a broader effort to ensure financial security for government workers after they retire.

2. Tata Power Solar Systems, ICICI Bank Partner To Finance Solar Units

Tata Power Solar Systems Ltd (TPSSL) has signed an agreement with ICICI Bank to offer financing options for customers looking to purchase solar units. This collaboration is designed to make it easier for both residential and corporate customers to invest in solar energy by providing financial support.

TPSSL Collaboration with ICICI Bank

Under this agreement, customers can obtain loans of up to Rs 90 lakh, with options that do not require collateral. The loan repayment period can extend up to 5 years, making it more manageable for customers to finance their solar energy systems.

This strategic collaboration between TPSSL and ICICI Bank aims to encourage the adoption of solar energy by reducing the financial barriers, allowing more people and businesses to switch to cleaner, renewable energy sources.

3. Goldman Sachs Lowers India’s 2024 and 2025 GDP Growth Forecasts

Goldman Sachs has adjusted its forecasts for India’s GDP growth in 2024 and 2025, anticipating a slower rate of economic expansion due to several factors, including reduced government spending. The bank now expects India’s GDP to grow by 6.7% in 2024 and 6.4% in 2025, which is a reduction of 20 basis points for each year compared to their previous estimates.

Factors Influencing the Downgrade

The key reasons for this downward revision include:

• Reduction in Government Expenditure: The central government’s spending saw a sharp 35% contraction during the April-June quarter of 2024, which coincided with the general elections. This reduction in spending is a major factor in the slower economic growth forecast.
• Slower Real Consumption Growth: The pace of real consumption growth has been slower than expected, contributing to the revised lower growth projections.
• Tighter Regulations by RBI: The Reserve Bank of India (RBI) has implemented tighter regulations on unsecured lending by banks, which has impacted household credit and, in turn, economic growth.

Potential Offsets

Despite these challenges, Goldman Sachs expects some positive impact from potential easing in monetary policy. The RBI is likely to begin an easing cycle in December 2024, which could help to mitigate some of the negative effects on economic growth.

4. Mumbai Ranks 2nd, New Delhi 3rd In Global Property Price Index

According to a report by Knight Frank, Manila ranked first globally with a 26% annual rise in prime residential property prices during the June quarter of 2024. Following closely, Mumbai and New Delhi secured the second and third positions, respectively, among 44 cities worldwide, indicating significant growth in India’s prime residential property market.

Increase in Annual Price Rise in India

Mumbai

• Ranking: 2nd globally
• Annual Price Rise: 13%
• Progress: Mumbai’s ranking improved from 6th place in the same period last year to 2nd place this year, reflecting strong growth in the value of prime residential properties.

New Delhi

• Ranking: 3rd globally
• Annual Price Rise: 10.6%
• Progress: New Delhi saw a remarkable leap in its ranking, moving from 26th place last year to 3rd place this year, indicating a significant surge in property values.

Bengaluru

• Ranking: 15th globally
• Annual Price Rise: 3.7%
• Progress: Bengaluru maintained its position at 15th place, with a moderate increase in property prices. Despite the relatively lower growth compared to Mumbai and New Delhi, Bengaluru remains a key player in India’s residential market.

Global Perspective

The report also noted that the overall annual price growth across the 44 cities globally slowed to 2.6% in the second quarter of 2024, down from 4.1% in the previous quarter. The strong price growth in India’s major cities, especially in Mumbai and New Delhi, highlights the increasing wealth and aspirations of the country’s affluent population, as well as the growing demand for prime residential properties in these key markets.

5. GAIL and Petron to Establish 500 KTA Bio-Ethylene Plant in India

On August 21, 2024, GAIL (India) Limited and US-based Petron Scientech Inc signed a Memorandum of Understanding (MoU) to explore the possibility of developing a 500 Kilo Tonne per Annum (KTA) bio-ethylene plant in India. This project represents a 50:50 joint venture between the two companies, aiming to contribute to sustainable practices and boost the bio-economy in the country.

Project Details and Feasibility

The proposed bio-ethylene plant will use bio-ethanol as its primary feedstock, making it a significant step toward more environmentally friendly industrial processes. Bio-ethylene, derived from renewable resources like bio-ethanol, offers a more sustainable alternative to traditional petrochemical-derived ethylene.

Before moving forward with the project, both GAIL and Petron Scientech will conduct feasibility studies. These studies are crucial as they will evaluate the technical capabilities needed to build and operate the plant, as well as assess the financial prospects of the venture. The results of these studies will inform whether the project is viable and whether it should receive investment approval.

6. Odisha CM Majhi Launches Subhadra Scheme

Odisha Chief Minister Mohan Majhi has launched the Subhadra scheme, a major initiative by the BJP government aimed at empowering women across the state. The scheme will provide financial assistance of ₹50,000 to one crore women aged between 21 and 60 over the next five years, with a total budget allocation of ₹55,825 crore.

Scheme Details

• Duration: The Subhadra scheme will begin in the financial year 2024-25 and will continue until 2028-29.
• Financial Assistance: Eligible women will receive ₹50,000 in five annual installments of ₹10,000 each. These installments will be split into two payments of ₹5,000, disbursed on Rakhi Purnima and International Women’s Day.
• Payment Method: The payments will be directly deposited into the beneficiaries’ Aadhaar-enabled bank accounts through the Aadhaar Payment Bridge System (APBS). A special Subhadra debit card will also be issued to the beneficiaries.
• Incentives for Digital Transactions: To encourage digital financial literacy, the scheme offers additional incentives of ₹500 to the top 100 beneficiaries with the highest digital transactions in each gram panchayat and urban local body.

