Current Affairs - July 18, 2024 Current Affairs

The Asian Development Bank (ADB) approved a loan of USD 240.5 million to support the deployment of rooftop solar systems in India. This financing aids the government's renewable energy expansion efforts and aligns with India's goal of achieving 50% of its cumulative electric power capacity from non-fossil fuel sources by 2030. The funds will be allocated to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) to provide loans for installing these systems, contributing significantly to India's renewable energy targets and carbon emission reduction commitments.

India completed its 4th periodic review by the Human Rights Committee under the International Covenant on Civil and Political Rights (ICCPR) in Geneva. This review took place on July 15-16, 2024, and involved discussions on various human rights issues, showcasing India's commitment to protecting and promoting civil and political rights. Geneva, a major hub for international diplomacy, is home to many important UN bodies, including the Human Rights Committee, making it the venue for this significant review process.

The Thane Borivali Twin Tunnel, inaugurated on July 13, 2024, is India’s longest and largest urban tunnel. This 11.8 km tunnel, developed by the Mumbai Metropolitan Region Development Authority (MMRDA), connects Thane to Borivali, significantly reducing travel time from over an hour to just 12 minutes. The project, which costs Rs. 16,600 crore, cuts the travel distance by 12 km and is part of a larger infrastructure initiative aimed at improving connectivity in Mumbai.

On July 16, Elon Musk announced that he would relocate the headquarters of his social media platform X and his rocket manufacturer SpaceX from California to Texas. Musk cited a recent California law as a significant factor in his decision, which he described as "the final straw." SpaceX’s headquarters will move from Hawthorne, California, to Boca Chica, Texas, while X will move from San Francisco to Austin, Texas. This move reflects Musk's ongoing dissatisfaction with California's regulations and governance.

SBI's Amrit Vrishti scheme is designed to offer attractive returns on fixed deposits with a term of 444 days. The base interest rate for this scheme is 7.25% per annum. Senior citizens benefit from an additional 0.50%, bringing their total interest rate to 7.75% per annum. The scheme, which is available from July 15, 2024, to March 31, 2025, also includes a premature withdrawal penalty of 0.50% for deposits up to Rs 5 lakh and 1% for deposits above Rs 5 lakh but below Rs 3 crore. However, SBI staff and pensioners are exempt from this penalty, making it an appealing option for secure, medium-term investments.

Maharashtra Chief Minister Eknath Shinde announced the 'Ladla Bhai Yojana' for boys in the state. This scheme aims to address unemployment and provide financial assistance to youths who have completed their 12th grade, with varying stipend amounts based on their qualifications. Additionally, Shinde had earlier introduced the 'Majhi Ladki Bahin Yojana' for girls, which provides a monthly allowance of ₹1,500 to eligible women. Both schemes emphasize the government's commitment to the development and support of young individuals in Maharashtra, ensuring financial aid and opportunities for skill development and employment.

India is preparing to sign a headquarters agreement with the Global Biofuels Alliance (GBA), an organization launched in September 2023 by key G20 members including India, the United States, and Brazil. This agreement will grant the GBA diplomatic status and recognition as an international organization within India, enabling it to function more efficiently on the global stage. This step highlights India's commitment to advancing sustainable energy initiatives and its pivotal role in the GBA’s institutional development.

INS Delhi was honoured as the Best Ship of the Eastern Fleet at the Fleet Awards Function held in Visakhapatnam on July 14, 2024. The award recognized INS Delhi's exceptional performance and operational excellence throughout the year. As a guided missile frigate of the Delhi class, INS Delhi demonstrated outstanding strategic capabilities and mission success, contributing significantly to the Eastern Fleet's achievements in various naval exercises, missions, and humanitarian efforts in the Indian Ocean Region. The award highlights the ship's pivotal role and operational prowess within the fleet.

The Andhra Pradesh Community Managed Natural Farming (APCNF) initiative has been awarded the prestigious 2024 Gulbenkian Prize for Humanity. This recognition highlights Andhra Pradesh's innovative and sustainable agricultural practices. The Gulbenkian Prize, instituted by the Calouste Gulbenkian Foundation, honours substantial contributions to global food security, climate resilience, and ecosystem protection. Andhra Pradesh’s efforts in eco-friendly agriculture have earned it this significant accolade, underscoring the state’s role in promoting sustainable farming on a global scale.

India is currently ranked 124th in the FIFA men's rankings, having slipped from a peak position of 99 last year. In Asia, India stands 22nd, behind Lebanon, Palestine, and Vietnam. Argentina is in the top spot in the rankings, following its successful defence of the Copa America title.

Nelson Mandela International Day is celebrated annually on July 18th to honour the life and legacy of Nelson Mandela. This day is dedicated to encouraging individuals and communities worldwide to engage in acts of service and social justice, reflecting Mandela's lifelong commitment to these causes. The specific date commemorates Mandela's birthday, emphasizing the importance of his contributions and the ongoing need to address issues such as poverty and inequality.

Scientists from Hyderabad's National Geophysical Research Institute discovered a hidden ridge in Andhra Pradesh's Darsi and Addanki regions, linked to a billion-year-old collision between India and East Antarctica. This significant geological finding involved reprocessing seismic data to uncover Proterozoic sediment layers, which has provided new insights into the ancient tectonic activities that shaped India's eastern coast. The discovery highlights Andhra Pradesh’s crucial role in understanding the geological history of the Indian subcontinent and its connections to the ancient Gondwana supercontinent.

The first confirmed death from Chandipura virus in Gujarat was reported in Mota Kanthariya, Aravalli, involving a four-year-old child. This death, confirmed by Pune’s National Institute of Virology, is part of a concerning outbreak in the region. The virus has caused 14 deaths within two weeks and has 26 suspected cases under investigation. Chandipura virus, transmitted primarily by sandflies and mosquitoes, poses significant health risks, including rapid progression to severe symptoms like encephalitis and mortality. The outbreak underscores the need for vigilant public health responses and management strategies.

The Mukhyamantri Yuva Karya Prashikshan Yojana (Chief Minister Youth Work Training Scheme) was launched by the Maharashtra government to address unemployment among youth. The scheme aims to boost youth employability by providing valuable internship opportunities and equipping young individuals with essential skills. With a provision of ₹5,500 crore, it offers monthly stipends through Direct Benefit Transfer (DBT) and involves participation from both government and private sector industries in Maharashtra, reflecting the government's commitment to developing a skilled workforce and fostering entrepreneurship.

On July 17, 2024, HSBC Holdings Plc appointed Georges Elhedery as its new CEO. Elhedery, previously HSBC’s Chief Financial Officer, was chosen to lead the bank as it transitions from a period of restructuring to a focus on growth. His appointment marks HSBC's third chief executive in less than eight years and reflects the bank’s preference for internal candidates. Elhedery's extensive experience with HSBC, including roles in the Middle East and North Africa and as CFO, made him a suitable choice for continuing the bank's strategic direction.

The Kataragama Esala festival, also known as the Kataragama Perahera, is celebrated annually in Sri Lanka. It is a significant religious and cultural event that attracts thousands of devotees and visitors from across the country and beyond. The festival is dedicated to the worship of Lord Kataragama, a deity revered by both Hindus and Buddhists. The celebrations include vibrant processions, religious rituals, and various cultural performances, making it one of the most important festivals in Sri Lanka.