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Current Affairs Daily Digest – August 30 2024

1. India And Malaysia Sign MoU For Strengthening Co-Operation In The Field Of Tourism

India and Malaysia are closely related in politics, economics, and culture. To make this bond even stronger, the two countries have signed a Memorandum of Understanding (MoU) to boost cooperation in tourism.

The MoU was signed on August 20, 2024, by India’s Minister of Tourism and Culture, Shri Gajendra Singh Shekhawat, and Malaysia’s Minister of Tourism, Arts and Culture, Mr. Y B Dato Sri Tiong King Sing.

Malaysia is an important source of tourists for India. In 2022, over 250,000 Malaysian tourists visited India. The signing of this MoU is expected to further increase the number of tourists coming from Malaysia to India, strengthening the ties between the two nations even more.

2. PM Modi to Inaugurate Vadhvan Port and Address Global Fintech Fest in Maharashtra

On Friday, August 30, Prime Minister Narendra Modi will visit Maharashtra to lay the foundation stone for the Vadhvan Port project and deliver a speech at the Global Fintech Fest (GFF) 2024 in Mumbai. Modi will begin his day in Mumbai and then travel to Palghar in the afternoon.

Global Fintech Fest (GFF) 2024

At around 11 a.m., Prime Minister Modi will address a special session at the GFF 2024, held at the Jio World Convention Centre in Mumbai. This event is co-organized by the Payments Council of India, the National Payments Corporation of India, and the Fintech Convergence Council. GFF 2024 will feature about 800 speakers from various sectors, including policymakers, senior bankers, and industry leaders. The conference will include over 350 sessions, showcasing fintech innovations and unveiling more than 20 thought leadership reports and white papers.

3. First Indigenously Developed Pollution Control Vessel Launched in Goa

On August 29, 2024, the Indian Coast Guard (ICG) launched its first indigenously developed Pollution Control Vessel, named ‘Samudra Pratap,’ in Goa. Raksha Rajya Mantri Shri Sanjay Seth, who led the event, highlighted the importance of industry collaboration in making India self-sufficient (Aatmanirbhar) in defense production and a net exporter of defense equipment. The vessel, built by Goa Shipyard Limited (GSL), is designed to tackle oil spills along India’s coastlines, marking a significant achievement in indigenous shipbuilding.

Vessel Specifications and Construction

The ‘Samudra Pratap,’ named by Smt Neeta Seth, was designed by GSL to meet the Indian Coast Guard’s needs. The vessel measures 114.5 meters in length, 16.5 meters in breadth, and has a displacement of 4,170 tons. GSL, a leading Indian shipyard, secured a contract to build two such vessels for the ICG for Rs 583 crores. This project is noteworthy as it is the first time these vessels have been designed and built entirely within India.

4. LIC Pays ₹3,662 Crore Dividend to Indian Government

On Thursday, Life Insurance Corporation of India (LIC) presented a dividend cheque of ₹3,662.17 crore to Union Finance and Corporate Affairs Minister Nirmala Sitharaman. This follows the shareholder approval of a final dividend of ₹6 per share for 2023-24, up from ₹3 per share in the previous fiscal year. Earlier in March 2024, LIC had paid an interim dividend of ₹2,441.45 crore, bringing the total dividend payout to the government for the year 2023-24 to ₹6,103.62 crore.

Government Stake and Financial Highlights

The Indian government, which holds a 96.5 percent majority stake in LIC, received this dividend payment as part of LIC’s annual returns. As of March 31, 2024, LIC’s asset base stands at over ₹52.85 lakh crore. The corporation remains the market leader in the Indian life insurance sector with a 64.02 percent market share in terms of First Year Premium Income, according to IRDAI estimates.

5. U.S. And Peru Strengthen Ties For Critical Mineral Cooperation

On August 29, the United States and Peru signed a memorandum of understanding (MoU) to enhance cooperation in the critical minerals sector, as announced by the U.S. State Department.

Goals of the Agreement

The MoU aims to improve governance, attract investments, and secure global supply chains for critical minerals. This agreement is designed to strengthen the management and development of mineral resources that are essential for various industries.

Path for Future Collaboration

The Memorandum sets a clear path for ongoing collaboration between the United States and Peru in the areas of mineral resource governance, investment, and supply chain security. By signing this agreement, both countries are advancing their shared goal of diversifying and securing global supply chains for critical minerals.

6. Dr. Mansukh Mandaviya Launches RESET Programme for Retired Sportspersons

On National Sports Day in New Delhi, Union Minister of Youth Affairs and Sports, Dr. Mansukh Mandaviya, launched the “Retired Sportsperson Empowerment Training” (RESET) Programme. This initiative is aimed at empowering retired athletes by equipping them with the skills and knowledge needed to improve their employability and career prospects.

Programme Objective

The RESET Programme is designed to bridge the generational gap by utilizing the valuable experiences of retired athletes to benefit aspiring sports talents. The initiative aims to support the growth of sports in India and contribute to nation-building by nurturing future champions.

7. NASA Engineers Design Underwater Robots to Combat Climate Change

NASA engineers are working on underwater robot probes designed to measure the rapid melting of ice shelves in Antarctica, which is being accelerated by climate change. This project aims to gather precise data to improve predictions of future sea level rise, a critical component for global climate models.

Testing in the Arctic

A prototype of these probes, developed by NASA’s Jet Propulsion Laboratory, was tested in the Arctic from a U.S. Navy lab camp. The robots are designed to explore difficult-to-reach areas where ice and ocean meet, using specialized software to navigate their paths.

Unique Design

These cylindrical robots lack traditional propulsion systems. Instead, they will drift and anchor themselves beneath ice shelves, collecting data over the course of a year. Afterward, they will transmit the information via satellite. This initiative highlights the urgent need to understand how rising ocean temperatures are causing ice shelf erosion, which contributes to rising sea levels.

8. New Zealand’s Māori King Dies After 18-Year Reign

On August 30, 2024, New Zealand’s Māori King, Kiingi Tuheitia Pootatau Te Wherowhero VII, passed away at the age of 69, just days after marking 18 years on the throne. He was the seventh monarch of the Kiingitanga movement, which was established in 1858 to unify Māori tribes against British colonization. Kiingi Tuheitia died following heart surgery.

Kiingitanga Movement

The Kiingitanga, or Māori King Movement, was founded to stop land sales to non-Indigenous people, end inter-tribal warfare, and preserve Māori culture. Although the King’s role is largely ceremonial today, it remains important, especially as Māori make up nearly 20% of New Zealand’s population.