This initiative is designed to provide financial support to women, enhance their financial independence, and promote digital transactions, contributing to broader economic and social empowerment in Odisha.

7. Bandhan Bank Launches Avni Savings Account for Women

On August 22, 2024, Bandhan Bank celebrated its Foundation Day by launching a new savings account specifically designed for women, named Avni. This initiative is complemented by the Bandhan Bank Delights loyalty program, which offers a range of rewards, discounts, and exclusive benefits.

Avni Savings Account

• Target Audience: The Avni account is designed for women with a higher financial standing, requiring a minimum average quarterly balance of ₹25,000.

Exclusive Debit Card Benefits:

• Free Airport Lounge Access: Enjoy complimentary access to airport lounges.
• Personal Accident Insurance: Coverage of ₹10 lakh in case of an accident.
• Lost Card Liability: Protection of ₹3.5 lakh for lost or stolen cards.

Additional Perks:

• Discounts on Annual Locker Rentals: Reduced fees for locker rentals.
• Gold Loan Processing Fees: Discounts on the processing fees for gold loans.
• Beauty and Wellness Products: Discounts on products and services related to beauty and wellness.

The Avni account is part of Bandhan Bank’s effort to offer tailored financial solutions and rewards to women, enhancing their banking experience while providing valuable benefits and protections.

8. Shikhar Dhawan announced retirement from all forms of cricket

Shikhar Dhawan, a prominent left-handed opening batter, was a key player for the Indian cricket team over the past decade. Here are some of his notable achievements:

• Highest Test Debut Score: Dhawan scored 187 runs on his Test debut, which remains the highest score by an Indian batsman on debut.
• ODI Record: He is one of only eight batsmen to have accumulated over 5,000 runs in One Day Internationals (ODIs), maintaining a batting average of over 40 and a strike rate above 90.
• IPL Record: Dhawan has amassed 6,769 runs in the Indian Premier League (IPL), making him the second highest run-scorer in the tournament’s history, just behind Virat Kohli, who has 8,004 runs.

Dhawan’s impressive records in both international and domestic cricket highlight his significant contributions and consistency as a top-order batsman.

9. Astronomers Launch Citizen Black Hole Finder App.

Astronomers have launched a new app called Black Hole Finder, developed by the Dutch Black Hole Consortium, to enable citizens to assist in discovering newly-formed cosmic gas giants. This innovative app is available in eight languages and can be used globally.

Key Features of the Black Hole Finder App

• Artificial Intelligence (AI) Integration: The app leverages AI to analyze and sort through various astronomical signals. This helps in identifying potential indications of kilonovae (explosive events resulting from neutron star mergers) or black holes.
• Citizen Science: By involving the public in the process, the app allows amateur astronomers and enthusiasts to contribute to significant discoveries in the field of astronomy.

The Black Hole Finder app represents a step forward in engaging the global community in space research and enhancing the search for cosmic phenomena.

10. India launched its 1st reusable hybrid rocket ‘RHUMI-1’

Space Zone India has launched its innovative rocket, RHUMI-1, designed to study global warming and climate change. Here are some key details about this mission:

RHUMI-1 Rocket Details

• Mission: The rocket carries a payload of 3 Cube Satellites and 50 PICO Satellites.
• Objective: The primary goal is to gather data on global warming and climate change, contributing valuable insights to environmental science.
• Rocket Design: RHUMI-1 uses a hybrid motor combining liquid and solid propellants, enhancing efficiency and performance. It operates without pyrotechnics, which makes it safer and more reliable.
• Launcher: The rocket employs a mobile launcher and follows a suborbital trajectory.

Leadership and Mentorship

• Led by Anand Megalingam: Anand Megalingam is at the helm of the RHUMI-1 project.
• Mentored by Dr. Mylswamy Annadurai: The project benefits from the expertise and guidance of Dr. Mylswamy Annadurai, a notable figure in Indian space research.

The RHUMI-1 mission represents a significant advancement in space technology and environmental research, demonstrating Space Zone India’s commitment to leveraging space technology for addressing global challenges.

11. TRAI released draft telecommunication tariff order for PM-WANI Scheme

The Telecom Regulatory Authority of India (TRAI) has released a draft Telecommunication Tariff Order aimed at improving the implementation and affordability of the PM-WANI scheme.

Key Points About the Draft Telecommunication Tariff Order for PM-WANI

• Objective: The draft order is designed to address high internet costs and enhance the adoption of the PM-WANI scheme.
• PM-WANI Scheme: Launched by the Department of Telecommunication (DoT) in December 2020, PM-WANI (Public Wi-Fi Access Network Interface) aims to provide affordable and high-speed internet connectivity to people in rural and remote areas of India.
• Impact: By regulating tariffs, the TRAI draft seeks to make internet services more accessible and affordable, supporting the broader goal of increasing internet penetration and bridging the digital divide in underserved regions.

This regulatory move is part of a broader effort to improve internet access and ensure that the benefits of digital connectivity are more widely distributed across the country.